NAB credit card balance transfer guide

Repay your credit card debt and save on interest costs with a NAB balance transfer offer.

If you are dealing with credit card debt, a balance transfer is one way to consolidate it and take some of the pressure off repayments. This option allows you to move your credit card debt or debts to a new card, which usually offers a lower introductory interest rate on the balance. At the end of the introductory period, the cash advance rate applies to any remaining debt. So if you transfer your balance to a NAB credit card with a promotional balance transfer rate, you could benefit from savings on interest and faster debt consolidation.

NAB Premium Card - Exclusive Offer

0% p.a. for 24 months on balance transfers
Exclusive to finder.com.au

Offer ends 31st August 2017

Eligibility criteria, terms and conditions, fees and charges apply

Exclusive to finder.com.au - NAB Credit Card Offer

The NAB Premium Card features a range of platinum benefits and a long-term balance transfer offer exclusive to finder.com.au

  • 0% p.a. on balance transfers for 24 months on a new NAB Premium Card. BT reverts to cash advance rate (currently 21.74% p.a.)
  • No balance transfer fee when BT requested upon application.
  • Receive seven complimentary insurance covers including overseas travel insurance, plus, access to the 24/7 NAB Concierge Service.
  • Request an additional cardholder at no extra cost.
  • Must apply through finder.com.au to take advantage of this offer.
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Rates last updated July 24th, 2017
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
NAB Premium Card - Exclusive Offer
Exclusive to finder.com.au, enjoy a no fee, long-term balance transfer offer with platinum privileges.
0% p.a. for 24 months 19.74% p.a. $90 p.a. Go to site More info
NAB Low Rate Credit Card
Receive up to 55 days interest-free on purchases, special offers from Visa Entertainment and Tap and Pay capabilities.
0% p.a. for 16 months with 2% balance transfer fee 13.99% p.a. $59 p.a. Go to site More info
NAB Low Fee Card
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
0% p.a. for 16 months with 2% balance transfer fee 19.74% p.a. $30 p.a. Go to site More info
NAB Low Rate Platinum Card
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
0% p.a. for 16 months with 2% balance transfer fee 13.99% p.a. $100 p.a. Go to site More info
NAB Rewards Classic Card
Earn 0.75 NAB Rewards Points per $1 spent and receive complimentary purchase protection insurance.
0% p.a. for 6 months 19.99% p.a. $95 p.a. Go to site More info
 
Rates last updated July 24th, 2017
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to earn bonus Velocity Points for the first three months and a $129 Virgin Australia Gift Voucher each year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
Citi Rewards Platinum Credit Card
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $49 p.a. annual fee for the first year ($149 p.a. thereafter) Go to site More info
St.George Vertigo Visa
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
0% p.a. for 14 months 13.24% p.a. $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
0% p.a. for 22 months with 2% balance transfer fee 19.99% p.a. $99 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
0% p.a. for 20 months 12.74% p.a. $99 p.a. Go to site More info
BankSA Vertigo Visa
Get up to 55 days interest-free on purchases and be protected by 24/7 Falcon® Fraud service.
0% p.a. for 18 months 13.24% p.a. $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
NAB Low Fee Card
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
0% p.a. for 16 months with 2% balance transfer fee 19.74% p.a. $30 p.a. Go to site More info
HSBC Low Rate Credit Card
Receive up to 55 days interest-free on purchases. Also enjoy exclusive offers with the home&Away Privilege Program.
0% p.a. for 15 months with 2% balance transfer fee 13.25% p.a. $55 p.a. Go to site More info
Virgin Money Low Rate Credit Card
Receive up to 44 days interest-free on purchases and the optional insurance coverage of CreditShield Edge.
0% p.a. for 12 months 11.99% p.a. $99 p.a. Go to site More info
Westpac Low Rate Card - Online Only Balance Transfer Offer
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% BT fee. Plus, the convenience of the Westpac mobile banking app.
0% p.a. for 24 months with 2% balance transfer fee 13.49% p.a. $59 p.a. Go to site More info
NAB Low Rate Platinum Card
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
0% p.a. for 16 months with 2% balance transfer fee 13.99% p.a. $100 p.a. Go to site More info
ANZ Low Rate Platinum
Enjoy platinum benefits with exclusive discounts, complimentary travel and purchase insurances and a 24/7 personal concierge.
0% p.a. for 16 months with 2% balance transfer fee 11.49% p.a. $99 p.a. Go to site More info
American Express Essential®  Credit Card
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with your Essential Credit Card.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Woolworths Everyday Platinum Credit Card
Receive a $100 eGift Card when you apply by 30 September 2017 and make an eligible purchase by 31 October 2017.
0% p.a. for 14 months 19.99% p.a. $0 p.a. annual fee for the first year ($49 p.a. thereafter) Go to site More info
American Express Explorer® Credit Card
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $395 p.a. Go to site More info

What is a balance transfer?

balance transfer is one 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. This promotional or introductory period can save you money on interest charges and allow you to pay more off the existing debt for a fixed period of time. At the end of the introductory period, the cash advance rate applies to any debt remaining from the balance transfer. 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 features for customers looking to complete a balance transfer. Depending on the balance transfer offer and NAB credit card you choose, some of the benefits available could include:

  • Low promotional interest rates. If you take advantage of one of these cards, this can help you save hundreds or thousands of dollars in interest depending on the size of your debt and how much you repay. Please note that the cash advance rate will apply to any debt remaining once the promotional period ends.
  • Consolidate multiple debts. You can transfer debt from up to two non-NAB credit card accounts to a new NAB credit card as long as the combined total debt won't exceed 90% of your approved credit limit. Note that balance transfer requests are subject to NAB's lending criteria and approval.
  • Simple balance transfer process. You can apply for a balance transfer when you apply for some NAB credit cards. The online application takes around 15 minutes to complete. Once your application is approved, your balance transfer request will usually be processed within 5–10 business days (but could take up to 4 weeks).
  • Manage repayments. The NAB Internet and mobile banking services allow you to manage your balance and repayments, check your balance, make repayments or transfer funds with NAB Internet banking. You can also set up payment reminders or automatic direct debit payments to help you pay on time.

What else do I need to know?

  • Eligible accounts. NAB only accepts balance transfers from non-NAB credit card or store card accounts issued in Australia. These accounts do not include debit cards and must not be in default, meaning that they can't be overdue or over limit.
  • Maximum transfer amounts. You can request a balance transfer for up to 90% of your approved credit limit with a NAB credit card. For example, if you are approved for a credit limit of $5,000, you could balance transfer up to $4,500 (subject to approval).
  • Balance transfer processing time. Balance transfers are usually processed in two weeks but could take up to four weeks to be processed in some cases. During this time, it's essential you continue making payments on your existing cards to help you avoid additional fees, charges or penalties on those accounts.
  • Interest-free days are not offered when you carry a balance. Interest-free days on purchases only apply when you pay your account in full by the due date each month. This means interest-free days won't apply when you're paying off a balance transfer.
  • Revert interest rate. Remember that the promotional balance transfer rate is only available during the introductory period. After that, the cash advance rate will apply to any debt remaining from the balance transfer. Check the balance transfer terms and conditions to find out what rate will apply after the promotional period so that you can budget accordingly.
  • 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.
  • Balance transfer fee. Some NAB credit cards come with a one-off balance transfer fee. So, make sure to check the card details before you apply.

How to apply for a NAB balance transfer

It takes around 15 minutes to apply for a NAB balance transfer credit card online and you could receive a response within 60 seconds of submitting your application. Before you apply, make sure you meet the eligibility requirements for your chosen card. You should also have the following information handy to complete the application:

  • Personal information. This includes your full name, date of birth, address and contact information.
  • Employment and financial information. You'll need to provide details about your employment, income, assets, debts and general household expenses.
  • Balance transfer details. To include your balance transfer request, you need to provide details of your current non-NAB credit card or store card. This includes the account name, number and total amount of debt you'd like to move to the NAB card.
  • Supporting documentation. As part of the application process, you may be prompted to submit supporting documents. This could include copies of your drivers licence, bank statements or recent pay slips.

The application process

  1. Apply for the credit card. Once you’ve decided which credit card is right for you, start the application process.
  2. 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 transfer.
  3. Fill in your personal details. This includes your full name, contact details and driver’s licence number.
  4. 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.
  5. Decide on 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.
  6. Review and submit the application. Go over the details you've provided and confirm the information is correct before submitting your application. Double check that you’ve attached all of the necessary documents, as this could impact the success of your application.

If you have credit card debt/s that are collecting high interest, a balance transfer gives you the opportunity to consolidate your debts and get a lower promotional rate of interest for an introductory period. If you decide to request 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.

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Sally McMullen

Sally McMullen is a journalist at finder.com.au who is a credit cards, frequent flyer and travel money expert by day and music maven by night.

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8 Responses

  1. Default Gravatar
    LisaApril 8, 2017

    Applied for a 2year interest free card/balance transfer with NAB, supplied card number and balance owing. Credit arrives approved same day. How does the balance transfer take place to enable nterest free?

    • Staff
      AnndyApril 10, 2017Staff

      Hi Lisa,

      Thanks for your question.

      If you have applied for a balance transfer during the application process, if approved, NAB will take care of paying your old credit card provider. It’s a bank-to-bank transaction.

      However, if you did not apply for a balance transfer during application, NAB allows you to transfer a balance to a NAB credit card under the promotional rate of interest provided that it is within a 30 day period of activating the card. If you elect to transfer a balance after this 30 period, you will receive NAB’s standard rate for balance transfer for existing customers.

      Cheers,
      Anndy

  2. Default Gravatar
    ColinFebruary 13, 2017

    Can I perform a credit card balance transfer to my NAB card, on line? Thank you.

    • Staff
      AnndyFebruary 14, 2017Staff

      Hi Colin,

      Thanks for your question.

      Balance transfer application can be done online. However, please note that to take advantage of the 0% balance transfer offer, generally, you’ll have to request a balance transfer at the time of credit card application.

      For more information how balance transfer works and to compare balance transfer cards, you can visit this page.

      Cheers,
      Anndy

  3. Default Gravatar
    SharonApril 17, 2016

    Can you use a balance transfer to pay off a personal loan?

    • Staff
      MayApril 18, 2016Staff

      Hi Sharon,

      Thanks for your inquiry.

      You can actually transfer your personal loan balance to a credit card and the Citi and Virgin Money credit cards allow you to do that. Please feel free to check this link to compare your options.

      Hope this helps.

      Cheers,
      May

  4. Default Gravatar
    HeatherAugust 30, 2011

    can I transfer money from NAB to my sons a/c with Heritage B.S.

    • Staff
      JeremyAugust 31, 2011Staff

      Hi Heather

      Just to confirm – do you mean do a credit card balance transfer from NAB to Heritage Building Society? If so, it’s only possible if both cards are in your name.

      Cheers

      Jeremy

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