Making payments to your account: You can find details on how to make payments to your account here. Your new BPAY reference number is in your MyCard statement, but payments using your previous BPAY details will still be applied to your account.
Getting copies of your statements: You can download statements from November 2023 onward via the MyCard app or MyCard Online. For earlier statements, you can request them through chat with us in MyCard Online. Only the accountholder can view or request statements.
Accessing MyCard Online: refer to our FAQs on how to retrieve your MyCard user ID and log in for the first time.
Balance transfers may help you save on interest charges by letting you move the balance(s) from your other credit cards and eligible credit facilities to your MyCard credit card at a promotional interest rate, for a set period.
At the end of that period, the interest rate on any outstanding transferred balance (and any related fees) will revert to the applicable interest rate for cash advances.
Please note, to avoid paying much higher interest rates on any remaining balance once the promotional rate ends you must pay off your balance transfer amount during the promotional period.
There’s a few key things to know about how balance transfers work;
Even if you have a balance transfer offer of 0% p.a., you must make your minimum payment due by the due date each month for your promotional rate to continue.
If your account has interest free days, you can still maintain them on retail purchases provided you pay the ‘interest free days payment’ amount advised on your statement in full by the payment due date each month. This applies to new and existing credit cards and eligible credit facilities.
It is important to remember that the balance transfer offer is only valid for the specified promotional period, any outstanding balance will be reverted to the ‘Cash Advance Annual Percentage Rate (APR)’ at the end of that promotional period.
The minimum amount you can transfer is $500 and the maximum amount is 80% of the available credit on your MyCard credit card account. If a balance transfer request would result in exceeding your available limit on the day it is processed, it won’t be accepted and you can change your request to be within the parameters above.
Some balance transfer offers include a balance transfer fee. This fee is calculated as a percentage of the total amount being transferred.
For example, John has taken up a balance transfer offer with a amount of $10,000 with a 2% balance transfer fee on his MyCard. He will be charged a balance transfer fee of $200 and his outstanding balance on his MyCard will increase to $10,200.
New credit card customers can apply for a balance transfer in the application form, as part of the application process.
Balance transfers are processed between five to seven days from approval of your application. If you haven't used your account, you agree that the processing of your balance transfer will be acceptance of the credit card offer.
If your account is already open, any balance transfer request will be processed within three days.
For credit card customers, if your account has interest free days, an interest free period is available on your account provided you pay the ‘interest free days payment’ shown on your monthly statement each month. A balance transfer will not affect your interest free days.
When your balance transfer period ends, interest will be charged on any remaining balance transfer amount at the applicable interest 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, followed by the balances that make up your closing balance on your most recent statement, from those attracting the highest interest rate to the lowest interest rate.
Payments are then applied to balances that have not yet appeared on your statement in a similar fashion.
As the promotional interest rate offered for balance transfers is generally low, and may be 0%, you should assume that any payments will be applied to your other balances before they begin to reduce your transferred balance.
In most cases we will apply any payments to your other balances before they begin to reduce your transferred balance, except where you have agreed with us for a payment to be applied to a particular balance.
Here are some important things to consider regarding balance transfers:
If applicable, consider any one-off balance transfer fees.
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Fees and charges
Interest rates, fees and charges apply and are subject to change, correct as at today. Approval and credit limit are subject to our credit assessment criteria. Read our Credit Card Terms and Conditions and Other Important information for more information on balance transfers.