Balance Transfers - Kogan Money

Balance Transfers

Balance Transfers

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, and at the end of that period, the interest rate on any outstanding transferred balance (and any related fees) will revert to the applicable Annual Percentage Rate for Cash Advances.

If you are an existing customer and are eligible for a balance transfer offer, you can chat with us now by logging into the Kogan Money Credit Cards Mobile App and clicking ‘Chat with us’ located under the ‘Help’ tab.

If you are a new customer, you can apply for a balance transfer when you complete your application

You can request a transfer for amounts between $500 and 80% of the available Credit Limit on your Kogan Money Credit Card.

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 2% balance transfer fee will be charged a balance transfer fee of $200 and results in the outstanding balance of your Kogan Money Credit Card to increase by $10,200.

Balance transfers can take up to 10 business days to process and 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.

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.

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.

Sean Barrat
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