Balance Transfers for Large Credit Limits

Doing a balance transfer and need a large credit limit on the new card? Compare these cards.

14 reviews
0% p.a. on balances transferred for 22 months, with a 2% balance transfer fee.
Annual fee refunded – a potential saving of $129 a year (conditions apply)
Earn 2 pts per $1 spent on overseas purchases.
Comes with Apple Pay.

Balance transfer credit cards are an appealing option when you want to pay off credit card debt. By moving your balance to a balance transfer credit card with a small or zero introductory interest rate, you could potentially save thousands in interest payments. At the same time you get more time to pay off your outstanding credit card balance.

Balance transfer fee

When working out if a card represents a good deal, you need to factor the balance transfer fee into your calculations. Some cards will have no upfront balance transfer fee applied, while others may charge a fee of up to 3% of the amount to be transferred.

Zero-interest introductory offers

You can now can find balance transfer credit cards with large credit limits that offer interest-free periods of up to 24 months. This long period increases your opportunity to pay off credit card debt. If you are finding that interest repayments are taking a big bite out of every monthly payment that you make, then a balance transfer may be a good option.

Potential problems

However, balance transfer credit cards are not straightforward for everyone. Firstly, a balance transfer normally requires you to have a credit rating that is at least fair, and in some cases good or excellent. Secondly, the available credit limit may not be big enough to cater for the balance you want to transfer. You also need to be very disciplined when you take up a balance transfer offer, since you’re opening another line of credit that could potentially get you deeper into debt in the future.

Take the opportunity to consolidate your debt

Balance transfer credit cards are essentially a refinancing option for all of your high-interest debt. In most cases you should not refinance just a portion of your debt. Instead of part refinancing, look for a higher limit from your preferred card issuer, and transfer all of your card balances at the same time. Most of the issuers have a straightforward system for working out if you qualify for a higher limit.

How credit limits are determined

Some of the factors card issuers will consider when assigning you a credit limit include:

  • Your credit score
  • Your income
  • Your debt to income ratio
  • The size of the credit limit increase you are requesting.

Providers of balance transfer credit cards for large credit limits can be flexible, and may be able provide you with the increase you need.

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
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balance transfer
max credit limit
max utilisation
Money saved
NEW
St.George Vertigo Platinum Credit Card Exclusive Offer
Apply by 14 jan 18
0% p.a. for 24 months on balance transfers with no balance transfer fee. Reverts to cash advance rate.
$0 p.a. annual fee for the first year (save $99).
Complimentary insurance for overseas travel for 6 months.
More info
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24 months
0% p.a.
then 21.49%
$40,000
80% of credit limit
Citi Rewards Platinum Card Points Offer
Apply by 31 jan 18
Receive 100,000 points when you spend $3,000 in 90 days from card approval.
0% p.a. for 15 months on balance transfers.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
More info
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15 months
0% p.a.
then 21.74%
with a 1% fee
$100,000
80% of credit limit
Citi Rewards Platinum Card Balance Transfer Offer
Apply by 31 jan 18
0% p.a. for 24 months on balance transfers.
One-off 1.5% balance transfer fee applies.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
More info
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24 months
0% p.a.
then 21.74%
with a 1.5% fee
$100,000
80% of credit limit
HSBC Platinum Credit Card
Apply by 31 dec 17
14 reviews
0% p.a. on balances transferred for 22 months, with a 2% balance transfer fee.
Earn 2 pts per $1 spent on overseas purchases.
Annual fee refunded – a potential saving of $129 a year (conditions apply)
More info
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22 months
0% p.a.
then 21.99%
with a 2% fee
$25,000
95% of credit limit
Bank of Melbourne Vertigo Platinum Credit Card
Apply by 18 apr 18
3 reviews
0% p.a. for 24 months on balance transfers. Reverts to cash advance rate. (1% balance transfer fee applies).
Complimentary overseas travel insurance and extended warranty on purchases.
Up to 55 days on purchases.
More info
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24 months
0% p.a.
then 21.49%
with a 1% fee
$80,000
80% of credit limit
Westpac 55 Day Platinum Credit Card
Apply by 31 jan 18
20 reviews
Cheap credit card from Westpac with no annual fee to pay for the first year (a $90 saving).
0% p.a. for 20 months on balance transfers. (2% balance transfer fee applies). Reverts to variable cash advance rate.
Up to 55 days on purchases.
More info
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20 months
0% p.a.
then 21.29%
with a 2% fee
$100,000
95% of credit limit
Westpac Low Rate Credit Card
Apply by 31 jan 18
43 reviews
0% p.a. for 20 months on balance transfers. (2% balance transfer fee applies). Reverts to variable cash advance rate.
An annual fee of $59.
Up to 55 days on purchases
More info
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20 months
0% p.a.
then 21.49%
with a 2% fee
$40,000
95% of credit limit
Westpac Low Rate Credit Card Exclusive Offer
Apply by 31 jan 18
0% p.a. for 24 months on balance transfers. (2% balance transfer fee applies). Reverts to variable cash advance rate.
An annual fee of $59.
Up to 55 days on purchases
More info
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24 months
0% p.a.
then 21.49%
with a 2% fee
$40,000
95% of credit limit
Save money with 0% p.a. for 18 months on balance transfers. (Reverts to cash advance rate)
Earn 3 bonus Velocity Points on top of the standard earn rate for the first 3 months.
$129 Virgin Australia Gift Voucher each year.
More info
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18 months
0% p.a.
then 20.99%
$30,000
80% of credit limit
BankSA Vertigo Platinum Credit Card
Apply by 18 apr 18
0% p.a. for 24 months on balance transfers. Reverts to cash advance rate. (1% balance transfer fee applies).
Low ongoing variable purchase interest rate of 12.74% p.a.
Up to 55 days on purchases.
More info
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24 months
0% p.a.
then 21.49%
with a 1% fee
$80,000
80% of credit limit
Citi Simplicity Card
Apply by 31 jan 18
No annual fee.
Enjoy up to $50 cash back: 5% cash back on all retail purchases (up to $1000 spend) in the first 90 days from approval.
0% p.a. for 15 months on balance transfers. (1.5% BT fee applies).
More info
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15 months
0% p.a.
then 19.99%
with a 1.5% fee
$100,000
80% of credit limit
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0% p.a. for 24 months
One of the longest 0% balance transfer offers on this site
Citi Rewards Platinum Card Balance Transfer Offer
0% p.a. for 24 months on balance transfers.
One-off 1.5% balance transfer fee applies.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
Earn Citi Rewards points at 1 pt per $1 spent.
Complimentary International Travel Insurance, Purchase Cover Insurance and more.
Enjoy a free bottle of award winning wine every time you dine at hundreds of participating restaurants with the Citibank Dining Program.

Promotion: Fees and charges apply. Terms and conditions apply and are available upon request. Credit Criteria apply. Please allow up to 15 days to process your Application. Subject to verification. New cards customers only.

 

Q&As about Balance Transfer Credit Cards for Large Credit Limits from customers

Q: What are the benefits of applying for a balance transfer card with a large credit limit?

Having a balance transfer card with a large credit limit means that you can consolidate your debt. You can transfer balances from several existing credit cards in your name. Citibank and Virgin Money balance transfer cards even allow you to transfer a personal loan to your new credit card. Not only do you consolidate your debt, making it easier to keep track of because it is all in one place, you also get a break from paying interest if there is a zero-interest introductory offer for balance transfers.

Q: What are the dangers in applying for a balance transfer card with a large credit limit?

The biggest drawback is usually the revert interest rate. This is the interest rate that will be applied to your debt if any part of it remains unpaid after any zero-interest offer has expired. Credit cards that allow large credit limits typically do not have low interest rates. In addition, a balance transfer revert interest rate may often be the cash advance rate for your card, which is normally even higher than the already high purchase rate. Before you transfer a large amount of debt, you need to be fairly certain that you will be able to pay it all off before interest begins to be applied.

Also bear in mind that many card issuers charge an upfront fee of between 1% and 3% on any transferred balance. The larger the amount you transfer, the larger your fee will be. A transferred balance of $20,000 with a 3% upfront fee would instantly become a $20,600 debt.

The same caveat applies to the minimum monthly repayments required, usually between 2% and 3% of the balance transfer amount. While you may be confident that you will be able to clear the debt before interest is applicable, you also need to be sure that you can meanwhile manage to make the minimum monthly repayments. For a $20,000 balance transfer, minimum repayments could be as high as $600 per month.

Q: Can I transfer a balance that uses up 100% of my new card’s credit limit?

Not normally. Balance transfer credit cards do not usually allow amounts to be transferred which use up more than 80% of the approved credit limit on the new card.

Q: Can I use my large limit balance transfer card to make purchases?

Having an unpaid balance transfer on your card will mean that you will forfeit the monthly interest-free days on purchases in most cases. As a result, high credit card interest will be applied to your purchases from the date of each transaction, meaning that you will probably want to avoid using your balance transfer card for new purchases.

The only exception is where the new card also has a zero-interest introductory offer on purchases in place, usually for six or twelve months. Your only limitations in this case may be the size of the remaining 20% of your credit limit, and your ability to repay both your purchases balance and the balance transfer, before they start incurring interest.

Q: How difficult is it to get a balance transfer card for a large credit limit?

The larger the limit, the more likely it is that you will need to demonstrate not only a good credit rating but also a steady income large enough to allow you to make the required repayments, including any interest that may be applied in the future.

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