My Westpac credit card is offering a 2yr balance transfer at 2.99% with no fee involved.
Key points -> Can apply balance transfer to TWO non-Westpac Group credit card balances. Can go up to 80% of your approved available credit limit. Rate is 2.99% p.a. for 24 months. No balance transfer fee or credit check. Valid from 12 Jun 2024 until 30 Sep 2025 (OzB system wouldn't allow me to enter that date).
Looks like a decent offer. I considered increasing my Westpac limit so I can park more money there for a bit. My only concern is that will cost me a credit inquiry - not for the balance transfer but for the increase. I asked via Westpac's chat and the banker said she "checked all our resources for processing a credit card limit increase application and nothing was mentioned about requiring another credit inquiry". I am very skeptical of that so might be best off just sticking with my current limit.
Westpac seems to have some worthwhile offers in the app - looking to take up this, the Amazon Prime offer and an AGL offer.
First post. Hope it can provide something useful.
The fine print:
Uncomplicate repayments with a balance transfer. Offer ends 30 Sep 2025
Consolidate up to two non-Westpac Group credit card balances on up to 80% of your approved available credit limit to enjoy this 2.99% p.a. offer^ for 24-months*, with no balance transfer fee or credit check.
Why set up a balance transfer? Knowing the interest rate on your total transferred balance is locked in at a discounted rate for longer and continue to enjoy the interest-free period on your card for purchases, by paying the full monthly payment balance (found on your credit card statement) by the payment due date each month.
Things you should know:
This offer is valid from 12 Jun 2024 until 30 Sep 2025.
Things you should know:
^The Offer is only valid for consumer credit cardholders from Westpac and any Supplementary Cards linked to that Account. This promotion is not available in conjunction with any other promotion, including if you apply to transfer to a different card product during the Promotion Period. Switches, upgrade or customers accessing employee benefits are ineligible. Balance transfers are not applicable to Flex Card and Westpac Lite Card. This promotion may be varied or withdrawn at any time.
*Balance Transfer: The promotional 2.99% p.a rate for 24 months with a 0% Balance Transfer (BT) fee is available when you transfer up to 2 non-Westpac Australian Group (excludes St.George, BankSA and Bank of Melbourne) issued credit, charge or store cards to your existing Westpac credit card. The rate will apply to balance(s) transferred (min. $200 up to 80% of your approved available credit limit) for 24 months, unless the amount is paid off earlier. The applicable variable cash advance rate will apply to balance(s) transferred but left unpaid at the end of the promotional period. Westpac 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). If your account has an interest-free period for purchases, to be entitled to that interest-free period, you need to pay off the monthly payment balance listed on your statement of account (not the full closing balance) by the relevant payment due.
Excludes PartPay transactions. #Standard eligibility, fees and conditions apply.
https://ndh.org.au/