Are you looking for a way to get your credit card debt under control? A balance transfer can be a great way to not only simplify your personal finances, but also to lock in a long period of having no interest to pay.
Scroll down for a complete guide to transferring a balance to or from Bankwest.
Compare what balance transfer cards are available before applying.
In this guide
Help choosing a Bankwest card
Balance transfers to Bankwest
You can balance transfer debt from non-Bankwest credit cards, store cards, and charge cards to Bankwest. Transferring debt to Bankwest can make managing your debt easier and save money. Here’s how.
- Reduce your interest rates. Bankwest have competitive interest-free balance transfers that can free up money each month.
- Save on annual fees. Rather than paying annual fees for multiple cards, you could balance transfer multiple debts to a single Bankwest card and then close your old cards.
| Accepts balance transfers from | American Express, ANZ, BankSA, Bank of Melbourne, Bank of Queensland, Bendigo Bank, Citi, Commonwealth Bank, NAB, Qantas Money, St.George, Suncorp, Virgin Money, Westpac (and others) |
|---|---|
| Does not accept balance transfers from | Bankwest, any overseas credit card |
| Maximum balance transfer limit | Up to 95% of credit limit |
How to transfer to another bank
Balance transfers from Bankwest
Before transferring a balance from a Bankwest credit card, there are a few issues to be clear on.
When comparing what’s available, look for a promotional balance transfer interest rate of 0% p.a. Most of Bankwest’s competitors offer interest-free balance transfers to attract new customers.
Don’t forget that you will still need to make a minimum monthly repayment, which is typically around 2% of the outstanding balance.
Step 1. Choose a balance transfer card
Specific things to compare include the following.
- The balance transfer rate. Most of the balance transfer cards on offer from Bankwest’s competitors have 0% interest on balance transfers.
- Long introductory balance transfer period. Now that 0% is practically standard, compare how long the introductory period lasts. The longer, the better.
- Ideally no balance transfer fee. A one-off charge to transfer a balance has become more common, especially on cards with long introductory periods. You can still save money even if there is a fee because of the promotional interest rate.
- High enough balance transfer limit. How much you can balance transfer depends on the credit limit on your new credit card and that bank’s policy on how much can be used for balance transfers. Ideally you can transfer all you need to a single card.
Step 2. Check your eligibility
Once you've chosen a card, these are the things to check before applying.
- Taxable income. Make sure you make more than the minimum required income.
- Credit score. Banks will pull your credit report to check for things like recent missed payments, bad credit, defaults, etc. Most banks require a good credit limit or at least no recent bad credit.
- Residency. If you are not a citizen or permanent resident, check that the bank accepts applications from temporary residents before applying.
- Age. You must be older than 18 to apply.
Step 3. Apply online
The fastest and easiest way to apply is online. Be prepared to provide the following information and details:
- proof of identity;
- source of your income;
- details on what you want to balance transfer e.g. account number, how much you want to transfer, etc.
Can you balance transfer without changing bank?
Balance transfers for existing Bankwest customers
Bankwest make it easy to consolidate debt for their existing customers. To see what balance transfer offers are available, log in with Bankwest’s app or internet banking. In the card management section, you’ll be able to see what offers are available to you.
Note that it’s unlikely to get a balance transfer offer that’s as competitive as those on offer for new Bankwest customers. However, it may still be beneficial to you if you don’t want to apply for another card or don’t think your credit score is good enough.
Want some help?
FAQs
How long does it take to transfer a balance from Bankwest to a credit card with another bank?
Many of Bankwest’s competitors offer application decisions within 60 seconds. If approved, it will take around one week for the card to arrive in the post. It can take up to two weeks for a bank to process a balance transfer.
Do you have to close your Bankwest credit card account after the balance has been transferred?
You do not have to close your Bankwest credit card once you have transferred the balance from it. Bankwest won’t do it automatically. If you have a small balance left on your Bankwest card, you won’t be able to close your account until that has been paid in full.
Can you transfer a balance from a Bankwest credit card to a Bankwest credit card?
No. Bankwest does not permit promotional balance transfers from one Bankwest credit card to another Bankwest credit card.
Can you transfer a balance from a CommBank credit card to a Bankwest credit card?
Yes. Even though CommBank owns Bankwest, you can balance transfer between the two banks.
Can you transfer a balance from a personal loan to a Bankwest credit card?
No. It is not possible to balance transfer from a personal loan to a Bankwest credit card.
Can you transfer a balance from a buy now pay later account to a Bankwest credit card?
No. It is not possible to balance transfer from a buy now pay later account, e.g. Afterpay, Zip, Klarna, to a Bankwest credit card.
Can you transfer a balance from a store card to a Bankwest credit card?
Yes. You can transfer a balance from a store card such as those from Coles and David Jones to a Bankwest credit card.
Can you transfer a balance from a charge card to a Bankwest credit card?
Yes. You can transfer a balance from a charge card such as those from American Express to a Bankwest credit card.
Can you transfer a balance from an overseas card to a Bankwest credit card?
No. It is not possible to transfer a balance from an overseas card to a Bankwest credit card.
