A balance transfer is a way to consolidate your debt by moving some or all of your credit card balance from one non-NAB card to a NAB card. The debt you move to the NAB card (new or existing) attracts a lower interest rate for a certain period, called the promotion period.
If you’re able to find a credit card with a credit limit high enough to accommodate your previous balance, and a promotion period long enough to pay off the balance before the rate increases, then a balance transfer may be a good idea.
If the available credit on your card can’t cover the full amount of the balance transfer you requested, you’ll still have to pay off the remaining amount on the existing card using your own funds.
If you have other debts (like a personal loan) or you think it will take more than promotion period to pay off your debt, then a debt consolidation loan might be a better option.
If you're experiencing financial difficulty, please see our customer care kit for information about getting assistance.