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Big banks offering big balance transfer deals

Big banks offering big balance transfer deals

Three of the big four banks have credit cards with 0 per cent balance transfer offers for at least 18 months, a new market analysis has found.

NAB and Westpac both have products with 0 per cent balance transfer for 24 months, while ANZ has a credit card with 0 per cent balance transfer for 18 months (see table below).

BankSA, HSBC, St.George Bank, Suncorp Bank and Virgin Money are some of the other lenders in Australia that are offering 0 per cent balance transfers for at least 18 months.

Different lenders attach different conditions to their balance transfer offers, making some better value than others.

For example, the products in this analysis allow borrowers to transfer anywhere from 80 per cent to 95 per cent of their credit limit. Some lenders also impose balance transfer fees.

Borrowers may also want to consider the size of the annual fee (which may be waived in the first year) and the ongoing interest rate once the balance transfer period ends.

ProviderCredit cardBalance transfer rateOngoing interest rateBalance transfer limitStandard annual fee
BankSAVertigo Platinum0% for 24 months12.74%80% of your credit limit$99
St.George BankRainbow Vertigo Platinum0% for 24 months12.74%80% of your credit limit$99
NABLow Fee Platinum0% for 24 months19.74%90% of your credit limit$90
WestpacLow Rate Card0% for 24 months13.49%80% of your credit limit$59
HSBCPlatinum Credit Card0% for 22 months19.99%90% of your credit limit$129
Westpac55 Day0% for 20 months19.84%80% of your credit limit$30
HSBCLow Rate Credit Card0% for 20 months13.25%90% of your credit limit$79
Suncorp BankPlatinum Card0% for 18 months21.99%80% of your credit limit$129
ANZFirst0% for 18 months19.74%95% of your credit limit$30
Virgin MoneyVirgin Australia Velocity Flyer Card0% for 18 months20.74%80% of your credit limit$129

Please note that the credit card with the lowest balance transfer rate won’t necessarily be the best balance transfer offer for your situation.

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Fact Checked -

This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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Learn more about credit cards

What is a balance transfer credit card?

A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. 

What to consider before transferring money from your credit card to your bank account in Citibank?

You can transfer money from a Citibank credit card to a bank account depending on the available limit of each. The process is known as a cash advance transaction, and Citibank should allow you to transfer some portion of the total credit limit.

Transferring funds from a credit card to a bank account is likely to attract additional charges, so please consider the following potential costs:

  • A cash advance fee, which is a per cent of the total transfer amount
  • A 2 per cent transaction fee when you transfer money from a Citibank credit card to a bank account
  • Cash advance interest rate applicable on the transfer amount without any interest-free period.

To learn more about such transfers, you can contact the bank via the online service desk, email, or by calling 13 CITI (13 24 84).

How to increase your Heritage credit card limit?

Heritage credit card holders can increase their card limits, and typically without any hassles. There are two limits applied to your credit card: your account transfer limit and your credit card limit, each of which has a separate limit.

To increase your Heritage credit card limit, you can contact Heritage on 13 14 22. Unfortunately, you cannot opt to increase your credit card limit online due to security reasons. 

You can, however, request to increase your daily account transfer limit and BPAY® to up to $40,000 per day easily through Heritage Online. To do this,  you'll need to first ensure that your credit card limit is more than $40,000. If it is lower, you’ll need to first ask Heritage for an increase in your credit card limit. 

  • It’s important to note that once you change your credit limit, the daily periodic rate and corresponding annual percentage rate will change as well. This is likely to come into effect on the first day of each billing cycle that begins in March, June, September, and December. The effect of an increase in the annual percentage rate and the daily periodic rate will lead to an increased amount of interest you will have to cover in your monthly payment. 

How do I increase my Virgin credit card limit?

If you’re a Virgin Money cardholder and you’re looking at increasing your credit card limit, the first step is to get in touch with Virgin’s credit team on 13 37 39. 

Once you request a Virgin Money credit card limit increase, the lender will do an assessment of your current financial position to make sure you can repay the credit. Virgin Money will typically take 7 to 10 working days to complete this process.

Virgin Money has strict terms around credit increases. To be eligible, you must have opened your account no less than nine months before making the application. Also, at least six months must have passed since your last credit limit increase. The maximum increase you can expect will be 50 per cent of your existing credit limit.