Kogan Credit Card for Balance Transfer

b0nd on 26/01/2024 - 19:21
Last edited 27/01/2024 - 18:26 by 1 other user

I’ve never done balance transfer, and have a loan (remaining $4k at 5% rate) - I was thinking to apply for Kogan or some other CC, do a balance transfer and have the monthly payments done without any interest. Is that even possible?

Old threads pretty much says yes, but keen to understand how Kogan would work - do I give them a call post CC approval and they’ll transfer to my account?

And any other offer with no transfer and no interest on balance transfers?

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  simplystu on 26/01/2024 - 20:14

  +1

  Kogan == NAB.

  been a long time since I've done A CC transfer (or even applied for a CC) … but should be a section during creation of account.

  IMO … they would do a "credit check" … but afterwards - during account/activation details, should be a section there to fill out for balance transfer … If unsure == yeah call them.

  As to other CC's with regards to balance transfers …. yeah, plenty around.

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    b0nd on 26/01/2024 - 22:47

    Thanks

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  freefall101 on 26/01/2024 - 20:41

  +1

  Depends on the loan type, whether Kogan will let you pay off that specific balance.

  Home loan they might not let you transfer against that. Also check the BT percentage fee and what happens if you don’t pay it off quickly.

  IMO a 5% loan, if that’s your only debt, just pay it off as quickly as possible. Avoid the risk of credit card interest rates if you take too long.

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    b0nd on 26/01/2024 - 22:48

    Not home loan but a green loan instead. BT just to avoid unnecessary 5%

    Any idea if they tranfer the BT amount to bank account or needs to be a CC?

    • 

      freefall101 on 26/01/2024 - 23:00

      They won't transfer to a bank account. I've paid off loan accounts with it before but I'd check before going ahead with the credit card - they won't let you do it after you've signed it up.

      Remember though, unless you plan on spending a couple of years or more paying that $4k off, the BT fee will likely cost you more.

      • 

        b0nd on 26/01/2024 - 23:01

        Thanks

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  randomusername2017 on 26/01/2024 - 22:00

  +1

  Most likely need a second credit card.

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    b0nd on 26/01/2024 - 22:48

    I do have a second CC - do they transfer the amount to my normal bank account?

    • 

      randomusername2017 on 26/01/2024 - 23:07

      +1

      Usually payment made to the cc you're transferring the balance from.
      No recent experience with NAB but st George , bankwest- and ANZ have had that requirement.
      Just be aware of BT transfer fees and annual cc fees Vs the 5% on 4k..

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        b0nd on 28/01/2024 - 08:41

        Thanks