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If you want to pay less interest on your credit card balance and clear your debt quicker, a balance transfer might be worth considering. You'll pay less interest for a set period on any balance transferred from a non-Kiwibank credit card or store card to a Kiwibank Credit Card.
You can transfer debt from a non-Kiwibank Credit Card or store card to a Kiwibank Credit Card. If you're transferring a balance to one of our Air New Zealand Airpoints™ credit cards, you won't earn Airpoints Dollars on the balance transferred.
Balance transfer interest rates apply to the amount you transfer from the date the transfer is processed. From the date the balance transfer promotional period ends, the remaining balance will attract our standard purchase interest rates.
The minimum amount you can transfer is $200. The maximum you can transfer can’t exceed the credit limit you’re applying for.
Once you receive your balance transfer confirmation email, it'll take one to three business days for the payment to leave your existing card and be applied to your new card with the balance transfer rate.
You won’t qualify for any interest free days on purchases while you are paying off your balance transfer. Purchases start incurring interest from the date they were made if the closing balance is not paid in full by the due date as shown on your monthly statement.
If you want to close the card account you’re transferring the balance from, you’ll need to organise that directly with the card issuer. We can’t do it for you.
You’ll need to make minimum monthly payments of 5% of your monthly statement balance, or $10, whichever is greater, to make sure you don’t get charged a late payment fee.
Your credit card payments will go towards fees and charges first. After that, payments will go towards the balance transferred, then to cash advances and purchases. Read more about the order of payments.