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0% Interest Rate on Credit Card Balance Transfers - New & EXISTING Accounts @ ANZ

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I just called ANZ out of curiosity as I received an offer a couple of years ago for 0% interest on my first card. I paid that off and wanted to see what it currently was. It is 0%. I discussed it with them when transferring (I have a $42000 credit limit, happy dance) and they say they only advertise new card offers, not current and it is necessary to ring and find out these things. Very glad I did, virtually an interest free loan for 12 months!! They told me offer is current til end of year.

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  • had the same experience about a month ago, albeit with a smaller credit limit, i just thought it's not a general offer, but decided on a case by case basis

  • Apparently not, I hadn't even given them my card number at the initial enquiry:)

  • existing?!?! wow-wee!

  • Any requirements, ie complete application and did they give you 100% of credit limit?

  • No for these offer you have to ring up. Pretty close to 100%. No fees.

    • all anz credit cards have annual fees (unless you also have a packaged home loan with them)

      • Ridiculously high fees at that.

      • You can negotiate no annual fees too. I was offered either basic ANZ Visa with no annual fee, or platinum for the reduced fee that is the same as the basic card. I took the platinum - and recently claimed on accidental damage insurance for my new TV that my son broke while playing Wii. That has more than paid for the fees for 10+ years!

        Oh, and I have no home loan with ANZ (or anyone).

  • Same. And no. Balance transfer fee either

  • I meant fees for transfer. All cards have different annual fees (unless fee free)

  • Thanks! Doing my balance transfer as we speak.

  • Excellent.

    Thanks OP :)

  • Hrmm… I just applied for the 50,000 qantas points promo. Has anyone who has recently taken up this offer been successful in getting a 0% BT on it for 12 months?

    I'm in the middle of getting the card approved as I wanted it for the Qantas Club Vouchers for an upcoming trip & 50000 free points ($350 worth of free vouchers)… a 0% BT would be a cherry on top!

    • Hi tizey, what's the link for the promo that includes Qantas Club vouchers?
      Edit: found it. I had some vouchers expire recently, had no idea they were easy to resell for a good price :'(

    • Yep - i got the fee free card with 50k points, and just did balance transfer for 0%. Remember though you have to spend $3k in 3 months, and you'll need to be careful there, as whilst any payments you make will pay off the purchase balance before the balance transfer, because you have an outstanding balance - you'll pay interest on the purchases from the day you make them til the statement date. So be smart and know your statement date and make the purchases a few days before - and pay for the purchases only as soon as the statement is generated, don't wait til the due date.

      • Excellent. Thanks mate - I'll be buying a couple of flights in excess of $3k pretty much once I get the card, and will pay for them prior to organising the BT.

      • Is it 3k or 5k ?

  • I thought that they had a 2% balance fee… ??

  • +1

    "New & Existing Accounts" - Would that mean I can Balance Transfer a current ANZ credit card?

    • +1

      I just transferred $3000 from my ANZ FF Platinum to my AMEX Velocity platinum.

      0% interest for 12 months. Works quite well for me.

      • Do you have to call them to apply for the 0% interest or it can be done online?

        • I called them, not sure if it can be done online.

          It was incredibly easy - just ask to speak to card solutions. The lady took down my AMEX details and did it on the spot, explained it's 12 months at 0% and that was the end of it. Funds have been taken from my ANZ FF Platinum card instantly and will appear on my AMEX in a few days apparently.

        • For this offer it's bt calling only apparently

  • +1

    anyone know went it ends? also if you have an existing bt for 0% with anz can you take up this offer again on the same account?

  • +4

    Stuff 'advertised offers'… always call the bank to see what they can do for you!
    Be polite and professional, but also let them know what others are offering and what they can do to keep your business.

    I'm in exact same boat as OP. Had a 0% offer, but called them when it expired to see what they could do.
    First guy couldnt do anything, so I got put through to cancellations after I said "no worries, I'd like to cancel the card please".
    Cancellations department have much more authority to keep you than normal credit card inquiry line.

    CBA didnt want my business when I did this, so NAB and ANZ got it. I keep my savings with them though (no fees, access to their atm network, and netbank).

    Banks rely on you to be complacent. ALWAYS shop your lending requirements. Whether its credit cards or loans, if one doesnt do what you want, go elsewhwere. You can literally save thousands.

    Use advertised offers from other banks on current banks. "Can you match it? No… too bad so sad, account closures department please".
    And THAT's where you get the deals.

    • cba is a shite. it never approved my cc application, twice.

  • Did you get charged the 2% Balance transfer fee for that?

    After income tax it more or less negates the advantage, but if you can avoid that, a free loan is awesome

    • +1

      No fees at all

      • confirmed, no transfer fees.

        they 'tried' to get me to sign up to a 18 month interest free period with 2% transfer, but took the 12 months with no fees.
        you do have to pay an annual credit card fee at some stage though… very hard to avoid that one, but that's less than $100.

  • +1

    Just a thought… don't "balance transfers" get paid off before "purchases" when you make a payment on a credit card?

    If so and you balance transfer to an existing ANZ card that you also use for purchases, wouldn't you still be charged interest on the total outstanding balance if you don't pay the closing statement balance in full?

    • +1

      I use this card purely for balance transfers and no, I do believe purchases get paid off 1st and the bt is calculated separately.

      • Can confirm this. Asked specifically about BT and purchases and the lady stated when payments are made it's automatically put towards whatever will charge the higher interest.

        So purchases will automatically be paid off first while the BT sits there at 0%.

        • Thanks for confirming, thought so

        • Thanks for that, thought so

        • I am interested in this. I recently did a balance transfer with my citibank (opened last year), but when I made additional purchases the repayments were applied to those purchases first, not the balance transfer. When I rang them to query they told me any repayments were first made towards the lower interest rate. Is that illegal?

          Edit: apparently with Citibank you lose the interest free days when you have a balance transfer that has not been paid off, so any additional purchase incur interest until repayment.

        • Ok.

          Just be careful though and pay the "purchases" balance in full at the end of the statement period, because as per section 20 of their credit card T&C's, you'll be charged interest on the "closing balance of the account" which includes purchases, cash advances and balance transfers

        • @Vallani: Interesting. We have a Citibank account and I believe it was the balance transfer that would be paid off first. We got the account to essentially act as a loan given it had a very low rate, so we cut the card up and threw it away when we received it anyway so we've never put any purchases on it. Even if we wanted to make purchases, I'd probably have just opened a second account to make it easier to track repayments and day to day spending.

        • @Smigit:

          credit card rules have changed!!

          But of course, there are always caveats.
          I believe its for accounts that were opened from July 2012 and onwards, where the most expensive interest component is paid off first.

          If you are an existing bank customer with an older account, RING YOUR BANK!

          CBA changed by credit terms on an old credit card to the new system, without me having to close the old credit card and apply for a new one. Most banks should do the same, but if they dont definitely close the account.

          From the above date (confirm the date, I know its around that time), the most expensive part of your card balance is paid first… always.

          edited: and sure enough after typing all that out, there's a link below from Ozhunter directly to the new rules :).

        • @UFO: Yeah I don't really know the specifics, nor am I too fussed given I've destroyed the credit card anyway and won't be charging money to it.

          The following is the deal we went with: https://www.ozbargain.com.au/node/166709

          Which had the following condition:

          Payments are applied to BT amounts before cash advances and retail purchases, and if your account has more than one BT, the BT at the lowest interest rate will be repaid first

          Where the BT rate is 4.9% in that deal, and retail purchases were 19.49%.

          That's from 2014. I'm not sure if they're exploiting some loop hope or something there, possibly due to a BT and standard credit being defined differently or something, but either way I chose to play it safe and never use the card for any purchases.

          edit: Funnily enough I responded to you on the very same topic back in 2014, so I guess you've seen it and probably know how/why that product is different.

    • +1

      http://www.bankingreforms.gov.au/content/content.aspx?doc=fu...

      NEW credit cards opened from July 1, 2012 have the higher interest amount paid off first. Not sure if it has changed to credit cards obtained before July 1, 2012 yet or if it will at all.

    • With most credit cards, if you have a balance transfer already in place and you make additional purchases on the card, you pay interest daily on the purchases (that is, there will not be any interest free days on purchases any more). Even if you pay your purchases off at the end of the statement period. I got stung once but called the bank and they were kind enough to waive the interest charges as I was ignorant. One work around I used from then, was to pay off the purchases on the same day they were made. Not sure if this will work with all cards.
      I think this is why banks offer 0% interest on balance transfers, so they can hit you with interest on purchases if you use the card.

  • sorry if replies in wrong place, new to this but will get better!

  • As a joining customer if I call and ask for waiver of Balance transfer fees, do you think I will have any chance?

  • Sounds like it's time to transfer my balance from Citi Bank to ANZ. Is the transfer done from their side or do they give you a cheque to pay off the balance yourself?

    • +1

      No cheque,they will do it from their end.you just need biller code and reference number,which can easily find on statements.

  • FYI for anyone, got the exact same deal on my Citibank Card

  • +1

    call and talk to someone, eww, that's so 1975.

  • +1

    I did it with Citibank before eofy without the BT fee, got a "cheque to self" which I immediately deposited in my mortgage offset account. That's 4%+ tax free for 2 years for only $199 annual fee. Great way to save $2000!

  • but BT means cant use that card…. need to organise all those direct debit or = high interest and headache

  • seems like the deal is only for first and platinum cards , and not for any of the reward cards

  • So I can't use this card once I do a BT on it. What's the point of having a cc then if I can't use it everyday.

    • Personally, at this very moment I have 2 cards on the go - one for purchases and another strictly for a previous BT promotional period.

      If like me, you have a separate purchase credit card account/bank to your savings account, then transfer the balance of your purchase card to a designated 0% interest card. This means you can pay off the amount you have owing on your purchase card, over a longer period of time instead of paying it off in-full at the end of the month.

      This keeps more of your savings/cash in your saving account instead of giving back to the bank for credit card debt. This is especially handy if you have a high interest savings account or if your account is linked/offset against a home loan account.

      I usually make the "minimum payment" on the BT card each month and just before the promo period finishes I pay it off in full. Then I call the bank to cancel the BT card and they will usually offer you another BT deal to keep you as their customer.

      Make sure you stick to a "no annual fee" card for balance transfers though!

      :)

      EDIT: and another tip, the BT card bank will normally ask you how much is owing on the card you want to transfer the balance from - then they'll only transfer that amount. If you tell them you owe MORE than what you actually do (which may affect your borrowing limit though) you can actually pay more on your purchase card and basically carry on with your "0% interest minimum payment" for longer.

  • -1

    Just a word of caution - BALANCE TRANSFER FEES MAY APPLY.

    …so DO YOUR HOMEWORK before committing.

    References:
    ANZ - Standard fee:

    Balance Transfer Fees

    Balance transfers resulting from certain promotional balance transfer offers attract a one-off Balance Transfer Fee. The Balance Transfer Fee will be calculated as a percentage of the balance being transferred to your ANZ credit card account. Where such a fee is applicable, this will be identified in the terms and conditions relating to the promotional balance transfer offer.

    A 1% Balance Transfer Fee is also applicable to all standard (i.e. non-promotional) balance transfers on an ANZ Balance Visa credit card account.

    ANZ - 'Current offers' fee:

    Current offer: 0% p.a. for the first 16 months on balance transfers (2% Balance Transfer Fee applies).1

  • +1 Thanks for reminding me not to be complacent about my current BT deal.

  • Thanks for this just did a transfer from a non anz card over the phone . 0% for 12 months with no fees. They will not let you transfer an existing anz card to another one of course. :-)

  • Thank you OP. Great deal for me as I already have an ANZ card with a 0% BT in place for 16 months which I have paid off a few thousand dollars. I called and topped up another 5k on the card for 12 months at 0%. It's better having the money sit in my offset account.

    If the deal is valid until the end of the year, does this technically mean I can fully pay off the card at the end of the year. Then apply for another BT as my balance is back to $0 to take advantage of another 12 months interest free from Dec.

  • Can people share what limit approvals they could get on roughly what salary (No need to be exact, just a range of salary should be enough)
    How much credit limit can somebody get if salary between $80K-$90K and $70K-$80K) ?

  • Thanks OP - did it today, $20k interest free loan :-)

    No balance transfer fee.

  • Great work OP. Just balance transferred myself. No mention of a 2% fee either. Think that is for the other deal.

  • Stupid question, but if I tell ANZ that I want to do a $20k BT to another card which is has no debit balance will it work? Are they able to check my other card's balance? I've read about doing a BT and putting the funds in an offset account and would like to give it a try. If anyone's done it and has some experience please share :)

    • +1

      I did this when I originally signed up for an ANZ credit card with 0% interest for 16 months. I had them do a 29k BT to my daily use credit card (which was getting paid off fully each month). They didn't check the balance of the card at all (didn't seem to care). The BT funds sat in my daily use credit card as a positive balance for many months as I lived off it for almost a year. Meanwhile, my salary sat in my offset account saving me interest on my home loan. I have just contacted them to do another 5k BT to that same card as well and they didn't check the balance.

  • Guys looks like not many consultants in the customer care know about it. Few seems to asking for a code to be able to do it and few have said its possible for 14 months not 16 months. And when enquired about the rewards platinum for 50,000 points with 12 month balance transfer one said it can be done and put me through to sales team and other person said its not possible…

    Will let you know if I succeed.

    • Managed only to get platinum (no rewards) with 14 month BT with 0% interest & transfer fee.

      Now my Westpac card has 20k credit. Can anyone shed some light on how to get the money out of it ?

      Thanks in advance.

  • Guys I have an existing Citi platinum card and would like to repay the car loan by getting a self cheque . Unfortunately Citi only gives self to cheque and since I am an existing client suggest ways to get the loan repayment . Does any other bank like Citi offers BT as cheque or direct payment to loan

  • Signed up for a new card, rang up for transfer, got charged 2% fee but still great value :-)

  • +1

    Unbelievable processing time! Called 4:30pm yesterday, arranged 0% $0 fee for 12months BT from ANZ to Bankwest without any issue - funds cleared overnight!

    Wish I hadn't have gone for minimum credit limit now :(

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