Can I transfer my credit card debt to another bank?

There's a simple way to transfer credit card debt to another bank: a credit card with a balance transfer offer.

You can move your existing card balance to the new credit card and start paying it off. Most balance transfer credit card offers give you some time to pay the balance off with no interest, making it much easier to get your debt under control.

• You can't do a balance transfer with your current bank or credit card company. You need to switch to a new one.

How to transfer a credit card balance to another bank or lender

1. 1. Choose a new credit card. You can get 0% interest on balance transfers for up to 26 months with some credit card offers on the market, which can help you save on charges when you switch.
   2. Check the eligibility requirements. As well as any income and residency requirements, check what details are needed for the balance transfer. For example, it usually needs to be from an account in your name with a different bank.
   3. Apply and provide the balance transfer request details. When you apply for a balance transfer, some financial institutions will ask for the account number and BSB. Others may ask for the card number, BPAY biller code or a cheque mailing address so that they can process the balance transfer.
   4. Activate the new card. If you're approved, you'll typically need to activate the new card to complete the balance transfer process.

If a repayment is due on your existing account before the process is complete, make sure you pay it by the due date. When the balance transfer is finalised, you'll see details on your new account and can cancel the old card.

You can't do a balance transfer with the same bank

If you had a NAB Rewards credit card with an unpaid balance, you couldn't take out a NAB Low Rate credit card and take advantage of the balance transfer offer. You'd need to find a new bank.

This rule also applies to banks with ties to each other. You can't do a balance transfer from a St.George credit card to a Bank of Melbourne card. They're both part of Westpac Group.

Credit card balance transfer restrictions

If you want to transfer card debt to another bank or brand, you can use this table to see when it is and isn't possible with major Australian banks and lenders.

What happens if I apply for a balance transfer with the same credit card issuer?

1. 1. • Your application may be declined. The reason your application gets denied usually has more to do with other factors, including your credit score and credit history. Even if a balance transfer isn't possible, you could still be approved for the card.
      • It could lower your credit score. If you apply for a lot of balance transfer credit cards in a small amount of time, your credit score might temporarily drop. See Finder's guide to good and bad credit ratings for more details.
      • You could get the new card approved without the balance transfer. Balance transfers are offers attached to certain credit cards. You can get a new card approved but not get the balance transfer offer approved. That means you have an extra card but the balance is stuck on the old one.

Tip: Check the balance transfer terms and conditions or ask the credit card brand about the balance you want to transfer before applying. This can help you avoid the scenarios we've mentioned here.

What’s the difference between a credit card issuer and a credit card brand?

A credit card issuer is legally the financial service provider for the account, while a credit card brand is the main point of contact for customers.

In really simple terms, this means credit cards could have branding for a supermarket or airline and be issued by larger financial institutions that have the required Australian Financial Services Licence (AFSL) and Australian credit licence.

You can get a Coles credit card but the actual financial service provider will be NAB, for example.

To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.

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

Amy's expertise

Amy has written 565 Finder guides across topics including:

• Credit cards
• Frequent flyer
• Credit score
• BNPL
• Money management
• Sustainability

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 554 Finder guides across topics including:

• Home loans
• Property
• Personal finance
• Money-saving tips