What is a balance transfer credit card?
Last updated 10 January 2018
A balance transfer is when you request an amount owing on a personal Australian-bank issued credit card or store card to be transferred to your Commonwealth Bank credit card. This can help you save on interest charges and enables you to manage your finances in one spot. There is no fee charged to transfer the balance, however, interest will apply from the date of the transfer.
Special conditions relating to balance transfers:
- Balance transfer payments will only be made to your nominated bank credit card account or to a non-Commonwealth Bank Australian financial institution issued credit card or major store card
- A minimum balance transfer amount of $500 applies
- Balance transfer requests are subject to approval. If the available credit on your card is not sufficient to cover the amount nominated, we will transfer an amount up to your remaining credit limit
- The amount transferred will be charged interest from the date of the transfer
- You must continue to make all necessary payments to your other credit card or store card account until you receive confirmation that the amount transferred has been credited
- Once your balance transfer rate period expires, the outstanding balance (including any related interest) will be treated as a cash advance.