ANZ Credit Card - 0% Balance Transfer for 16 Months

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ANZ Credit Card - 0% Balance Transfer for 16 Months

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mahdi on 02/07/2014 - 08:08 anz.com (1407 clicks)
Last edited 02/07/2014 - 16:40 by 1 other user

The offer is available on 3 cards.

ANZ Platinum - Annual fee $87 / $0 in the first year
ANZ First - Annual fee $30
ANZ Low Rate - Annual fee $58

0% p.a. on balances transferred from non-ANZ cards to a new card for the first 16 months then unpaid balance reverts to the standard annual percentage interest rate on balance transfers.

Offer only available to new and approved applicants who apply for an ANZ First or ANZ Platinum credit card account with the balance transfer by 27 October 2014.

Offer available in respect of balances transferred from non-ANZ credit or store cards only.

The balance transfer must be requested at the time of applying for, or activating, the credit card.

The Promotional Plan annual percentage interest rate expires 16 months after the date the credit card application is approved, and any amounts forming part of the relevant Promotional Plan balance at that time will be allocated to the standard balance transfers balance of the credit card account.

The standard annual percentage interest rate is 19.74% p.a. on purchases and standard balance transfers and 21.49% p.a. on cash advances for ANZ First as at Saturday, 31 May 2014 and is subject to change.

The standard annual percentage interest rate is 19.74% p.a. on purchases and standard balance transfers and 21.49% p.a. on cash advances for ANZ Platinum as at Saturday, 31 May 2014 and is subject to change.

The standard annual percentage interest rate is 13.49% p.a. on purchases and standard balance transfers and 21.74% p.a. on cash advances for ANZ Low Rate as at Saturday, 31 May 2014 and is subject to change.

Financial Banking Credit Card

27 Oct 2014

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BluBoy on 02/07/2014 - 08:17

-4

Better off with the $0 annual fee offer (and a return flight to Asia)

https://www.ozbargain.com.au/node/151161
- mahdi on 02/07/2014 - 08:23
  
  2 different things. Balance transfer vs. FF points.
- ChickenTalon on 02/07/2014 - 09:16
  
  +3
  
  If you have 15k sitting on a credit card you can't pay off with 22% interest then you are easily better off xfering that balance to a 0% for 16months.
  
  You'd save $4400 in interest payments.
  
  You should also sort your sh*t out and not get into CC debit, but this is one way to get out of it.
  - wildstone on 02/07/2014 - 09:22
    
    It is true of what you said, except how would you get another credit card that has 15K credit limit if you already have 15K credit debt?
    - ChickenTalon on 02/07/2014 - 09:30
      
      You'd be surprised how easily.
    - scud70 on 02/07/2014 - 11:24
      
      +1
      
      yep i dont think the banks make it difficult to get you into as much debt as possible :)
    - wildstone on 02/07/2014 - 19:07
      
      "You'd be surprised how easily."
      
      May I please ask how? (Honest question, and pm me if couldn't post here).
    - nadan on 03/07/2014 - 10:37
      
      @wildstone: Didn't he make it obvious that you transfer the balance by applying for a new credit card which provides this facility and then you have essentially paid of your balance for however long the new card might have.
      
      Read on balance transfer if you haven't understood it.
    - wildstone on 07/07/2014 - 08:32
      
      @nadan:
      
      I am not asking about balance transfer but asking about the fact that how someone that maxed out 15K credit limit in the first place gets to apply another credit card with a 15K credit limit - thus bumping total credit limit to $30K.
      
      Do you just not disclose the total credit limit of all your credit cards in the application?
    - nadan on 07/07/2014 - 11:03
      
      +1
      
      @wildstone:
      
      That is the whole point, you have $15k balance and you can't pay it, so you apply somewhere else and transfer the balance and keep both cards, now you have one with zero balance.
      
      This is what a lot of people are doing and even if they have the money to pay off the balance they don't because they want to get the $15k with zero interest for as long as possible.
    - CyberMurning on 07/07/2014 - 11:11
      
      @nadan:
      
      maybe the owner has very high salary so cc company able to keep issuing new card with high credit limit. so, even if you already have $15k debt, if you have $200k salary, then yes you can apply new cc and they will give you $20k limit or more
    - wildstone on 07/07/2014 - 21:27
      
      @nadan:
      
      I don't think you still don't get my point of my question:
      
      How can someone that has 15K limit on the credit card (assuming average person on 100K salary), get another card with 15K limit? When you apply for a new credit card you are asked how many credit cards that you CURRENTLY have and what is the combined total credit limit. If you say you already have a 15K limit, I don't think you will get another 15K, unless you have super high salary like 200K or 300K.
    - nadan on 07/07/2014 - 22:19
      
      +1
      
      @wildstone:
      I have got your point very well, but you are making assumptions :) I earn less than $100k and have like 4 credit card with more than $50k and got approved for $29k with anz. It all depends on individual's circumstances and the issuing bank.
    - SBOB on 07/07/2014 - 22:27
      
      @wildstone:
      
      For those with good credit history it's not unlikely to have very high limit cards just thrown at them when they apply..
      
      Based on my transfer of the citi amount to the ANZ card, my new total credit limit on credit cards (citi, and, Bankwest platinums and a 28deg) exceeds 50‰ of my yearly income.. (which personally is pretty nuts, but thankfully I'm mostly past the impulse purchase stage of my life :))
    - wildstone on 08/07/2014 - 09:43
      
      @nadan:
      
      So you are saying you filled in a combined limit of $50K in your anz application, you also filled in accurately your monthly expenses (and mortgages if any, let's assume you don't to reduce liability). And you earn less than 100K, but you got approved for $29K credit limit?
      
      Can anyone else confirm this is actually possible? I find it hard to believe personally.
    - nadan on 08/07/2014 - 10:30
      
      +1
      
      @wildstone:
      
      You haven't been reading the posts here then, a lot of people have been getting approval on large limits and this was the case with citibank as well. I have provided all the info as accurate as possible and that is how much I got approved for. As stated above by SBOB it is the case.
    - CyberMurning on 08/07/2014 - 12:17
      
      @wildstone:
      
      yes possible. banks have very secretive way to give approval so no harm to try (if you really need one, not just trying for fun)
    - wildstone on 08/07/2014 - 14:09
      
      @nadan:
      
      Thanks guys, just my personal experience says otherwise, that's why I was so sceptical. I don't have much luck with credit ratings :(
      
      I still can't understand though how would banks let you go in debt for up to 80-90% of your total salary. And keep in mind the salary we are talking about is pre-tax.
    - JohnHowardsEyebrows on 08/07/2014 - 14:20
      
      @wildstone: Hard to know what their rationale is. Suffice to say, their preferred customers are those that don't default, but struggle under the burden of 20% interest rates.
charlie123 on 02/07/2014 - 09:21

[Noob Question] Can someone explain how balance transfer works?
- ChickenTalon on 02/07/2014 - 09:33
  
  +1
  
  You have an existing Credit Card or store credit card with money owing on it.
  
  You open a new credit card with a different bank and during the application process they will ask if you want to do a balance transfer. You can then give them the details of your existing account and how much is owing.
  
  Then when your credit card is approved, they pay the amount to your old bank, and you'll have the debt on your new bank.
  
  does that make sense?
  
  A lot of people use this to move money around between cards and essentially have interest free loans. not bad if you can be disciplined
  - charlie123 on 02/07/2014 - 09:37
    
    It does make sense. Thanks for your answer.
    - JimmyBargain on 02/07/2014 - 17:47
      
      but they will NOT xfer all your CC debit from your Original Bank, effectively leaving you with 2 Credit Cards (or another additional 0% new CC).
    - shortgum on 02/07/2014 - 18:13
      
      how about credit file rating by apply many credit cards?
    - TheAccountant on 02/07/2014 - 20:52
      
      +1
      
      I don't think 1 balance transfer application every 12-16 months would affect your credit too much.
    - ChickenTalon on 03/07/2014 - 09:27
      
      @JimmyBargain:
      
      my experience has been that they will. Applied twice for big balance moves and had the whole BT amount approved. Did this after big $13k-$15k spend months on my main CC.
      
      Had the money, but parked the debts for a year or so to reduce my homeloan.
jollster101 on 02/07/2014 - 09:47

+6

One trap a lot of people fall into though is then spending on the new credit card. Balance transfers are for just that, use it as a vehicle to pay off existing debt, don't go adding to it on the new card.
- CyberMurning on 02/07/2014 - 11:29
  
  +1
  
  yes. put it simple:
  once you have BT on a cc, put that cc on the drawer!
homersyd on 02/07/2014 - 10:37

+1

I heard about paying mortgage repayments using CC, is this for real?
- BrianGriffin on 02/07/2014 - 11:32
  
  Yes, with citibank signature credit card, you could ask them to send you a cheque instead, you can cash out, then pay your mortgage.
  Some banks offer a debit card, it might be possible to ask balance transfer on the debit card to offset your home loan, I'm not sure if anz would distinguish debit and credit though.
  - CyberMurning on 02/07/2014 - 12:00
    
    or maybe homersyd asked if we can pay our mortgage repayment everymonth using cc?
    i think the answer is not, only possible is your answer with citi BT
CyberMurning on 02/07/2014 - 11:31

+2

good timing to rollover my citi BT! wohooo.. hope they can give me big limit.

anyone working in CC company, do you know if i can apply but put a condition like:
"if you cant give me $xxx limit, dont bother to continue approving my application"
reason: i dont need another cc, i just need new one with big limit ($25k to transfer my balance from Citi CC)
nadan on 02/07/2014 - 12:36

Can you balance transfer and keep the original card?
- mahdi on 02/07/2014 - 12:44
  
  Yup.
  - JimmyBargain on 02/07/2014 - 17:57
    
    +3
    
    yes you can and that's the way it works, BUT be careful (as I mentioned above).
    
    say you have 15K CC debt on your original card,
    
    you then go thru the online signup process for the new 0% BT CC,
    
    ok you then come to a point where you enter 15K and your original Bank's CC details,
    
    at the end of the online sign up (and in most cases), you'll be greeted with a "Congratulations…You've been approved…for 9K transfer onto your new CC"
    
    ….what happens next is you will receive e-mail confirmations and updates on the process of the arrival of you new CC at the Branch you have nominated….email & phone call a few days later stating your card has arrived, bring some ID for pickup.
    
    it can be very helpful, but you'll have to have strong discipline and hide the new CC in a safe place and try VERY hard to pay it off within the interest free period.
    
    tip: divide your xfered debt by the number of weeks, with that figure, do a automatic xfer from your bank account.
    
    it can be done, just need strong discipline.
cumova on 02/07/2014 - 15:23

has anyone had any issues in closing their existing card and then applying for a new card with ANZ (or any other bank for that matter)
- mahdi on 02/07/2014 - 16:35
  
  And what's the point of balance transfer then?
  - cumova on 03/07/2014 - 10:39
    
    if i have 2 months to go with 1 transfer, i apply for this one and get an additional 14 months yea?
    
    its just all these new deals are you need a new application to do the transfer, its not for existing..
    - snvl on 05/07/2014 - 12:43
      
      FYI, I have an anz cc and I called to close it. They offered me 12 months 0 interest
alvinmk on 02/07/2014 - 19:40

Has anyone tried transferring more than the amount owing on your card? Example current card has $1,005 owing and new card has credit limit of $15,000. The balance transfer requested is $15k, and if given there will be net gain of $14,000?
- saintmagician0 on 02/07/2014 - 20:02
  
  +1
  
  Yes, a balance transfer is just one bank making a payment to your credit account, no different to you making a payment to it.
  
  The receiving bank is not going to reject the payment because it's "too much money". However, note that for many credit cards, you will not be able to just withdrawal the excess. e.g. with CBA, you have to ring themn up and ask them to transfer the positive balance to another account. If you do it yourself (e.g. via netbank, or an ATM), you will get charged cash advance fees.
  
  The sending bank might say they can't balance transfer more than you have owing, or they may incorrect believe that it's not possible. The sending bank, AFAIK, does not ask the receiving bank how much you have owing. So you just have to tell them you owe more money than you actually do. So the question is, if you tell them you already owe one bank 15k, would they be willing to lend you another 15k?
  
  I did this with HSBC —> to CBA early this year.
  - snvl on 05/07/2014 - 12:45
    
    Yes, works fine. I did it to 28 degrees Mc.
ssjmark on 02/07/2014 - 20:10

Hm.. any way to pay a personal loan with this?

That would be brilliant..
- wharlie on 02/07/2014 - 20:22
  
  Max out your current non ANZ cc eg $15000.
  Use $15000 to pay off personal loan, mortgage, hookers etc.
  Get new ANZ cc to pay off non ANZ with balance tfr.
  Don't forget to pay off ANZ cc before interest free period expires, or get another balance 0% tfr from another bank.
  - ssjmark on 02/07/2014 - 22:43
    
    How do you use a CC to pay off a personal loan though? Didn't think you could.
    - llama on 03/07/2014 - 00:11
      
      How do you use a CC to pay off a personal loan though? Didn't think you could.
      
      You already asked once and were were answered.
      
      Do you REALLY need to ask again?
      
      Try reading the answer you were given. It's not hard, truly it isn't.
    - ssjmark on 03/07/2014 - 07:29
      
      I did read it.. but didn't think you could simply do that online. Ie netbank.. transfer funds from CC to personal loan..
      
      It would most likely be a cash advance and you'd encounter fees.
  - snvl on 05/07/2014 - 12:48
    
    Wait for citibank 0% balance transfer, they send you a cheque. Anz won't.
- Baysew on 03/07/2014 - 09:56
  
  +2
  
  1>What you need to have is an existing Credit Card with a nil balance ( You could have a card with a balance, but the most you can transfer to your personal loan would be the amount in excess of the limit ANZ allocates to you)
  2> Apply to ANZ giving existing credit card number.
  3> ANZ will transfer to existing card (Up to 95% of allocated limit)
  4> This will place account into credit, the next day transfer that amount into personal loan.
  5> I assume you are with CBA (Netbank) - the cash advance fee will be $2.50 as the credit card was in credit on the previous business day. (Netbank may not let you transfer from CC to P/L at all, in that case transfer to savings and then to Personal Loan.
  6> Do not use ANZ card, so you maximise zero rate.
whoopdeedoo on 02/07/2014 - 22:15

Anyone able to get this offer on their existing ANZ cards?
I'm thinking about threatening to close my card if they dont give me this deal. hopefully they'll call my bluff
- Perthian on 03/07/2014 - 00:14
  
  I got a balance transfer for my existing ANZ First card on the previous deal (12 months interest free for new cards). I just called and they did it in few minutes. Guess you just need to have available limit on your existing card. Or may be apply for a credit limit increase.
  - Perthian on 03/07/2014 - 18:06
    
    Just spoke to ANZ and they confirmed that the deal is only for "new customers". They would not give me the deal even if I applied for another new card as I am not a new customer anymore to them :(
    - snvl on 05/07/2014 - 12:50
      
      I didn't know about any balance transfer, I called last week to close my cc and they offered me 12 months.
    - nadan on 09/07/2014 - 13:17
      
      I rang them before and the rep said that is not the case, the rep said as long as it's a new application it doesn't matter if you are an existing customer, he in fact offered to do the application for me and I decided not to as I was going to confirm my citibank BT expiry date.
Dollarsandsense on 02/07/2014 - 22:44

+2

You don't need a current maxed out credit card to do a balance transfer. The banks don't and can't? Check how much you owe on your credit card to another bank. They can I believe see credit card limits with other banks.

I am with NAB and advised citibank that I want to do a BT for $8k as my limit with NAB was $8k (none of this being used) they offered my a BT for $6,800 (85%). I took the BT put it straight in my offset account and put the new Citibank card in the drawer.

Just make sure that you pay it off before interest starts..
- ChickenTalon on 03/07/2014 - 09:31
  
  mmm.. this is a great idea. I didn't know that would work. might shoot for 25k next time a great BT deal comes up :)
  
  Gotta cancel a few cards in the mean time though, currently have 3
- JohnHowardsEyebrows on 03/07/2014 - 09:33
  
  +1
  
  Unless they've smartened up, I don't think they even reference your credit limits with other banks. Last year when I got the Macquarie (40,000 bonus Qantas points), I had a $6k limit. I had $10k HECS debt payment to make (for which I had the money, but wanted to take advantage of the cheap way of earnig FF points/extend the term).
  
  They applied the $10k straight up, no questions asked. Of course, being Macquarie, they took forever to process the cheque - HSBC's BPay method was so much better when I recently rolled it over.
  - ssjmark on 03/07/2014 - 10:36
    
    thanks for giving me the idea!
    i can use this to pay the final bit of my HECs off as well!
    - cumova on 03/07/2014 - 10:41
      
      +1
      
      just make sure you can pay off the card intime.
    - snvl on 05/07/2014 - 12:52
      
      Or do another bt before run out.
meat030 on 03/07/2014 - 15:52

Hi,

Can this be balance transfer be used in conjuction with the 50000 Qantas FF offer ?

https://www.ozbargain.com.au/node/151161

Thanks
- JohnHowardsEyebrows on 03/07/2014 - 16:22
  
  It can - but you'll be paying 20% interest on your $1500 of purchses until you've paid off the balance transfer.
  
  Not really worth it.
  - ChickenTalon on 03/07/2014 - 17:32
    
    double check that. because i think they changed the law. Any payments on to a CC need to go towards money which is at the highest rate of interest. It would go towards purchases.
    - snvl on 05/07/2014 - 12:53
      
      I don't think so. All payment go into bt first.
    - Baysew on 05/07/2014 - 13:10
      
      Think again. "From July (2012), your credit card repayments will be applied to transactions that attract the highest interest rates first" ANZ
SBOB on 04/07/2014 - 08:04

+1

Balance transfer from citi->Anz.. approved for the platinum so theres $20k to offset the homeloan for another 12 mths
- CyberMurning on 04/07/2014 - 09:48
  
  for another 16 months, unless you want to roll over again before 12mths then close the anz cc to avoid paying annual fee.
  
  on the side note, my citi bt expiry in 7 of Aug so how long ANZ approve and completed your BT? just want to know when i should start my ANZ application!
  we have roughly the same amount of BT :D
  - SBOB on 04/07/2014 - 13:06
    
    +2
    
    My citibank expires about the same which is why I applied today.. Assumed a month should cover it..
    
    And 12 months because I'm not paying their annual fee ;)
    - CyberMurning on 04/07/2014 - 13:49
      
      you applied today and got approved already? oh, the online approval? so you dont know the limit you will be getting, right?
      what if they give you a small one…
    - SBOB on 04/07/2014 - 13:50
      
      +1
      
      @erwinsie:
      
      I got an online approval which included the limit of the card..
      
      (which was 1k more than the balance transfer amount)
    - CyberMurning on 04/07/2014 - 14:07
      
      @SBOB: thanks.
      doest it say ANZ can give BT 100% of our credit limit? (citi is only 80%)
      also, can you get approval now, all setup, but make request to do BT at later date?
    - SBOB on 04/07/2014 - 14:28
      
      @erwinsie:
      
      No idea on the % rules or the bt restrictions..
      I kept it simple and applied, selected that I wanted to do a BT and enter in the citi card details..
      
      Approved for the citi limit I entered + 1k..
      By the time the card turns up and the BT is processed the citi BT will be due anyway
    - Baysew on 04/07/2014 - 19:12
      
      ANZ will transfer up to 95% of new limit approved.
      
      ANZ
    - CyberMurning on 07/07/2014 - 17:13
      
      @SBOB:
      
      went to the branch and they approved mine on the spot, after just 15mins, without any supporting document !?!?!?
      i was their customer before (but just the online saving account, to get free $100)
      limit good too, over $20k
    - JohnHowardsEyebrows on 07/07/2014 - 18:19
      
      @erwinsie: Points too?
    - CyberMurning on 07/07/2014 - 18:54
      
      @JohnHowardsEyebrows:
      
      Nope. That is different card (with point)
    - nadan on 09/07/2014 - 13:20
      
      @SBOB:
      
      Have you got any info on how long it may take for the BT, my citibank card BT is due on the 16th of August.
    - SBOB on 12/07/2014 - 09:18
      
      @nadan:
      
      Just completed the whole process, so for your (and others) info:
      
      Applied for card - Friday
      Approval for card - Friday (instant)
      Card arrived and activated - Thursday (night)
      Called to confirm BT - Friday (night)
      BT completed and citi card paid off - Saturday (shows friday, so must have been an instant transfer after I called them)
      
      For those with BT requests I would suggest calling them as I dont think they process it efficiently unless you call and remind them (at least based on my call they had all the details but still needed me to confirm that all the details were correct, confirm the $ value I wanted and authorise the transaction)
      
      So paid of with plenty of time to spare in my case (wasted a couple of weeks) but i would prefer to undershoot the deadline than go over and be stuck with interest of excess funds stuck in the citi card i couldnt withdraw ;)
    - CyberMurning on 12/07/2014 - 10:21
      
      @SBOB:
      Same with above, I have my card and welcome pack in less than a week.
      Just off the phone with citi they confirmed I can ask anz to pay more $ than my citi balance, and they will send extra $ by cheque to me at no cost.
zerk03 on 06/07/2014 - 11:34

can you transfer balance of personal loan on to credit card?
Baysew on 06/07/2014 - 12:07

Yes - see comments above starting at SSJMARJ 02/07/2014 9.10

This was posted 10 years 5 months 24 days ago, and might be an out-dated deal.

ANZ Credit Card - 0% Balance Transfer for 16 Months

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