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Balance transfer
Credit Cards - Balance Transfers
- What is a balance transfer?
- Why transfer your other credit card balances to St.George?
- How much money can I save?
- How do I transfer my balance?
- How long does it take to transfer my balance?
- What are the key things to remember about a balance transfer?
- What if I need more credit to complete the balance transfer?
What is a balance transfer?
A balance transfer is when you transfer an outstanding balance from another Australian store or credit card to your St.George Credit Card.
Balance transfers do not refer to transfers made between St.George Credit Cards.
Why transfer your other credit card balances to St.George?
You can save money by transferring from a high rate Credit Card to a lower interest rate St.George Credit Card.
You can consolidate your Credit Card balances into one card, to avoid the difficulty of managing multiple cards and improve the tracking of your credit card debt.
How much money can I save?
Try our Balance Transfer calculator to find out how much interest you can save when you transfer your balance to a lower interest rate St.George credit card.
How do I transfer my balance?
For new credit card applicants – you can request a balance transfer as part of your credit card application.
If you take advantage of a promotional balance transfer offer then the promotional period starts from when the account is opened. At the end of the promotional period, any balance outstanding from the Balance Transfer will accrue interest at the Credit Card’s interest rate (usually the interest rate that applies to purchases).
Existing St.George Credit Card customers can also request a balance transfer. You can make as many balance transfers as you wish provided the minimum requirements for a balance transfers are met. Note that interest free days will not apply until your card account balance is paid off in full.
For existing St.George Credit Card customers, simply complete the balance transfer request form and send it back to us. You can also request for a balance transfer logging in to Internet Banking and select “Transfer & Payments” and then select “Payout a Credit Card held with another Bank”.
How long does it take to transfer my balance?
Please allow up to 14 days for St.George to complete the balance transfer request.
For new customers, we will only process the balance transfer after you activate your card and if necessary, complete the 100-point check at a St.George.
Please remember to continue to meet monthly repayment obligations of your other Credit/Store card.
What are the key things to remember about a balance transfer?
Balance transfer requests will not be processed if the transfer amount is
- from another St.George Credit Card
- from a Credit Card not issued in Australia
- less than $500
- or, will be more than 95% of your available credit limit
- and, your card account is not in good order.
If you have a card with interest free days and you complete a balance transfer, please be aware that your interest free period will not apply to any purchases you make. Interest free days only apply to accounts that are paid in full each month.
Do I have to close my other store/Credit Card after the balance transfer is made?
It is your choice whether you wish to close your other non- St.George credit/store cards after the balance transfer has been processed. To close your other credit/store card, you will need to arrange this directly with the issuer. Note St.George does not close your other credit card.
