Hi Ozbargainers,
Just wondering if anyone has had any experience with 'upgrading' from one card to another card within the same financial institution to take advantage of '0% balance transfer offers' without it being treated as a new application and affecting credit score. Ie, as it's utilising existing credit limit, no credit check is made.
In my situation the bank in question is Bank of Melbourne.
1. I currently have a no annual fee card with a 6k limit (0 balance owing).
2. BOM is offering 0% for 12 months on balance transfers on entire range of cards.
3. BOM also offers 'first year $0 fee' on a new card for existing customers.
Is it possible to request a change of card and take advantage of the BT offer without it being a new ding on credit score?
I would be transferring from another card not with BOM.
For those concerned, i'm not in financial distress. All balances currently on 0% offers, so not paying any interest and I could pay off all balances tomorrow. Just looking at potential hacks. Anyone had any experience/success with doing this?
T&C's off offer below
^$0 annual fee in first year for Existing Bank of Melbourne customers promotion: To be eligible for this promotion you must be an existing Bank of Melbourne customer that applies for a new Vertigo, Vertigo Platinum, Amplify, Amplify Platinum or Amplify Signature card by clicking on the Bank of Melbourne customers 'Apply now’ button on this page between 21st February 2017 and 1st May 2017 and make your first purchase within 12 months from card approval. The first annual fee will be debited on the 12 month anniversary of the first transaction on your account and annually thereafter on the anniversary of the first annual fee.
The promotional balance transfer rates are available when you apply for a new Bank of Melbourne credit card between 21st February 2017 and 1st May 2017 and request at application to transfer balance(s) from non-St.George, Bank of Melbourne and BankSA Australian issued credit, charge or store cards. The variable purchase interest rate applies to balance transfers requested at any other time. Promotional rate will apply to any balance(s) transferred (min $200 up to 95% of your approved available credit limit) for the promotional period, unless the amount is paid off earlier. The variable purchase rate will apply to balance(s) transferred but left unpaid after the end of the promotional period. Card activation will trigger the processing of the balance transfer. Bank of Melbourne will not be responsible for any delays that may occur in processing payment to your other card account(s) and will not close the account(s). Interest free days don’t apply to balance transfers.*
initially confused about a credit card from the Bureau of Meterology