BankSA credit card balance transfer guide

A balance transfer is a quick way to reduce your monthly repayments and simplify your finances. While the process is fairly simple, there are a few technicalities to be aware of.

This comprehensive guide has everything you need to help make a more informed decision whether you are transferring a balance to or from BankSA.

If you want to pay off debts on credit cards, charge cards, and store cards that were not issued by BankSA, transferring the debt to BankSA with a balance transfer could help you reduce your repayments significantly.

• BankSA, being part of the St.George Banking Group, has a solid history of offering competitive interest-free balance transfers.
• You can transfer debts from more than one account to BankSA. This means you can not only simplify your finances, but save money with less interest and having to pay only one annual fee (if you close your other cards).

Introductory interest rates on balance transfers are typically 0% p.a. This is considerably lower than the typical ongoing interest rate charged on most credit cards. Even though you may get a 0% balance transfer, you will still need to make monthly payments for the minimum repayment, which is usually about 2% of the total balance.

Here’s how to transfer your balance from BankSA to another bank.

Step 1: Choose a balance transfer card

Things to look for include the following:

• Interest-free balance transfer. Most banks offer interest-free balance transfer deals to attract new customers.
• Long balance transfer period. With interest-free being the norm, how long the promotional rate lasts is a key differentiating factor among offers. Longer is generally considered better.
• Low balance transfer fee. It’s not uncommon for a bank to charge a one-time fee for processing the balance transfer. This fee is usually a percentage of the amount being transferred.
• The balance transfer limit. The amount you can transfer depends on your new balance transfer card’s credit limit. It is typically a percentage, e.g. 80% of the credit limit. Unfortunately, you won’t know what your credit limit is until after you’ve applied and been approved.

Step 2: Check your eligibility

Each bank has a different credit risk profile, but generally they will all check for the following:

• Your taxable income. The amount of income required varies between cards. Most prestigious cards generally have higher minimum income requirements.
• Your credit score. Whatever bank you apply to get a card with will do a hard credit check when processing your application. Missed payments and defaults on your report increase the likelihood of being declined.
• Your residency. Australian citizens and permanent residents can apply for a credit card. Most banks will accept applications from temporary residents (subject to visa status).
• Your age. Regardless of the bank, you must be at least 18 to apply.

Step 3: Apply

Filling out an online application form is quite easy. The following information might be required:

• proof of ID;
• taxable income and source of income;
• specifics of the debt you'd like to transfer e.g. bank name, account number, amount to be transferred.

Existing BankSA customers can transfer balances from up to two accounts. You can use up to 80% of your existing BankSA credit card’s credit limit for this. It is not possible to balance transfer from another BankSA credit card, nor is it possible to transfer a balance from a credit card at Bank of Melbourne or St.George (because they’re all part of the same banking group). BankSA customers can request a balance transfer from Westpac, even though Westpac and the St.George group of banks merged.

Alternatives

• If you want to transfer a balance from a card at BankSA, Bank of Melbourne, or St.George to your existing BankSA card and can’t, then you can consider applying for a new balance transfer credit card at another bank.
• Apply for a debt consolidation loan and use it to pay off your debts. Expect to pay more interest, but be able to take finance for longer than you would with a balance transfer credit card.

How long does it take to transfer a balance from BankSA to a credit card with another bank?

A decision on your application within 60 seconds is fairly commonplace. If your application is approved, it’ll take about one week for the card to be delivered. Processing a balance transfer can take up to two weeks, depending on the bank.

Do you have to close your BankSA credit card account after the balance has been transferred?

You do not have to close your BankSA credit card once you have transferred the balance from it. BankSA won’t close your account automatically. As is the case with any bank, you can only close an account after paying the balance in full.

Can you transfer a balance from a BankSA credit card to a BankSA credit card?

No. You cannot transfer a balance between BankSA credit cards.

Can you transfer a balance from a personal loan to a BankSA credit card?

No. It is not possible to balance transfer from a personal loan to a BankSA credit card.

Can you transfer a balance from a buy now pay later account to a BankSA credit card?

No. It is not possible to balance transfer from a buy now pay later account, e.g. Afterpay, Zip, Klarna, to a BankSA credit card.

Can you transfer a balance from a store card to a BankSA credit card?

Yes. You can transfer a balance from a store card such as those from Coles and David Jones to a BankSA credit card.

Can you transfer a balance from a charge card to a BankSA credit card?

Yes. You can transfer a balance from a charge card such as those from American Express to a BankSA credit card.

Can you transfer a balance from an overseas card to a BankSA credit card?

No. It is not possible to transfer a balance from an overseas card to a BankSA credit card.

How long does it take BankSA to process a balance transfer?

It takes BankSA up to 14 days to process a balance transfer after card activation.