Which credit cards let you balance transfer personal loan debt?

Which credit cards allow a personal loan balance transfer?

A balance transfer is when you move existing credit card debt onto a new card, with a low or 0% interest rate for a limited time. This helps you pay off the debt.

But most Australian credit cards only let you transfer a credit card balance, not other debts like personal loans. But a handful of card providers let you balance transfer personal loan debt to a credit card:

• Citi
• Coles
• Kogan Money
• Qantas Money
• Virgin Money

⚠️ NAB issues the credit cards for the brands mentioned above, which accept personal loan balance transfers. But NAB's own credit cards don't offer this.

You can't transfer balances between credit cards with the same bank. There may be restrictions if you try to transfer a balance between one of the brands above and another. Check the fine print before you apply for a balance transfer card.

Pros and cons of transferring a personal loan balance to a credit card

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Is transferring a personal loan debt to a credit card a good idea?

A balance transfer credit card can help you get your debt under control. But debt consolidation is complicated. It's worth sitting down and crunching the numbers to work out how much you can save.

1. Work out your costs. How much is your personal loan costing you each month? How much can you save with a balance transfer? Don't forget to factor in the cost of fees.
2. Take a look at all your debt consolidation options first. There are more debt consolidation options than a credit card.
3. Make sure you have a plan to pay your card off fast. A 0% balance transfer only works if you actually pay the debt off during the introductory period. Once that ends, any unpaid debt gets charged a very high interest rate. Higher than a personal loan interest rate.
4. Don't keep your old account open. Once the debt is transferred to your new credit card, make sure you close the personal loan account to avoid any additional fees or charges.
5. Avoid making purchases on the card while you're paying off the balance. Any new spending you do on your card is not interest free like the balance transfer. Spend carefully and make sure you don't end up paying interest on your new spending while you're also trying to pay off the balance you transferred.

How to request a balance transfer from a personal loan to a credit card

When you apply for your balance transfer credit card, there will be a section asking for details of the debt or debts you want to move on to the card.

Here, you'll need to provide details of the personal loan debt you want to transfer, including the amount, the name on the account, plus the account number.

If your application is approved, you can close your old account and start paying off the debt on your new credit card.

Alternatives to balance transferring a personal loan

If you can't balance transfer a personal loan to a credit card, here are some other solutions that could help pay off the loan faster.

• Debt consolidation loans. Even if you're only paying off one balance, comparing loans and other debt consolidation options could help you find a lower interest rate and lower fees than what you're currently paying.
• Financial support. If the balance of your personal loan is causing financial stress, you can speak to a financial counsellor for free by calling 1800 007 007 or using the chat service on the National Debt Helpline website.
• Talk to your lender. Ask about hardship options if your circumstances have changed, so that you can find a way to repay the loan that's manageable for you.

Frequently asked questions

• Is it better to use a debt consolidation loan or a balance transfer credit card?

  This depends on how much debt you have and what you're eligible for. Balance transfer credit cards typically allow you to transfer a smaller amount than a debt consolidation loan. But most balance transfer cards also offer an introductory 0% interest rate that can help you save on charges for a set period of time before interest applies.

  In comparison, debt consolidation loans typically offer more flexibility in the types of debts you can consolidate and charge an interest rate applied the time the loan is approved. So it's often helpful to consider both options for debt consolidation, then choose the one that's most suited to your situation.

• Can I transfer any personal loan balance to a credit card?

  There are still some requirements to transfer a personal loan balance. You need to have all the requested balance transfer account details, such as the account name, number and BPAY biller details when available. The account also needs to be from another Australian financial institution and usually needs to be in your name.

• Will a personal loan balance transfer affect my credit score?

  Any balance transfer has the potential to affect your credit score. This is because details from the application will be added to your credit report.

  If you have a number of accounts and applications in a short period of time, it could lower your credit score. But if the balance transfer means you're able to make repayments more regularly, and on time, your credit score could improve over time. Check out Finder's guide to credit scores for more details – and to get a free copy of your credit score and report each month.

Written by

Amy Bradney-George

Journalist

Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024. See full bio

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Co-written by

Richard Whitten

Money Editor

Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio

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Richard has written 599 Finder guides across topics including:

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