Balance transfers are a way to reduce the amount of interest paid on store, credit, and charge card debt. While they have been around for years, there are some caveats to be aware of.
This guide will take you through the process of transferring a balance to and from Westpac, whether you are an existing or new customer.
Don't forget to compare balance transfer deals before you apply for a new credit card.
In this guide
Help choosing a Westpac card
Balance transfers to Westpac
Transferring non-Westpac store, credit, and charge card debt to Westpac can reduce your monthly payments substantially.
- Westpac are among the most competitive banks in terms of balance transfer deals. They often have one of the longest offers available on Finty with low balance transfer fees.
- You can transfer debt from up to 3 non-Westpac store, credit, or charge cards to a Westpac balance transfer card, which means you can save money and take the complexity out of managing your finances.
| Accepts balance transfers from | American Express, ANZ, BankSA, Bankwest, Bank of Melbourne, Bank of Queensland, Bendigo Bank, Citi, Commonwealth Bank, NAB, Qantas Money, St.George, Suncorp, Virgin Money (and others) |
|---|---|
| Does not accept balance transfers from | Westpac, any overseas credit card |
| Maximum balance transfer limit | Up to 80% of credit limit |
How to transfer to another bank
Balance transfers from Westpac
Although not always the case, the introductory interest rate on balance transfers is usually 0% p.a. While it won’t last forever, this rate is significantly lower than the usual interest rate applied to balances on most credit cards.
One thing that’s worth remembering and planning for: even though you might transfer debt to an interest-free balance transfer card, you still have to make the minimum monthly repayment.
This is the step-by-step process for balance transferring from Westpac to a card issued by another bank.
Step 1: Choose a balance transfer card
Things to look out for when comparing offers Include the following:
- Get an interest-free balance transfer offer. The de facto standard rate for balance transfers is 0% p.a. CommBank’s balance transfer offering tends to be relatively weak.
- The length of the introductory balance transfer period. With 0% balance transfers being so widely available, most banks differentiate their deals with longer balance transfer periods and lower fees. The longer the introductory period, the more time you have to save money.
- A low balance transfer fee. Now fairly commonplace, this one-off fee is typically a percentage of the amount being transferred.
- The balance transfer limit. This determines how much you can transfer and varies between offers. The limit itself is usually a percentage of the credit limit, e.g. up to 80% of your credit limit. Note that you will not be aware what your credit limit willbe until after your application has been processed and approved.
Step 2: Check your eligibility
Each bank has its own credit risk profiling. They generally check the following during their decision process.
- Your income. How much income you need to earn differs between cards. More prestigious platinum and black cards generally require a higher minimum income.
- Your credit report. While some are more lenient, generally the banks want at least good credit. As expected, the more prestigious the card, the better your credit will need to be.
- Your status as a citizen. Australian citizens and permanent residents can apply for credit cards with any bank. However, temporary visa holders are eligible for most but not every card.
- You must be at least 18 years old to apply for any card.
Step 3: Apply
Applying is fairly straightforward. Note that you may need to provide the following details.
- Photographic proof of identification, e.g. driver’s licence.
- Source of income, i.e. details of employment.
- Details of the debt to transfer including the name of the bank, card number, and how much to transfer.
Can you balance transfer without changing bank?
Balance transfers for existing Westpac customers
If you already have a Westpac credit card, you can request to transfer balances from up to 2 non-Westpac store, credit, or charge cards in Online Banking. You can use up to 80% of your existing Westpac credit card’s credit limit for this.
It is not possible to balance transfer from another Westpac credit card. Even though Westpac own BankSA, Bank of Melbourne, and St.George, you can still transfer a balance from them.
Alternatives
- If you want to transfer a balance from a card at Westpac to your existing Westpac card and can’t, then you may consider applying for a new balance transfer credit card from a different bank.
- Use a debt consolidation loan to pay off your debt. Interest rates on offer are not as low as what you can get with a balance transfer card, but you can spread the payments out over a longer period of time.
Want some help?
FAQs
How long does it take to transfer a balance from Westpac to a credit card with another bank?
Most banks can process an application and give you a decision within 60 seconds. If approved, your card will arrive around one week later. Balance transfers can take up to 2 weeks to process, but it can take less time.
Do you have to close your Westpac credit card account after the balance has been transferred?
You do not have to close your Westpac credit card once you have transferred the balance from it. Westpac 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 Westpac credit card to a Westpac credit card?
No. You cannot transfer a balance between Westpac credit cards.
Can you transfer a balance from a personal loan to a Westpac credit card?
Yes. It Is possible to balance transfer from a non-Westpac personal loan to a Westpac credit card.
Can you transfer a balance from a buy now pay later account to a Westpac credit card?
No. It is not possible to balance transfer from a buy now pay later account, e.g. Afterpay, Zip, Klarna, to a Westpac credit card.
Can you transfer a balance from a store card to a Westpac credit card?
Yes. You can transfer a balance from a store card such as those from Coles and David Jones to a Westpac credit card.
Can you transfer a balance from a charge card to a Westpac credit card?
Yes. You can transfer a balance from a charge card such as those from American Express to a Westpac credit card.
Can you transfer a balance from an overseas card to a Westpac credit card?
No. It is not possible to transfer a balance from an overseas card to a Westpac credit card.
How long does it take Westpac to process a balance transfer?
It takes Westpac up to 10 days to process a balance transfer after card activation.
