South Africa
Manage your debt with the new Balance Transfer feature_14 images
Banking & Digital Solutions

Manage your debt with the new Balance Transfer feature

Managing multiple loans and credit card accounts across different banks can be overwhelming, which is why we have launched the Balance Transfer feature on our Banking App to provide you with an easier way to do this.

How does it work and what are the benefits?

The Balance Transfer feature allows Standard Bank Credit Cardholders to transfer their personal loan or credit card debt from other banks to their Standard Bank Credit Card, helping to combine their debt in one place and reducing the interest they pay as a result.

There is no conclusive way to determine exactly how much you will save. This depends on the interest rate you pay on your other debt, the amount you transfer and how much you pay off on your card each month (usually 3% minimum payment) *. The discounted rate is applicable only on the balance that is transferred and is only applicable for the period that you choose, i.e. 0% for 3 months, 6% for 6 months, 9% for 9 months, or 12 % for 12 months. Your normal interest rate still applies to any amount used on your card, excluding the balance transfer amount. After the period is over, your normal interest rate will apply to the balance transferred.

You can transfer balances from multiple credit card and personal loan accounts. Transfers are only permitted from external banks, and not to products within the Standard Bank Group, such as Diners Club and Commercial Credit Cards.

How can I transfer my balance?

To transfer your debt from other banks to your Standard Bank Credit Card, simply:

  • Sign into our app
  • Select your credit card
  • Select balance transfer
  • Follow the prompts

Don’t have the Standard Bank App? Simply:

If you are registered for MyUpdates, a notification will be sent to you on the transfer. If you are registered for an SMS update at your other bank, you will receive a notification of a payment into your credit card. Once the balance transfer is successful, we will not be able to reverse or cancel the balance transfer as the payment will be processed to the other bank.

Terms and conditions apply.