NAB Low Rate Card
Pay off debt with 0% p.a. interest on balance transfers for the first 20 months when you get a new NAB Low Rate credit card.
When you apply for this card, you can save on interest charges and pay off existing debt with a 0% p.a. interest rate on balance transfers for 20 months. This offer charges a one-time 2% balance transfer fee and at the end of the 20 months the cash advance rate will apply to any unpaid balance.
Balance transfer rate
for 20 months with 2% balance transfer fee
Interest free period
|Product Name||NAB Low Rate Credit Card|
|Balance transfer rate||0% p.a. for 20 months with 2% balance transfer fee|
|Balance transfer revert rate||Cash Advance Rate (21.74% p.a.)|
|Balance transfer limit||90% of available limit|
|Purchase rate||12.99% p.a.|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate||21.74% p.a.|
|Min credit limit||$1,000|
|Max credit limit||$30,000|
|Foreign currency conversion fee||3%|
|Available to temporary residents||Yes - Conditions apply|
- 0% p.a. on balance transfers for 20 months
- A low annual fee of $59
- Request for an additional credit card at no extra cost
- Charges a 2% balance transfer fee
- No rewards program
|Minimum monthly repayment||2% of the closing balance or $25, whichever is greater|
|Late payment fee||$15|
|Foreign currency conversion fee||3%|
|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|
|Additional cardholder fee||$0|
|Number of additional cardholders||1|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
The NAB Low Rate is a simple, no-frills credit card that offers a competitive ongoing interest rate for purchases, annual fee of $59, up to 55 days interest-free and a low minimum credit limit of $1,000.
You can consolidate debt from non-NAB cards onto this account, with a balance transfer rate of 0% p.a. for 20 months and a one-time 2% balance transfer fee. For example, if you have a $6,000 debt to pay, $120 will be added to your balance. This offer is long compared to some other balance transfer cards, giving you more breathing room from interest charges.
How to apply
You can apply for the NAB Low Rate credit card in around 15 minutes and should receive a response within 60 seconds of submitting the secure application form. Get started by making sure you meet the following requirements and have the necessary details and documents on hand.
- Residency. You can apply if you're an Australian citizen or permanent resident. If you are not a citizen or permanent resident, you will need to have an acceptable visa. Many visas are acceptable but the following are not: Visitor Visa (exception, a Special Category Visa - NZ Citizen is acceptable), Working Holiday, Student, Exchange/gap year, Transit/short stay/seasonal, and Bridging.
- Eligible balance transfer debt. With NAB, you can transfer up to 90% of your approved credit limit from non-NAB accounts.
- Age. You must be at least 18 years old to apply.
- Personal details. This includes your full name, date of birth, email address, phone number, residential address and number of dependents. If you're new to NAB, you also need to provide a valid form of ID, such as your driver's licence, passport or Medicare card.
- Employment details. You need to provide your salary, current job title, length of employment and your employer's contact details. You may also be asked for recent payslips or bank statements to help verify these details.
- Financial details. This covers any other forms of income, such as pensions or government payments, as well as savings or other assets. You also need to share details of existing debts, loans, credit cards and other liabilities, as well as an estimate of regular household expenses such as mortgage or rental payments, bills and groceries.
- Balance transfer details. If you want to take advantage of the balance transfer, you must include your balance transfer request when you apply for this card by providing the amount of debt you want to transfer and the account/s details.
- 0% p.a. balance transfer offer. You can pay off existing debt with this card's long-term balance transfer offer of 0% p.a. for the first 20 months with a 2% balance transfer fee. At the end of the promotional period, any remaining charges will attract the card's cash advance rate of 21.74% p.a. and you must still make the minimum repayment.
- Low purchase rate. This card has a relatively low standard purchase rate of 12.99% p.a.
- Interest-free period. Receive up to 55 interest-free days on purchases when you pay your balance in full, or if your statement shows an interest free days amount, in full, by the statement due date.
- Visa perks. Take advantage of promotions on shows, events, experiences and more with Visa Offers + Perks and enjoy a range of travel and retail offers listed on the Visa website. As a Visa card, you can also make purchases around the world and enjoy contactless payments.
- Additional cardholders. With the NAB Low Rate Card, you can add an additional cardholder and enjoy a $0 additional cardholder fee. This can come in handy if you use the account for shared expenses, but remember that the primary cardholder is held accountable for all of the transactions made on this account.
- Mobile contactless payments. You can link your NAB credit card with Samsung Pay, Apple Pay, Google Pay, Fitbit Pay or Garmin Pay to make contactless payments using your qualifying device at the checkout.
Rates & fees
- Annual fee. The NAB Low Rate Card charges an annual fee of $59.
- Foreign transaction fee. If you use this card overseas or shop online in a foreign currency, you'll be charged a fee worth 3% of the transaction value.
- Cash advance rate. If you use this card to make a cash advance (such as an ATM withdrawal), you'll be charged the cash advance rate of 21.74% p.a.
- Credit limit. This card has a minimum credit limit of $1,000 and a maximum credit limit of $30,000.