![]() There’s a few key things to know about how balance transfers work. You might consider a BT for several reasons, such as consolidating debts to a single card or moving your debts to a card with a lower interest rate. If multiple credit card or store card debts are weighing you down, a BT on a NAB credit card can provide the breathing space you need. Cardholders keep interest-free days (if applicable) after a balance transfer when you pay your monthly payment (being your SmartPlan repayments plus the minimum monthly repayment on your credit card account) SmartPlan repayment.A balance transfer (BT) is the process of moving an amount of money that you owe from one or more credit cards to a different card, giving you a special rate on the amount you transfer. When a SmartPlan ends, any remaining balance will revert to the variable annual interest rate for your balance type or special offer rate as applicable. SmartPlan cancellation takes up to 2 business days. See Credit Card Terms and Conditions (PDF 273KB) for more details. Any balance transfer amounts on a SmartPlan must have a remaining term of between 3 and 36 months to be eligible for a SmartPlan. Therefore, debts accruing a higher interest rate may be left unpaid during the SmartPlan term. All payments made to your credit card account will be applied first to any SmartPlan instalments. SmartPlan requires cardholders to make regular monthly payments for the full term and at the interest rate that applies when the SmartPlan is created. This means that if you cancel your SmartPlan (or don’t make the required SmartPlan repayments) you must still pay the whole establishment fee, including any interest on the establishment fee. Note: To ensure that your credit card balance does not exceed the credit limit, please consider the amount of the establishment fee indicated when you set up a plan. Read the Online Banking terms and conditions (PDF 257KB) available at . The establishment fee is charged upfront but is payable in monthly instalments over the term of your Large Purchase SmartPlan. You need to register for Online Banking before you can set up a SmartPlan. These promotional offers are not available if you apply under the Westpac Premier Advantage Package.ġ SmartPlan: SmartPlan is currently available for eligible Westpac consumer credit cards. If your account has an interest free period for purchases, to be entitled to that interest free period, you need to pay off the 'Monthly Payment Balance' listed on your statement of account (not the full closing balance) by the relevant payment due date. Westpac will not be responsible for any delays that may occur in processing payment to your other card account(s) and will not close the account(s). The applicable variable cash advance rate will apply to any unpaid balance transfer amount remaining at the end of the promotional period unless the amount is paid off earlier. Activating your card triggers the processing of the balance transfer. The promotional rate will apply to balance(s) transferred (min $200 up to 80% of your approved available credit limit) for the promotional period. The balance transfer fee will be charged to the card account on the same day the balance(s) are debited to the account. A balance transfer fee of 2% will apply to balance(s) transferred to a new Low Rate credit card. **Low Rate Balance transfer promotion: This offer is available when you apply for a new Low Rate credit card between 1st July 2022 and 14th June 2023, and request at card application to transfer balance(s) from up to 3 non-Westpac Australian issued credit, charge or store cards. ![]() You can usually ask to cancel a card account over the phone, provided the card has been paid off. If your aim is to pay down your balances, it may be helpful to cancel your old cards once the balance transfer is complete so you don't use them to accrue more debt. Note: Westpac will not cancel your other cards. Any approved balance transfers will occur once your card is active. In your application, include the account numbers of the credit cards you would like to transfer, the providers' biller codes and the amounts you'd like to transfer.Apply for a Westpac credit card online. ![]() Transfer up to 80% of the credit limit available on the Westpac card you’re transferring to (minimum transfer of $200).Consolidate up to 3 non-Westpac Australian issued credit, charge or store cards.With a Westpac balance transfer, you can: For example, it could give you only one monthly repayment and annual card fee on your debt, provided you close your previous cards. Consolidating multiple cards into a new card can make it simpler for you to manage your credit card debt. A balance transfer is when you move balances from one or more credit or store cards to another credit card.
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