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Making the most of a balance transfer.
Juggling multiple debts, repayment dates and interest rates? You may want to move multiple debts to a single credit card.
How balance transfers work.
What is a balance transfer?
A balance transfer is when you move the amount you owe on one credit card or store card to another credit card, usually one with a lower interest rate, resulting in a single repayment. It’s one way to consolidate debts, potentially reduce the amount of interest you pay, and repay the debt faster.
What to look for in a balance transfer offer
Before you apply, consider:
- Promotional interest rate and how long it lasts
- Standard interest rate after the promotion ends
- Annual fees and any balance transfer fees
- Transfer limits – some cards only allow transfers up to a percentage of your credit limit.
Compare these features with your current card to see how much you could save.
Tips for making the most of your balance transfer.
- Pay more than the minimum
Work out a budget to understand how much you can afford to pay above the minimum repayment. The more you pay, the faster you’ll reduce your debt and minimise interest charges. - Limit new spending on your card
Adding new purchases to your balance transfer card can make it harder to pay down your debt. That’s because promotional interest rates usually only apply to the transferred balance – not to new spending. - Understand how interest-free days work
With a Westpac credit card, you can still benefit from interest-free days on purchases while paying off a transferred balance – as long as you pay your full closing balance by the due date each month.
Find out how credit card interest works - Pay off your balance within the promotional period
This is key to maximising savings. Once the promotion ends, the interest rate will revert to the card’s standard rate (often the cash advance rate). - Cancel your old card
Once your balance transfer is complete, you will be required to cancel your old card.
How to do a balance transfer.
A balance transfer is simple – and with Westpac, it’s easy to get started.
Here’s how it works:
- Choose a Westpac credit card that suits your needs; compare our cards.
- Apply online and include your balance transfer details during the application within the debts section.
- Provide information about the account(s) you’re transferring from – including the amount and type of debt.
You can request a balance transfer from: store cards, hire purchase agreements, personal loans from a different bank, credit cards from a different bank. - Activate your new card once your application is approved.
- Start paying down your transferred balance – ideally within the promotional period to maximise savings.
We can help.
Balance transfers
Find out how to consolidate outstanding balances from hire purchase, store cards or another bank’s credit card to a Westpac credit card1.
Interested in a debt consolidation loan?
Find out how a debt consolidation loan could combine multiple monthly payments into a single loan with a fixed end date.
Financial hardship support
Struggling to make your repayments? You may be eligible for Financial hardship support or alternative financial help, which can provide options to reduce your loan repayment amounts, restructure debt or take a payment holiday.
Managing Your Money webinars
Our Managing Your Money webinars cover a range of topics and allow you to learn about finances from home.
Things you should know.
This page is for general information purposes only and does not take your financial situation or goals into account.
Credit Cards terms and conditions, eligibility criteria and lending criteria apply. Conditions of Use for the applicable card apply. Rates, transaction and services fees apply.
Balance Transfer Terms and Conditions and lending criteria apply. All applications are subject to Westpac approval. You cannot transfer a balance from a Westpac card or loan. Payments made to your Westpac credit card will first be applied to charges and interest accrued, then to cash advances and purchases, followed by balance transfers.
All new purchases, cash advances and any unpaid interest or fees will incur interest at the standard interest rate in accordance with the card's Conditions of Use. You can transfer up to 95% of your available credit card limit. Your card must remain within its credit limit after the balance has been transferred. Balances cannot be transferred to a Mastercard® BusinessCard/Purchasing Card. Balance transfers do not earn Airpoints Dollars™ or hotpoints®. You must close any facilities indicated in this application as being repaid by the balance transfer.