Over the years, millions of Australians have used balance transfers to reduce the amount of interest they pay on credit card debt and simplify their personal finances.
If you want to make a Coles balance transfer, this guide lays out all you need to know whether it’s a balance transfer to or from Coles. Scroll down to get started.
Check what balance transfer credit card offers are available before applying.
In this guide
Help choosing a Coles card
Balance transfers to Coles
If you want to transfer a balance to Coles, you can move debt from non-Coles credit cards, store cards, and charge cards to Coles (with some exceptions).
- Coles balance transfers can save on interest repayments. Although they might not be the first brand name to come to mind for balance transfers, Coles can be quite competitive with their offers.
- Check that you can transfer from your existing card. Coles won’t approve balance transfers from some banks including Bank of Queensland, Citi, Qantas Money, Suncorp, and Virgin Money.
- You could save on annual fees. If you have debt on more than one card and you can balance transfer your entire debt to Coles, you have the option of closing your old cards to save on annual fees.
| Accepts balance transfers from | American Express, ANZ, BankSA, Bankwest, Bank of Melbourne, Bendigo Bank, Commonwealth Bank, NAB, St.George, Virgin Money, Westpac (and others) |
|---|---|
| Does not accept balance transfers from | Bank of Queensland, Citi, Qantas Money, Suncorp, Virgin Money, any overseas credit card |
| Maximum balance transfer limit | Up to 80% of credit limit |
How to transfer to another bank
Balance transfers from Coles
When transferring credit card debt from Coles, there are a few important things to be aware of.
Step 1. Choose a balance transfer credit card
Here’s what to look for when comparing options.
- Some banks won’t accept balance transfers from Coles, including Bank of Queensland, Citi, Qantas Money, Suncorp, and Virgin Money.
- Look for the lowest possible rate. Most banks have interest-free balance transfers.
- Long introductory period. The longer you have interest-free, the more money you can save.
- Avoid balance transfer fees if possible. The longest balance transfer offers often charge a balance transfer fee, but you may still save money overall because of the lower interest rate.
- Enough credit limit to facilitate your needs. How much you can transfer will depend on the new card’s credit limit and the bank's policy regarding how much of the credit limit can be used for balance transfers.
Step 2. Check your eligibility
It’s important to be sure that you are eligible for the card before applying.
- Taxable income. You need to earn at least the minimum required amount.
- Credit score. Banks pull credit reports when processing an application to check for bad credit. Check that you have good credit with no recent missed payments or defaults since these are likely to get your application declined.
- Residency. If you aren't a citizen or permanent resident, verify that people on a temporary resident visa are accepted.
- Age. You must be 18 or older to apply for any credit card.
Step 3. Apply
The quickest way to apply is online. You can make it easier by preparing documents before applying:
- photographic ID;
- payslips that prove your income;
- details about your credit card debt, e.g. account number, how much you want to transfer, etc.
Can you balance transfer without changing bank?
Balance transfers for existing Coles customers
Existing Coles customers can transfer debt from other credit cards to their Coles credit card. It will not be possible to transfer from Bank of Queensland, Citi, Qantas Money, Suncorp, and Virgin Money.
Log in to the Coles app or internet banking and navigate to the “My Offers” page, where you’ll find available balance transfer offers.
Existing customers are unlikely to get interest rates or introductory periods as good as those advertised for new customers.
Want some help?
FAQs
How long does it take to transfer a balance from Coles to a credit card with another bank?
It’s possible to apply and get a decision from most banks within 60 seconds. If your application gets approved, the card will arrive around one week later. Balance transfers can take up to two weeks to process, depending on the bank.
Do you have to close your Coles credit card account after the balance has been transferred?
Once the balance on your Coles credit card has been transferred, you do not have to close it and Coles will not close it automatically for you. Note that you can’t close a credit card until the balance has been paid in full.
Can you transfer a balance from a Coles credit card to a Coles credit card?
No. Coles does not permit promotional balance transfers from one Coles credit card to another Coles credit card.
Can you transfer a balance from a personal loan to a Coles credit card?
Yes. It is possible to balance transfer from a personal loan to a Coles credit card.
Can you transfer a balance from a buy now pay later account to a Coles credit card?
No. It is not possible to balance transfer from a buy now pay later account, e.g. Afterpay, Zip, Klarna, to a Coles credit card.
Can you transfer a balance from a store card to a Coles credit card?
Yes. You can transfer a balance from a store card such as those from David Jones to a Coles credit card.
Can you transfer a balance from a charge card to a Coles credit card?
Yes. You can transfer a balance from a charge card such as those from American Express to a Coles credit card.
Can you transfer a balance from an overseas card to a Coles credit card?
No. It is not possible to transfer a balance from an overseas card to a Coles credit card.
