What is a balance transfer?
A balance transfer allows you to move amounts owing from one credit card to another. You can request to transfer a nominated amount from a card you have with another provider as part of your credit card application. Requests for balance transfers are subject to our approval and will only be accepted from a credit card issued by another Australian financial institution, unless we indicate otherwise.
You must continue to make all necessary payments to your existing credit card account with your other card provider until you receive confirmation from us that payment of the nominated balance transfer amount has been processed, and the balance transfer amount has been debited from your Greater Bank Visa Credit Card account. The balance transfer amount is transferred by Greater Bank when you activate your card.
A balance transfer will affect the eligibility to take advantage of an interest free period.
To avoid accumulating further debt you should ensure the balance owing on your other card is paid out in full and your account is closed.
Interest starts calculating from the day the balance transfer is debited to your account.