Manage credit card debt with a balance transfer offer

Transferring your existing balances to a card with a lower interest rate is one way to get on top of existing credit card balances. Find out more about how balance transfer offers work and what to consider.

What's a balance transfer? 

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

What’s a balance transfer offer?

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.

Make the most of your balance transfer

Work out a repayment plan

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.

Streamline your cards

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

Take advantage of interest free days on purchases

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.

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

What happens after the offer period ends?

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.

Things to consider

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.

Things you should know

The information contained in this publication is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication.