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.

*After six months our standard purchase interest rates will apply to any remaining balance transferred. Excludes business credit cards. Interest rates are subject to change. Kiwibank's lending criteria, terms and fees apply.

How balance transfers work

Common balance transfer questions

How many balances can I transfer?

There are no limits to how many balances you can request to transfer from non-Kiwibank cards to your Kiwibank Credit Card, as long as you don’t exceed your credit limit and have available funds. If you’re applying for a new Kiwibank Credit Card, you can only request one balance transfer in our online credit card application form. Additional balance transfer requests can be made via SecureMail in internet banking once your credit card account has been set up.

If you already have a Kiwibank Credit Card, you can request multiple balance transfers via SecureMail in internet banking.

What minimum repayments do I need to make?

Once you’ve made a balance transfer, you'll need to make at least the minimum repayments each month on your credit card. Ideally, you’ll make more than the minimum payments, so you pay off your balance quicker.

You might find that the minimum repayments to a Kiwibank Credit Card are higher than what you pay on another bank’s credit card. At Kiwibank we calculate your minimum monthly repayment as either 5% of your closing balance or $10, whichever is greater. This is slightly higher than some of the other banks, because we want you to pay down your debt faster – this will save you interest in the long run.

How do payments work?

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.

Your credit card will attract fees and charges, any payments you make will go towards these first. After that, payments will go towards the balance transferred, then to cash advances and purchases. Please note, that cash advances and purchases will attract standard interest rates, not the balance transfer 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.

If you’ve made more than one balance transfer, payments will first go towards the balance transfer with the lowest interest rate. If you have multiple balance transfers with the same interest rate, payments will be applied to the oldest balance transfer first.

For example, John has three active balance transfers on his Zero Visa:

  • $800 remaining on a 1.99% p.a. balance transfer plan that was processed on 1 June 2019
  • $6500 remaining on a 0.00% p.a. balance transfer plan that was processed on 22 August 2019
  • $3400 remaining on a 0.00% p.a. balance transfer plan that was processed on 28 October 2019

John receives his monthly statement and makes a payment of $600 a couple of days later. 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. Even though the balance transfer with $800 remaining was processed first, payments are applied to balance transfers with the lowest rate first.

Read more about the order of payments

What happens when a balance transfer expires?

The promotional period of the balance transfer will be shown with the promotional rate. If you don’t pay off your transferred balance before the promotional period ends, you’ll have to pay the standard purchase interest rates on the remaining balance.

For example, Sally has a Low Rate Visa and when she opened the account 12 months ago she requested to transfer $7,500 from her other bank's’ credit card at a special rate of 0.00% p.a. for 12 months.

Sally has paid $6,500 towards this balance transfer leaving a remaining balance of $1,000.

The promotional period has now ended which means the remaining $1,000 will incur the standard purchase interest rate of

I already have a Kiwibank Credit Card, how can I make a balance transfer?

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. If you don’t have enough credit, you’ll need to apply for a credit limit increase first. 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 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. For general SecureMail messages it takes between two to three business days to reply, but if you put 'Balance Transfer' in the subject line, we'll aim to get back to you sooner. In the message, you’ll need to let us know:

  • The name of the bank or finance company you'd like to transfer your balance from.
  • The particulars, code and reference details you've provided for online payments. For example, your 16-digit credit card number or your customer ID number. For us to process your balance transfer request correctly we need the same reference details you have set up for your online payment to your other bank's credit card or store card.
  • The name printed on the card.
  • The balance transfer rate you’re applying for, e.g. 1.99% p.a. for six months.
  • The amount you’d like to transfer.

What banks and finance companies can I transfer a balance from?

We allow balance transfers from personal credit cards issued by all other registered banks in New Zealand.

To pay off your other banks’ credit card we'll ask you for your 16-digit credit card number, except for the Co-Operative bank where we'll need your 12-digit account number starting 9010 found on your statement.

We also allow balance transfers from the following New Zealand finance companies.

Finance company

Required reference details

American Express

15-digit number from your American Express card.

Diners Club

14-digit number from your Diners Club card.

Farmers

8- or 12-digit account number found on your Farmers card statement.

Gem Visa

The account number starting with 6010 found on your Gem Visa statement.

Onecard Visa

The account number starting with 6010 found on your Onecard Visa statement.

Gem Creditline

The account number starting with 5039 found on your statement.

Q Card

16 digit-card number starting with 6015

Q Mastercard®

10-digit customer ID number found on the back of your Q Mastercard, or on your Q Mastercard statement.

Flight Centre Mastercard

10-digit customer ID number found on the back of your Flight Centre Mastercard, or on your Flight Centre Mastercard statement.

Warehouse Money Visa

9-digit customer number and your 12-digit account number, which can both be found on your Warehouse Money Visa statement.

Purple Visa

9-digit customer number and you 12-digit account number, which can both be found on your Purple Visa statement.

Not all of the finance companies listed above are on our online credit card application form. If your finance company isn't on the form, you can still go ahead with the credit card application and once your credit card is set up, you can request a balance transfer via SecureMail in internet banking.

Apply for a balance transfer

You can apply for a balance transfer if you're new to Kiwibank, a Kiwibank customer, or if you already have a Kiwibank Credit Card.

New to Kiwibank?

You can apply for a Kiwibank Credit Card online and select a balance transfer as part of your application.

Apply online

Already a Kiwibank customer, but don't have a credit card?

You can apply for a credit card and set up a balance transfer via the Apply & Open tab in internet banking.

Log in to Internet Banking

Already have a Kiwibank Credit Card?

Send us a SecureMail message in internet banking, with Balance Transfer in the subject line.

Log in to Internet Banking