Balance Transfers
Are you looking for a balance transfer?
Unfortunately, at this time we are not offering balance transfers but check out our low interest purchase rate offer!What is a Balance Transfer?
Balance transfers can help you save on interest charges, by letting you move the balance(s) on your other credit cards or loans to your Kogan Money Credit Card at a promotional interest rate for a set period. While you have a balance transfer you will not be eligible for any interest-free days. At the end of the period, the interest rate on any outstanding transferred balance (and any related fees) will revert to the applicable Annual Percentage Rate for Cash Advances.
How does a Balance Transfer work?
A Balance Transfer allows you to transfer your other credit card balances to a lower interest rate to help manage your debts.Benefits of the Kogan Money Credit Card with a Balance Transfer
There are a number of benefits of a balance transfer that could make life admin easier for you whilst paying down your debt quicker.
In addition to the benefit of a balance transfer you can enjoy benefits such as:
Lower interest rates
Utilise the lower interest rates that come with a balance transfer, lowering the overall interest you are paying with help reduce your debts
Limited unneccesary fees
Manage your credit card balances into one account and reduce unnecessary annual fees and charges
Card rewards & perks
Only the best products have great rewards. Link the Kogan Balance Transfer offer which has no annual fee, complimentary FIRST membership and more!
Kogan Money Credit Card - Balance Transfer FAQs
Question
Are you looking for a balance transfer?
Unfortunately, at this time we are not offering balance transfers but check out our low interest purchase rate offer!
What is a balance transfer fee and how is it calculated?
Some balance transfer offers include a balance transfer fee. This fee is calculated as a percentage of the total amount being transferred and is added to the balance transfer amount.
For example, a balance transfer amount of $10,000 with a 1% balance transfer fee will be changed a balance transfer fee of $100 and result in the outstanding balance of your Kogan Money Credit Card to increase to $10,100.
How long will a balance transfer take to process?
Balance transfers can take up to 10 business days to process. You should allow additional time for any cheques to be received at the other financial institution.
Balance transfers will only be processed once you have received and activated your credit card.
Will my balance transfer affect my interest-free days?
Yes, while the transferred balance will be charged a promotional interest rate, you should also be aware that while you have a balance transfer there will be no interest-free days on your account.
When your balance transfer period ends, any remaining balance will be charged interest at the applicable Annual Purchase Rate for Cash Advances.
When will my credit card payments be applied to my balance transfer?
The payments you make on your credit card will be applied firstly to any Monthly Instalment(s) due for an Instalment Plan; and then to the portion of your balance that attracts the highest interest rate; and then to the portion of your balance attracting the next-highest interest rate and so on.
As the promotional interest rate offered for balance transfers is generally low, and often 0%, you should assume that any payments will be applied to your other balances before they begin to reduce your transferred balance.