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On website
NAB Low Rate Credit Card
Balance transfer
28 months at 0% p.a.
Purchase rate
13.49% p.a. ongoing
Annual fee
$0.00 for 1st year
Highlights
- Experience 0% p.a. on balance transfers for 28 months with a 2% balance transfer fee. Reverting to a variable cash advance rate of 21.74% p.a. after the promotional period.
- Initial $0 annual card fee for the first year ($59 p.a. thereafter).
- Receive a response within 60 seconds.
Pros and cons
Pros
Cons
About this credit card
Basics
Card usage
Apple Pay Enabled
Yes
Card Type
Visa
Gambling Transactions Allowed
No
Samsung Pay Enabled
Yes
Eligibility
Joint Application Accepted
No
Minimum Age
18 years
Minimum Credit Rating
Below Average, Fair, Good, Very Good, Excellent
Minimum Income
N/A
Temporary Residents Accepted
Yes
Additional cardholders
Additional Cardholders
1
Additional Card Fee Ongoing
$0.00
Credit limits
Minimum Credit Limit
$1,000.00
Maximum Credit Limit
$30,000.00
Repayments
Interest Charged From
Purchase date
Interest Free Period
Up to 55 days on purchases
Minimum Repayment Percentage
2%
Balance transfers
Balance transfer offer
Balance Transfer Rate
0%
Balance Transfer Period
28 months
Balance Transfer Fee Percentage
2%
Balance transfer conditions
Balance Transfer From Personal Loan
No
Balance Transfer Limit Percentage
90%
Balance Transfer Revert Rate
21.74%
Rates, fees, charges
Cash advances
Cash Advance Rate
21.74% p.a.
Cash Advance Fee
$3.00
Cash Advance Fee Percentage
3%
Cash Advance Fee Threshold
N/A
Purchases
Purchase Rate Introductory Offer
N/A
Purchase Rate Introductory Period
N/A
Purchase Rate Ongoing
13.49% p.a.
Account fees
Annual Fee Initial Year
$0.00
Annual Fee Ongoing
$59.00
Dishonour Fee
$30.00
Duplicate Statement Fee
N/A
Foreign Exchange Fee Percentage
3%
Late Payment Fee
$15.00
Rewards
Rewards program basics
Rewards Program
N/A
Rewards Program Annual Fee Initial Year
N/A
Rewards Points Expiry
N/A
Rewards points per $1 spent
Domestic Rewards Points Earn Rate
N/A
Government Rewards Points Earn Rate
N/A
Overseas Rewards Points Earn Rate
N/A
Additional perks
Insurance
Cardholder's Domestic Hotel Burglary Insurance
No
Cardholder's Extended Warranty Insurance
No
Cardholder's International Travel Insurance
No
Cardholder's Interstate Flight Inconvenience
No
Cardholder's Personal Item Theft Cover
No
Cardholder's Price Protection Insurance
No
Cardholder's Purchase Protection Insurance
No
Cardholder's Refund Protection
No
Cardholder's Transport Accident Insurance
No
Travel and lifestyle
Airport Lounge Access Included
No
Concierge Service Included
No
Complimentary Flight Voucher Included
No
Complimentary QFF Membership Included
N/A
Our review
Convenience
Customer service
Rates and fees
Rewards
Trust
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.
0% balance transfer option for 28 months
Bring across to your new card any accumulated debt from your existing non-NAB card or cards, and take advantage of 0% interest on balance transfers for a long 28 months – one of the longest offers around. There’s also no upfront balance transfer fee to pay, and, as a result of NAB’s new balance transfer policy, you can retain your interest-free days on purchases by paying for any new purchases in full each month.
This is a major departure from the previous policy on most credit cards of taking away the interest-free days of any cardholder who carried a balance of any kind past the payment due date. Now, NAB will allow you to keep your interest-free days on new purchases in the next month, provided you make the full ‘interest-free days payment’ shown on your statement. The ‘interest-free days payment’ is the closing balance minus the remaining balance transfer amount – in other words, the total of all purchases and cash advances not yet cleared from the account. It means that you can make use of the balance transfer offer and still use your new card for purchases.
High revert interest rate
Do be aware, though, that after 28 months you will pay interest at 21.74% (the ongoing cash advance interest rate) on your balance transfer amount if you haven’t paid it off in full, so try to pay off substantially more than the ‘interest-free days payment’ each month. Alternatively, collect in a savings account the cash needed for full repayment by the end of the promotional period, in order to avoid the revert rate.
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.
Reviewed by Credit Card Compare Staff
User reviews
Convenience
Customer service
Rates and fees
Rewards
Trust
Okay card, no complaints
Reviewed by Kelly
Makes shopping so much easier with payWave
Reviewed by Lisa
No extra hidden charges
Reviewed by Linda
Awesome service
Reviewed by Meredith
This one seems pretty good
Reviewed by Cath
Low fees and easy to use
Reviewed by Trish
Why you should apply
Reviewed by nab visa pay wave
A good choice credit card
Reviewed by kerri
Extremely happy with NAB
Reviewed by Exceptional NAB
Easy banking, less hassle
Reviewed by Jamie
Happy with my credit card
Reviewed by Kerry Lee Crocker
Good service
Reviewed by Ian
Good credit card rates to get me out of debt
Reviewed by Mandy
Best credit card I've ever had
Reviewed by Kat
Good value for money
Reviewed by Jaco
Generally happy with the card
Reviewed by Maxy
I wish I went with a different bank
Reviewed by Sandra
Excellent card
Reviewed by Jane
Supportive customer service, generally pleased
Reviewed by Kate supports nab
Love it
Reviewed by Debbie
Great all rounder
Reviewed by Matt
A simple, no frills card
Reviewed by Case27
This card is super easy to use
Reviewed by Patricia Miinchow
It helps me out when I have little emergencies.
Reviewed by Skits
I have a pink credit card
Reviewed by Sixela
Very happy with this card
Reviewed by I Faber
Helps me out when I have little emergencies
Reviewed by Skits
Good for emergencies
Reviewed by Skits
Unhappy, wish I never had this
Reviewed by Angela
I'm happy with my credit card
Reviewed by Mark Millikin
Not much help when things go wrong
Reviewed by Dave
Could be better
Reviewed by Anon
No dramas!
Reviewed by Cristie
I saved a lot of money
Reviewed by Paula
I love the customer service
Reviewed by Marie
I saved a lot of money with the interest rate
Reviewed by Brendon
Pleased with my credit card
Reviewed by Mihaela
Great low rate card!
Reviewed by Adam
I give them "credit"!
Reviewed by Melissa
Use as little as possible
Reviewed by Stewart
Average card
Reviewed by Malik
The best card for low earners!
Reviewed by Leannee
More money in my pocket
Reviewed by Kristi
Easy to use for small purchases
Reviewed by Alison
A good card
Reviewed by Melissa
It works for me
Reviewed by Jacob
It is OK, but not the cheapest
Reviewed by Khoa
Balance transfer used to pay off debt
Reviewed by J
Great security and service
Reviewed by Debbie
Overall good emergency card
Reviewed by Ella
Fantastic if you don't want to spend a lot
Reviewed by Sonja
Low fees, low interest.
Reviewed by Nicholas
Quality low rate card
Reviewed by D
Great, low-cost card, and easy to manage
Reviewed by Caroline
Convenient for direct debits and emergencies
Reviewed by Hazel
Reasonable, steady interest rate
Reviewed by Michael
Great credit card for the first timer
Reviewed by Thomas
Could be better
Reviewed by Mitchell
Good for emergency expenses on low income
Reviewed by Leanne
Never fails, excellent service
Reviewed by Veronica
The best credit card for all kinds of uses
Reviewed by Christopher
Low interest, easy to understand
Reviewed by Rachel
Interest-free period on purchases, but no rewards
Reviewed by Ben
Low revert rate on interest-free balance transfer
Reviewed by Rhys
They won't increase my limit
Reviewed by Frank
OK, but lack of rewards is disappointing
Reviewed by Rupert
Great interest saving card
Reviewed by Belinda
They listened to my complaint about interest rate
Reviewed by Tyron
Cheap and easy
Reviewed by Ellen
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