ANZ 0% Balance Transfer Is Back, This Time for 12 Months

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Geewhizz on 19/01/2014 - 20:59 anz.com (2912 clicks)
Last edited 19/01/2014 - 21:07 by 1 other user

Transfer non ANZ balance from another credit card to a new or existing ANZ credit card by 15th of April and pay no interest on the amount transferred for 12 months.

On a new card, the 12 months interest free is from the date that the card is approved. If you're transferring to an existing ANZ card, the 12 months is taken from the date that the balance transfer occurs.

At the expiry of the 12 months, the interest rate reverts to the standard variable rate that applies to whichever card you hold.

As usual, the offer does not apply to ANZ Balance Visa.

Regular fees and charges, including annual fees and rewards program fees still apply on most (if not all cards)

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• 

  unity1 on 19/01/2014 - 21:04

  +1

  O% where O=0

  Would be better if there were cards options that had $0 annual fee

  • 

    Look43Bs on 20/01/2014 - 12:11

    I agree … has ANZ got any cards at 0 annual fees?

• 

  nerd1 on 19/01/2014 - 21:07

  Not available in conjunction with other offers, packages or promotions or in respect of balances transferred from an existing ANZ credit card.

  :(

  • 

    Pandabargain on 19/01/2014 - 21:19

    Could I move my 15k debt from my HSBC card? I can't afford to pay it all off in 12 months. Does this mean at the end the interest is backdated?

    • 

      Tarinedier on 19/01/2014 - 21:37

      +1

      Assuming you are approved for credit then yes you can. It is not backdated, meaning if you transferred the full amount you would have saved ~$2,700 in interest. Keep in mind you still have to make payments each month.

      At the end of the balance transfer it reverts to to 13.49% p.a interest (assuming you take the low rate card). The key part to check here is:

      For new card applicants, the balance transfer interest rate reverts to the variable interest rate applicable to standard balance transfers on your card after 12 months from the date the card application is approved and any balances that remain unpaid at the end of this period will become subject to the variable rate for standard balance transfers. For transfers to an existing ANZ credit card, the balance transfer interest rate reverts to the standard variable interest rate applicable to standard balance transfers on your card after 12 months from the date the balance transfer request is processed by us.

      This varies for different institutions, for instance HSBC that you are with will revert you to the cash advance rate instead at the end of the promotion.

      • 

        Pandabargain on 19/01/2014 - 21:40

        Thanks for your helpful response.

        So in 12 months time could I jump ship to a low sub 5% balance transfer offer from another bank?

      • 

        stemcell on 19/01/2014 - 21:43

        It all depends what limit they give you, nothing worse than going through the new card process to get lumbered with a tiny credit limit which is useless for a transfer.

      • 

        Tarinedier on 19/01/2014 - 21:46

        There's nothing stopping you from doing so. It generally appears as a BPAY transaction to the losing bank. You can bounce the credit around as much as you want, however I have heard that it is best to limit your credit card applications in case it affects your credit rating; it is also dependent on there being a promotion at the time you need it, and if you keep multiple accounts open at different banks then you are paying an annual fee for each.

  • 

    hypnOtixx on 19/01/2014 - 21:43

    Hmm, so can existing ANZ credit card holders take advantage of this?

    • 

      Tarinedier on 19/01/2014 - 21:48

      Yes, check here:

      http://www.anz.com/personal/credit-cards/existing-card-holde…

    • 

      Geewhizz on 20/01/2014 - 06:55

      can existing ANZ credit card holders take advantage of this?

      Yes, as long as you're transferring the balance from a non-ANZ card.

• 

  timhn on 19/01/2014 - 22:04

  What happen if you use your card as normal while having a BT amount? ie. Use your CC for purchases, paying bills and such. Then at the end of the month, pay off in full. Where will your repay going? Into the BT or purchases?

  • 

    Ariz on 19/01/2014 - 22:28

    You will still pay interest on your purchases.
    [e.g] If your billing cycle is 20th and you make a purchase of $100 on the 1st of the month, you will have to pay interest on that $100 purchase. However you can minimize this interest by paying back this $100 after the purchase have been posted on your account (Usually 2-4 business days).

    If you use the card for purchase, don't wait till your statement generate, just transfer back after about 3working days.

  • 

    Tarinedier on 19/01/2014 - 22:39

    Unless you request otherwise, they are required to apply payments to the highest interest bearing items first.

    • 

      hanofee on 20/01/2014 - 13:24

      Not sure with ANZ, but not every bank would do that. Read the T&C carefully. Last time I tried with HSBC, my repayment went to the balance transfer first. I'd say, if you don't want any hassle, just transfer ur current balance to ANZ but don't use ANZ's CC, use your existing one :)

      • 

        Tarinedier on 20/01/2014 - 19:52

        Reading the section on it at https://www.moneysmart.gov.au/borrowing-and-credit/credit-ca… I took at as though it had to be that way unless YOU request it. Always a good idea to make sure first though.

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  carlJack on 19/01/2014 - 22:44

  does it only apply for only one balance transfer? what if i balance transfer 1 card this month and another 3 months later. will i get 12 months no interest for both balance transfers?? Thanks

  • 

    nafe on 19/01/2014 - 23:05

    +2

    Pretty sure they only do it at the time of obtaining the card.

    • 

      Geewhizz on 20/01/2014 - 06:59

      Not correct in the case of these ANZ promotions - an existing card holder can apply for interest free balance transfers.

      carlJack, in theory, you could do it, provided you apply for the second balance transfer prior to the expiry date of the offer.

      • 

        carlJack on 20/01/2014 - 11:14

        Thanks.I am an existing card holder.

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  coolsteps on 19/01/2014 - 23:22

  can you do a balance transfer from a credit card to a debit card? anz require a bpay ref no.

  • 

    ozhunter on 19/01/2014 - 23:33

    No, it has to be to a credit card.

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  Cluster on 19/01/2014 - 23:25

  If taking advantage of this offer remember to do the balance transfer, pay the minimum amount required every month, and never spend a single cent using the card during the 12 month period. Put it on ice, stick it in the sock drawer, give it to the cat.

  Banks offering a generous 0% rely on customers: 1) making new purchases and paying interest on them, 2) forgetting the minimum monthly payment (hello interest payments), and 3) running up a new bill that can't be paid off before the balance transfer is (much winning for the bank).

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  chiefbodge on 20/01/2014 - 00:12

  Bugger - just did signed up a couple of days ago for 9 months! This is a great deal.

  One cool thing I liked about ANZ's application process is that it is instant approval and didn't require any income verification or anything - a great time saver.

  I have been bouncing about 10k-15k around 0% balance transfer cards for years now saving interest off my mortgage so the longer the balance transfer period the better.

  One really shitty thing about this card is that if you aren't an ANZ customer you have to go into the bank to verify your identity. I was seriously waiting about 35 minutes to be served… not cool at all.

• 

  [Deactivated] on 20/01/2014 - 00:25

  +3

  bankwest got 13 months interest free

  http://www.bankwest.com.au/personal/credit-cards/credit-card…

  • 

    chiefbodge on 20/01/2014 - 00:28

    Annual fee of $59 which is comparable - good deal

    • 

      [Deactivated] on 20/01/2014 - 00:31

      and the interest rate is the lowest

      • 

        chiefbodge on 20/01/2014 - 00:35

        +1

        Interest rate shouldn't matter - if you have a decent credit rating you should always transfer to a new 0% balance transfer card after the promotional period is up

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  lukenoddy on 20/01/2014 - 06:08

  I did this recently when ANZ had the 0% for 9 months offer. legally the bank doing the balance transfer aren't allowed to know how much money/debt you have on your card, or your actual credit limit. my credit card ended up 15 grand in the green, which i used to pay tradies etc for cash jobs round the house, saving even more money. but yeah don't use the card at all during that time, as the full balance transfer amount must be paid off in full first, before your repayments go towards anything else you put on the card!

  • 

    Geewhizz on 20/01/2014 - 07:03

    the full balance transfer amount must be paid off in full first, before your repayments go towards anything else you put on the card!

    Not correct - under legislation, payments are applied to the highest interest attracting portions first.

  • 

    tulalit on 20/01/2014 - 14:36

    how do you do this?
    ANZ balance transfer require to transfer to the other CC details unlike Citibank that can provide cheque under your name.
    28 degrees card is charging fee now.

    can you please tell us your way of doing this?

    cheers,

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  bryans on 20/01/2014 - 08:02

  +1

  When specifying the balance transfer amount you can give a higher amount than the actual debt you have currently on your existing card.

  Eg. If you added $2k extra on your bal transfer (meaning old card would be $2k in CR), but spent the $2k on your old card a month later means u get 11mths interest free. Still an added benefit.

  • 

    dein_gesicht on 20/01/2014 - 08:34

    I would like to know the answer to this too

    • 

      hanofee on 20/01/2014 - 13:28

      I never had any issue in transferring more than the balance. Just max it to the destination's (ANZ's) limit to get the best advantage, interest wise.

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  bryans on 20/01/2014 - 08:40

  The above is a suggestion only and in past transfers with ANZ i have added abit extra with no issue.

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  Turd on 20/01/2014 - 10:12

  Damm I wish I had a 100k ANZ credit card limit. Mines only 6k :(

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  thanq on 20/01/2014 - 11:51

  How are cash advanced amounts treaTed? Is it 0% as well??

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  tqf8h on 20/01/2014 - 13:13

  Which credit card are people using to transfer the balance from to withdraw/ put in offset. Since GE is charging cash advance fee on the 28 degrees, it is not so good to use.

  • 

    donbot on 20/01/2014 - 14:45

    I did my Citibank one to my Bankwest CC. From there, I transferred the excess Credit (being ridiculously careful not to put the card into Debit) on the card to my every day account via online banking, and from there into an online saver account.

    No fees and easy. Just had to wait for the funds to clear onto the credit card as it must have been a cheque payment from Citibank.

    • 

      tqf8h on 20/01/2014 - 19:27

      Are you sure about no fees? I have a zero platinum CC, and on the fees it says greater of $4 or 2% for cash advances. Is transferring a positive balance from the cc to a bankwest account not treated as a cash advance?

    • 

      chill on 21/01/2014 - 05:25

      I would like to know as well please. What Bankwest card do you have?

      • 

        donbot on 21/01/2014 - 08:45

        +1

        110% certain of it - I have a bankwest more platinum card. I did this just last month, and actually called Bankwest before I did it. I've just received my statement covering this period, and can confirm that based on what I did below - no fees, no interest.

        I could see the payment appear from Citibank into the account, but it didnt show up right until the cheque cleared. As such - I was told to wait until the cheque clears and my available credit showed in excess of my credit limit (eg. Available Credit of $14,528.47 on a $12,000 credit limit.

        Then what I did was transfer (frm the above example) $2,528.45 from the credit card account to my zero transaction account. This left my credit card with available credit of $14,000.02 (so not to dip into debit).

        I will say that I did not withdraw the cash physically at an ATM - it was done via Netbank into a Zero Transaction Account. I dont know if physically withdrawing the cash would have the same effect, so tread with caution if thats the case.

  • 

    chiefbodge on 21/01/2014 - 00:43

    I used 28 degrees mastercard initially to do cash advance when it was free, since then I have been surfing from card to card.

    Someone in another post on ozbargain said that some banks will give you a bank cheque made out to you instead of doing a bpay balance transfer, that way you can bank the cheque into your transaction account. I think citibank among others do this, not sure about ANZ. And I have never done it so I can't confirm it.

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  IMBI3 on 20/01/2014 - 14:00

  I have taken their 9 months balance transfer offer. If I paid out the balance, can I take the 12 months offer again?

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  phoeb on 20/01/2014 - 17:43

  +1

  If you're looking to do it on an existing ANZ card, call ANZ to to do the balance transfer. Last time I spoke with them they said the promotional rate does not apply to balance transfers done via internet banking.

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  vivasawadee on 21/01/2014 - 00:41

  Is it possible to transfer balance from multiple credit cards?

  • 

    chiefbodge on 21/01/2014 - 00:44

    +1

    Yes

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  atlas on 03/02/2014 - 14:20

  Worked great for my existing Platinum card. Just called up, gave my other card number and bpay code, and all done.