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.
What is a balance transfer?
A 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
- 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 transfer.
- 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 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.
- 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.Back to top