NAB Low Rate Card – Rates and Fees

Information verified correct on December 9th, 2016
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Save on interest costs with 0% p.a. for 15 months on both purchases and balance transfers with the NAB Low Rate Card.

The NAB Low Rate Card is a low-cost credit card that offers a 0% introductory rate for 15 months on purchases and balance transfers. The card also comes with a competitive annual fee, low ongoing purchase rate and interest-free days. Plus, as a Visa card, this card offers worldwide access and a number of exclusive features.

Product NameNAB Low Rate Credit Card
Balance transfer rate (p.a.)0% p.a. for 15 months with a one off 3% balance transfer fee
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Balance Transfer Limit90% of available credit limit
Purchase rate (p.a.)0% p.a. for 15 months (reverts to 13.99% p.a.)
Offer end date22 January 2017
Annual fee$59 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.74% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Card TypeVisa
Late Payment Fee$9
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Annual Fee$59 p.a.
Late Payment Fee$9
Over Limit Fee$0
Cash Advance Fee2% or $2.50, whichever is greater
Overseas Cash Advance Fee2% or $2.50, whichever is greater
Overseas Emergency Replacement$100
Overseas ATM Balance check$1
Overseas ATM Withdrawal Fee$5
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Fee
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Receive 0% p.a. for 15 months on balance transfers and purchases if you apply by 22 January 2017.
  • This card offers a low annual fee of $59.

Cons

  • This card has no rewards program which means there's no incentive for spending.
  • The annual fee could be lower considering what's on offer with 'no annual fee' credit cards.
  • Interest-free days on purchases of up to 55 days do not apply with an outstanding balance transfer.

NAB Low Rate Card review

The NAB Low Rate offers competitive rates, a low annual fee and other additional features that set it apart from other generic low rate cards. If you're looking to repay your debts faster and cheaper, you can take advantage of a balance transfer offer of 0% p.a. for 15 months with a one off 3% balance transfer fee. If you wish to use the card for purchases, you could also benefit a purchase offer of 0% p.a. for 15 months and up to 55 interest-free days. With a low annual fee, this card offers cardholders a number of ways to keep their credit card costs low.

If you prefer a premium credit card, there is a premium version of the card available.

Benefits of NAB Low Rate Card

  • Purchase offer. Apply by 22 January 2017 and pay no interest on purchases for the first 15 months from opening your account. Once the introductory period ends, any balances left unpaid will start attracting the standard rate of 13.99% p.a.
  • Balance transfer. With the NAB Low Rate Card, you will receive a balance transfer rate of 0% p.a. for 15 months with a one off 3% balance transfer fee (reverts to the cash advance rate thereafter). With NAB, you can transfer 90% of your approved credit limit and there is a minimum transfer balance amount of $200. You can only transfer from a non-NAB credit card issued in Australia. Offer ends on 22 January 2017.
  • Interest-free period. The interest-free period for purchases on the NAB Low Rate Card is 55 days. This allows you up to 55 days to pay off your balance and avoid paying interest. Interest-free days do not apply if the account has an outstanding balance.
  • Emergency travel assistance. As a Visa customer, you will receive emergency travel assistance from Visa Global Customer Assistance Services. This is an emergency service you can access 24/7 while you’re travelling.
  • Additional cardholders. With the NAB Low Rate Card, you can add an additional cardholder at no extra cost. As this is your account, you decide how to use the account and are responsible for its use.

Features of the NAB Low Rate Card

  • Interest rate. The standard interest rate on purchases is 13.99% p.a. and the cash advance rate is 21.74% p.a.
  • Annual fee. The NAB Low Rate Card has a competitive annual fee of $59 to cover the service and maintenance of your account.
  • Special offers. As this is a Visa Card, you get access to special offers for shows, events and experiences with Visa Entertainment. You will also access special Visa offers and exclusive access.
  • Worldwide acceptance. Visa cards are accepted in 22 million locations all over the world.
  • Choice of card colour. This card comes in two different colours: silver and pink. You can select which card colour you would prefer.

How to apply for the NAB Low Rate Card

Applying for the NAB Low Rate Card is easy and can be done online within around 10 minutes and you should receive a response within 60 seconds. Before you apply, make sure you've met the following requirements and have the necessary documents on hand.

Eligibility criteria

  • Be at least 18 years of age
  • Be an Australian permanent resident
  • Have a good credit history

Required documents

  • Drivers licence
  • Financial details
  • Expenditure details
  • Employer details
  • Details of your assets

The NAB Low Rate Card could be a worthwhile option for cardholders who wish to consolidate their debt while keeping their standard card costs low. As there are other low rate cards on the market, though, you would do best to compare your options before applying.

If the low rate option is not for you, NAB offers a range of other credit cards including credit cards that are linked to reward programs for a more rewarding credit card experience.

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265 Responses to NAB Low Rate Card – Rates and Fees

  1. Default Gravatar
    | November 17, 2016

    Hi,
    I was wondering what the difference between the NAB Low Rate card and the NAB Low Fee card. Both cards seems to offer 0% purchase rate for 15 months but the annual fees are different. One has a $59 and the other has $30 annual fee.
    Could you clarify for me as I would like to apply for one of these cards. Are the maximum credit limit different between these cards?

    • Staff
      Jason | November 18, 2016

      Hi Mathew,

      Thank you for your enquiry.

      Aside from the difference of the annual fee of these two NAB cards, the NAB Low Rate card has a purchase rate of 13.99% p.a. after the first 15 months and has an interest free period of up to 55 days on purchases while the NAB Low Fee card has a purchase rate of 19.74% p.a. after the first 15 months and has an interest free period of up to 44 days on purchases. You can check out this link for the comparison page of NAB credit cards for your reference. The maximum credit limit of these cards will be decided by NAB after assessing your financial capabilities and condition.

      Please click these links to apply online for the NAB Low Rate card or for the NAB Low Fee card.

      Cheers,
      Jason

  2. Default Gravatar
    Sanjeev | November 6, 2016

    Hi, What will be my monthly repayment if I balance transfer of $10000 in interets free period?

    • Staff
      May | November 10, 2016

      Hi Sanjeev,

      Thanks for your question.

      This NAB Low Rate Credit Card offers 0% p.a. for 15 months on balance transfer, so for your $10,000 balance transfer amount, you can divide $10,000 by 15 months. You are then required to pay $666.67 each month to clear your debt before the 15-month promotion ends.

      To get more information on how you can calculate your credit card repayments, please click here.

      Hope this has has answered your question.

      Cheers,
      May

  3. Default Gravatar
    duncan | October 13, 2016

    Is there a minimum annual earnings requirement?

    • Staff
      May | October 13, 2016

      Hi Duncan,

      Thanks for your question.

      For the NAB Low Rate Credit Card, the minimum income requirement was not specifically mentioned as to how much, however, generally, for most credit card companies, they would accept applicants with income of $15,000 p.a. You can find more information about the income requirements for credit cards on this page.

      It’s best to get in touch with NAB if you want to verify the exact amount for the minimum income requirement for this card.

      Hope this is helpful.

      Cheers,
      May

  4. Default Gravatar
    marius | October 12, 2016

    Can I do a balance transfer from St George bank?

    • Staff
      Harold | October 13, 2016

      Hi Marius

      Thank you for your comment.

      Yes, balance transfers between St. George credit card and NAB are allowed. For your complete guide and reference, you can find on this page which banks allow you to transfer your balance to and from.

      Cheers,
      Harold

  5. Default Gravatar
    | September 20, 2016

    Hi,

    Just wondering what is the max credit limit on the NAB LOW FEE CARD?

    • Staff
      Sally | September 20, 2016

      Hi Mustafa,

      Thanks for your question.

      The card doesn’t have a set maximum credit limit. Instead, the maximum credit limit you’ll be approved for will depend on details such as your income and credit history. When applying for a credit card, you can usually nominate the maximum credit limit you’d like to be approved for, though the final credit limit will ultimately be the bank’s decision.

      I hope this has helped.

      Cheers,

      Sally

  6. Default Gravatar
    | September 19, 2016

    Is there any processing fee or admin charges for purchase rates?

    • Staff
      Jonathan | September 20, 2016

      Hi Latif, thanks for your inquiry!

      There are no processing fees/ admin charges for purchases made domestically. However merchant credit card surcharges may still be charged on your purchases/ transactions.

      Cheers,

      Jonathan

  7. Default Gravatar
    | September 12, 2016

    We already have a Nab Premium Mastercard. Can we transfer on 0% for 15months some of the debt on this card given we are already a NAB customer.
    Otherwise I will need to look to another bank.

    • Staff
      Arra | September 21, 2016

      Hi Lynda,

      Thanks for your inquiry.

      Unfortunately, transferring of balances from one NAB credit card to another NAB card is not accepted, so you might want to compare your other balance transfer options using page.

      I hope this has helped.

      Cheers,
      Arra

  8. Default Gravatar
    Basil | September 6, 2016

    I have a nab platinum card but I need to apply for the another one as well , the low rate card . Is to possible to get that without closing the first one .

    • Staff
      May | September 7, 2016

      Hi Basil,

      Thanks for your question.

      Yes, no need to close your current credit card if you wish to apply for another one.

      Cheers,
      May

  9. Default Gravatar
    Ralph | August 31, 2016

    Hi,

    I am interested with this credit card promo but I think I’m not eligible yet. Can I apply for this card although I’m not an Australian PR? I’m on work visa 457 right now and working as a Nurse.

    • Staff
      Anndy | August 31, 2016

      Hi Ralph,

      Thanks for your question.

      NAB accepts credit card applications from temporary residents as long as the following criteria are met:

      - You must have been working in Australia for a minimum of three months
      - You must have completed any probationary period at work

      I hope this helps.

      Cheers,
      Anndy

  10. Default Gravatar
    John | July 24, 2016

    Hi there
    If I was looking to take a loan of about $5000 for education fees and I managed to pay off the loan before the end of the 15 months I would not be charged any fees/money right? As long as I paid the required repayment rate on time and did not make any other withdrawals or transfers.

    So if i make a repayment of $400 a fortnight and finish before the interest free period earns.I do not have to pay anything else?

    • Staff
      May | July 26, 2016

      Hi John,

      Thank you for your question.

      If you will use your NAB Low Rate credit card to pay for your educational fees and if these fees are treated as eligible purchases, then you will not be charged with interest for 15 months.

      So it’s important to set out a repayment plan to ensure you can repay your balance before the promotional period ends. If you were unable to pay off your promotional purchases in full each month and prior to the expiration of that promotional period, an interest of 13.99% p.a will incur monthly.

      Cheers,
      May

Credit Cards Comparison

Rates last updated December 9th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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