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Understanding how balance transfers work

A balance transfer is when you move an existing credit card balance to another card, which charges a lower interest rate. 

New applications

Balance transfers are currently unavailable until further notice. Please contact us to talk about other suitable options.

Existing balance transfers

Interest charges 

  • Your transferred balance will accrue no interest for an agreed interest-free period, usually 6 or 12 months.
  • If any of your transferred balance hasn’t been paid off, and is still on your credit card after the interest-free period, you’ll be charged the standard purchase interest rate on this amount. See our personal and business credit card rates and fees.
  • New purchases will be charged the standard interest rate.


  • All credit card repayments will be applied to your statement in the order of balances attracting the highest interest rates to lowest interest rates. 
  • Any purchases or cash advances on your statement will be paid off before your transferred balance. Read more on how your payments are applied