6/11/2023 0 Comments Balance transfer credit card![]() If you have enough available credit, or once your credit limit application has been approved, you can request a balance transfer by sending a SecureMail message in internet banking. You can apply for a credit limit increase in internet banking - go to your credit card account, then click on ‘Additional options and details’ then ‘Change your limit’. If you don’t have enough credit, you’ll need to apply for a credit limit increase first. If you’re already a Kiwibank Credit Card customer, you can ask for a balance transfer, but you need to have enough available credit on your credit card. Even though the balance transfer with $800 remaining was processed first, payments are applied to balance transfers with the lowest rate first. This payment will first be applied to any interest and fees charged and then to the balance transfer of $6,500 processed on the 22 August 2019. John receives his monthly statement and makes a payment of $600 a couple of days later. balance transfer plan that was processed on 28 October 2019 balance transfer plan that was processed on 22 August 2019 balance transfer plan that was processed on 1 June 2019 If you have multiple balance transfers with the same interest rate, payments will be applied to the oldest balance transfer first.įor example, John has three active balance transfers on his Zero Visa: If you’ve made more than one balance transfer, payments will first go towards the balance transfer with the lowest interest rate. If you don't make purchases or cash advances on your credit card while you have an active balance transfer on your account, the lower balance transfer interest rate will apply meaning you can keep interest charges to a minimum. Please note, that cash advances and purchases will attract standard interest rates, not the balance transfer rate. After that, payments will go towards the balance transferred, then to cash advances and purchases. Your credit card will attract fees and charges, any payments you make will go towards these first. ![]() If you want to make sure you're paying off your transferred balance within the balance transfer period, you need to understand how your payments work. Also, any payments you make will go toward your balance transfer first.Android app-store-apple app-store-google arrow-black arrow-d arrow-green-two-toned arrow-green arrow-r arrow-u arrow b-corp-certification Logo-BB bg-warning breadcrumb calculator-big calculator caret-d-thick caret-d caret-l-bold caret-l caret-r-bold caret-r caret-u chevron-black chevron-dropdown chevron-green-two-toned chevron-light chevron-medium-black chevron-medium-down chevron-medium chevron-skinny chevron circle-arrow clock close-x content-tip-flip content-tip-orange content-tip-white content-tip csv document email-experts facebook fax hamburger info-bg info inner-kiwi iphone kiwibank-logo-black-text kiwibank-logo-md kiwibank-logo-print kiwibank-logo-rebrand kiwibank-logo-sm kiwibank-logo link linkedin load-next location-experts Email_PMS350 marker-small marker menu mobile-experts Mobile_PMS350 mouse padlock-outline-black padlock-outline padlock pause pdf pencil play-big play-black play-rounded Play - sharp Play-small play postshop-logo quote-mark radio_button-checked radio_button rainbow-tick-white rebrand-alert-square rebrand-arrow-right rebrand-facebook rebrand-info-square rebrand-instagram rebrand-left-right-arrows rebrand-linkedin rebrand-list rebrand-location-pin rebrand-twitter search speech-bubble telephone-experts Phone_PMS350 text-bullet tick-green-white-background tick-green tick twentyfour-hours twitter user video-big video warning ![]() That means for new purchases, you’re charged the higher regular rate. New purchases: The promotional rate only applies to the balance you transferred.No interest-free grace period: Unless you’re using a 0% interest rate offer, you’re charged interest as soon as the balance transfer is posted to your account.Credit score: To qualify for the best balance transfer offers, you usually need good credit.For other cards, it’s 50% of the credit limit For some cards, the maximum amount is the card’s credit limit. Credit limit: The amount you can transfer depends on the card you’re moving your debt to.For example, if you want to transfer a balance to a CIBC card, it has to come from a non-CIBC card ![]()
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