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Our verdict

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 gives you a few ways to save on costs, including 0% p.a. on balance transfers for 28 months, a $0 first-year annual fee and a low variable interest rate on purchases. To give you an idea of your potential savings with the balance transfer offer, if you wanted to transfer $5,000 and were currently being charged 20.07% p.a. interest, you could save around $1,776.81 over 28 months. The $0 first-year annual fee could also help cut down on other card costs but you’ll have to pay the standard $59 annual fee after the first year.

Although it’s one of the longest balance transfer offers in the market, it’s important to remember that it charges a one-time 2% balance transfer fee. Any unpaid debt at the end of the introductory period will also attract a variable 21.74% p.a. cash advance rate. And while you have an outstanding balance transfer, you’ll only get the 55 interest-free days on purchases if you pay the required amount listed on your statement in full by the due date.

Pros

0% p.a. on balance transfers for 28 months
$0 annual fee for the first year ($59 p.a. thereafter)
Free additional cardholder

Cons

Charges a one-time 2% balance transfer fee
No rewards program or travel insurance

The NAB Low Rate credit card gives you a mix of low-cost and simple credit card features, with a low variable 13.49% p.a. interest rate for purchases and a $59 annual fee that’s waived in the first year.

NAB's 0% balance transfer offer is among the longest on the market, giving you 28 months to repay your debt without interest charges. But keep in mind that a 2% balance transfer fee applies and if you don’t pay off your balance transfer during the introductory period, it will attract the card’s variable cash advance rate of 21.74% p.a.

Details

Product details

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.	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

Fees

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	3%
Cash advance fee	3% or $3, whichever is greater
Overseas ATM withdrawal fee	$5
Additional cardholder fee	$0
Number of additional cardholders	1

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Well done, NAB!

The NAB Low Rate Card offered a very competitive long-term 0% balance transfer offer for the period analysed. A previous winner in this category, it also scored highly for its low purchase rate and relatively low annual fee.

Full list of 2024 winners

How to apply

You can apply for the NAB Low Rate credit card in around 15 minutes and should receive a response within 60 seconds of submitting the secure application form. Get started by making sure you meet the following requirements and have the necessary details and documents on hand.

Eligibility criteria

Residency. You can apply if you're an Australian citizen or permanent resident. If you are not a citizen or permanent resident, you will need to have an acceptable visa. Many visas are acceptable but the following are not: Visitor Visa (exception, a Special Category Visa - NZ Citizen is acceptable), Working Holiday, Student, Exchange/gap year, Transit/short stay/seasonal, and Bridging.
Eligible balance transfer debt. With NAB, you can transfer up to 90% of your approved credit limit from non-NAB accounts.

Age. 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 new to NAB, you also need to provide a valid form of ID, such as your driver's licence, passport or Medicare card.
Employment details. You need to provide your salary, current job title, length of employment and your employer's contact details. You may also be asked for recent payslips or bank statements to help verify these details.
Financial details. This covers any other forms of income, such as pensions or government payments, as well as savings or other assets. You also need to share details of existing debts, loans, credit cards and other liabilities, as well as an estimate of regular household expenses such as mortgage or rental payments, bills and groceries.
Balance transfer details. If you want to take advantage of the balance transfer, you must include your balance transfer request when you apply for this card by providing the amount of debt you want to transfer and the account/s details.

Card benefits

0% p.a. balance transfer offer. You can pay off existing debt with this card's long-term balance transfer offer of 0% p.a. for the first 28 months with a 2% balance transfer fee. At the end of the promotional period, any remaining charges will attract the card's variable cash advance rate of 21.74% p.a. and you must still make the minimum repayment.
First-year annual fee waiver. Save with a $0 annual fee for the first year, reverting to $59 p.a. thereafter.

Low purchase rate. This card has a relatively low variable purchase rate of 13.49% p.a.
Interest-free period. You can get up to 55 days interest-free on purchases when you pay the interest-free days payment listed on your statement by the due date. This includes if you have a balance transfer, as long as you meet that repayment requirement.
Visa perks. Take advantage of promotions on shows, events, experiences and more with Visa Offers + Perks and enjoy a range of travel and retail offers listed on the Visa website. With a Visa card, you can also make purchases around the world and enjoy contactless payments.
Additional cardholder. With the NAB Low Rate Card, you can add an additional cardholder at no extra cost. This can come in handy if you use the account for shared expenses, but remember that the primary cardholder is held accountable for all of the transactions made on this account.
Mobile contactless payments. You can link your NAB credit card with Samsung Pay, Apple Pay, Google Pay, Fitbit Pay or Garmin Pay to make contactless payments using your qualifying device at the checkout.

Rates & fees

Annual fee. Outside of any promotions, the NAB Low Rate Card charges an annual fee of $59.
Foreign transaction fee. If you use this card overseas or shop online in a foreign currency, you'll be charged a fee worth 3% of the transaction value.

Cash advance rate. If you use this card to make a cash advance (such as an ATM withdrawal), you'll be charged the variable cash advance rate of 21.74% p.a.
Credit limit. This card has a minimum credit limit of $1,000 and a maximum credit limit of $30,000.

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Amy Finder

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brian

October 17, 2023

Hi

My income s from the Australian pension and English govt pension and i have a good credit score who would give me a credit card

Amy Bradney-George Finder

October 19, 2023

Hi Brian,

You can compare options in Finder’s guide to credit cards for pensioners and learn more about the requirements to apply. As some lenders may not automatically consider pension payments from overseas, it’s also a good idea to contact the lender directly before you apply for a credit card so that you can check you meet the requirements. I hope this helps.

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Margaret

July 06, 2023

Does the balance I wish to transfer have to come from a credit card, or can it be from a loan account?

Richard Whitten Finder

July 13, 2023

Hello Margaret,

This card seems to be for transferring credit card debts only, not loans.

Elizabeth Barry Finder

July 10, 2023

Hi Margaret,

Thanks for your question.

The debt has to come from another credit card, but you can find other providers that allow you transfer debt from a personal loan to a credit card on this page.

I hope this helps,

Elizabeth

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Annie

June 08, 2023

Interest-free period. Receive up to 55 interest-free days on purchases when you pay your balance in full, or if your statement shows an interest free days amount, in full, by the statement due date. Does this mean that it will only apply once your balance transfer has been paid off after 32 months or it does not apply to the balance transfer and only to other purchases? Thank you

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Amy Bradney-George Finder

June 09, 2023

Hi Annie,

You can still get interest-free days on purchases when you have a balance transfer with this credit card. According to the NAB website, you need to pay the full amount listed as the “interest-free days payment” by the due date each month to be eligible. The balance transfer amount is treated separately and would still be eligible for the introductory balance transfer offer, providing repayment requirements are met. If you have more specific questions, you can contact NAB directly on 13 22 65. I hope that helps.

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Jenny

May 25, 2023

How long before I should be hearing from NAB?

Maybe my application didn’t go through properly?

Amy Bradney-George Finder

May 29, 2023

Hi Jenny,

You can call NAB on 13 22 65 to check on your credit card application. I hope that helps.

Christopher

May 04, 2023

Can I transfer a payment over to my mortgage account.

Will I be charge any interest or fees, before 32 weeks.

Amy Bradney-George Finder

May 05, 2023

Hi Christopher,

Thanks for your question. It isn’t possible to do a direct transfer from a credit card to a mortgage account, as mortgage repayments should be made with cash. Using a credit card to withdraw cash from an ATM or to transfer funds to a bank account would also be considered a cash advance transaction, which attracts interest and fees straight away. So any type of cash advance transaction would not be eligible for an interest-free purchase rate offer.

If you have questions about your mortgage payments or need help, contact your lender about different options. You can also speak to a financial counsellor for free by calling 1800 007 007 or using the National Debt Helpline’s online chat service. I hope that helps.

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NAB Low Rate Card

Pros

Cons

Well done, NAB!

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

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