Balance transfer credit cards
Save money on interest and simplify your finances with one of our balance transfer credit cards.
What is a credit card balance transfer?
A credit card balance transfer is when you transfer the existing debt of store, charge or credit cards, onto a different credit card. You can do this with a credit card you already have. But most people choose to do this with a new credit card because there’s often a promotional balance transfer interest rate that comes with the new credit card.
Benefits of a balance transfer credit card
Save money on interest: If you transfer balances to a new credit card (often called a balance transfer card) that has a low or zero rate balance transfer offer, you’ll be charged lower or no interest over the offer period on the amount transferred.
Simplify finances: If you transfer the balances of more than one card (and close those accounts that the balances have been transferred from), there’ll be fewer repayments to make and keep track of.
Fewer credit card annual fees: If you're transferring over the balances from more than one card (and close those accounts after you've done so), you'll only have to pay for one annual card fee.
Still use it as a credit card: No need to stick the new card in the drawer as you can take advantage of interest-free days on new purchases, or on an eligible rewards card earn points, as long as you’re paying off the monthly payment balance (not the full closing balance) shown on your statement by the due date.
Our balance transfer credit card offer
0% p.a. interest on balance transfers for 24 months
Common questions about credit card balance transfers
How do balance transfers work?
As part of a new credit card application, you ask for the balances (money owing) of up to three non-Bank of Melbourne, St.George or BankSA store, charge or credit cards, to be transferred over to the card you're applying for. If you would like to transfer balances to a Bank of Melbourne credit card you already have, you can make a request from within the Bank of Melbourne app. However, the balance transfer interest rate will be different to that of a promotional offer on a new card.
With Bank of Melbourne, you can transfer up to 80% of the approved credit limit on your new card, or the available limit if you’re transferring to an existing card. Once you're approved and have activated your new card, those balance transfers requested will be on their way. Note while balance transfers are usually processed in just a few days, in some instances they can take up to 4 weeks.
Are there balance transfer fees?
Depending on the card and offer, there may be a one-off balance transfer fee that's charged to your new credit card account as part of the balance transfer. If there is a balance transfer fee, it’ll be charged on the same day any balances are debited to your account (keep in mind that some balance transfer offers don’t charge a balance transfer fee at all).
Do I have to close my other credit or store card after the balance transfer is made?
Bank of Melbourne will not cancel your other Card Account(s). If your aim is to pay down your balances and reduce the number of credit cards you hold, it may be helpful to cancel your other Card Account(s) once the balance transfer is complete so you don't use them to accrue more debt. You can generally request a lender to cancel a credit card online or over the phone (although you will still be liable to pay off any balance).
What happens after the balances are transferred?
After the balances have been transferred to your new credit card, it can be a good idea to close the old card, charge or store accounts, so you're not charged further fees on them. This can also help your credit rating, as it will reduce your 'liabilities'. You now have the length of the offer period to repay that transferred card debt at the promotional interest rate.
It's important you continue to make regular credit card repayments to pay down that transferred credit card debt and to cover any new purchases you make. If your card is entitled to interest free days, you’ll need to pay off the monthly payment balance (not the full closing balance) shown on your statement by the due date.
What if I don't repay my transferred balances by the end of the offer period?
At the end of the credit card's promotional period, any remaining balance transferred amount not repaid, will be charged interest at the 'variable cash advance rate' of your card.
Will I still get interest free days if I use my card?
If your card is entitled to interest free days on purchases, you only need to pay off the monthly payment balance shown on your statement (not the full closing balance) by the due date.
Why does Bank of Melbourne have so many balance transfer credit cards?
The balance transfer offer is just one of the reasons you might want a particular card. You may also want a competitive interest rate on purchases or no annual fee. Or, if you're a points lover, the Amplify or Qantas Points and the added benefits that come with our Rewards cards.
How can I minimise interest charges after a balance transfer?
Regardless of the balance transfer card type, the number of interest free days or the interest rate on offer, if you don't want to pay interest on your credit card or minimise what you do pay, it's important to:
- Repay the balance transfer amount in full before the promotional interest offer period ends
- Bank of Melbourne has tools like Plan&Pay to help you repay the amount in more manageable chunks over time
- Repay any new spend you make on your card in full by the statement due date each month
- Avoid using your credit card for cash advances or ATM withdrawals which will attract interest charges from the day the transaction is completed.
Transferring your credit card balance
Apply online and get a response in 60 seconds. You can transfer balances from up to 3 non-Bank of Melbourne, St.George or BankSA credit, charge or store cards. The maximum you can transfer is 80% of the approved limit of your new card.
Follow the steps below:
- Start an online application for the credit card of your choice
- Select yes that you would like to transfer balances to your new Bank of Melbourne credit card
- Supply card details and the amounts for the balance you would like to transfer
- Your balance transfer will be processed once your card is activated.
The Detail
Conditions, fees and credit criteria apply. Standard rates and fees applicable for new cards. May not apply for existing credit card accounts. This card is issued as a Visa card. Before making a decision read the Terms and Conditions and consider if the product is right for you.
Please read these documents and keep a copy. You can request a paper copy at a Bank of Melbourne branch.
**Bank of Melbourne credit card customers can request up to two balance transfers from another store, charge or credit card (excluding Bank of Melbourne, St.George and BankSA credit cards) to their Bank of Melbourne credit card account. For existing Bank of Melbourne credit cards, refer to Internet Banking for the balance transfer rate and promotion period. You can transfer min. $200 up to 80% of your approved available credit limit. The variable cash advance rate will apply to any unpaid balance transfer amount remaining at the end of the promotional period. If a Balance Transfer fee applies it will be charged to the card account on the same day the balance transfer(s) are debited. Note: Joint credit card accounts aren’t eligible for balance transfers.
##Vertigo Balance Transfer Promotion: The promotional balance transfer rate is available when you apply and are approved for a new Vertigo credit card between 31st October 2024 and 30th April 2025, and request at card application to transfer balance(s) from up to 3 non-Bank of Melbourne, St.George and BankSA Australian issued credit or store cards. Your current credit card issuer must accept BPAY payments to be eligible, you can check your credit card statement for payment options. The promotional rate will apply to balance(s) transferred (min $200 up to 80% of your approved available credit limit) for the promotional period, unless the amount is paid off earlier. Activating your card triggers the processing of the balance transfer. A balance transfer fee of 1% of the transferred balance(s) will apply to balance(s) transferred to a Vertigo credit card. The applicable variable cash advance rate will apply to any unpaid balance transfer amount remaining at the end of the promotional period. Bank of Melbourne will not be responsible for any delays that may occur in processing payment to your other card account(s) and will not close the account(s). If your account has an interest free period for purchases, to be entitled to that interest free period, you need to pay off the “monthly payment balance” listed on your statement of account (not the full closing balance) by the relevant payment due date.