A NAB balance transfer offer can help you save on interest by offering an introductory low or 0% p.a. rate when you move existing debt onto a new card.
This gives you a set period of time when little or no interest is added to your balance, which can help you pay it off faster. At the end of the introductory period, the standard variable cash advance rate for your NAB credit card will apply to any remaining debt from your balance transfer.
Use this guide to compare balance transfer offers across NAB’s range of credit cards and learn how this process works so you can decide if it’s right for you.
0% p.a. for 24 months on balance transfers
with a one-time 2% balance transfer fee
Eligibility criteria, terms and conditions, fees and charges apply
NAB Credit Card Offer
The NAB Low Fee Platinum Card features a range of platinum benefits and a long-term balance transfer offer.
- $90 p.a. annual fee.
- 19.74% p.a. on purchases
- 0% p.a. for 24 months with 2% BT fee on balance transfers
- Cash advance rate of 21.74% p.a.
- Up to 44 days interest free
Compare NAB balance transfer credit cards
What you'll find in this guide?
What are the benefits of getting a balance transfer with NAB?
Transferring your debt to a NAB credit card could help you get the following benefits:
- Save on interest. The introductory balance transfer rate can give you some temporary relief from high interest charges. You can enter details of your debt and current interest rate in the table above to see how much you can save with current NAB balance transfer offers.
- Consolidate debts. Moving balances from a few cards to a NAB credit card means you’ll only have to make one repayment each month. It could also save you money on fees and make it easier to track your progress.
- Pay off debt faster. During the introductory period, all or most of your repayment will go towards the original debt, which can help you pay it off faster. If you want to make the most of the balance transfer offer, you can also use this repayment calculator to work out how much you’d need to pay to clear your debt before the introductory period ends.
Are there any risks to getting a balance transfer with NAB?
As with any balance transfer, one with NAB comes with the same potential risks:
- High standard interest rates. If you don’t pay off all your debt in the introductory period, the higher cash advance rate could quickly add to your balance and derail your repayments.
- Temptation to spend. The low or 0% interest rate only applies to your balance transfer, so any new purchases will be charged interest and make it harder to pay off your balance.
- Impact on your credit score. When you apply for a balance transfer, a new enquiry is added to your credit history and could lower your credit score – especially if you have applied for a lot of other cards in the recent past. Keeping your old accounts open once the debt is transferred to your NAB card could also hurt your credit score.
Is a balance transfer the right option?
Balance transfer credit cards offer the most value when you can pay off your debt before the introductory period ends. If you think it will take you longer than that or want more structured repayments, you may want to compare other debt consolidation options.
What rates and features should I look at when choosing an offer?
- The introductory interest rate and length of the offer. In general, a 0% balance transfer rate and long introductory period offer the most potential savings. But it’s important to look at other costs and features before making a decision – especially if you can pay off your debt in a shorter amount of time.
- The balance transfer rate. Some balance transfer offers have a one-time fee that’s calculated as a percentage of the debt you move to the new card. This fee is typically around 2% but could be higher or lower depending on the offer. If a NAB credit card has a balance transfer fee, it will be charged to your account when the balance transfer is processed.
- The annual fee. NAB credit card annual fees are charged when you first open your account and then each year on the anniversary of that date. Make sure you factor this into your repayments when choosing a card.
- Eligible debts. You can request a balance transfer for Australian credit card or store card accounts held with a different issuer (not NAB), as long as they are not in default.
- Transfer limits. You can transfer a minimum of $200 and up to 90% of your approved credit limit on a new NAB credit card. Note that you won’t know your credit limit until your NAB credit card application has been approved. If you’re approved for a credit limit that’s lower than the amount you want to balance transfer, check out this guide to weigh up your options.
Application requirements for a NAB balance transfer
Most NAB balance transfer offers are only available if you request the balance transfer at the time of your application. So, when you apply for your chosen NAB credit card, you’ll need to include the amount of debt you want to transfer and details of the account.
If you don’t include the balance transfer request when you apply, call NAB on 13 22 65 to discuss your options. In some cases, you may still be able to get a balance transfer – but make sure you check what rates and fees will apply.
Other details to keep in mind
- How long the balance transfer takes. The balance transfer process with NAB can take around two to four weeks from when you apply for the card. During this time, you’ll need to continue making any payments due on your old account/s.
- Balance transfer activation. Note that NAB will begin the balance transfer process around five days after your card is approved, even if you have not yet used the card. When this happens and the balance transfer is processed, NAB will consider it as your agreement to the card’s terms and conditions. https://www.nab.com.au/personal/banking/credit-cards/balance-transfers/balance-transfer-terms-and-conditions
- Minimum repayments. You’ll still need to pay at least the minimum amount listed on each statement by the due date, even if the card has a 0% introductory rate.
- No interest-free days. NAB does not offer interest-free days for purchases if you carry a balance, which means any new purchases will be charged interest straight away.
- Closing your old account. If you want to cancel your old account, you’ll need to do that on your own.
- No reward points. If you get a NAB credit card that earns points, be aware that points are only earned for new purchases, so you won’t get any for your balance transfer.
- Payment allocation. Your credit card payments automatically go towards the part of your balance that attracts the highest interest rate first. This means if you make new purchases during the introductory period, they will be paid off before the debt you transferred. This could make it harder to pay off your debt, so it’s important to think about how to manage any new purchases before you make them.
What if I already have a NAB credit card? Can existing customers still balance transfer?
If you want to move debt onto an existing NAB credit card, you may be able to get a balance transfer offer designed especially for existing customers. These are listed on the NAB website and you can apply online, through mobile banking or by calling 13 22 65.
If you already have debt on a NAB credit card, you can look at balance transfer offers from other credit card companies to find one that works for you.
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