Credit Card Balance Transfer - When is option availabe? before or after approval

• 

  ozhunter on 22/01/2016 - 01:53

  +2

  When you apply, you are applying for a credit card, not a balance transfer.

  If your application is successful, you will be able to balance transfer. Most banks have balance transfer offers which the details must be filled out during the application process(usually near the end). If you are approved for the credit card, there should be no reason why they wouldn't allow a balance transfer.

  BUT, I only want to go ahead with the balance transfer only if Westpac approves my application.

  Well you can't go ahead with it if you don't get approved for a credit card.

  Would like to ask if I can balance transfer after I know that I've been approved?

  You fill out the balance transfer request during the credit card application. If you're approved, the bank will then do the balance transfer.

• 

  wannagrababargain on 22/01/2016 - 08:26

  +1

  You apply for a certain limit and a enter your requested balance transfers (usually upto between 80 to 95% of the limit depending on bank). After approval if it is approved but with a lesser limit they should reduce the balance transfer proportionally but make sure you read the contract/schedule that comes with it to make sure. You always have the option, after approval, of just not activating the card and you'll never be charged fees and the balance transfers won't go through.

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  frankfu1122 on 22/01/2016 - 09:45

  @ozhunter, the reason I ask is because I don't want to spend the money on the ANZ card unless I know i can get approved for the balance on the Westpac card hence prefer not to fill the particulars of the balance transfer DURING the card application. I guess my question was more around can i fill it in AFTER the application rather than DURING the application?

  @wannagrababargain, ahh i didn't think about not activating the card! thanks for the tip

  • 

    ozhunter on 22/01/2016 - 12:29

    because I don't want to spend the money on the ANZ card

    You mean the annual fee? You'll only get charged if you get approved.

    unless I know i can get approved for the balance on the Westpac card hence prefer not to fill the particulars of the balance transfer DURING the card application

    There's no reason why they would deny a balance transfer. What difference does it make by filling out the balance transfer section during the application process?

    I guess my question was more around can i fill it in AFTER the application rather than DURING the application?

    If you want the promotional rate(0% for 18 months), I'd definitely fill it out during the application process as there's a good chance you won't get if you call/fill it in afterwards, and as I said there's no difference filling in the details during the application.

    • 

      frankfu1122 on 22/01/2016 - 14:53

      I don't want make a purchase on the ANZ card is what i meant. Sorry I should of been more clear in my question.

      So to clear it up.

      1) I have $0 owing on ANZ card
      2) I want to apply for Westpac card to transfer X amount of $ to ANZ card.
      3) I want to spend X dollars on ANZ card, only if step 2 is successful

  • 

    geoffs87 on 22/01/2016 - 13:33

    Generally no, the interest free balance transfer benefits are usually only available if details are provided when submitting the application.

    Why don't you just balance transfer to the ANZ card (ie let it go into credit), then spend on the ANZ card from the credit funds.

    • 

      frankfu1122 on 22/01/2016 - 14:55

      That's what i've done. Let's see how it goes

      • 

        geoffs87 on 22/01/2016 - 16:12

        +1

        I've done it a number of times, they credit my card which has $0 owing, and i get my bank to transfer that cash out to my regular savings account. I then transfer it to my Mortgage Offset, and hey - 10k(ish) of my loan im not paying interest on! yay :)

      • 

        frankfu1122 on 22/01/2016 - 17:17

        @geoffs87:

        Nice, how many times have you been doing it for? Would be interesting to see how the banks exchange information

      • 

        geoffs87 on 22/01/2016 - 17:27

        @frankfu1122: been doing it for years… most recently about 3 months ago - Should be noted, i think this can affect your credit rating… but i have two home loans, i dont think theyre too worried…

      • 

        frankfu1122 on 22/01/2016 - 17:31

        @geoffs87:

        ahh yeah i would of thought so too, just unsure to what extent.

        thanks for the heads up