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Balance transfers
FOR THE FIRST YEAR, PAY ON BALANCES TRANSFERRED
What is a balance transfer?
A balance transfer involves moving the outstanding balance from your non-ANZ credit or store card account to an ANZ Low Rate Visa. You can choose to transfer the balance of your credit or store card to ANZ and pay just for 12 monthsdisclaimer on that balance.
Transferring your balance to a card with a lower interest rate such as the ANZ Low Rate Visa can help you save on interest.
How does a balance transfer work?
We will work with your other card provider to transfer the balance on that card to your new ANZ card – that process will be complete within 14 days of us receiving your application.
In the meantime, while your balance transfer is being processed you’ll need to continue making any payments due on your old card (if you don’t you may be liable for overdue payment or interest fees from your existing card provider).
We’ll send you a letter to let you know when your balance has been transferred.
When you make a repayment to your new ANZ card, it will be applied to the transferred balance first. Once your transferred balance has been paid off in full, repayments will be applied to any new purchases or cash advances on your card. (This means that until your transferred balance is paid off in full, you won’t get any interest-free days on new purchases).
We can’t close your other card for you – you’ll need to contact the provider and ask them to close it. Until it’s closed you’ll continue to be liable for any repayments and fees due. Remember to check that all direct credits or debits have been redirected to your ANZ card account before you close your old one.
You can balance transfer any amount greater than $100 - however the balance transfer cannot cause you to exceed 95% of the approved credit limit on your ANZ credit card. That’s to ensure there’s a buffer to cover any charges such as fees or interest that could be charged subsequently.
The special balance transfer interest rate only applies to the balance you’re transferring from a non-ANZ card to your ANZ card. For all other purchases or cash advances on your new card, the standard interest rate for that card applies.
You can transfer your balance from any non-ANZ Visa and MasterCard, American Express, GE CreditLine, Q Card, Farmers Card and most other store cards.
After you've applied and been approved for your new ANZ credit card:
- We'll open your new card and transfer your balance.
- You'll receive a special interest rate on your transferred balance for 12 months.
- You can then use your new card as normal and close your old card.
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Interest rates are subject to change. Lending criteria, terms, conditions and fees apply to all ANZ credit cards. See Rates, fees and agreements for more information.
This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.
Balance transfer offer: Balance transfers can be made from non-ANZ Visa and Mastercard, American Express, GE CreditLine, Q Card and Farmers Card. Full details are contained in the ANZ Credit Card Conditions of Use available from anz.co.nz or any branch. After 12 months our standard purchase interest rate will apply to any remaining balance transfer amount. Standard interest rates for ANZ Low Rate Visa (currently on purchases and on cash advances) apply to new transactions and repayments will generally be applied to balance transfer amounts before new purchases.
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