NAB, The National Bank of Australia, is one of the largest providers of credit cards and financial services in Australia.
Discover what NAB have to offer across their range of credit cards. Once you’ve found the card that’s right for you, click apply and take advantage of a credit card from one of Australia’s ‘Big Four’ banks.
NAB Credit Card Comparison
Rates last updated September 2nd, 2014.
NAB Debit Card
The National Australian Bank Group first opened its doors way back in 1858. Since then, the organisation has grown to become one of the biggest providers of financial services in Australia. Their main focus of business is in Australia, New Zealand and the UK, with branches throughout all three regions. Their main retail brand in Australia is the National Australia Bank, commonly referred to as NAB.
You can choose from various NAB credit cards, including the NAB Low Fee Card, NAB Premium Card, Velocity NAB Credit Card, Velocity Rewards NAB Premium Card, NAB Qantas Gold Card, and the NAB Qantas Rewards Premium Card. These cards offer something for people looking for a basic credit card solution right through to people who want the bells and whistles that come with high end cards including reward programs and frequent flyer schemes.
Many NAB cards come with benefits that are usually reserved for premium credit cards. There low fee card comes with value adding benefits like purchase protection insurance, which makes this card a leader in the low-fee space. The Velocity NAB Card also combines a range of benefits with the chance to earn reward points at a faster rate. Points can then be redeemed for air miles with Virgin Australia and other international airlines, and for non-travel related rewards. All NAB credit cards are accepted throughout the world both at merchants and ATMs. Check out the full range to find the perfect NAB credit card for your needs.
NAB is a well recognised financial banking institution in Australia, and it also operates other banks and branches worldwide. Discover everything you need to know about this bank in this article.
In terms of assets, the National Australia Bank, which is commonly known as NAB, is Australia’s largest business bank and Australia’s fourth largest retail bank. At a global level, it is ranked 28Th for the largest banks in the world. As an organisation that is recognised internationally, NAB offers various financial products and services to their customers.
- Australia – Here in Australia they connect literally millions of customers in retail transactions, personal and business banking, and wealth management. They go by the names NAB and MLC.
- United Kingdom – In the UK, Clydesdale and Yorkshire Banks provide retail services as well as corporate banking and business banking for their customers.
- New Zealand – The Bank of New Zealand offers wealth management and retail services. They also provide agribusiness and traditional business services and products.
- Americas – In the Americas Great Western Bank has both personal and business customers. They are able to fill their banking, wealth management, and insurance needs.
NAB is led by a group executive committee and presided over by a board of directors. They have a corporate centre made up of service teams in finance, legal, treasury, group risk management, group strategic investments, people and culture, investor relations, corporate affairs, corporate secretariat, and the Chief Executive Officer’s office. The goal of the company is to provide value to everyone involved in their business including shareholders, customers, employees, and the communities they serve.
NAB is the proud sponsor of many of the national sporting events including Auskick, the Australian Football League, the Socceroos, as well as both levels of Australian football it also participates actively in the community by offering support to volunteer groups across the country.
The company roots of NAB come from the union of the National Bank Ltd. and the Commercial Banking Company of Sydney.
Two representative offices were established in 1982. One was in Chicago and the other in Beijing. Two more of these offices were created the next year, with one in Dallas and one in Seoul Korea. In 1984, three offices were added in Kuala Lumpur, Athens and San Francisco. At this time, new branches also sprung up in Houston, Atlanta, New Delhi, Bangkok, Frankfurt, Taipei and Shanghai.
This expansion was great but it was not enough for NAB and in 1987, NAB purchased Northern Bank and Clydesdale Bank in Ireland from Midland bank. This bank was renamed the National Irish Bank. In order to become more influential in the banking industry, NAB went on to purchase MLC Limited, Yorkshire Bank, Bank of New Zealand,and Michigan National Bank.
NAB services both business and personal clients. Just some of their many services include loans, credit cards, insurance, financial and investment planning, and savings accounts.
Savings accounts at NAB include four different types so that individual banking needs can be met by any Australian. These savings accounts include Student banking, Savings for a goal, Everyday banking and the Investment form of saving.
National Australia Bank also offers financial planning for long-term stability and has financial advisers that can lay out all the options available to meet this goal. Investment in money matters can often be quite difficult to understand, and NAB understands this and provides this service to help their customers get financially secure.
NAB also offers insurance for business, life, travel, and auto. This insurance can be paid on a monthly payment plan that is worked out between the customer and the bank. There are also many different types of tools available from NAB including home loans, car loans and personal loans. As long as you meet all of the loan requirements, NAB is willing to work with you from start to finish to make sure that you get the loan you really need.
NAB has continually kept up with the latest advances in banking technology and offers internet banking to their customers. As part of their extended services, online banking allows customers to avoid branch banking and provides the convenience of doing most common banking transactions from the comfort of their own home. Accounts can be accessed safely and securely.
National Australia Bank also offers seven different credit cards through MasterCard and Visa. The following cards are offered:
- Velocity NAB Credit Card
- NAB Low Fee Credit Card
- NAB Gold Rewards Credit Card
- NAB Visa Gold or Gold MasterCard Credit Card
All of these credit cards offer great deals for the budget-minded Australian that wants an affordable card that is loaded with value.
Credit card features offered by NAB
NAB provides smart card technologies with payWave, balance transfer promotions and cards that reward customer spending.
- NAB provides an easy yet sophisticated online interface for potential customers to apply for its card. The application process is completed in just a few minutes if all the required information in provided.
- NAB offer access to payWave smart card technology. The feature lets customers enjoy the convenience of making payments in store at secure checkout terminals without swiping and providing signatures for transactions under $100. The contactless checkout devices remotely verifies card details and payment is instantly made. For payment of transactions over $100, or at stores not utilizing the contact-less smart cards, a signature and the pin code will be required.
- NAB offers attractive balance transfer promotions on many of its cards. If you are seeking to save on interest payments and want to pay off your credit card balances faster, or you want to afford larger purchases, you can use an NAB balance transfer card to make it possible. NAB offers attractively low interest rates available on many of its credit cards for a period of 6 to 12 months.
- As an NAB cardholder you will earn points when you make an eligible purchase on your card. These points can be redeemed for a variety of services and products. The Velocity NAB Credit Card allows you to redeem your points in the Velocity Rewards program. This gives you access to the goods and services of Velocity NAB partners. Likewise, the NAB Qantas cards grant you membership to the Qantas Frequent Flyer program where you can accumulate points to put towards Qantas Frequent Flyer travel benefits.
Facts on NAB balance transfer cards
The benefit of transferring your balance is you can move the balance from an account with a higher interest rate to a credit card that will temporarily charge you 0% or a low interest rate for a specified period of time. This gives you time off making excessive interest repayments and subsequently allows you to pay the balance off faster – ideally before the balance transfer promotion finishes.
If you are already a NAB cardholder you will be allowed to transfer the balance of up to two providers’ cards as long as each balance is at least $200. You will not be required to open a new account and you will enjoy a competitive interest rate on the transferred amounts.
NAB will not charge you a fee to set up the balance transfer account. However, you will be charged a low introductory interest rate on the balance on the balance transferred account. You will then be charged at the purchase rate after the introductory period is over.
NAB credit card security
For your added security, an eight digit NAB identification number (NIN) will be assigned to you and it will be engraved on the back of your credit card. This number is used to increase card security and enable your transactions. This number is registered with NAB customer service representatives together with your card after you receive it.
To authorize your NAB credit card over the telephone or over the internet, you will need to use your NIN security number. At stores with the payWave technology, at ATMs and retail outlets you will use you PIN code. Unauthorized transactions on your credit card account should be immediately reported to NAB customer service.
Credit limit and transferring money
Increasing your credit limit on your NAB account can be done by requesting a credit limit increase, either online or over the telephone, and also the bank may send offers to increase your limit aif you have agreed to receive these notifications.
An increased limit will be granted after you demonstrate a good credit rating and good financial history and situation with the bank. In addition, NAB before making a final decision to increase your credit limit will attempt to determine that you are fully aware of the responsibilities you must shoulder with an increased credit limit on your card. NAB would suggest that you not accept an increase credit limit if you believe that you may have problems paying the card’s balance. A customer who is granted an unwanted increased credit by NAB is free to decline the increase.
Certain customers will not be offered credit limit increases. These include customers who have had recent credit increases, those who have bad credit ratings – shown by late payments or who have overused cash advances, and customers in financial hardship situations e.g. recently lost their jobs or experiencing illnesses.
In certain situations NAB will reduce your credit limit in an attempt to facilitate better management of your debts. This is a part of NAB’s lending policy that attempts to support proper debt management. A debt management specialist is always available for consultation should you need to contact one at the bank.
NAB allows easy transfers of money between your NAB bank account and your NAB credit account. These transactions will be possible online and through the telephone after your NIN and card have been set up with customer service.
Facts On NAB rewards programs
After receiving your Velocity NAB credit card, you will be given a free membership to the Velocity rewards program. This will allow you to earn and accumulate points as you use your card to make daily purchases. Even more points can be earned when you use your card to purchase from the partner companies of the rewards programs.
If you need a Qantas Frequent Flyer account, you can obtain one from NAB which from time to time provides certain cards with free Qantas Frequent Flyer memberships.
Velocity points can be redeemed for a wide range of products including accommodations at resorts, apartments worldwide, leisure events, car rentals, international and domestic flights, entertainment and retails products to name just a few.
Application For NAB Credit Card
Applying for a NAB credit card is fast and easy. The online application requires information such as your contact email address, your income and regular expenses, identification information such as driver’s license or passport and employer’s contact details, information on properties owned by you and debts you owe and contact information for your accountant if you own you own business.
Once the completed application is submitted it takes just about 60 seconds to receive a response and if successful an NAB credit card will be received by you in 5 to 10 business days.
Your money will be protected when you invest it at NAB, and you are assured of receiving the best customer service possible. NAB is a well-respected part of the Australian culture and wants to offer its customers the best financial services in order to establish a long-term relationship.
How to apply for a NAB credit card
Once you’ve read the card review page, compared your options and found the card that’s best suited to your needs and circumstances, you may apply for that card by clicking the ‘apply’ button found on each individual card’s review page, and in the NAB credit card comparison table. From here, you will be taken to a secure NAB credit card landing page, here you can find the terms and conditions. The landing page will direct you through the application. Application takes 10 to 20 minutes. You will need information about your finances, assets and liabilities in order to complete the application and you will have a response within minutes of completing the form.
Getting to know your NAB credit card
This section of the guide will deal with questions that relate to generic usage of NAB credit cards. Use this to get acquainted with your new NAB credit card.
NAB Identification Number
The NAB Identification Number (NIN) is a unique identifier that is issued to all NAB customers. You can find your NIN at the back of your card, near the top, it is an 8 digit number. If you would like to confirm or reset your NIN you may call customer service on 13 22 65.
The Security Number
Every card comes with a 3 digit security number that is used for certain transactions to verify the ownership of the card. You can find your security number at the back of your card, right beside the signature field.
Transferring funds to and from NAB accounts
You can transfer funds between your NAB accounts (say from your NAB savings account to your credit card account) either with internet banking or telephone banking. As soon as you receive your NIN (NAB Identification Number) register for telephone and Internet banking by calling 13 22 65. Your NIN will give you access to the convenient online banking platform, where you can transfer funds and pay your bills with ease from your NAB accounts.
Calculation of interest
Interest on your credit card items is calculated multiplying the daily percentage rate (the annual percentage rate that is applicable divided by 365) with your aggregate balance outstanding. The aggregate balance is the sum of all transactions like purchases, cash advances etc. that you’ve made in the last statement period. It may also include special balances (e.g. any balance transfers) and will be indicated on your credit card statement. Each type of balance has a specific interest rate that is applicable to it, purchases are charged at one particular rate while cash advances are charged a different rate. After multiplying the daily percentage rate for purchases with the aggregate purchases amount, the product is summed for the number of days interest is accruing. This process is repeated for each type of balance outstanding, and the total figure is the interest amount charge in that statement period.
As an illustration, assume you have the following balance shown on your last statement: Aggregate balance $1000 (purchases $500, cash advance $500), and say the interest has been accruing for 10 days. Also assume the current interest rate for your card is 12% on purchases and 20% on cash advances (these are annual percentage rates). The daily interest in calculated thus:
Purchases – $500 x (12%/365) = $ 0.164
Cash Advances – $500 x (20%/365) = $ 0.274
The total daily interest is $ 0.438, and since it has been outstanding for 10 days, the total interest accrued is $4.38
Please not this calculation is for illustration purposes only and the rates quoted above are not the actual interest rate that will be applicable in your case.
When is interest charged?
If your card has interest free days, then interest on purchases is charged from the day after that period to the statement date. If it doesn’t then interest starts accruing from the day of purchase. This is also the case with cards featuring interest free days if you do not pay the full balance on each statement within the due date. Therefore to take advantage of the number of interest free days you should always pay your credit card bills in full every time.
Interest on cash advances are always charged from the day of transaction. Interest on special balances (like balance transfers) are charged according to the terms and conditions of that special promotion.
What is interest on interest
If you had only paid the minimum balance due (for example) and not the full balance in your last statement, then your credit card balance starts accruing interest. Your next statement balance would include the previous unpaid balance and the interest amount. If you pay the minimum balance again, then interest is charged on your previous unpaid balance as well as your interest payment that was due. The latter is dubbed ‘interest on interest’ and is the primary reason why credit card balances can grow so fast if left unpaid. You should always try to pay more than the minimum balance due each statement period, preferably the full amount.
Ways to reduce interest charges
You may further reduce or altogether eliminate your interest charges by following these suggestions:
- Pick a credit card with interest free days – Use the interest free period feature of many NAB credit cards to not pay interest on your purchases.
- Always repay the full amount due on your credit card bill – You must remember to pay off your full credit card statement bill each month, otherwise the interest free days period is void and you are charged interest from the day of purchase (back dated interest). Paying off your full bill also ensures you do not gather any interest on interest.
- Don’t make cash advance transactions with your credit card – Cash advances and similar cash equivalent transactions always accrue interest from day one, and is charged the highest rate of interest. Avoid cash advance transactions on your credit card (use a debit card instead for these transactions) and you save on significant amounts of interest.
Fees and charges
The annual fee is the most common type of fee on a NAB credit card. These and other fees do not get included on monthly credit card statements and never accrue interest. However you should be aware of all the fees and charges applicable to your card. You can find the details:
- In person – visit the local NAB branch and request a copy of the brochure
- Over the phone – call 13 22 65 and ask for a brochure to be mailed out to your address
NAB Visa payWave
The NAB Low Rate Credit Card currently features a new contactless payment method called the NAB Visa payWave. With vendors and stores displaying the contactless indicator on their checkout machines you can use your NAB card to purchase items below $100 without swiping. You simply hold the card in front of the checkout machine and it reads the payment information directly, you don’t need to sign or enter a PIN. For larger purchases you do need to swipe the card and sign (or input PIN). This ‘traditional’ way of payment can of course be used on all merchants accepting Visa card payments, and who do not yet have a contactless reader machine.
Using your NAB Credit Card
This section of the guide will deal with questions related to the day-to-day use of NAB credit cards, so that you can get the most out of your NAB credit card.
How much to repay
Your monthly credit card statement will show a minimum repayment amount, which is calculated as 2.5% of the aggregate balance (purchases, cash advances etc.) or $10, whichever is higher. If you fail to make this minimum payment by the due date you will incur a late payment fee, and start accruing interest on your full balance. This will also become a part of your permanent credit record, and will negatively affect your credit rating with the banks.
It is recommended to pay more than the minimum payment amount to reduce your interest charges. If you want to completely eliminate or minimize interest you should target paying the full balance due every month within the payment due date indicated in the statement. Some cardholders prefer to setup an auto debit feature in their internet banking system, which automatically pays the minimum amount (or the full amount) of each statement balance directly from their NAB savings account.
How to setup NAB internet banking
In order to set up internet banking, you will need two things on hand. One is your NAB identification number, found at the back of a NAB credit card, and a NAB internet banking password – this is either a temporary password that was issued at a branch or your NAB telephone banking password. If you can’t recall what your temporary password is, call NAB on 13 22 65. Once you have these details, head to the NAB internet banking portal and click on the register button. Enter your details and create an internet banking password. From here you can activate a range of services that allow you to pay different accounts with ease.
This is a hold on your banking account for a sum that you’ve used in a credit card transaction. Every time you buy something using your card the merchant records your credit card information for claiming later payment from NAB. Meanwhile NAB places a hold on your credit card account, so your available credit amount decreases. The purchase authorisation hold stays in place for 7 days. If the merchant hasn’t made their claim you won’t see the transaction show up in your internet banking system, but will see that your available credit is lower than what the displayed transactions would seem to indicate. After seven days the hold is released, but you should note that the merchant still has six months to make the payment claim.
If the merchant does make the claim within that hold period you will see the transaction displayed in your account, which will be debited for the payment amount.
Lost or stolen cards
If you have lost your card or it is stolen, notify the bank immediately at this number: 1800 033 103. If you’re overseas call +61 3 8641 9083 instead.
Unauthorized card transaction
You should report any unknown or unauthorized transaction on your credit card to NAB on this number: 13 22 65.
Change credit limit / additional cardholders
Can be done in two ways:
- Internet Banking customers can login to the system, select the “Apply Now” and choose the “Credit Card Credit Limit” option
- Other customers who do not have access to Internet banking can fill out the form available in the ‘Manage your Credit Card‘ page of the NAB website and post it or drop it off in person at the local bank branch. This form can also be used to add or remove an additional cardholder in your credit card account.
You can order your current card to be replaced by a new one by calling customer service on 13 22 65 or visiting the closest NAB branch.
Card about to expire
NAB will automatically send you a replacement card one month before your current card expires. In some cases the card might not be delivered to your home but rather to your nearest bank branch. You will be notified by mail when this happens. Get your PIN and visit the NAB branch mentioned in the letter to pick up your new card.
If your card has expired and you haven’t received a replacement card in your mail or in your local NAB branch, call customer service on 13 22 65 and advise them of the situation. Alternatively you can send a secure message to NAB through your internet banking messaging system.