Balance transfers for existing customers

Most balance transfer offers are only available to new customers. But you can apply for a balance transfer on an existing credit card with many banks, as long as you're transferring a balance from a different bank.

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Sarah Megginson

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Amy Bradney-George

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Key takeaways

  • The best 0% balance transfer offers are usually for new customers moving old credit card debts onto a new card.
  • But you can transfer balances from other card to an existing credit card. It just needs to be a balance from a different bank.
  • Transferring your unpaid balance to an existing card can be simple as you don't have to get a whole new card.

Can you really do a balance transfer as an exciting customer?

The most competitive balance transfer offers are typically available for new customers, not existing ones. This is because banks want to attract new customers. Introductory offers encourage people to switch.

But some banks also let you transfer a balance to your existing card. Usually, the balance transfer interest rate will be different to the one a new customer would get. The balance you transfer also needs to be from a different bank.

Example

  • You have 2 Westpac credit cards and one NAB card (that's already a lot of cards, but it's just an example).
  • You can't transfer one Westpac card balance to your other Westpac card.
  • But you could transfer your NAB card's balance onto one of your Westpac cards.

Keep in mind that every bank has a different approach to balance transfers.

How to do a balance transfer with your current card

Every bank and card company is different, but if your card gives you the option to transfer a balance it should be easy to do via the app or online banking platform.

Here's how it works with the Big Four banks:

  • ANZ. Existing customers can complete the online balance transfer application and enter the promo code BT200.
  • NAB. You can transfer up to 100% of your available credit limit onto an existing NAB card by selecting your card in the NAB app and requesting a balance transfer in the Usage Controls section.
  • Westpac. You can apply for a balance transfer on your existing card using Westpac's Online Banking system. You should get a decision within 60 seconds.
  • CommBank. The Commonwealth Bank doesn't offer balance transfers anymore. But you can apply to consolidate your existing credit card accounts.

What are the benefits of doing a balance transfer with your existing card?

For some people, keeping a card they already use may be enough of an incentive to get a balance transfer to it.

Applying for a balance transfer on your current card is often faster. And it doesn't require a whole new application with an enquiry on your credit report.

If you use your current card to earn points, then you may be getting plenty of benefits out of using it on your every day spending.

What are the downsides?

You won't get the most competitive balance transfer offer with your existing card. Some of the major banks will give you 12-18 months with 0% interest, which is pretty good. But you can get up to 28 months with a better offer.

You also have to pay a balance transfer fee. But that's something you can't avoid with most balance transfer offers, even the best ones.

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Our expert says: Keeping your existing card is just convenient

"If you have a couple of cards and managing 2 debts is annoying, rolling them into one is probably easier than applying for a third, new card and cancelling the original 2. Especially if the balances are fairly small.

Doing a complete balance transfer with a new card from a new provider will get you a better deal, which often helps if you have a large debt and need more time to pay it off with 0% interest. "

Do balance transfers hurt your credit score?

According to Money Smart, when you apply for a new credit card or do a balance transfer, it's added to your credit report. If you apply several times in a short period of time, it can harm your credit score.

However, this same reporting mechanism doesn't happen if you're simply transferring debt from one existing credit facility to another. In this scenario, you're simply moving around your existing debt, you're not opening any new accounts or adding to your overall debt.

So when transferring a balance from one existing credit card to another, you shouldn't notice an impact on your credit score.

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Head of editorial

As an authority on all things personal finance, Sarah Megginson is passionate about helping you save money and make money. She is an editor and money expert with 20 years’ experience and an extensive background in property and finance journalism. Sarah holds ASIC RG146-compliant Tier 1 Generic Knowledge certification, and she's a regular media commentator, appearing weekly on TV (Sunrise, Channel 7 news, Nine news), radio (KIIS FM, Triple M, 3AW, 2GB, 6PR) and in digital and print media. See full bio

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Sarah has written 191 Finder guides across topics including:
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Editor

Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald. See full bio

Amy's expertise
Amy has written 565 Finder guides across topics including:
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11 Responses

    Default Gravatar
    frankJuly 25, 2017

    I want to transfer balances from existing cards to capitalise on best offers

      Default Gravatar
      JonathanJuly 25, 2017

      Hi Frank,

      Thank you for sending your enquiry today.

      You can check the list of balance transfer credit card offers and explore your options.

      Please take note of their minimum requirements to have higher chances of approval for the new card. Also, most cards would only allow up to 80% transfer to the approved limit, the balance transferred is not eligible for rewards, and is not possible for the same credit card issuer (for example from Virgin to Citibank, as they are both issued by Citibank PTY LTD).

      You can check the T&Cs of these cards on their individual cards page and talk to the card specialist if needed as some rules vary per lender.

      Hope this helps.

      Cheers,
      Jonathan

    Default Gravatar
    KKOctober 25, 2016

    Hi,
    I am existing NAB Credit Card holder.
    Can I apply for 0% balance transfer on my existing credit card?

    Thanks

      AvatarFinder
      JasonOctober 25, 2016Finder

      Hi KK.

      Thank you for your inquiry.

      Please read our page about NAB launching balance transfer offer and learn more.

      Cheers,
      Jason

    Default Gravatar
    gerySeptember 22, 2014

    I am trying to locate the web page for Nab,that leads to the application for Balance transfer for the existing premium card holders.The offer is 0% for 15 months.
    I was able to locate the page about 4-5 days ago.But I do not remember the web link on it. If a call Nab it takes over 30 minutes before you can get someone on the other side.

      AvatarFinder
      ShirleySeptember 23, 2014Finder

      Hi Gery,

      Thanks for your question.

      You may consider applying for the NAB Low Fee Platinum Card. I think this may be the offer you’re looking for.

      Cheers,
      Shirley

      Default Gravatar
      AzzMarch 28, 2016

      That looks like a page that you can apply for if your not a customer or you want to apply for a new card. What about a link to transfer a debt for a credit card to an existing credit card NAB credit card?

      AvatarFinder
      DebbieMarch 31, 2016Finder

      Hi Azz,

      Thanks for your inquiry.

      It is helpful to know that you cannot do a balance transfer between credit cards under the same bank, but you also can’t transfer debts with different credit card companies that have financial ties to one another.

      You will find a guide on which financial institutions you can and can’t transfer your balance between.I suggest you to read the balance transfer terms and conditions to ensure your eligibility before you apply.

      I hope this helps.

      Cheers,
      Debbie

    Default Gravatar
    ShaneAugust 9, 2014

    Why can I not get credit approval with a bank that I have been with for years but pre approved with other banks.?. Do I have to change banks because the bank I’m with don’t look after me.?.

      Default Gravatar
      ShaneAugust 11, 2014

      So much for looking after loyal customers,

      AvatarFinder
      ShirleyAugust 11, 2014Finder

      Hi Shane,

      Thanks for your question.

      The decision is completely up to you. If you feel as though you’re getting a better deal or service from another bank, there is no harm in switching.

      All the best,
      Shirley

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