How to balance transfer a personal loan

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Name	Purchase rate p.a.	Annual fee	Balance transfer rate p.a.	Amount Saved
Qantas Premier Platinum Qantas Frequent Flyer	Purchase rate p.a. 20.99%	Annual fee $349 first year ($399 after)	Balance transfer rate p.a. 0% for 12 months with 2% balance transfer fee, then 21.99%	Amount saved $478.32 over 12 months	Go to site More Info Compare	Earn up to 80,000 bonus Qantas Points. Plus, save with a reduced first-year annual fee and 0% p.a. for 12 months on balance transfers, with a 2% BT fee.
Kogan Money Card – Exclusive Offer Exclusive Kogan Rewards Program	Purchase rate p.a. 9.99% for 18 months, then 21.99%	Annual fee $0	Balance transfer rate p.a. 0% for 18 months with 1% balance transfer fee, then 22.74%	Amount saved $1,285.99 over 18 months	Go to site More Info Compare	Save with 0% p.a. interest on balance transfers (with a 1% BT fee) and 9.99% p.a. on purchases, both for 18 months, plus, an ongoing $0 annual fee.
Qantas Premier Everyday Qantas Frequent Flyer	Purchase rate p.a. 20.99%	Annual fee $99	Balance transfer rate p.a. 0% for 12 months with 2% balance transfer fee, then 21.99%	Amount saved $728.32 over 12 months	Go to site More Info Compare	Get 2 bonus Qantas Points per $1 spent on eligible purchases in the first 4 months (up to 8,000 points), plus complimentary insurance.
Qantas Premier Titanium Qantas Frequent Flyer	Purchase rate p.a. 20.99%	Annual fee $1,200	Balance transfer rate p.a. 0% for 6 months with 0% balance transfer fee, then 21.99%	Amount saved No savings	Go to site More Info Compare	Get 150,000 bonus Qantas Points when you spend $5,000 in the first 3 months. Plus, 20% bonus Status Credits on eligible flights, with a $200k minimum income requirement.

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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

Pros

Save money. Balance transfer credit cards give you a chance to save money on interest charges by offering a low or 0% introductory interest rate for up to 28 months. If you had a $3,000 personal loan debt with a 9% interest rate, then paying 0% would be a big saving.
Pay off personal loan debt faster. Paying low or no interest on a balance transfer card means that more of your repayments go directly towards the principal debt (rather than on interest).
Pay off all your debts at once. You may be able to consolidate debt on one credit card so that you only need to make one repayment each month. Plus, you’ll only have to deal with one interest rate for all of your debt.

Cons

Balance transfer limits. Credit cards typically let you transfer between 70% to 100% of your approved credit limit. Depending on the card, you may not be able to transfer your entire loan amount.
Balance transfer fee. Some credit cards have a one-time fee worth around 1% to 3% of the balance transfer.
Higher rates at the end of the introductory period. If you don't pay off the balance during the introductory period, you'll be charged interest on what's left. With some credit cards charging as much as 25% p.a., this could be higher than the rate you have on your personal loan.

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.

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.
Take a look at all your debt consolidation options first. There are more debt consolidation options than a credit card.
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.
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.
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

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.
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.

Thank you for your feedback!

Written by

Amy Bradney-George

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

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Amy has written 564 Finder guides across topics including:

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Co-written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise

Richard has written 553 Finder guides across topics including:

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20 Responses

MibbiesMay 29, 2016

I have a personal loan and credit card with ANZ. Is it possible to do a balance transfer to Citibank or Virgin?

Finder

MayMay 31, 2016Finder

Hi Mibbies, thanks for your inquiry!

Yes, you can. It would be best to contact Citibank or Virgin before you apply for the balance transfer so you can discuss your options and chances of approval. Make sure to read the eligibility criteria and requirements as well before applying.

Cheers,
May

KatieMarch 9, 2016

I have a personal loan with Citi, can I do a balance transfer to a Virgin card?

Finder

YsaMarch 9, 2016Finder

Hi Katie,

Thanks for your question.

Generally, with Citi and Virgin, you are allowed to balance transfer a personal loan to a credit card.
However, you may wish to speak directly with Virgin, to confirm if you are able to transfer a Citi balance over to a Virgin credit card.
I’ve emailed you the link of their contact information for your convenience.

Cheers,
Ysa

LeeFebruary 28, 2016

Can I use this balance transfer option to pay off an existing car loan?

Finder

SallyFebruary 29, 2016Finder

Hi Lee,

Thanks for your question.

Whether you can balance transfer a personal loan on to a credit card will depend on the card.

Did you have a particular card in mind? If so, we could do some research and confirm that for you.

Cheers,

Sally

DanFebruary 25, 2016

Hello, I have a $210k home loan through commonwealth bank at which i pay a normal home loan interest rate of 4.9%. I am wondering there is a way i can balance transfer from a credit card into a home loan offset account for 18 months? Any ideas and suggestions would be great.

Finder

JonathanFebruary 26, 2016Finder

Hi Dan, thanks for your inquiry!

Unfortunately balance transferring to offset accounts are not possible since you can only deposit funds in this type of account. You may like to compare balance transfer credit cards if you are looking to consolidate your debt.

Cheers,

Jonathan

honSeptember 7, 2015

What is the best deal to do balance tranfer on a personal loan plus existing card with minimum annual fee, 0% interest?

Finder

JonathanSeptember 8, 2015Finder

Hi Hon,

Thanks for your inquiry!

Citibank and Virgin Money are the only providers to allow balance transfers from a personal loan to a credit card. You can compare the best deals for you on on the comparison table of credit cards that let you balance transfer a personal loan.
You can press the “Go to Site” button of your preferred credit card to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

Cheers,
Jonathan

Which credit cards let you balance transfer personal loan debt?