Requesting a Balance Transfer on Your Existing Card
If you already hold a NAB credit card, you may be eligible to move high-interest debt from a non-NAB credit or store card to your existing NAB account. A balance transfer allows you to consolidate debt onto a single card, potentially benefiting from a promotional interest rate for a fixed period. This is often a straightforward process managed directly through your digital banking profile, without the need to apply for an entirely new credit facility.
It is important to understand that balance transfers must involve a different financial institution; you cannot transfer a balance between two NAB cards. When you submit your request, NAB uses the BPAY system to clear the debt on your nominated non-NAB card. Once the request is processed, the balance is debited to your NAB card, and you then manage your repayments through your regular NAB statement.
Key Information and Requirements
| Category | Details |
|---|---|
| Available Methods | NAB app (recommended) or NAB Internet Banking. |
| Processing Time | Typically within 3 business days of your request. |
| Eligibility | Available for existing NAB credit cardholders with sufficient available credit. |
| Key Requirements | Valid non-NAB card details, BPAY reference number, and sufficient available credit limit. |
How to Request a Balance Transfer on an Existing NAB Credit Card
1. Using the NAB App:
- Open the NAB App and log in.
- Navigate to the Cards section.
- Select the credit card you wish to use for the balance transfer.
- Go to Usage controls.
- Tap on Request a balance transfer and follow the prompts to complete your request.
2. Using NAB Internet Banking:
- Log in to NAB Internet Banking.
- Navigate to the Cards menu.
- Select the credit card you wish to use for the balance transfer.
- In the Manage your card section, select Request a balance transfer and follow the prompts.
Troubleshooting Balance Transfer Requests
If you encounter issues during the request process, here is how to resolve them.
MFA / Login Issues
- Cause: You cannot authorize the transfer request because you are not receiving the required SMS security code.
- Simple Fix: Ensure your registered mobile number is current and your device has a stable cellular connection.
- Fallback Action: Call NAB support on 13 22 65 to verify your identity and have a representative assist you with the request.
Browser or App Errors
- Cause: Cached data or an outdated app version can cause the 'Request a balance transfer' menu to fail or display an error.
- Simple Fix: Update the NAB app to the latest version via the App Store or Google Play, or clear your web browser's cookies if using Internet Banking.
- Fallback Action: Attempt the request on a different device or use the desktop version of Internet Banking.
Locked Account / ID / Access Issues
- Cause: Attempting to transfer a balance that exceeds your available credit limit, or repeated incorrect authentication attempts, will lock the request.
- Simple Fix: Check your 'available credit' in the app to ensure your limit can accommodate the transfer amount before re-submitting.
- Fallback Action: If the account remains locked or the limit is insufficient, contact NAB to discuss your options.
Pro-Tip: To avoid interest charges on your regular purchases, ensure you pay the "interest-free days payment" amount shown on your monthly statement in full by the due date. While a balance transfer is active, failing to pay this specific amount can cause you to lose interest-free days on any new retail purchases you make.
Frequently Asked Questions
Q: Can I transfer a balance if I don't have enough available credit?
No, if your balance transfer request exceeds your available credit limit, the request will be declined by the system. The bank requires you to have sufficient room on your card to accommodate both the transferred amount and any associated balance transfer fees. One limitation is that you cannot initiate a transfer for an amount larger than your current available limit. Your practical next step is to make a payment to your NAB card to increase your available credit, or contact the bank to discuss a credit limit increase.
Q: Why does the bank need the BPAY reference number?
NAB uses the BPAY system to securely process balance transfers to other financial institutions. The BPAY reference number is unique to your non-NAB card and ensures the funds reach the correct account, preventing payment errors. One exception is that if the non-NAB card does not support BPAY or uses a different reference format, the bank may not be able to process the transfer electronically. Your practical next step is to confirm the exact BPAY biller code and reference number provided on your most recent statement from the other financial institution.
