What Is The Process Of A Balance Transfer

August 20th, 2010

Many people make a balance transfer from one of their existing cards over to a new card in order to save money on interest rates.

The reason why banks offer promotional rates on transfers is they know that other banks are doing the same and have to keep up with what the other banks are doing.

2.99% p.a. for 12 months

Balance transfers are reciprocal. This means that while one bank loses some customers to a second bank, it in turn will receive some of the second bank’s customers in return. It is a financial game that is being played by most of the banks in Australia and it is the customers that really win in this situation.

Balance transfer details

Making an application for a balance transfer is very simple and you will need the following information needed for the application by your side.

The credit card provider of your existing card.
The account number on your credit card.
How much you want to transfer.

Once you have accumulated all of your data you can then go to the bank website and pull up the application form and follow these steps.

When you fill out your application form there will be a section for balance transfer details. Fill this out in full so that the process can start as soon as you get accepted for the card.
If you have any problems at all filling out the details you can call the bank and somebody will be able to give you guidance.
Submit your application and find out whether you have been approved for the card. You should find out right away online if you will be getting a new card sent to you. If your application has gone through you can assume that your balance transfer will be processed immediately. If you have any concerns about that you can contact the bank for more information.

Processing times

Most banks process applications the day they are received while others take a bit more time. If you are concerned about the length of time and need a card quickly you can contact your card provider to get an estimated processing time.

The process of getting a balance transfer is really this simple. It is not complicated and once you get started you will be happy you took the time to confront getting the card. You can save hundreds if not thousands of dollars with a balance transfer credit card, and that is definitely worth the time you put in to make an easy application.