Can I balance transfer from one credit card to another with the same bank?

By   |   Verified by Debbie Duncan   |   Updated 1st April 2022

  • Can I transfer my credit card debt to the same bank?
  • What happens if you apply to balance transfer with the same issuer?
  • What are the restrictions that apply?

These are a few of the most commonly asked questions regarding balance transfers between the same bank. We understand that knowing each bank's rules and restrictions can be confusing, so this article will shed some light on this topic.

Credit card issuers generally provide multiple cards that can offer different perks. Most card issuers offer 0% interest on their balance transfer cards for a while.

If you find a bank you enjoy using, you tend to want to stay with them, which can mean signing up for multiple credit cards. However, transferring debt between credit cards with the same bank is a bit more complicated.

Can I transfer my credit card debt to the same bank?

Generally, banks will not allow you to transfer debt from one credit card to another within the same bank3. Most banks have restrictions on what banks you can and can’t balance transfer from. This means if you have a credit card with the Bank of Melbourne, you can’t transfer the balance to another Bank of Melbourne card.

It’s likely you won’t be approved for every card option available to you. This could be for a wide variety of reasons, so it’s best to try and find out what cards you may be eligible for before you start applying.

Balance transfer restrictions

When it comes to balance transfers, banks have their own set of rules on what banks you can and can’t transfer balances to. The following are the restrictions that apply to the most commonly used credit card brands.

IssuerBalance transfers restricted from
American ExpressAmerican Express
ANZANZ
Bank of MelbourneBank of Melbourne, BankSA, St.George
Bank of QueenslandBank of Queensland, Citi, Coles, IMB, Suncorp, Qantas Money, Virgin Money, any other Citi-issued card
Bank of SydneyBank of Sydney
BankSABank of Melbourne, BankSA, St.George
BankwestBankwest
Bendigo BankBendigo Bank
CitiBank of Queensland, Citi, Coles, IMB, Suncorp, Qantas Money, Virgin Money, any other Citi-issued card
CommBankCommBank
ColesBank of Queensland, Citi, Coles, IMB, Suncorp, Qantas Money, Virgin Money, any other Citi-issued card
IMBBank of Queensland, Citi, Coles, IMB, Suncorp, Qantas Money, Virgin Money, any other Citi-issued card
INGING
JetstarJetstar, Macquarie, Woolworths, any any other Card Services-issued card
Latitude Financial ServicesLatitude Financial Services
MacquarieJetstar, Macquarie, Woolworths, any other Card Services-issued card
NABNAB
Qantas MoneyBank of Queensland, Citi, Coles, IMB, Suncorp, Qantas Money, Virgin Money, any other Citi-issued card
St.GeorgeBank of Melbourne, BankSA, St.George
SuncorpBank of Queensland, Citi, Coles, IMB, Suncorp, Qantas Money, Virgin Money, any other Citi-issued card
Virgin MoneyBank of Queensland, Citi, Coles, IMB, Suncorp, Qantas Money, Virgin Money, any other Citi-issued card
WestpacWestpac
WoolworthsJetstar, Macquarie, Woolworths, any other Card Services-issued card

Credit card issuer vs credit card brand

When deciding on banks to use for balance transfers it's helpful to know the difference between credit card issuers and credit card brands. The best way to understand the difference is by looking at where credit cards come from.

You can have a credit card brand with branding for places like banks, shops, and airlines, but these cards are issued from a larger financial institution.

A card issuer is a financial institution like Citigroup or American Express. These banks issue cards to different brands and can even have their own bank branded cards like Citi credit cards or Amex cards.

To be sure you’re following bank restrictions, it can be helpful to know the most common credit card issuers in Australia. Each card issuer has its own brands that can also issue credit cards.

Here are the five most common credit card issuers in Australia:

  1. Commonwealth
  2. NAB
  3. Westpac
  4. ANZ
  5. Citigroup

What happens if you apply to balance transfer to a card with the same issuer?

Applying to move debt to a new card with the same card issuer can have varying results based on several factors.

  • Your application may be denied. If your application is denied, it is most likely for a number of reasons, mostly having to do with your credit history. Having multiple credit card applications can negatively impact your credit rating, so it’s best to double-check if you are potentially eligible for the card you're applying for.
  • You may get a derogatory mark on your credit history. Having multiple applications denied, especially in a short period, can leave a black mark on your credit history that can deter future lenders from approving your application.
  • You may be eligible for the card without the balance transfer. Even if you’re not able to balance transfer to the card you’ve applied for, you could still be eligible for the card. A bank may send you an offer letter saying you still qualify, but they cannot process a balance transfer through it.

The bottom line

Balance transfers can be beneficial, but to complete one, you need to know certain details such as what bank you can balance transfer to and the maximum and minimum transfer amounts. These details depend on the bank you’re using and what cards you qualify for.

Choosing to balance transfer can save you money on interest and fees. But before you apply to balance transfer to a card with the same bank, it’s important to know most banks don’t allow it. Importantly, doing so may negatively impact your credit.