A balance transfer can help make paying off debt more manageable. It involves rolling credit card debt from one or more cards over to a new card, usually with a lower interest rate for a certain period of time.

How do balance transfers work?

Balance transfers may save you money in the short-term. Introductory rates or special promotions on our credit cards may offer a lower balance transfer interest rate for a promotional period. You should compare them to interest charges you may be paying on your non-NAB credit card accounts. Put simply, you can save on interest.

But it’s important to be aware of what happens when the promotional periods end. For example, what will the interest rate be? And with NAB credit cards, any outstanding balance transfer amount owing on your account, will revert to the standard cash advance rate. If you think you’ll still end up with an outstanding balance amount, it may not be the best move. Check with your bank to see what you'll end up paying.

Our balance transfer tool can help you here. Enter your existing non-NAB credit card debts (limited to two credit cards) and compare them against the interest on your potential new card. It'll give you an idea of how much you’ll save during the balance transfer period. It will also help you figure out whether you’re going to be better off.

Factor in fees

Balance transfers may also have a balance transfer fee, or annual fees. So before you sign on the dotted line, make sure you’re clear on any fees or charges that apply to the new account.

What are the conditions?

It depends on the card, but balance transfers usually come with terms and conditions as to what you can transfer, and to where. For example, you may not be able to do a balance transfer within the same bank, and you usually can’t pay out an overseas card.

There’s usually a limit to how much you can transfer. We'll cover this more in 6 things to consider about balance transfers.

Be smart when choosing a card

Whenever you apply for credit, it'll show up on your credit file. But it’s important to know that the more credit applications you make, the more it can affect your future borrowing plans.

So be choosy, and apply for the right card. Find out more about applying for a balance transfer.

Consolidate your debt

A balance transfer lets you merge your existing credit card debts into one. But if you have other debts too (like a personal loan), then a debt consolidation loan might be a better option.

Typically, a credit card will offer a six or 12 month balance transfer rate. But if you think your debt might take years to pay off, then a debt consolidation loan could work better. Personal loans with a structured repayment plan— with loan terms of one to seven years—could be the way to go.

Ways to apply for a balance transfer

Don’t have a NAB credit card yet?

You can apply for a balance transfer at the same time you apply for a new NAB credit card.

Compare our cards and special offers

Already a NAB credit card holder?

If you’re the primary cardholder, you can transfer a balance to your existing NAB credit card any time. Apply online through the NAB app or give us a call.

Find out more about transferring a balance to your NAB credit card.

Important information

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.

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