It’s not uncommon to switch credit card issuers when you decide to trade your old card for a new offer. But there are also times when you might want to “trade up” a current credit card to a better credit card offer with the same issuer — such as going from a standard account to a gold card account.

If you do that, can you transfer your balance from the old card to the new one, or do you have to simply pay off the old card’s balance before you can close that account?

The Short Answer

Yes. If you contact your credit card company, chances are very good they can (and will) transfer your balance from one card to another credit card they offer. Of course that depends on whether or not you meet the requirements for the new card you want to apply for.

What You Need to Know

While it’s possible that a single credit card issuer will let you transfer a balance between two cards they offer, that’s not necessarily what most consumers want to know. The real question is whether or not you’ll get to take advantage of an advertised balance transfer rate on that new credit card.

In that case, the answer is usually “no.” While a credit card company might be willing to move the balance for you, most balance transfer credit cards (like the Aussie MasterCard) don’t extend introductory balance transfer offers to you unless the balance is transferred from a different company’s credit card.

Sometimes this information is included on a credit card offer page online. And other times you won’t know that unless you review the full terms and conditions before applying. That’s always a good idea though — balance transfer questions or not.

Another thing to keep in mind is that credit card issuers and brands can be a bit confusing. You might not realise, for example, that the Earth Gold Credit card is tied to Westpac. So not only can’t you get the balance transfer rate if you upgrade to a higher tier Earth credit card, but you also won’t get that deal if you try to transfer a balance from any other Westpac credit card. The terms or fine print below offer details should make that information clear.

In the end, yes, a credit card company might transfer a balance from one of their cards to another for you. But, no, you probably won’t get that great balance transfer rate or other balance transfer deals advertised if you go that route.