St.George credit card balance transfer guide

Interest-free credit card balance transfers are a way to reduce interest payments and simplify your finances in general. St.George offer competitive balance transfer rates for new customers and existing customers can request a balance transfer too.

If you're thinking about transferring a balance transfer to or from St.George, this guide will tell you everything you need to know about your options and how it works.

If you want to save money on credit cards, charge cards, or store cards that were not issued by St.George, transferring to St.George can reduce the interest you pay considerably.

• St.George has an impressive track record for interest-free balance transfers. They have consistently ranked very highly on Finty.
• You can use up to 80% of your credit limit for balance transfers from non-St.George credit, charge, and store cards.

You’ll find many banks offering interest-free deals for balance transfers from St.George. Just remember that you'll still have monthly minimum repayments, which are typically around 2% of the outstanding balance. However, it’s better to pay more than the minimum — especially during the interest-free period — so you can get out of debt faster.

Transferring your debt from a St.George card is straightforward.

Step 1. Choose a balance transfer credit card

These are the main features of balance transfer cards to compare.

• Balance transfer interest rate. 0% p.a. Is widely available on balance transfers. Note that these introductory offers are generally reserved for new customers only.
• The length of the balance transfer period. Since interest-free is so widely available, the duration of the introductory rate is one of the biggest differentiating factors among promotions. A longer period is usually considered better.
• A low balance transfer fee. Banks often charge a one-off fee to process the balance transfer request, which is typically a percentage of the amount to be transferred. It’s often possible to choose whether you want to add the charge to your balance or pay off.
• The amount you can transfer. The majority of banks have a limit on how much can be transferred. This is generally calculated as a percentage of the credit limit on your new card, but varies between banks.

Step 2. Check your eligibility

Before applying, check to make sure you meet the minimum criteria.

• Your income. While some cards only require proof of casual income, others will require proof of employment and a regular income. You can expect the minimum income requirement to be higher if you apply for a more premium card.
• Your credit score and recent history. The bank will check your credit report while assessing your application. Most cards require a clean credit report with no missed payments in recent months. Premium cards generally require better credit scores, as can be expected.
• Your residency status. Credit cards are widely available for Australian citizens, permanent residents, and temporary residents (subject to the visa status).
• Your age. No matter which card you choose, you must be at least 18 years old to apply.

3. Apply

Online is the most convenient way to apply for a new credit card. Most banks also make it possible to save an application so you can pick it up later.

• Proof of your Identity, e.g. details from your driver’s licence.
• Source of income, e.g. employed, self-employed, etc.
• Balance transfer details, e.g. how much you want to transfer, where it is coming from, etc.

Existing St.George can balance transfer from two credit, charge, or store cards that have not been issued by St.George, BankSA, or Bank of Melbourne (because they’re all brands in the same banking group). Despite having merged with Westpac, St.George customers can request a balance from a Westpac account.

The rate you will get — which will not be the same as the introductory balance transfer offer — is available in your online banking.

You can use up to 80% of your current St.George credit card's limit for balance transfers.

Alternatives

• If you have debt on another St.George, BankSA, or Bank of Melbourne card, which can’t be transferred to your St.George card, then you can transfer to another bank. The benefit of this is that you can reduce your interest rate to zero plus simplify your finances and save on annual fees (if you choose to close old cards).
• A personal loan is another option. However, their interest rates — often personalised based on your credit score — are generally not as low as what you’d get with a balance transfer. On the other hand, you can take out a personal loan for a longer term.

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

A conditional decision on your application within 60 seconds is fairly commonplace with most banks. If your application is approved, your new card will arrive in about one week. The balance transfer may take as much as two weeks to process. Some banks are faster than others.

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

You do not have to close your St.George credit card once you have transferred the balance from it. St.George won’t close your account automatically. You can only close an account after paying off the balance in full.

Can you transfer a balance from a St.George credit card to a BankSA credit card?

No. You cannot transfer a balance between St.George credit cards.

Can you transfer a balance from a personal loan to a St.George credit card?

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

Can you transfer a balance from a buy now pay later account to a St.George credit card?

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

Can you transfer a balance from a store card to a St.George credit card?

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

Can you transfer a balance from a charge card to a St.George credit card?

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

Can you transfer a balance from an overseas card to a St.George credit card?

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

How long does it take St.George to process a balance transfer?

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