Repay your credit card debt faster and without high interest costs with a NAB balance transfer.
Are you suffering from fast-growing debt? Balance transfers are one way to consolidate your debt and give yourself some breathing space. If you transfer your balance to a NAB credit card with a promotional balance transfer, you could benefit from savings on interest and faster debt consolidation.
Balance transfers with NAB
A balance transfer can be your solution to clearing debt. If you have a debt owing on a credit card and you’re being charged a high rate of interest, a balance transfer allows you to transfer the debt to a new credit card with a promotional low rate of interest. The promotional time period allows you to make payments towards your debt without the extra cost of accumulating interest. If you’re looking to complete a balance transfer with NAB, here are some of the features, benefits and terms and conditions you’ll want to keep in mind.
What are the benefits of completing a balance transfer with NAB?
NAB offers competitive rates to customers looking to complete a balance transfer. We’ve summarised some of the benefits that appear across all three credit cards.
- Revert rate. If you still owe an amount on your balance transfer at the end of the promotion period, NAB will treat it as a purchase instead of a cash advance--which keeps the NAB low rate card as an attractive option.
- Transfers are quick and easy. You can apply for balance transfers when you apply for a NAB credit card. The application generally only takes 10 minutes to complete. Once your application is approved, your card will take 5-7 days to arrive.
- Mobile banking. Bank on the go with NAB mobile banking. Check your balance, make repayments or transfer funds with NAB Internet banking.
Before going ahead, what else do I need to know?
- Eligible banks. NAB does not accept balance transfers from all institutions. Check if your bank is eligible here.
- Minimum transfer. Each balance transfer amount must be $200 or more.
- You credit card limit must be more than the amount you are wishing to transfer. NAB does not offer 100% of your credit limit to be used as a balance transfer and may refuse any balance transfer request at its discretion.
- Multiple transfers. No more than two balance transfers are permitted.
- Interest-free days. Interest-free days on purchases only apply when you pay your account in full by the due date each month. This includes any unpaid balance transfer amounts.
- Closing your old account. You’ll need to close your old account by contacting the bank that issued your old credit card. NAB does not do this automatically.
- Look out for promotions. NAB frequently offers promotions such as 0% p.a. on balance transfers for 24 months.
- Balance transfer fee. NAB does not charge a balance transfer fee.
How to apply for an NAB balance transfer
The application process will take 10 minutes to complete. A reply will be sent within 60 seconds stating whether the application was successful or not. You will then need to complete the verification online and your card will arrive in the mail within 5-7 days. You’ll need to have the following information handy so you can answer the questions on the application form:
- Your current non-NAB credit card or store card
- The card number(s)
- The amount you'd like to transfer onto your new NAB card
- Bank statements or a pay slip
The application process
- Apply for the credit card. Once you’ve decided which credit card is right for you, start the application process.
- Read and accept the terms and conditions. Make sure you’ve read over and understood the fine print to ensure that the card can support your balance.
- Decide if you would prefer MasterCard or Visa. NAB gives customers the option to choose a MasterCard or Visa, so decide before applying.
- Fill in your personal details. This includes your full name, contact details and driver’s licence number.
- Provide employment and financial information. You will need to answer questions about your employment, your income, what you spend and details regarding financial stability. Make sure to have these details handy before beginning the application.
- Decide your card options. You’ll then be asked to select your limit options, if you would like an additional cardholder and whether you would like to complete a balance transfer.
- Confirm. Confirm the information is correct before completing your application. Double-check that you’ve attached all of the necessary documents, as this could impact the success of your application.
If you’re carrying a balance that’s collecting high interest, a balance transfer could be the resolution you need to start consolidating your debt. If you decide to conduct a balance transfer with NAB, make sure that you meet the eligibility requirements, have the necessary documents and understand the terms and conditions before applying.Back to top