A no-frills card offering a $0 first-year annual fee and a competitive 28 month interest-free balance transfer, with a 2% balance transfer fee.
The NAB Low Rate credit card offers several cost-saving benefits, including 0% p.a. on balance transfers for 28 months, a $0 annual fee for the first year, and a low variable interest rate on purchases. For instance, if you transfer $5,000 from a card with an interest rate of 20.16% p.a., you could potentially save around $1,787.40 over 28 months with the balance transfer offer. The $0 first-year annual fee also helps reduce costs, though the standard $59 annual fee will apply from the second year onwards.
While this card boasts one of the longest balance transfer offers available, it’s important to note that it includes a one-time 2% balance transfer fee. Additionally, any remaining debt after the introductory period will incur a variable cash advance rate of 21.74% p.a. Keep in mind that if you have an outstanding balance transfer, you'll only enjoy the 55 interest-free days on purchases if you pay the required amount listed on your statement in full by the due date.
Pros | Cons |
|---|---|
0% p.a. on balance transfers for 28 months | Charges a one-time 2% balance transfer fee |
$0 annual fee for the first year ($59 p.a. thereafter) | No rewards program or travel insurance |
Free additional cardholder |
The NAB Low Rate credit card offers a combination of low-cost and straightforward features, including a low variable interest rate of 13.49% p.a. on purchases and a $59 annual fee, which is waived for the first year.
NAB's 0% balance transfer promotion is one of the longest available, providing you with 28 months to pay off your debt without incurring interest charges. However, it's important to note that a 2% balance transfer fee applies. Additionally, any remaining balance after the introductory period will be subject to the card’s variable cash advance rate of 21.74% p.a.
Details of NAB Low Rate Card
Product Name | NAB Low Rate Credit Card |
Balance transfer rate p.a. | 0% for 28 months with 2% balance transfer fee, then 21.74% |
Balance transfer limit | 90% of available limit |
Purchase rate p.a. | Purchase rate p.a. 13.49% |
Interest-free period | Up to 55 days on purchases |
Cash advance rate p.a. | 21.74% |
Min credit limit | $1,000 |
Max credit limit | $30,000 |
Card type | Visa |
Eligibility
Available to temporary residents | Yes - Conditions apply |
Joint application | No |
Rewards
Bonus points | N/A |
Fee
Annual fee | Annual fee $0 first year ($59 after) |
Minimum monthly repayment | 2% of the closing balance or $25, whichever is greater |
Late payment fee | $15 |
Foreign currency conversion fee | Foreign currency conversion fee 3% |
Cash advance fee | 3% or $3, whichever is greater |
Overseas ATM withdrawal fee | $5 |
Additional cardholder fee | $0 |
Number of additional cardholders | 1 |
How to Apply
You can apply for the NAB Low Rate credit card in approximately 15 minutes and can expect to receive a response within 60 seconds after submitting the secure application form. To get started, ensure you meet the eligibility criteria and have all the required details and documents ready.
Eligibility Criteria
Residency: You can apply if you're an Australian citizen or permanent resident. If you are not, you must hold an acceptable visa. While many visas are eligible, the following are not: Visitor Visa (except for a Special Category Visa - NZ Citizen), Working Holiday, Student, Exchange/Gap Year, Transit/Short Stay/Seasonal, and Bridging visas.
Eligible Balance Transfer Debt: NAB allows you to transfer up to 90% of your approved credit limit from non-NAB accounts to your balance transfer credit card.
Age Requirement: You must be at least 18 years old to apply.
Required documents
Personal Details: This includes your full name, date of birth, email address, phone number, residential address, and number of dependents. If you’re a new NAB customer, you’ll also need to provide a valid form of ID, such as your driver’s license, passport, or Medicare card.
Employment Details: You need to provide information about your salary, current job title, length of employment, and your employer’s contact details. You may also be required to submit recent payslips or bank statements to verify this information.
Financial Details: This includes any additional sources of income, such as pensions or government payments, as well as savings and other assets. You should also detail your existing debts, loans, credit cards, and other liabilities, along with an estimate of regular household expenses, including mortgage or rent, bills, and groceries.
Balance Transfer Details: To utilize the balance transfer offer, you must include this request in your application. Provide the amount of debt you wish to transfer and the details of the accounts from which the balance will be transferred.
This straightforward application process is designed to accommodate Australians searching for an effective credit card solution that manages existing debt efficiently while offering new purchasing power.
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