CommBank credit card balance transfer guide

By   |   Verified by David Boyd   |   Updated 15th January 2022

Credit Card Balance Transfer Guide COMMBANK

Millions of Australians have used a balance transfer to reduce their monthly repayments and get out of debt. You can too, but there are a few things to know about how they work.

This comprehensive guide will guide you through the process of transferring a balance to or from CommBank.

Balance transfers to CommBank

Help choosing a CommBank card

Balance transfers to CommBank

Transferring debt to CommBank from store cards, charge cards, and credit cards that weren’t issued by CommBank can reduce your monthly payments substantially and free up enough money to increase your repayments and get out of debt.

  • There are several CommBank credit cards with promotional balance transfer offers, although they do not tend to have deals that are as competitive as those from other banks. However, their promotional balance transfer rates are still lower than the typical ongoing interest rate charged on balances carried over.
  • You can transfer debts from more than one account to CommBank and simplify your finances.
Accepts balance transfers fromAmerican Express, ANZ, BankSA, Bankwest, Bank of Melbourne, Bank of Queensland, Bendigo Bank, Citi, NAB, Qantas Money, St.George, Suncorp, Virgin Money, Westpac (and others)
Does not accept balance transfers fromCommonwealth Bank, any overseas credit card
Maximum balance transfer limitUp to your credit limit
Balance transfers from CommBank

How to transfer to another bank

Balance transfers from CommBank

Most introductory balance transfer offers are for 0% p.a., meaning you can save a considerable amount of money.

Even though you won’t have to pay interest during the introductory balance transfer period, you will still need to make a monthly repayment for the minimum amount (typically around 2% of the balance).

Here's how you can transfer a balance from CommBank to another bank.

Step 1: Select a balance transfer card

When comparing balance transfer cards, there are a few key things to take into consideration.

  • Look for an interest-free balance transfer deal. The other banks in the big four offer balance transfer interest-free deals to attract new customers, as do many smaller challenger banks.
  • Look for a long balance transfer period. The general rule of thumb is that a longer interest-free period is more beneficial.
  • Watch out for the balance transfer fee. Expect to pay a one-off fee for handling the transfer. The fee is typically around 2% of the amount being transferred.
  • The maximum balance transfer limit. The amount you are able to transfer is contingent upon your new card’s credit limit. It's usually a percentage, e.g. 90% of the credit limit can be used for balance transfers. However, you won't find out what the credit limit will be until after you've been approved.

Step 2: Check your eligibility

Each bank has its own methodology for rating credit risk. They all generally look at the following: factors.

  • Your income. What the minimum income requirement is will depend on the card you are applying for. Platinum and black cards usually require a higher minimum income.
  • Your credit report. The bank will run a hard credit check. Checking your credit report before applying can reveal any issues likely to get your application declined.
  • Your residency status. Citizens and permanent residents can apply for a credit card. Most banks accept applications from temporary residents (subject to the status of your visa).
  • You must be older than 18 to apply for any credit card in Australia.

Step 3: Apply

Most banks have a simple online application form. You may need to provide some details.

  • Proof of ID, like driver’s licence or passport.
  • Source of income, such as employment details.
  • Details of what you want to transfer, e.g. the name of the bank, account number, how much to transfer.
Balance transfers for existing CommBank customers

Can you balance transfer without changing bank?

Balance transfers for existing CommBank customers

Existing CommBank customers can request a balance transfer from another Australian credit card from within NetBank. You can use up to your credit limit for balance transfers, with a minimum transfer amount of $500.

You cannot transfer a balance from another CommBank credit card.

Alternatives

  • If you want to transfer a balance from a card at CommBank to your existing CommBank card and can’t, then consider applying for a new balance transfer credit card with a different bank.
  • Apply for a debt consolidation loan. Pay off your debts using those fund. A personal loan can be taken out for longer than a balance transfer credit card’s introductory period. Interest rates are comparable with CommBank’s typical balance transfer rate.
FAQs

Want some help?

FAQs

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

Most banks will give you a decision within 60 seconds. If approved, your card will be delivered in roughly one week. It can take up to 2 weeks for a balance transfer to complete.

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

You do not have to close your CommBank credit card once you have transferred the balance from it. CommBank 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 CommBank credit card to a CommBank credit card?

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

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

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

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

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

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

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

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

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

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

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

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

It takes CommBank up to 5 business days to process a balance transfer.