Applying for a balance transfer

If you’re an existing Westpac credit card customer, your balance transfer application will take up to 5 working days to process.

If you’re applying for a Westpac credit card and a balance transfer, your application will take up to 10 working days to process.

Applications are subject to lending criteria.

Your balance transfer won’t be processed until your card is all set up, which means you have verified your ID, income and address.  If you still need to do this, find out what you’ll need to bring into one of our branches to complete set up.

If you wish to close your other card you’ll need to arrange this with your other provider, as well as take care of any outstanding or upcoming payments there may be on it. You’ll also need to pay any interest charges that are still outstanding on that account.

You can transfer your outstanding balance on hire purchases, store cards, another bank’s credit card or a personal loan.  However, you cannot transfer a balance from a Westpac card or loan.

No, there isn’t a fee to transfer a balance to your Westpac credit card.

There’s no limit to the number of balance transfers you can do but you can only transfer up to 95% of your available credit card limit.

Making payments

Each month you need to make at least the minimum repayment towards your transferred balance, which is the greater of $5 or 2% of your closing balance.  Use the repayments calculator to work out a payment plan and see what’s manageable for you each month – and how quickly this will help you get your debt under control.

How does a balance transfer work

Any spending or cash advances will be at the standard interest rate (as outlined in your card’s Conditions of Use) with no interest free days until the balance transferred is paid in full.

Whilst you have an outstanding balance, you will be charged interest on fees and charges from the date they are charged until you make a payment that pays off the balance of the fees and charges.   Payments you make will first go to charges and interest charged, then to the balance transferred, followed by cash advances and purchases.

The balance transfer rate applies to the balance you’ve transferred to your Westpac credit card. Any spending or cash advances will be at the standard interest rate.

You can transfer up to 95% of your available credit card limit. This ensures there’s enough limit to cover any fees or charges that may be charged to your card.

No, balance transfers do not earn Airpoints Dollars™ or hotpoints®.