Balance transfers FAQs

Balance transfer refers to a transfer of an outstanding balance from another credit, charge or Australian store card to your St.George credit card.

Balance transfers do not refer to transfers of money between St.George or St.George credit cards, or between St.George credit cards and any other St.George account.

1.  Why transfer other balances to St.George?

   1. You could save money on interest payments when you transfer your balance of a non St.George or St.George credit card to a St.George credit card that has a lower interest rate
   
   2. From time to time, St.George offers special introductory balance transfer rates on new credit cards when transferring from a non-St.George credit card or store card to a St.George credit card
   
   3. You may also be able to reduce your credit card debt faster by moving outstanding balances from a non St.George or BankSA credit card to a St.George credit card that has a lower interest rate
   
   4. You can manage your money easier by consolidating your multiple credit card balances into one card. This can be can improve how you track your credit card debt
   
   5. Having less cards could reduce annual fees you pay and you having to manage multiple payment due dates.

2.  How much money could I save?

   Check out our balance transfer calculator to find out how much interest you could save when you transfer your balance from another credit (non St.George credit card), charge or store card to a lower interest rate St.George credit card.

3.  How do I transfer my balance when I am setting up a new St.George credit card?

   If you are opening an account with St.George for the first time, you can request a balance transfer when you apply for your credit card and St.George will arrange to transfer the balance for you. Note that you must activate your St.George card for the balance transfer to take place.
   
   If you take advantage of a promotional balance transfer rate offer, the period starts when the balance is transferred. At the end of the offer period, any balance outstanding from the balance transfer will accrue interest at the credit card’s standard interest rate, which is usually the interest rate that applies to purchases.

4.  Can I transfer balances if I have an existing St.George credit card?

   Yes. Existing St.George credit card customers can request a balance transfer from another store, charge or non St.George credit card to their existing St.George credit card account.
   
   You can make as many balance transfers as you wish from another store or credit card to your St.George credit card provided you meet the minimum requirements for balance transfers.
   
   To apply to transfer a balance to your existing St.George credit card, simply complete the balance transfer request form and send it back to us.
   
   You can also request a balance transfer through Internet Banking. Once logged in, select “Transfer & payments” and then select “Pay out a credit card held with another bank.” You can also arrange this over the phone by calling 1300 784 934.

5.  Can I transfer balances from one St.George credit card to another?

   No, because a balance transfer is not the same as transferring funds between accounts or changing accounts. If you hold more than one St.George credit card, you can make credit card payments between your credit cards using your normal methods of credit card repayments. This is not the same as a balance transfer.
   

6.  How long does it take to transfer my balance?

   Please allow up to 14 days for St.George to complete the balance transfer request.
   If you are a new customer, the balance transfer request will only be processed after you complete the identification check at a St.George branch (unless you have previously done so) and activate your card. Please remember to continue to meet your repayment obligations on your other credit, charge or store card until your balance has been transferred.

7.  How much can I transfer?

   A minimum of $500 applies per transfer request. You can transfer as much of the other credit or store card balance as you would like, up to 95% of the available credit limit of your new St.George credit card.
   
   When applying for a balance transfer, check your available credit limit on your St.George card.

8.  What if I need more credit to complete a balance transfer request?

   If you want to increase your credit limit on your St.George credit card to pay off your other store, charge or credit card, you can apply to increase your card limit. Approval is subject to St.George’s normal credit criteria.

9.  How do I know if my request for a balance transfer is eligible?

   Balance transfer requests will not be accepted:
   
   1. From another St.George or BankSA credit card
   2. If the transfer amount is from a credit card not issued in Australia
   3. If the transfer amount is less than $500
   4. If the transfer amount will be more than 95% of your available credit limit
   5. If your card account is not in good order.

10.  Do I get interest-free days on balance transfers?

    No.

11.  Do I have to close my other credit or store card after the balance transfer is made?

    It is up to you whether you wish to close your other non-St.George credit, charge or store card after the balance transfer has been processed. Remember that St.George does not arrange this for you, and you will need to organise this directly with the issuer of the other credit card or store card.

12.  Is there a fee for balance transfers?

    No.

13.  How are payments applied?

    The payments your make to your card account will be applied after interest, fees and charges are applied firstly to the balances attracting the highest interest rate, down to the balances attracting the lowest interest rate, in descending order.

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