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BankSA No Annual Fee credit card

What is a credit card balance transfer?

A credit card balance transfer is when you transfer the existing debt of store, charge or credit cards, onto a different credit card. You can do this with a credit card you already have. But most people choose to do this with a new credit card because there’s often a promotional balance transfer interest rate that comes with the new credit card.

Benefits of a balance transfer credit card

  Save money on interest: If you transfer balances to a new credit card (often called a balance transfer card) that has a low or zero rate balance transfer offer, you’ll be charged lower or no interest over the offer period on the amount transferred.

  Simplify finances: If you transfer the balances of more than one card (and close those accounts that the balances have been transferred from), there’ll be fewer repayments to make and keep track of.

  Fewer credit card annual fees: If you're transferring over the balances from more than one card (and close those accounts after you've done so), you'll only have to pay for one annual card fee.

  Still use it as a credit card: No need to stick the new card in the drawer as you can take advantage of interest-free days on new purchases, or on an eligible rewards card earn points, as long as you’re paying off the monthly payment balance (not the full closing balance) shown on your statement by the due date.


Our hottest balance transfer credit card offer

Bank of Melbourne No Annual Fee credit card

0% p.a. interest on balance transfers for 32 months

When requested at card application on a new Vertigo card##. The variable cash advance rate will apply to any remaining balance after the promotional period.

Need a balance transfer and more?

0% p.a. interest on balance transfers for 24 months

On a new Amplify Rewards Platinum card (1% balance transfer fee)###. Plus 100,000 bonus Amplify Points, $3k minimum spend applies*.

0% p.a. interest on balance transfers for 24 months

On a new Amplify Qantas Platinum card (1% balance transfer fee)#. Plus 60,000 bonus Qantas Points, $3k minimum spend applies~.

0% p.a. interest on balance transfers for 24 months

On a new Amplify Rewards Signature card (1% balance transfer fee)#. Plus 150,000 bonus Amplify Points, $12k minimum spend applies^.

0% p.a. interest on balance transfers for 24 months

On a new Amplify Qantas Signature card (1% balance transfer fee)#. Plus 90,000 bonus Qantas Points, $6k minimum spend applies>.


Common questions about credit card balance transfers



How do balance transfers work?

As part of a new credit card application, you ask for the balances (money owing) of up to three non-BankSA, St.George or Bank of Melbourne store, charge or credit cards, to be transferred over to the card you're applying for. If you would like to transfer balances to a BankSA credit card you already have, you can make a request from within the BankSA app. However, the balance transfer interest rate will be different to that of a promotional offer on a new card.

With BankSA, you can transfer up to 80% of the approved credit limit on your new card, or the available limit if you’re transferring to an existing card. Once you're approved and have activated your new card, those balance transfers requested will be on their way. Note while balance transfers are usually processed in just a few days, in some instances they can take up to 4 weeks.
 

Are there balance transfer fees?

Depending on the card and offer, there may be a one-off balance transfer fee that's charged to your new credit card account as part of the balance transfer. If there is a balance transfer fee, it’ll be charged on the same day any balances are debited to your account (keep in mind that some balance transfer offers don’t charge a balance transfer fee at all).


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

BankSA will not cancel your other Card Account(s). If your aim is to pay down your balances and reduce the number of credit cards you hold, it may be helpful to cancel your other Card Account(s) once the balance transfer is complete so you don't use them to accrue more debt. You can generally request a lender to cancel a credit card online or over the phone (although you will still be liable to pay off any balance).

What happens after the balances are transferred?

After the balances have been transferred to your new credit card, it can be a good idea to close the old card, charge or store accounts, so you're not charged further fees on them. This can also help your credit rating, as it will reduce your 'liabilities'. You now have the length of the offer period to repay that transferred card debt at the promotional interest rate.

It's important you continue to make regular credit card repayments to pay down that transferred credit card debt and to cover any new purchases you make. If your card is entitled to interest free days, you’ll need to pay off the monthly payment balance (not the full closing balance) shown on your statement by the due date.
 

What if I don't repay my transferred balances by the end of the offer period?

At the end of the credit card's promotional period, any remaining balance transferred amount not repaid, will be charged interest at the 'variable cash advance rate' of your card.
 

Will I still get interest free days if I use my card?

If your card is entitled to interest free days on purchases, you only need to pay off the monthly payment balance shown on your statement (not the full closing balance) by the due date.
 

Why does BankSA have so many balance transfer credit cards?

The balance transfer offer is just one of the reasons you might want a particular card. You may also want a competitive interest rate on purchases or no annual fee. Or, if you're a points lover, the Amplify or Qantas Points and the added benefits that come with our Rewards cards.
 

How can I minimise interest charges after a balance transfer?

Regardless of the balance transfer card type, the number of interest free days or the interest rate on offer, if you don't want to pay interest on your credit card or minimise what you do pay, it's important to:

  • Repay the balance transfer amount in full before the promotional interest offer period ends
  • BankSA has tools like Plan&Pay to help you repay the amount in more manageable chunks over time
  • Repay any new spend you make on your card in full by the statement due date each month
  • Avoid using your credit card for cash advances or ATM withdrawals which will attract interest charges from the day the transaction is completed.

 

Transferring your credit card balance

Apply online and get a response in 60 seconds. You can transfer balances from up to 3 non-BankSA, St.George or Bank of Melbourne credit, charge or store cards. The maximum you can transfer is 80% of the approved limit of your new card.

Follow the steps below:

  1. Start an online application for the credit card of your choice
  2. Select yes that you would like to transfer balances to your new BankSA credit card
  3. Supply card details and the amounts for the balance you would like to transfer
  4. Your balance transfer will be processed once your card is activated.
 
Important information

Conditions, fees and credit criteria apply. Standard rates and fees applicable for new cards. May not apply for existing credit card accounts. This card is issued as a Visa card. Before making a decision read the Terms and Conditions and consider if the product is right for you.

Please read these documents and keep a copy. You can request a paper copy at a BankSA branch.

**BankSA credit card customers can request up to two balance transfers from another store, charge or credit card (excluding BankSA, St.George and Bank of Melbourne credit cards) to their BankSA credit card account. For existing BankSA credit cards, refer to Internet Banking for the balance transfer rate and promotion period. You can transfer min. $200 up to 80% of your approved available credit limit. The variable cash advance rate will apply to any unpaid balance transfer amount remaining at the end of the promotional period. If a Balance Transfer fee applies it will be charged to the card account on the same day the balance transfer(s) are debited. Note: Joint credit card accounts aren’t eligible for balance transfers.

##Vertigo Balance Transfer Promotion: The promotional balance transfer rate is available when you apply and are approved for a new Vertigo credit card between 7th November 2023 and 27th February 2024, and request at card application to transfer balance(s) from up to 3 non-BankSA, St.George and Bank of Melbourne Australian issued credit, charge or store cards. The promotional rate will apply to balance(s) transferred (min $200 up to 80% of your approved available credit limit) for the promotional period, unless the amount is paid off earlier. Activating your card triggers the processing of the balance transfer. The applicable variable cash advance rate will apply to any unpaid balance transfer amount remaining at the end of the promotional period. BankSA will not be responsible for any delays that may occur in processing payment to your other card account(s) and will not close the account(s). If your account has an interest free period for purchases, to be entitled to that interest free period, you need to pay off the “monthly payment balance” listed on your statement of account (not the full closing balance) by the relevant payment due date.

###Amplify Rewards Platinum Balance Transfer Promotion: The promotional balance transfer rate is available when you apply and are approved for a new Amplify Rewards Platinum credit card between 7th November 2023 and 30th April 2024, and request at card application to transfer balance(s) from up to 3 non-BankSA, St.George and Bank of Melbourne Australian issued credit, charge or store cards. The promotional rate will apply to balance(s) transferred (min $200 up to 80% of your approved available credit limit) for the promotional period, unless the amount is paid off earlier. Activating your card triggers the processing of the balance transfer. A balance transfer fee of 1% of the transferred balance(s) will apply to balance(s) transferred to a Amplify Rewards Platinum credit card. The balance transfer fee will be charged to the card account on the same day the balance(s) are debited to the account. The applicable variable cash advance rate will apply to any unpaid balance transfer amount remaining at the end of the promotional period. BankSA will not be responsible for any delays that may occur in processing payment to your other card account(s) and will not close the account(s). If your account has an interest free period for purchases, to be entitled to that interest free period, you need to pay off the “monthly payment balance” listed on your statement of account (not the full closing balance) by the relevant payment due date.

*Amplify Platinum Bonus Amplify Points Offer: The bonus Amplify Points promotion is available when you apply and are approved for a new Amplify Rewards Platinum credit card between 7th November 2023 and 30th April 2024, and spend the minimum amount of $3,000 on eligible purchases within 90 days from card approval in one or more transactions. Eligible purchases do not include interest, fees and charges, cash, or ATM cash advances, cash equivalent transactions, gambling transactions, a purchase from or payment to a local, state or federal government or government related agency, BPAY or similar transactions (such as Post Billpay), refunds and balance transfers debited from the card account. Existing customers who currently hold an Amplify, Amplify Platinum or Amplify Signature card issued by BankSA, St.George or Bank of Melbourne, or who have held one in the last 12 months, are not eligible for this offer. The bonus Amplify Points will be added to your points balance within 12 weeks of the eligible spend criteria being met.

#Balance Transfer Promotion: The promotional balance transfer rate is available when you apply and are approved for a new Amplify Qantas Platinum or Amplify Signature credit card between 7th November 2023 and 30th April 2024, and request at card application to transfer balance(s) from up to 3 non-BankSA, St.George and Bank of Melbourne Australian issued credit, charge or store cards. The promotional rate will apply to balance(s) transferred (min $200 up to 80% of your approved available credit limit) for the promotional period, unless the amount is paid off earlier. Activating your card triggers the processing of the balance transfer. A balance transfer fee of 1% of the transferred balance(s) will apply to balance(s) transferred to a Amplify Qantas Platinum or Amplify Signature credit card. The balance transfer fee will be charged to the card account on the same day the balance(s) are debited to the account. The applicable variable cash advance rate will apply to any unpaid balance transfer amount remaining at the end of the promotional period. BankSA, will not be responsible for any delays that may occur in processing payment to your other card account(s) and will not close the account(s). If your account has an interest free period for purchases, to be entitled to that interest free period, you need to pay off the “monthly payment balance” listed on your statement of account (not the full closing balance) by the relevant payment due date.

>Bonus Qantas Points Offer: The respective bonus Qantas Points promotion is available when you apply and are approved for a new Amplify Qantas Signature credit card between 7th November 2023 and 30th April 2024, and spend the minimum amount of $6,000 on eligible purchases on an Amplify Qantas Signature credit card within 90 days from card approval in one or more transactions. Eligible purchases do not include interest, fees and charges, cash or ATM cash advances, cash equivalent transactions, gambling transactions, a purchase from or payment to a local, state or federal government or government related agency, BPAY or similar transactions (such as Post Billpay), refunds and balance transfers debited to the card account. Existing customers who currently hold an Amplify, Amplify Platinum or Amplify Signature card issued by BankSA, St.George or Bank of Melbourne, or who have held one in the last 12 months, or Credit Card Product Switches, upgrades or Westpac group staff are not eligible for this offer. The bonus Qantas Points will be credited to your Points balance within 12 weeks after the eligible spend criteria is met.

~Bonus Qantas Points Offer: The respective bonus Qantas Points promotion is available when you apply and are approved for a new Amplify Qantas Platinum credit card between 7th November 2023 and 27th February 2024 and spend the minimum amount of $3,000 on eligible purchases on an Amplify Qantas Platinum credit card within 90 days from card approval in one or more transactions. Eligible purchases do not include interest, fees and charges, cash or ATM cash advances, cash equivalent transactions, gambling transactions, a purchase from or payment to a local, state or federal government or government related agency, BPAY or similar transactions (such as Post Billpay), refunds and balance transfers debited to the card account. Existing customers who currently hold an Amplify, Amplify Platinum or Amplify Signature card issued by BankSA, St.George or Bank of Melbourne, or who have held one in the last 12 months, or Credit Card Product Switches, upgrades or Westpac group staff are not eligible for this offer. The bonus Qantas Points will be credited to your Points balance within 12 weeks after the eligible spend criteria is met.

Amplify Qantas: In order to earn and redeem points, you must be a member of Qantas Frequent Flyer program. An annual $75 Amplify Qantas Rewards Program fee applies for customers who choose Amplify Qantas.

^Amplify Signature Bonus Amplify Points Offer: The bonus Amplify Points promotion is available when you apply and are approved for a new Amplify Rewards Signature credit card between 7th November 2023 and 30th April 2024 and spend the minimum amount of $12,000 on eligible purchases within the first 12 months from card approval in one or more transactions. Eligible purchases do not include interest, fees and charges, cash, or ATM cash advances, cash equivalent transactions, gambling transactions, a purchase from or payment to a local, state or federal government or government related agency, BPAY or similar transactions (such as Post Billpay), refunds and balance transfers debited from the card account. Existing customers who currently hold an Amplify, Amplify Platinum or Amplify Signature card issued by BankSA, St.George or Bank of Melbourne, or who have held one in the last 12 months, are not eligible for this offer. The bonus Amplify Points will be added to your points balance within 12 weeks of the eligible spend criteria being met.