NAB Low Rate Credit Card
Pros
- One of few cards currently offering a special interest rate on purchases
- Choose from a silver or pink credit card design - it's always cool when they give you the choice of colour!
- Incredibly low annual fee
Cons
- No rewards program
Overall
The NAB Low Rate is currently one of the best introductory offers available. Another core benefit of this card is the fact that once the balance transfer period is over, it reverts to the low purchase rate, not the cash advance rate. This card also features one of the lowest annual fees in the market
Related Products
The NAB Low Rate Credit Card has a low interest rate on purchases so you can get more out of life.
The NAB Low Interest Credit Card features the lowest purchase interest rate from an NAB credit card. The card also features a low annual fee.
| Product Name | NAB Low Rate Credit Card | |
|---|---|---|
| Balance Transfer Rate | 4.99% p.a. for 6 months | |
| Interest Rate on Purchases | 13.99% p.a. | |
| Annual Fee | $59 p.a. | |
| Interest Free Period | up to 55 days | |
| Interest Rate on Cash Advances | 21.74% p.a. | |
| Minimum Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|
$500 | |
| Minimum Monthly Repayment | 2.5% | |
| Credit Card Type | Visa | |
| Late Payment Fee | $5 | |
| Complimentary Travel Insurance | No | |
| Available to Temporary Residents | No | |
| Joint Application | No |
Product Features
- Get back to basics with a low 13.99% p.a. on purchases.
- Cash if you need it at 21.74% p.a. p.a
- An additional cardholder at no extra cost.
- Worldwide acceptance at over 22 million locations.
- Up to 55 days interest free on purchases.
- Choose from groovy silver or hot pink card designs
- Take advantage of the low annual card fee of $59 p.a. p.a
The savings on interest makes this credit card a great choice for everyday use provided you keep your balance as low as possible.
With the NAB Low Interest Card you can benefit from more features such as:
- Convenient banking with NAB Internet and Telephone Banking
- Secure online shopping when you register for free
- Emergency travel assistance 24 hours a day, 7 days a week
What can I do to avoid or reduce my interest charges?
You can avoid or reduce interest charges by:
- using a credit card with an interest free period for purchases
- always paying off the full closing balance of your last statement by the payment due date (within cut off times)
- avoiding cash advance and cash equivalent transactions (as these generate interest as soon as they are assigned to your account)
How to apply for the NAB Low Interest Credit Card
Applying for the NAB Low Interest Card takes just 10-15 minutes and you’ll get a response in just 60 seconds from NAB.
You will need a few items on hand when you apply. Make sure you have
- Your drivers licence number
- Your financial details including wages, salary and other incoming money
- Your expenditure each month including rent and other loans
- Your employers details (if you are self employed then you will need to provider your accountants details)
- Your assets
- You rewards program membership number. Whether it be Velocity, Qantas Frequent Flyer or Flybuys
Once you have completed the application you will receive an email confirmation from NAB immediately. If your application has been approved you will receive your new credit card within 5 business days.
You can find out more and apply using the buttons below.
Read the NAB Low Rate Credit Card terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | No | |
| Credit Rating Requirement | Good | |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $500 |
| Annual Fee | $59 p.a. | |
|---|---|---|
| Minimum Repayment | 2.5% | |
| Late Payment Fee | $5 | |
| Over Limit Fee | $0 | |
| Overseas Cash Advance Fee | $1.50 | |
| Overseas Emergency Replacement | $100 | |
| Overseas ATM Balance check | $0 | |
| Overseas ATM Withdrawal | $4 | |
| Foreign Currency Conversion Fee | 2.3% | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 |
Pros
- This card offers a low 13.99% on purchases.
- When the balance transfer period finishes, the card holder is charged at the lower purchase rate of interest instead of the cash advance rate like with some other cards.
Cons
- This card has no rewards program which means there's no incentives for spending.
- The annual fee could be lower consider what's on offer with 'no annual fee' credit cards.
Read the NAB Low Rate Credit Card terms and conditions.
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I currently have a NAB visa card. Am I able to transfer the balance onto this new card/offer?
Thanks
Am I able to transfer the balance of my nab credit card to a nab low rate card or do I have to look at transferring to another bank.
Hi Chris
Thanks for your comment :)
The NAB Balance Transfer Terms & Conditions state that the balance transfer option is only available if the nominated accounts are non-NAB credit cards or store card accounts issued in Australia. So in your case, you would not be able to transfer the balance of your existing NAB credit card to the NAB Low Rate.
I hope this helps
Cheers
Jeremy
Hi If i balance transfer to one of your credit cards for more than the low interest offer period will the balance be charge at a purchase rate or a cash advanced rate
Hi Damien
Thanks for your question
NAB Credit Cards have been revamped and they now revert to the purchase interest rate at the end of the balance transfer period.
Cheers,
Jeremy
are there any min employment requirements? i earn 150,000+ per year but i have only been with my current employer for 2 months.
Hi Karl. If you’ve been with your employer for under three or four months, a letter from your employer saying you’ve passed probation can strengthen your application. Cheers.
Is there a minimum income required for this credit card?
Hi Anne. There is no minimum income requirement for this card, rather, you’re application will be assessed on the information you have provided when you signed up. Thanks for your question.
Hi,
Is the offer of 2.99% still going as there is conflicting information on this website. In one section it states the offer has expired already however under the low interest rate card section it states that the offer is on until December 2011. Can you please clarify this.
Thanks
Hi Linda
The NAB Low Rate currently offers 2.99% p.a. on purchases for your first year if you apply by 14 December 2011
Cheers
Jeremy
can you balance transfer a personal loan for $5000
Hi Will
I know that you can do a balance transfer of a personal loan with Citibank credit cards, but as far as I’m aware this is not available with NAB.
Cheers
Jeremy
Hi, I have applied for one of these cards and got a confirmation saying I would get an email with my reference number. I have written down the reference number which was lucky as I never received the email. How do I check my application to make sure I did not make a mistake with my email?
Thank you Kindly
Hi Keri
Thanks for your e-mail
You can give customer service a call and they should be able to check on your credit card application status for you
Cheers
Jeremy
Thanks Jeremy, I actually called them up last Friday and am just waiting on my paperwork now :-)
Hi Jeremy,
You mentioned that at the end of the balance transfer period, the balance will be charged at purchase rate. The purchase rate after the first 6 months, would it be 2.99% (special rate) or normal rate of 13.49%?
Cheers – Yati
Hi Yati
The rate will revert to the normal purchase rate
Cheers
Jeremy
does the special offer apply to cash advances or is cash advances always the set rate?
Hi Jodie
The special introductory purchase interest rate excludes cash advances and balance transfers.
Cheers
Jeremy
Can I change from current Nab platinum mastercard to this card as an existing customer? thanks Annabel
Hi Annabel
Thanks so much for your comment
You are unable to a balance transfer from your existing NAB credit card to a new NAB credit card, however, you are still able to apply for the credit card as an existing customer.
Cheers
Jeremy
At what rate are monthly repayments on the outstanding balance calculated? If my outstanding balance was $3000 how much would pay per month
Hi Anthony,
According to NAB, interest is calculated: “by applying the relevant daily percentage rates (the accounts annual % rate divided by 365) to the total aggregated balance of the account for that period. The aggregate balance includes purchase, cash advance and special balances and any interest charges shown on a statement which are outstanding.” Hope this helps.
Cheers
Jeremy
Is this offer of 2.99% for first 12 months still available?
Hi,
Yes it is, but only on applications approved before the 1st of April 2012. Cheers.
Jeremy
My wife and I are receiving age pension
our combined income is approx34-35K
PA. we have $5000. debts, etc. would we qualify? for balance transfer. Thanks…
What fees and charges will I incur if I pay this card off before the 6 month low rate period ends?
Hi, can I transfer the balance of this new card to my existing credit card?
Hello Shrean,
thanks for the question!
You can usually balance transfer from a new card to an existing card, although this usually isn’t at a promotional rate of interest. Some providers, such as American Express will occasionally make BT offers available to existing customers.
Cheers,
Marc.
I am a NAB customer but also have an account with different a different bank. Would I be able to apply for this card and do a balance transfer from the other bank?
Hi Brian. Yes this is possible; however, NAB also make balance transfer offers available to existing customers, please refer to their website for further information. Thanks.
If I was approved a credit limit of 20 000 for a Low Rate visa with a 4.99% balance transfer for 6 month offer, and I wanted about $14 000 transferred from a ‘Once Credit’ account and a further $4000 from a GE credit card account, would this be approved?
Hi Sharonlee. NAB allow you to balance transfer up to 70% of your approved credit limit. So, if you were approved for a credit limit of $20,000, you could transfer up to $14,000. Thanks for your question.
what % of my current credit card limit can I transfer to NAB low rate credit card?
Hi Annette. Thanks for your question. NAB allow you to transfer up to 70% of your approved credit limit. Please refer to this page for more information about this topic and balance transfers. Jacob.
I want to apply for this credit card but you say I need to provide my driver’s licence number. I do not drive (never have), so does that mean I do not quality to apply for this card?
Hi Josephine. Thanks for your question. No, you still qualify, you will just need to provide an alternate form of identification, like a passport, you may also be contacted by the lender to verify your identity after the application is complete. Jacob.
I am looking for available credit cards with low interest rate credit balance transfers. I am currently paying off approximately $9,600 plus interest over 4 different credit cards plus an overdraft and want to merge them into one card so i can pay only one amount of interest.
Is this card suitable for this purpose?
I am an existing NAB customer.
Hi Christina. Thanks for your question. If you’re looking to consolidate an overdraft to a credit card through a balance transfer, this limits your options somewhat. So, Citibank, and institutions underwritten by Citibank (Virgin) offer allow applicants to consolidate debt from more than just credit cards, store cards and charge cards (as with most other institutions) – so you will want to start your search with them. In terms of how much you can consolidate through a balance transfer, this will depend on how much you’re approved for on your new card or account – Citibank allow transfer subject to their lending criteria, while Virgin allow up to 80% of your credit limit to be used for a balance transfer. Furthermore, balance transfers under a promotional rate of interest won’t be accepted between cards offered by the same institution. Hope this helps. Jacob.
Hi.
We wish to transfer across credit cards, & we wish to know what will be the minimum monthly payment that we can expect to be charged for the amount of $26,000 ?
And is this amount of $26,0000 to large to transfer across ?
Please advise, many thanks….
Kate.
Hi Kate. Thanks for your question. About the amount you can transfer, it all depends on your approved credit limit – NAB will allow you transfer up to 70% of this amount. Take this example: You’re approved for a card with a credit limit of $10,000, NAB will allow you to use $7,000 as a balance transfer balance. For more information on the maximum transfer amounts by provider, see this page. So the minimum repayment on a balance of $26,000 is $650 per month. Let me know if you have any more questions about balance transfers. Jacob.
Hi as being a full time international student and holding a student visa could I still apply for Balance transfer card?
Hi Makka. Thanks for your question. According to NAB: ‘You can apply for any NAB credit card if you’re an overseas student. To be eligible, you must be over 18 years old. Approval is subject to our credit assessment criteria.’ So yes, you can apply for this card if you’re in Australia on a student visa. Hope this has helped. Jacob.