What is a credit card balance transfer?

A balance transfer is the process of moving an amount of money that you owe from one or more credit cards to a different card, giving you a special rate on the amount you transfer.

If multiple credit card or store card debts are weighing you down, a balance transfer on a NAB credit card can provide the breathing space you need. You might consider a balance transfer for a number of reasons, such as consolidating debts to a single card or moving your debts to a card with a lower rate of interest.

Benefits of a balance transfer

Save on interest

Reduce the amount of credit card interest you're paying during the promotion period.

Fewer fees

Reduce the amount of credit card fees by consolidating your debt into one credit card.

Simplify your banking

Enjoy easier account management by having just one account and one monthly statement.

CONSIDERATIONS OF A NAB BALANCE TRANSFER

  • NAB offers two types of balance transfer, each with different rates and fees:
    • The promotional balance transfer is available on the NAB Low Rate Card only.
    • The standard balance transfer is available on all NAB credit cards, excluding the NAB StraightUp Card.
  • Balance transfers can’t be processed between two NAB credit cards. They can only be processed from a non-NAB credit card or store card.
  • NAB doesn’t offer balance transfers on business cards.
  • You can transfer up to five non-NAB cards to a NAB credit card.
  • To process your balance transfer, we use your non-NAB card number to BPAY the balance transfer request. If your BPAY reference number for your non-NAB card isn’t your credit card number, we won’t be able to complete the balance transfer.

Before you apply

  1. Make sure you understand what you’re applying for to avoid getting caught out. That’s because once the special promotional period ends any of the balance transfer amount you haven’t paid off shifts to the cash advance rate for your new card.
  2. Know what the cash advance rate is and how long it will take to pay off your debt to make sure you don’t end up worse off overall.
  3. Don’t forget to factor in any one-off balance transfer fees.
  4. Remember that regardless of the special offer on your card, you need to make the minimum repayments by the due date each month.
  5. To process your balance transfer, we use your non-NAB card number to BPAY the balance transfer request. If your BPAY reference number for your non-NAB card isn’t your credit card number, we won’t be able to complete the balance transfer.

NAB LOW RATE CARD SPECIAL OFFER

0% P.A. ON BALANCE TRANSFERS FOR 32 MONTHS

Learn more

  • Enjoy 0% p.a. on balance transfers (BT) for 32 months with no BT fee on a new NAB Low Rate Card.* Unpaid BT reverts to the cash advance rate.
  • Plus, enjoy no annual fee for the first year (usually $59).

* Minimum monthly repayments required. NAB may vary or end this offer at any time. Eligibility criteria & T&Cs apply.

Standard balance transfer rates and fees

0% p.a. for 12 months

After that period, your balance transfers revert to your NAB credit card's standard cash advance rate of 21.74%.

3% balance transfer fee

This once-off fee is a percentage of the amount you transfer and is charged to your new NAB credit card account when your balance transfer is processed.1

You'll also get charged an annual fee, unless waived under an agreement or promotional offer. Other fees and charges may apply to your card. See our fees and charges guide.

When applying for new cards, we may sometimes have special offers, with different promotion periods and transfer fees.

Examples of what you can save with our standard offer

Examples of what you can save with our standard offer
Balance transfer amount Other card interest paid at 19.99% p.a Your savings2 including 3% BT fee
$5,000 Other card interest paid at 19.99% p.a $979.54 Your savings2 including 3% BT fee $829.54
$8,000 Other card interest paid at 19.99% p.a $1567.27 Your savings2 including 3% BT fee $1327.27

REQUEST A BALANCE TRANSFER ON A NEW NAB CARD

Don’t have a personal NAB credit card yet? You can do a balance transfer when you apply for a new personal NAB credit card.

Within the first 30 days of opening a new NAB credit card, you can transfer up to 90% of the approved credit limit (less any applicable annual card fee or balance transfer fee).

It takes 5 to 10 business days from when your new credit card account is opened to when the balance transfer is completed.

Help me choose a card

REQUEST A BALANCE TRANSFER ON AN EXISTING NAB CARD

For an existing NAB credit card or within 30 days of opening a new NAB credit card, you may transfer up to 100% of the available credit limit (less any applicable annual card fee or balance transfer fee).

If you already have a NAB credit card, apply in the NAB app.

  1. Log into the NAB app.
  2. Tap Cards.
  3. Select your card.
  4. Select Usage controls.
  5. Select Request a balance transfer.

It takes 3 to 5 days from the day you submit the request for the balance transfer to be completed.

How balance transfers work

A monthly repayment is required

Regardless of your special promotion rate, you must make your minimum monthly payment by the due date each month for your promotional rate to continue. This applies even if you have a 0% p.a. promotional balance transfer rate.

Credit card repayments go towards paying off the highest interest first, that means, cash advances first, then new purchases and then your balance transfer.

Interest-free days on purchases

While you have an outstanding balance transfer, interest-free day on purchases only applies if you pay the interest free days payment in full by the due date each month. This applies to both new and existing cards.

Promotion periods run for a set time

From time to time we may have special offers, with different promotion periods and transfer fees.

The special offer comes with a promotional rate and usually lasts for a set period. It’s best to pay off the transferred amount within your promotion period, as the card’s cash advance interest rate, currently 21.74% p.a., will apply to any unpaid amount after the promotion period ends.

Once your balance transfer is paid in full, your card will revert to the standard purchase rate.

Learn more about balance transfers

Other things to consider about balance transfers

Your personal situation and a balance transfer

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 making your NAB credit card or personal loan payments, see our support options.

Using a credit card while it still has a balance transfer owing

If you use your credit card while there is still a balance transfer amount owing, you will get interest free days as long as you pay your ‘Interest free days payment’ in full, by the due date each month.

Credit card repayments go towards the highest interest first. Your repayments will cover your new purchases before going towards any remaining balance transfer amount.

Using a credit card after the balance transfer is paid off

Once you’ve paid off your balance transfer amount, you can continue to use your card and enjoy interest free days available, as well as other benefits and features.

Details needed to process a balance transfer

We use your non-NAB card number to BPAY the balance transfer request. If your BPAY reference number for your non-NAB card isn’t your credit card number, we won’t be able to complete the balance transfer.

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Important information

1 Promotional offer is available to existing NAB Personal Credit Card primary cardholders only for a limited time. Promotional offer is not available for balance transfers from another NAB credit card account or any current balance transfers with NAB.

The one-off balance transfer fee of 3% is calculated on the amount transferred and is charged to your NAB credit card account when your balance transfer from a non-NAB credit card account, is processed.

To process your balance transfer, we use your non-NAB card number to BPAY the balance transfer request. If your BPAY reference number for your non-NAB card isn’t your credit card number, we won’t be able to complete the balance transfer.

Interest free days on purchases applies if you pay your account in full by the due date each month. If you have a balance transfer, then you must pay the ‘interest free days payment’ listed on your statement in full, by the due date each month. For more information visit nab.com.au/btchange.

Minimum monthly repayments must be made by the due date each month. NAB will apply any payment you make in accordance with the order set out in the NAB card account terms (applied to the highest interest rate balance first). The promotional balance transfer rate will apply for a 12 month statement period. After the promotional period, your card's standard cash advance rate applies (subject to change) see nab.com.au/creditcardrates. Personal NAB credit card accounts linked to a rewards program will not earn points in relation to the balance transfer amounts.

Processing your new balance transfer request

NAB will process each request for a balance transfer on the Balance Transfer Request and debit your NAB card account in accordance with your request, provided:

  • Each balance transfer amount is $200 or more.
  • The total of the balance transfer amounts is less than the available credit on your NAB card account at the time the balance transfer request is processed (NAB will transfer balance transfer amounts in full or in part in the order they appear on this balance transfer request up to the available credit).
  • The nominated account(s) are non-NAB credit card or store card accounts issued in Australia and are not in default (e.g. overdue or over-limit) under their applicable terms and conditions on the date of this balance transfer request, or at the date request is processed. Debit cards with overdraft (credit) facilities are not acceptable.
  • NAB may refuse any balance transfer request at its discretion (including if your cash access has been reduced or removed).

Your obligations to make payments to your non-NAB nominated account in accordance with its terms and conditions continue. Also, it's your responsibility to close the nominated account if that's your decision. NAB will not be liable for any loss arising from a delay in processing or your failure to close a non-NAB nominated account.

2Comparison assumes standard purchase interest rate of 19.99% p.a. for other non-low rate bank card or store card and that during the 12 month period you make only the required minimum monthly payment by the due date of 2% per month or $25 whichever is greater for 12 months. Also that there are no other amounts owing on the NAB credit card during the 12 month period, and the balance transfer fee has been charged to the NAB credit card, however no other fees or other charges have been included in these savings calculations.

Please read the full balance transfer terms and conditions.

Fees and charges

Terms and Conditions available here. Fees and charges are payable. Approval and credit limit are subject to NAB's credit assessment criteria. Information, including interest rates and annual card fees are subject to change. Correct as at 5 February 2022.

Credit cards issued by National Australia Bank Limited.

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