Balance transfers FAQs

Balance transfer refers to a transfer of an outstanding balance from another credit, charge or Australian store card to your BankSA credit card.

Balance transfers do not include transfers of money between BankSA or St.George credit cards, or any other BankSA or St.George account.

1.  Why transfer other balances to BankSA?

   
   
   • You could save money on interest payments when you transfer your balance of a non BankSA or St.George credit card to a BankSA credit card that has a lower interest rate
   • From time to time, BankSA offers special introductory balance transfer rates on new credit cards when transferring from a non-BankSA or St.George credit, charge or store card to a BankSA credit card
   • You may also be able to reduce your credit card debt faster by moving outstanding balances from a non BankSA or St.George credit card to a BankSA credit card that has a lower interest rate
   • You can manage your money easier by consolidating your multiple credit card balances into one card. This can improve how you track your credit card debt
   • Having less cards could reduce the amount of annual fees you pay and you can avoid having to manage multiple payment due dates.

2.  How much money could I save?

   Check out our Balance transfer calculator to find out how much interest you can save when you transfer your balance from another credit (non BankSA/St.George credit card) or store card to a lower interest rate BankSA credit card.

3.  How do I transfer my balance when I am setting up a new BankSA credit card?

   If you are opening an account with BankSA for the first time, you can request a balance transfer when you apply for your credit card and BankSA will arrange to transfer the balance for you. Note that you must activate your BankSA card for the balance transfer to take place.
   
   If you take advantage of a promotional balance transfer rate offer, the period starts from when the balance is transferred. At the end of the offer period, any balance outstanding from the balance transfer will accrue interest at the credit card’s standard interest rate, which is usually the interest rate that applies to purchases.

4.  Can I transfer balances if I have an existing BankSA credit card?

   Yes. Existing BankSA credit card customers can request a balance transfer from another store, charge or non BankSA credit card to their existing BankSA credit card account.
   
   You can make as many balance transfers as you wish from another store, charge or credit card to your BankSA credit card provided you meet the minimum requirements for balance transfers. 
   
   To apply to transfer a balance to your existing BankSA credit card, simply complete the balance transfer request form and send it back to us.
   
   You can also request a balance transfer through Internet Banking. Once logged in, select “Transfer & payments” and then select “Pay out a credit card held with another bank.” You can also arrange this over the phone by calling 13 13 76.

5.  Can I transfer balances from one BankSA credit card to another?

   No, because a balance transfer is not the same as transferring funds between accounts or changing accounts. If you hold more than one BankSA credit card, you can make credit card payments between your credit cards using your normal methods of credit card repayments. This is not the same as a balance transfer.
   
   If you want to change from one BankSA credit card type to another, you will need to complete the Credit card product transfer request form.

6.  How long does it take to transfer my balance?

   Please allow up to 14 days for BankSA to complete the balance transfer request.
   
   If you are a new customer, the balance transfer request will only be processed after you complete the identification check at a BankSA branch (unless you have previously done so) and activate your card. Please remember to continue to meet your repayment obligations on your other credit, charge or store card until your balance has been transferred.

7.  How much can I transfer?

   A minimum of $200 applies per transfer request. You can transfer as much of the other credit, charge or store card balance as you would like, up to 95% of the available credit limit your new BankSA credit card.
   
   When applying for a balance transfer, check your available credit limit on your BankSA card.

8.  What if I need more credit to complete a balance transfer request?

   If you want to increase your credit limit on your BankSA credit card to pay off your other store, charge or credit card, you can apply to increase your card limit. Approval is subject to BankSA’s normal credit criteria.

9.  How do I know if my request for a balance transfer is eligible?

   Balance transfer requests will not be accepted:
   

   • From another BankSA or St.George credit card
   • If the transfer amount:
     • is from a credit card not issued in Australia
     • is less than $200
     • will be more than 95% of your available credit limit
   • If your card account is not in good order.

10.  Do I get interest-free days on balance transfers?

    No.

11.  Do I have to close my other credit or store card after the balance transfer is made?

    It is up to you whether you wish to close your other non-BankSA credit card or store card after the balance transfer has been processed.

    Remember that BankSA does not arrange this for you, and you will need to organise this directly with the issuer of the other credit, charge or store card.

12.  Is there a fee for balance transfers?

    No.

13.  How are my payments applied?

    The payments you make to your card account will be applied after interest, fees and charges and are applied firstly to the balances attracting the highest interest rate, down to the balances attracting the lowest intrest rate, in descending order.

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