0% balance transfer for multiple cards?

I have 5 credit cards with balances totaling $5500. I realise how stupid this is but feel free to flame away if necessary. I'd like to roll all of these over into a single card (or more if need be) with 0% balance transfer for at least 12 months. I earn roughly $70k gross per year.

I started applying for the Amex Essential card ($0 annual fee and good rewards) but it will only let me transfer balance from a single card. Is there a way around this? Should I be looking into another card instead? Advice please.


  • it might be worth calling Amex up and seeing if they can process multiple BT's though over the phone! Alternatively, I've done a balance transfer from a couple of cards to one citibank card (simplicity) - no rewards but a good starting point :)

    • Yes I did call them and was put through to somebody who supposedly specialises in balance transfers. They told me straight that I can only transfer from a single card.

  • I used Citibank too which allowed debt consolidation from multiple cards. In the form I think there may have even been an option to enter the cards and amounts.

  • I recently consolidated two cards with this offer https://www.stgeorge.com.au/personal/credit-cards/low-rate

  • Unfortunately all of those cards either have an annual fee or the period for balance to be paid is less than 12 months. I guess I could use one of those other cards to transfer the balances and then open the Amex and transfer to that. It's a round about way of going about it what do you guys think?

  • +1

    Well, there are some holes in your logic: Not sure the T&Cs of the Amex Essentials when you signed up, so I'm using the current public details of your card of choice.

    The offer is only 12mth 0% BT with 1% fee = $55 fee. Admittedly, there's an offer of $50 sign up credit, bring the out of pocket cost down to $5. But that means you'll need to spend $750 on the card before that happens.

    Doing so, though, 1 possibility could occur, and very likely to occur, is that your $750 purchase happens AFTER the BT has gone through, which means you don't have Interest Free period, which means you'll pay full purchase interest rate = 14.99%pa untill you repay that $750 on the card, i.e. more cost.

    One way to work around this is to make sure to spend AND repay $750 as soon as possible on the card, before the BT transaction can happen. It's not impossible to do that, but since you don't control the timing of the BT transaction, there's no guarantee.

    Also, in case you haven't noticed, for all 0% BT deals, even though you don't pay interest on the BT, you still have to pay the monthly minimum amount on every statement. And that's the same for all BT deals that I've encountered.

    So with your card of choice, you'll be looking at min $5 fee + potential interest charges for 0% BT for 12mth.

    The reason for my long winded response is that I got an impression you think the Amex Essential BT deal is without any fee and for longer than 12mth period. If my impression is wrong, then my bad, I apologies.

    Now my suggestion, either these 2 cards would do well, they seem to belong to the same mother bank and alow multiple BT upon application, and there's no cost/fee for sign up 0% BT


    • Sorry, I wasn't under the impression that there was no fee associated with the BT on Amex. I should have put that in my post. Assuming that I'm going to keep the card after the BT has been paid I think the $0 annual fee is a good idea.

      • right, wrong assumption then. With the level of your earning and $5500 balance, I don't really see any issue with it. If the Amex Essential works for you, then I'd say go for it.

        • Totally would if they would let me pay multiple cards off at once :)

        • @gtrdude: since you already applied for the Amex, this wouldn't work for you.

          But you can applied for one of the suggested card, to bring all the balances to that one card, then BT to Amex.

        • @tio: Yes I think that will be the go. I'm assuming that they will charge me the annual fee on the intermediate card as well. Will have to factor that in.

        • @gtrdude:
          If you get either one that I suggested, first year fee is $0. Say you get the Westpac card, do the BT from all your other cards.

          Once that done, start doing BT Westpac to Amex. Once done, you can just cancel the Westpac card. No fee incurred.

        • @tio: Sounds like a plan!

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