Balance Transfer Credit Cards for Large Credit Limits

Balance Transfers for Large Credit Limits

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

38 reviews
0% p.a. for 16 months on balance transfers. Reverts to variable cash advance rate.
Low purchase rate of 13.74% p.a..
Up to 55 days on purchases.
Know if you’ve been approved with the quick 60-second online application.
My rate: 
17%
 
My annual fee: 
$0
 
Transfer: 
$2,500
 
From: 
All banks
balance transfer
max credit limit
max utilisation
Money saved
Westpac Low Rate Credit Card
Apply by 15 oct 19
38 reviews
0% p.a. for 16 months on balance transfers. Reverts to variable cash advance rate.
Low purchase rate of 13.74% p.a..
Up to 55 days on purchases
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16 months
0% p.a.
then 21.49%
with a 0% fee
$25,000
80%
of credit limit
Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase Offer
Apply by 02 dec 19
2 reviews
0% p.a. for 14 months on purchases.
$129 Virgin Australia Gift Voucher each year.
Half annual fee in the first year (reverts to $129 p.a.).
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6 months
0% p.a.
then 20.99%
with a 0% fee
$30,000
80%
of credit limit
19,500 annual bonus points when you spend $24,000 on eligible purchases in the year.
0% p.a. on balance transfers for 6 months
Earn up to 1.5 pts per $1 spent on eligible purchases.
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6 months
0% p.a.
then 19.99%
with a 1% fee
$25,000
95%
of credit limit
75,000 annual bonus points when you spend $48,000 on eligible purchases in the year.
Earn up to 2 pts per $1 spent on eligible purchases.
No foreign transaction fees and complimentary international credit card travel insurance.
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6 months
0% p.a.
then 19.99%
with a 1% fee
$50,000
95%
of credit limit
115,000 annual bonus points when you spend $84,000 on eligible purchases in the year.
Earn up to 2.5 pts per $1 spent on eligible purchases.
Enjoy ten airport lounge passes per year with LoungeKey.
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6 months
0% p.a.
then 19.99%
with a 1% fee
$25,000
95%
of credit limit
Pay no annual fee as long as you hold the card.
2.99% p.a. for 9 months on balances transferred.
Up to 55 days interest free on purchases.
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9 months
2.99% p.a.
then 17.99%
with a 0% fee
$25,000
95%
of credit limit
Virgin Money No Annual Fee Credit Card
Apply by 02 dec 19
13 reviews
$0 annual fee for the life of the card.
6.9% p.a. for 36 months on balance transfers.
Up to 44 days on purchases.
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36 months
6.9% p.a.
then 20.99%
with a 0% fee
-
80%
of credit limit
Virgin Australia Velocity Flyer Credit Card 22 Months Balance Transfer Offer
Apply by 02 dec 19
0% p.a. for 22 months on balance transfers with a 1% BT fee (reverts to cash advance rate).
Save with a reduced $64 p.a. annual fee for the first year ($129 p.a. thereafter).
A $129 Virgin Australia Gift Voucher each year.
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22 months
0% p.a.
then 20.99%
with a 1% fee
$30,000
80%
of credit limit
Citi Rewards Platinum Card Balance Transfer Offer
Apply by 30 nov 19
0% p.a. on balance transfers for 26 months which could help you get on top of things. A one-off 1.5% balance transfer fee applies.
Reduced annual fee of $0 p.a. in the first year ($199 p.a. thereafter).
Earn 1 pt per $1 spent on eligible Domestic Spend in Australia, up to $10,000 per statement period.
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26 months
0% p.a.
then 22.24%
with a 1.5% fee
$100,000
80%
of credit limit
Citi Rewards Platinum Card Points Offer
Apply by 31 jan 20
Earn up to 120,000 bonus points. Get 80,000 bonus points when you spend $3,000 in the first 90 days from account approval date and an additional 40,000 bonus points on payment of second year annual fee.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
Enjoy 0% p.a. for 15 months with 1% fee on balance transfers. Please note, no interest free days apply to retail purchases while you have a balance transfer.
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15 months
0% p.a.
then 22.24%
with a 1% fee
$100,000
80%
of credit limit
0% p.a. for 6 months on balance transfers.
No annual fee for the first year ($79 p.a. thereafter).
A low-interest rate of 9.90% p.a. on purchases.
New customers. Limited time. Fees & charges, T&Cs apply.
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6 months
0% p.a.
then 9.90%
$25,000
Up to 95%
of credit limit
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Feel like your credit card’s on fire?

How Matt from Bondi finally cleared $10,000 of debt

Matt had been living large and loving life. Having built up $10,000 on his card Matt paid the minimum repayment of $200 towards lowering his balance. But with 20% p.a. interest card at such a slow pace it was going to take Matt over 8 years to pay it down to $0.00.

Something had to give, mainly, his old card. He compared his options and finally, Matt switched to a 0% interest balance transfer card.

Now he’ll avoid about $2,000 in interest repayments over the course of 24 months. In plain English: that’s $2,000 that can go to paying off Matt’s debt in full, not his credit card interest.

This case study is intended as a representative example.

Banks know your credit score. So should you.

Find out your credit score and monitor changes.

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

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.

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.

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.

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.

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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