Manage credit card debt with a balance transfer offer

It’s when you transfer the balance you owe on your existing cards to another credit card with a different provider.

It’s when we offer a lower interest rate on balance transfers for a set period of time – like 0% p.a. for 12 months. It can be useful for consolidating debt into one place, which can make working out monthly repayments and budgeting easier.

Find out how much you need to repay each month to pay off your balance transfer. Assuming you make no other purchases or cash advances, you can do this by dividing the amount you have transferred by the number of remaining months in your offer to find out your monthly repayments. Don’t forget to consider any fees or charges that may also apply.

If you can afford to, you can make larger repayments to pay it off even quicker.

Consider closing your old credit card - this can help avoid unnecessary fees and will stop you from accruing more debt on that card.

You can also benefit from interest free days on your purchases when you have a balance transfer. With a Bankwest credit card, you’ll just need to pay the closing balance owing on your statement, excluding any balance transfer amount, by the payment due date to qualify.

Once the offer period finishes, it’s important to know the interest rate you’ll roll on to. With us, you’ll be charged the ongoing balance transfer rate on any remaining balance that you’ve transferred and haven’t paid down.

There’s more to a balance transfer offer than a great interest rate. Make sure you understand:

• when your balance transfer offer starts and ends
• any fees and charges associated with the account and the offer (like a balance transfer fee)
• the interest rate you’ll be charged on new purchases or cash advances
• whether you’re eligible for interest free days on purchases
• the rate you’ll roll on to after the promotional balance transfer period ends.