What is a credit card balance transfer?

A balance transfer is a way to consolidate your debt by moving some or all of your credit card balance from up to five non-NAB cards 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.

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.

Standard balance transfer rates and fees

0% p.a. for 6 months

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

2% 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.

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

Balance transfer amount Other card interest paid at 19.99% p.a Your estimated interest savings1
$5,000 Other card interest paid at 19.99% p.a $495.18 Your estimated interest savings1 $395.18
$8,000 Other card interest paid at 19.99% p.a $792.29 Your estimated interest savings1 $632.29

1Assumptions in our comparison

Comparison assumes standard purchase interest rate of 19.99% p.a. on the non-NAB card and that during the 6 month promotion period you make only the minimum monthly payment by the due date each month (i.e. 2% of the balance owing per month or $25, whichever is greater). We also assume there are no other amounts owing on the NAB credit card during the 6 month promotion period and the 2% transfer fee has been charged to the NAB credit card. No other fees or charges applicable to the NAB credit card have been included in this comparison. You can also use our balance transfer calculator to estimate how much you could save.

How to apply for a balance transfer

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.

If you request a balance transfer to an existing NAB card, it takes 3 to 5 days from the day you submit the request for the balance transfer to be completed.

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

See our credit cards

How do balance transfers work?

Limits apply to balance transfer amounts

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).

For an existing NAB credit card or after 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).

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
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Other things to consider about balance transfers

What is a balance transfer?

A balance transfer is the process of transferring an amount of money that you owe from one or more credit card(s) to a different card. The benefit of this allows you to balance your repayments by transferring debt to a card with a lower interest rate.

When should I consider a credit card balance transfer?

You might consider a credit card balance transfer for a number of reasons, such as consolidating debts to a single card or moving your debts into a card with a lower rate of interest.

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.

Eligible cards for a balance transfer

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.

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.

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.

How do I get interest free days on purchases?

To receive interest free days on purchases you need to pay the interest free days payment, that is displayed on your statement, in full by the due date each month.

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Important information

Our standard offer

A standard balance transfer is only available to a primary cardholder if requesting a balance transfer to an existing NAB card account. Our standard balance transfer offer can't be transferred or combined with any other balance transfer offers.

This standard balance transfer offer is not available for balance transfers from another NAB credit card account or any current balance transfers.

While you have an outstanding balance transfer, interest free days on purchases only applies if you pay the interest free days payment in full by the due date each month.

The one off balance transfer fee of 2% is calculated on the amount transferred and is charged to your NAB card account when your balance transfer from a non-NAB credit card account is processed. The standard balance transfer rate and term may be varied or withdrawn at any time.

The balance transfer rate will apply for a 6 month statement period (promotion period). After the promotion period ends, any unpaid balance transfer amounts still owing will attract your card's standard cash advance rate (currently 21.74% p.a.). Interest rates are subject to change.

NAB card accounts linked to a rewards program will not earn points in relation to the balance transfer amounts.

Please read the full balance transfer terms and conditions.

Credit card terms and conditions apply. Personal interest rates fees and charges are payable.

Approval and credit limit is subject to NAB's credit assessment criteria. Information, including interest rates and annual card fees, subject to change. Correct as at 11 September 2019.

Credit cards issued by National Australia Bank Limited. ©2017 National Australia Bank Limited ABN 12 004 044 937 AFSL & Australian Credit Licence 230686.