NAB Low Rate Card (Cashback Offer)

• Receive $300 cashback when you spend $1,500 on purchases within 90 days from account opening.
• With a low annual fee of $59, this card helps keep your costs manageable.
• Apply online in minutes and get a response in 60 seconds.

There’s more than one way to get rewards from your credit card. If collecting points is not your thing, why pay – via a high purchase interest rate and steep annual fee – for points you won’t ever use?

The true rewards that come with the NAB Low Rate Card are the low ongoing purchase interest rate, the very long promotional balance transfer offer, the higher-than-average (for NAB) interest-free days, and the very reasonable annual fee, waived in the first year.

Low 13.49% p.a. ongoing purchase interest rate

If you’re in the market for a low interest credit card, it’s possibly because you expect that you will sometimes be unable to clear your purchase balance in full by the due date, or simply forget to make the payment on time. The result will be that you will forfeit your interest-free days on purchases until you repay your outstanding balance. This can be painfully expensive, with standard credit card interest rates in the region of 20%.

However, since the NAB Low Rate Card has a much more reasonable 13.49% p.a. interest rate, your interest payment would be much lower in the same situation. And if you are going to have long-term credit card debt and have run out of balance transfer options, paying 13.49% instead of around 20% is going to make an enormous difference.

$300 Cashback offer

Looking for a credit card that offers a low interest rate and provides $300 cashback? Earn $300 cashback when you spend $1,500 on purchases within 90 days from account opening. While several other credit cards offer cashback rewards, this particular signup bonus stands out for its simplicity and immediate value. With a straightforward spending requirement, you can quickly unlock the $300 bonus, making this card a great option for those looking to maximize their initial rewards. Whether for everyday purchases or larger expenses, this offer provides an excellent way to get more from your spending right from the start.

Extra interest-free days

One of the downsides of NAB credit cards is that the vast majority of them come with only 44 interest-free days each month. But not this one. This is the only NAB card that comes with up to 55 interest-free days.

It may not sound like a big difference, but in fact, it amounts to 132 days of extra credit each year. That’s an extra 132 days in which your hard-earned cash can remain in your savings or mortgage offset account, either earning a little interest or reducing your mortgage interest bill.

No points, no insurance, no frills

Bonus benefits, like frequent flyer and other reward scheme points, airport lounge passes, and wide-ranging insurance cover, all come at a price. You will end up paying for them in the form of high purchase interest rates or, more likely, a high annual fee. With this very basic card, however, there’s none of this to pay for, and no complex rewards system to get your head around.

But some built-in benefits you can actually use

You will, however, receive lots of other benefits that make your card more convenient as well as more secure. You’ll be able to make contactless purchases up to $100 with Visa payWave, rely on NAB Defence to monitor fraudulent transactions, and take advantage of Verified by Visa online fraud protection service, as well as Visa Global Customer Assistance if you need emergency travel support.

Download the NAB app for more control over your card: One Touch ID lets you log in to your account with more security; you can block and unblock your card if you temporarily lose it (no need to cancel the card in this situation); you can turn payWave, online transactions and overseas transactions on and off with just a swipe; add NAB Pay for Android to your compatible phone to turn it into a Tap and Pay digital wallet.

Low annual fee, waived on the first year

While it’s possible to argue that a ‘no frills’ card like this one should have no annual fee at all, the $59 annual fee is pretty reasonable given that you’ll always get up to 55 interest-free days on purchases each month, provided you have no unpaid purchases and cash advances balance on your account. There’s also no annual fee for an additional cardholder, and you will get at least one complimentary benefit in the form of membership of Visa Entertainment’s pre-sales privileges and discounts for concerts, shows, movies, and sporting events.

But, even better, the annual fee is waived in the first year. You can try out all the benefits of the card for 12 months and pay no fee.

Simple application process, fast response

NAB estimates that it will take you about 15 minutes to complete their online application form, and you’ll get a response in one minute after that. If your application is successful, you can expect to receive your card in the mail within five business days.

Who it’s for

There’s no doubt that the uncomplicated NAB Low Rate Card is aimed at lower-income earners, since there is no minimum income requirement and a minimum credit limit of $1,000. Frequent flyer and other rewards points collectors should look elsewhere, and if you expect anything other than basic Visa lifestyle benefits you won’t be impressed. But everyone, at any income or spending level, can find benefits in the combination of a long-lasting balance transfer offer, a low ongoing purchase interest rate (even if it’s only for when you’re forgetful), and a low annual fee.

Other low-rate cards to consider

Before you make your mind up, take a look at some competing cards with low purchase interest rates, for example, the Bankwest Breeze Mastercard, the St.George Vertigo Visa, and the Westpac Low Rate Credit Card.