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Balance transfer explained

What is a balance transfer?

What is a balance transfer?

A balance transfer is when you transfer an existing Credit Card balance onto another Credit Card. If you have an existing Credit Card balance you’d like to pay off (such as money owing on a Card with a high interest rate), taking out a Card with a balance transfer offer can give you time to catch up and get on top of what you owe.

What are the benefits of a balance transfer?

What are the benefits of a balance transfer?

  • Save on interest by taking advantage of an interest-free promotion.
  • Consolidate multiple Credit Card balances onto one Card to make it easier to manage.
  • Enjoy the breathing space of 12 months to pay the balance transfer.

How does an American Express balance transfer work?

How does an American Express balance transfer work?

For new Card Members, when you apply for a balance transfer1, you’ll be invited to select an existing balance from another non-American Express® Credit Card account to transfer. You can transfer up to 70% of your approved credit limit, to a maximum of $10,000.

If your balance transfer is approved, a 1% credit plan establishment fee will be applied to the balance transferred depending on your chosen Card, and you’ll pay 0% p.a. on the total balance transfer amount for the first 12 months following your balance transfer approval.

How much could I save?

Use our example balance transfer calculator to determine how much you could save.

0% p.a. on balance transfers for the first 12 months, available to new applicants for a limited time. A one-off 1% credit plan establishment fee applies.

$

Up to $10,000

%

Paid currently p.a.

$
0

after 12 months*

*This is an estimate. It is provided for illustrative purposes only. Click here for full balance transfer Terms and Conditions.

Calculator assumptions
A credit plan establishment fee (1% of approved balance transfer amount) is charged on the American Express Card. You don’t make any other purchases or incur any other fees for the duration of the promotional period. Any annual Card fee is excluded from this calculation. The interest rate applying to your non-American Express Credit Card (from which your balance is transferring) will not change. You pay the minimum repayment of 2.5% of outstanding balance or $30 (whichever is higher) at the end of each month. 'Your savings' is based on interest saved on balance transfer only. Interest is calculated assuming there are 30 days in each month. The payment due date is assumed to be 30 days after the statement issue date. When there is no interest savings or a negative interest saving after the 12 month period the calculator will display $0.00.

Our featured balance transfer Cards

The American Express®
Essential Credit Card

  • 0% balance transfer for 12 months1
  • No annual Card fee
  • 14.99% p.a. on purchases2


 

Learn more

The American Express®
Velocity Platinum
Credit Card

  • 0% balance transfer for 12 months1
  • Annual Card fee of $349
  • 20.74% p.a. on purchases2


 

Learn more

The Qantas
American Express®
Ultimate Credit Card

  • 0% balance transfer for 12 months1
  • Annual Card fee of $450
  • 20.74% p.a. on purchases2


 

Learn more

FAQs

How long will my balance transfer take after my Card is approved?

How long will my balance transfer take after my Card is approved?

We will commence the approval process for your balance transfer 72 hours after your Credit Card is approved.

How long will it take for the balance to be transferred from my other account?

How long will it take for the balance to be transferred from my other account?

If we approve your balance transfer application, we will debit your American Express Credit Card and send a payment to the card issuer of your designated Credit Card. Payments will normally be completed within 10 working days.

Is it definitely 0% for 12 months?

Is it definitely 0% for 12 months?

The balance transfer promotional interest rate of 0% p.a. is valid for 12 months from the date the balance transfer is approved, after which any remaining balance transfer balance will revert to the standard rate of interest.

Do my payments go towards my balance transfer first?

Do my payments go towards my balance transfer first?

When you make payments to your Credit Card, these will be applied according to the payment allocation outlined in the American Express Credit Card Conditions, which generally allow that payments are applied to billed amounts with the highest interest rate first.

What percentage of my credit limit attributes towards my balance transfer?

What percentage of my credit limit attributes towards my balance transfer?

The maximum balance transfer amount is 70% of your approved credit limit or $10,000, whichever is the lesser amount.

If my Card is approved, will my balance transfer definitely be approved also?

If my Card is approved, will my balance transfer definitely be approved also?

Provided your balance transfer request adheres to our balance transfer Terms and Conditions, then your balance transfer will be approved.

A balance transfer Card not for you?

If you don’t have an existing Card balance you’d like to transfer, a different type of Card may be a more rewarding choice.

 

 

 

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Why choose American Express?

Accepted at more places

With more Merchants in Australia choosing to accept American Express, including the big brand stores you spend at every day, your points will add up fast.

Learn more >

Membership experiences

We believe our Card Members deserve more. Discover how we reward our Card Members.

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A great range of Cards

From Charge Cards to Credit Cards – you’re bound to find something to suit your needs.

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Terms and Conditions

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Terms and Conditions

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1. Balance transfers are only available to new applicants who apply online and are approved. A one-off 1% credit plan establishment fee applies. The maximum balance transfer that you can be approved for is $10,000 or 70% of your approved credit limit whichever is less. Existing Card Members are not eligible for this offer. Card Members who currently hold or who have previously held any other Card product offered by American Express Australia Limited are ineligible for this offer. The balance transferred will be eligible for the promotional interest rate for a 12 month period from approval, at which point any remaining balance transfer balance will revert to the standard rate of interest at that time. The credit plan establishment fee attracts the standard rate of interest. Interest free days do not apply if you do not pay your closing balance (which includes any outstanding balance transfers, cash advances, purchases and fees) in full by the due date each month. We reserve the right to withdraw this offer if your Account is not in good standing or we become aware of any adverse credit information. Click here for full balance transfer Terms and Conditions.

2. Interest rate is correct as at 1 January 2016 and is subject to change. This interest rate does not apply for cash advances and associated fees.