HUMM90 HELP & Support
Balance Transfer
humm90 interest free card

What do I need to consider before applying for a balance transfer?

  • We encourage you to review the credit cards you hold and use balance transfers to consolidate and simplify your credit card debt.
  • Balance transfers can only be done for the outstanding balances of credit cards issued in Australia. Outstanding balances from other types of loan products, such as personal loans, won’t be approved. If you want to consolidate balances from multiple loan products you could discuss debt consolidation with your bank.
  • Your credit limit should be high enough to cover the outstanding balance that you intend to transfer, plus any fees and interest that may be applied, and take into account intended future purchases. If you’re applying for a new credit card, the credit limit of your existing credit card will be taken into consideration when a decision is made on the credit limit of your new card. If you’re transferring the outstanding balance to an existing credit card, you may need to request a higher credit limit.
  • A balance transfer may incur once-off fees upon approval. These will generally be due within the credit card’s standard payment period.
  • The lower interest rate for balance transfers is usually offered for a limited time. You need to work out if you can pay off the balance in full before this period ends. Otherwise, you may end up spending more than what you would’ve spent had you not done the balance transfer, once you’re charged the higher interest rate for the remaining balance.
  • You need to make minimum monthly payments to avoid incurring additional interest and fees during the balance transfer period. However, making minimum monthly payments alone won’t mean that you fully pay off your balance transfer by the end of the lower interest rate period. You will have to pay more than the minimum monthly payments to achieve this.
  • Your old credit cards won’t be closed automatically once your balance transfer request has been approved. These cards will remain active and may continue to incur fees unless you actively request for account closure with the card issuers.
  • The interest free period and interest rate for purchases using the credit card you transferred your balance on to are different from the balance transfer offer. You need to be aware of the interest free period and interest rates applicable to new purchases to avoid being caught out.

^Up to 110 days Interest Free on humm90 Mastercard purchases (excluding cash advances) when you meet the Interest Free Criteria. Failure to make the required payments will result in you no longer meeting the Interest Free Criteria meaning that all new transactions from that day will be interest bearing from the date of the transaction. Any outstanding balance after the Interest Free Period reverts to the humm90 Purchase Rate, currently 25.80% p.a. and subject to change. Minimum monthly repayment required.