If you want a credit card balance transfer, make sure you know what you’re applying for. It’s important not to get caught out. Here are 6 important things to consider before you decide.

1. Balance transfers are not instant

Before we get started, make sure you’ve read our article - Is a balance transfer right for you? It covers off the basics.

Transferring your balance can take a while – usually around two to four weeks. During this time, you'll need to keep up your payments in accordance with the old card’s terms and conditions; otherwise you might end up paying extra fees and interest.

If you have transferred the full balance, you can choose to cancel your old card if you wish.

2. Limits apply to balance transfer amounts

The amount you can transfer to your card is often a percentage of the card’s credit limit. It can vary between banks so you’ll need to check this.

For a new NAB card account:

Balance transfer applications within the first 30 days of opening a new card account may request to transfer up to a maximum 90% of the available credit limit (less any applicable annual card fee or balance transfer fee).

For an existing NAB card account:

Within the first 30 days of opening a new card account, balance transfer applications may request a maximum of up to 100% of the available credit limit. Less any applicable annual card fee or balance transfer fee.

3. Special interest rates end

If there’s a special offer with a promotional rate attached to the card, it will usually only last for a set period.

Make sure you know how long you've got left on your promotional rate before the interest on your balance transfer goes up. Obviously, it’s best to pay it off before the promotional rate ends.

You should check how your bank calculates interest at the end of the promotional rate period – and always read the fine print.

With us, after the promotional period, any unpaid balance transfer amounts will revert to the card’s standard cash advance rate. You can see interest rates for our credit cards in our credit card comparison table.

4. Interest-free days on purchases don't apply

If you've transferred a credit card balance to your NAB credit card, you won’t have interest-free days on purchases while you have a balance transfer.

We calculate interest on your balance transfer (at the promotional rate) from the first day you make the transfer. When the promotional rate ends, any unpaid balance transfers will revert to the card’s standard cash advance rate.

So if you have a balance transfer and you use your credit card for purchases, your card’s standard purchase rate will apply from the day you make the purchase.

Your interest-free days will be available on your purchases if the closing balance is paid off in full by the due date each month. The closing balance includes any unpaid balance transfer amounts (including applicable fees and interest).

5. Minimum monthly payments are required while you have a balance transfer

Regardless of your promotional 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.

Your total minimum monthly payment is shown on your statement along with the due date. If you miss a payment or are late, you may be charged a late payment fee.

6. A debt consolidation loan might be better

Transferred your balance to a new card but can’t get back to zero within the promotional interest rate period? Consider applying for a personal loan.

For more on this, have a read of our article - Is a debt consolidation loan right for you? Or, find out more about applying for a balance transfer. View the full balance transfer terms and conditions.

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 your new NAB credit card.

Compare our cards and special offers.

Already a NAB credit cardholder?

If you’re the primary cardholder, you can request to transfer a balance to your existing NAB credit card any time. Apply online by using the NAB app or call us on 13 22 65.

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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