Save on your credit card costs with a 0% introductory interest rate for 6 months on purchases when you get a new NAB Low Rate credit card.
With a low standard variable interest rate on purchases and a competitive annual fee, NAB's Low Rate Visa is designed to help you keep your credit card costs down. This low-cost credit card also offers an introductory interest rate of 4.99% p.a. on balance transfers for 6 months, with no balance transfer fee.
At the end of the introductory periods, purchases revert to the standard purchase rate and balance transfers revert to the standard variable cash advance rate. Use this review of the NAB Low Rate Card to learn about the features, benefits and fees, as well as the steps you'll need to take to apply.
|Product Name||NAB Low Rate Credit Card|
|Balance transfer rate (p.a.)||4.99% p.a. for 6 months|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (21.74% p.a.)|
|Balance Transfer Limit||90% of available credit limit|
|Purchase rate (p.a.)||0% p.a. for 6 months (reverts to 13.99% p.a.)|
|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.
|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 Insurance||No|
|Minimum Age||18 years of age|
|Available To Temporary Residents||No|
|Credit Rating Requirement||Good|
|Annual fee||$59 p.a.|
|Minimum Monthly Repayment||2% or $25, whichever is greater|
|Late Payment Fee||$15|
|Cash Advance Fee||2% or $2.50, whichever is greater|
|Overseas Cash Advance Fee||2% or $2.50, whichever is greater|
|Overseas ATM Withdrawal Fee||$5|
|Foreign Currency Conversion Fee|
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.
|Gambling Transactions Allowed||Yes|
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||1|
- Take advantage of 0% p.a. for 6 months on purchases.
- Receive 4.99% p.a. on balance transfers for 6 months.
- This card offers a low annual fee of $59.
- You can request for an additional credit card at no extra cost.
- This card has no rewards program which means there's no incentive for spending.
- Interest-free days of up to 55 days on purchases do not apply with an outstanding balance transfer.
Review of the NAB Low Rate Card
The NAB Low Rate is designed to offer affordable access to credit, with a competitive standard variable purchase rate of 13.99% p.a. and an annual fee of $59. It also gives you up to 55 interest-free days on purchases when you pay your account balance in full by the due date on each statement.
If you’re looking to repay your debts faster and at a lower rate, you can take advantage of a balance transfer offer of 4.99% p.a. for 6 months.
Benefits of the NAB Low Rate Card
- Purchase rate promotion. Get a 0% interest rate 6 months on purchases and save on your credit costs. After the promotional period, interest will revert to the standard purchase rate.
- Low purchase rate. This card has a standard purchase rate of 13.99% p.a.
- Interest-free period. The interest-free period on purchases on the NAB Low Rate Card 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. This can come in handy if you need additional cards to manage your family or business' expenses, but remember that you're held accountable for all of the purchases made with this card.
Features of the NAB Low Rate Card
- Interest rates. The standard interest rate on purchases is 13.99% p.a. and the cash advance rate is 21.74% p.a.
- 4.99% p.a. balance transfer offer. With the NAB Low Rate Card, you will receive a balance transfer rate of 4.99% p.a. for 6 months with no 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 and minimum monthly repayments are required.
- Annual fee. The NAB Low Rate Card has a competitive annual fee of $59 to cover the service and maintenance of your account.
- Exclusive Visa 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.
- Credit limit. This card has a minimum credit limit of $500. The maximum credit limit you'll be approved for will be based on factors such as your income and credit history.
How to apply for the NAB Low Rate Card
You can apply for the NAB Low Rate credit card in 15 minutes and should receive a response within 60 seconds. Before you apply, make sure you've met the following requirements and have the necessary details and documents on hand.
- Are you over 18? You must be at least 18 years of age to apply for a credit card in Australia.
- What is your residency status? You must be an Australian permanent resident or citizen.
- What is your credit rating? You must have a good credit history.
Required details and documents
- Driver's licence
- Financial details
- Expenditure details
- Employer details
- Details of your assets
The NAB Low Rate Card offers you a way to consolidate your debts, avoid high interest on purchases and keep your card costs low. 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. With so many options on the market, remember to compare your options before you apply.Back to top