Millions of Aussies have turned to balance transfers to reduce the burden of credit card interest and simplify their finances.
This guide provides all the information you need to make a successful Qantas Money balance transfer, whether you're transferring to or from Qantas Money. So, let's get started!
Check the latest balance transfer offers before applying.
In this guide
Help choosing a Qantas Money card
Balance transfers to Qantas Money
If you're looking to transfer a balance to Qantas Money, you can move debt from non-Qantas Money credit cards, store cards, and charge cards (with some restrictions).
- Save with a Qantas Money balance transfer. Before you get started, double-check that your current card is eligible for transfer.
- Check if your card is eligible. Qantas Money does not approve transfers from Bank of Queensland, Citi, Coles, Suncorp, and Virgin Money.
- Simplify your finances and save. By consolidating your debt onto one card with Qantas Money, you could also save on annual fees by closing your old cards.
| 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, Coles, 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 Qantas Money
When transferring credit card debt from Qantas Money, 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 various balance transfer offers.
- Some banks won’t accept balance transfers from Qantas Money, including Bank of Queensland, Citi, Coles, Suncorp, and Virgin Money.
- Look for the lowest possible rate. Most banks offer balance transfers with no interest.
- Long introductory period. You can avoid paying interest for months, possibly even years.
- Avoid balance transfer fees if possible. Longer balance transfer offers typically have a balance transfer fee, but the lower interest rate can still result in overall savings.
- A high enough credit limit to facilitate your balance transfer. The amount you can transfer depends on the new card's credit limit and the bank's policy for how much of the approved credit limit can be used for a balance transfer.
Step 2. Check your eligibility
Check you are eligible for the card before applying.
- Taxable income. You must earn a minimum amount.
- Credit score. Banks will check your credit report for any negative history, such as missed payments or defaults, the presence of which could lead to a declined application.
- Residency. Verify if non-citizens or temporary residents are accepted.
- Age. You must be 18 or older to apply for a credit card.
Step 3. Apply
The fastest way to apply for a balance transfer is online. To streamline the process, gather the following information and documents beforehand:
- Photographic ID;
- Documents that verify income;
- Information about your credit card debt, including account numbers and transfer amounts.
Can you balance transfer without changing bank?
Balance transfers for existing Qantas Money customers
As a current Qantas Money customer, you can transfer debt from other credit cards to your Qantas Money card. However, transfers from Bank of Queensland, Citi, Coles, Suncorp, and Virgin Money are not possible.
To find balance transfer offers, log in to the Qantas Money app or internet banking and go to the "My Offers" page.
It's unlikely existing customers will receive the same interest rates or introductory offers as new customers.
Want some help?
FAQs
How long does it take to transfer a balance from Qantas Money 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 Qantas Money credit card account after the balance has been transferred?
Once the balance on your Qantas Money credit card has been transferred, you do not have to close it and Qantas Money 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 Qantas Money credit card to a Qantas Money credit card?
No. Qantas Money does not permit promotional balance transfers from one Qantas Money credit card to another Qantas Money credit card.
Can you transfer a balance from a personal loan to a Qantas Money credit card?
Yes. It is possible to balance transfer from a personal loan to a Qantas Money credit card.
Can you transfer a balance from a buy now pay later account to a Qantas Money credit card?
No. It is not possible to balance transfer from a buy now pay later account, e.g. Afterpay, Zip, Klarna, to a Qantas Money credit card.
Can you transfer a balance from a store card to a Qantas Money credit card?
Yes. You can transfer a balance from a store card such as those from David Jones to a Qantas Money credit card.
Can you transfer a balance from a charge card to a Qantas Money credit card?
Yes. You can transfer a balance from a charge card such as those from American Express to a Qantas Money credit card.
Can you transfer a balance from an overseas card to a Qantas Money credit card?
No. It is not possible to transfer a balance from an overseas card to a Qantas Money credit card.
