Balance Transfers
What is a Balance Transfer?
Balance Transfers can help you save on interest charges, by letting you move the balance(s) on your other eligible credit cards or loans to your Kogan Money Credit Card at a promotional interest rate for a set period. 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. Please note that a Balance Transfer Fee may apply, calculated as a percentage of the transferred balance, that is added to the total amount.
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, to help reduce your debt.
Limit the fees you are paying
You can manage your credit card debt in one account by closing your other credit card(s) after the Balance Transfer is processed which may reduce the overall fees and interest you pay.
Card rewards & perks
Only the best products have great rewards. Like the Kogan Money Credit Card with our Balance Transfer offer. Enjoy a free Kogan FIRST membership and more.
Kogan Money Credit Card - Balance Transfer FAQs
Question
How to request a Balance Transfer?
Response
Balance transfer offers are only available to new applicants. You must request a Balance Transfer when you complete your application.
How much can I transfer?
You can request a transfer amount of between $500 and 80% of the available Credit Limit on your Kogan Money Credit Card.
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. The balance transfer fee, if applicable, is also displayed on your Financial Table.
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 increasing to $10,100.
How long will a Balance Transfer take to process?
Balance Transfers can take up to 7 business days to process. You should allow additional time for any cheques to be received at the other financial institution.
If you apply for a Balance Transfer as part of your application, we will begin to process these 5 business days after approval.
Will my Balance Transfer affect my interest-free days?
No, if you pay the Interest Free Day Payment amount advised on your statement you will maintain the interest free days on retail purchases. Interest free days only applies to retail purchases. You will pay interest on a balance transfer if the promotional balance transfer rate isn’t 0% p.a.
When your Balance Transfer Term ends, any remaining balance will be charged interest at the applicable Annual Percentage Rate for Cash Advances.
What are the eligible credit cards or loans from other financial institutions that I can transfer the balances of to a Kogan Money Credit Card?
Most credit cards or loans from other financial institutions are eligible to have balances transferred to a Kogan Money Credit Card, provided that the card details match the BPAY reference number details of the financial institution. Where those details do not match, we are unable to process a balance transfer.
We are aware of some financial institutions where card number and BPAY reference number do not match and which as a result are not eligible for a Balance Transfer, including:
- Bendigo Bank
- ING
- Latitude Finance
- Great Southern Bank
- Heritage Bank
- Adelaide Bank
- credit unions
- AMEX cards
Please note, that this is an indicative list only and may change from time-to-time.
When will my credit card payments be applied to my Balance Transfer?
As the promotional interest rate offered on a Balance Transfer is generally low, and may be 0% p.a. during the promotional period, payments will be applied to amounts that have a higher interest rate such as purchases or cash advances before being applied to your Balance Transfer.
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