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NAB Low Rate Card – Rates and Fees

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Pay down your debt with a 0% p.a. for 16 months special balance transfer offer.

The NAB Low Rate Card is a low-cost credit card that offers a 0% p.a. special introductory interest rate for 16 months on balance transfers if you apply for the balance transfer at the time of your credit card application. The card also comes with a competitive annual fee, a low purchase rate and interest-free days on purchases. Plus, as a Visa card, this card offers worldwide access and a number of exclusive features.

This review of the NAB Low Rate Card outlines the fees, features and benefits you can expect from the card, as well as the steps you'll need to take to apply.

Product NameNAB Low Rate Credit Card
Balance transfer rate (p.a.)0% p.a. for 16 months with 2% 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.)13.99% p.a.
Offer end date1 October 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$15
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 ResidentsYes
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsYes
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$15
Over Limit Fee$0
Cash Advance Fee2% or $2.50, whichever is greater
Overseas Cash Advance Fee2% or $2.50, whichever is greater
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 Rate
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 16 months on balance transfers if you apply by 1 October 2017.
  • This card offers a low annual fee of $59.
  • You can request for an additional credit card at no extra cost.

Cons

  • This card charges a one-time 2% balance transfer fee.
  • 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.

NAB Low Rate Card review

The NAB Low Rate offers competitive rates, a low annual fee and additional features that set it apart from other generic low rate cards. If you’re looking to repay your debts faster and at a lower rate, you can take advantage of a balance transfer offer of 0% p.a. for 16 months with a one-time 2% balance transfer fee (only if you apply for the balance transfer at the time of your credit card application). If you wish to use the card for purchases, you could also benefit from a low purchase rate of 13.99% p.a. and up to 55 interest-free days on purchases. With a low annual fee, this card offers a number of ways to minimise credit card costs.

Benefits of using a NAB Low Rate Card

  • Special balance transfer offer. With the NAB Low Rate Card, you will receive a balance transfer rate of 0% p.a. for 16 months with a one-time 2% balance transfer fee (reverts to the cash advance rate thereafter) if you apply for the balance transfer at the time of the credit card application. 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. Offer ends on 1 October 2017.
  • 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., the cash advance rate is 21.74% p.a. and you can get 0% p.a. for 6 months on balance transfers (not available in conjunction with the introductory balance transfer offer and a one-time 2% BT fee applies).
    • 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 documents on hand.

Eligibility criteria

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

Required documents

  • Driver's licence
  • Financial details
  • Expenditure details
  • Employer details
  • Details of your assets

The NAB Low Rate Card offers cardholders a way to consolidate their debts, avoid high interest on purchases and keep their card costs low. As this isn't the only low rate card on the market, customers would benefit from comparing their 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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203 Responses

  1. Default Gravatar
    BenMay 4, 2017

    is there any purchase protection, overseas transactions fee, International Currency Conversion Fees etc.

    • Staff
      MayMay 4, 2017Staff

      Hi Ben,

      Thanks for reaching out.

      Yes, the NAB Low Rate Card has purchase protection. You can find the link to the booklet that outlines the policy on purchase protection on the NAB’s official page. Please click on the “Go to site” button above to be redirected to NAB’s page.

      If you will also click on the “Fees & Repayments” tab above, you would find the fees and rates of this card including foreign currency conversion fee, cash advance fee, overseas ATM withdrawal fee, etc.

      Hope this helps.

      Cheers,
      May

  2. Default Gravatar
    karrenMay 3, 2017

    what does awaiting moderation mean?

    • Staff
      ArnoldMay 3, 2017Staff

      Hi Karren,

      Thanks for your inquiry.

      Basically, awaiting moderation means “waiting for approval from a moderator moderator”

      Hope this information helped.

      Cheers,
      Arnold

  3. Default Gravatar
    wesApril 18, 2017

    just wondering once the term of the interest free period is up and the debt has been paid are we able to close the credit card account immediately or is there a certain timeframe in which we are not aloud to close the account.

    • Staff
      AnndyApril 18, 2017Staff

      Hi Wes,

      Thanks for your question.

      As long as you have repaid the balance in your card, you can close it anytime.

      Our guide on how to cancel a credit card may help.

      Cheers,
      Anndy

  4. Staff
    MayFebruary 15, 2017Staff

    Hi Mike,

    Thank you for your question and for contacting finder.com.au – we financial comparison website and general information service designed to help consumers make better decisions. Please note that we are not affiliated with any company we feature on our site.

    I’m afraid that you should be an Australian permanent resident to be able to apply for the NAB Low Rate Credit Card. You may want to refer to this page to compare your credit card options.

    Cheers,
    May

  5. Default Gravatar
    ErinDecember 15, 2016

    I am applying for my first ever credit card, I will not be purchasing frequently, so I would like to know if this is the right type of cc for me. Also, how long will it take to receive this card ready to use?
    Thanks

  6. Default Gravatar
    duncanOctober 13, 2016

    Is there a minimum annual earnings requirement?

    • Staff
      MayOctober 13, 2016Staff

      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

  7. Default Gravatar
    mariusOctober 12, 2016

    Can I do a balance transfer from St George bank?

    • Staff
      HaroldOctober 13, 2016Staff

      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

  8. Default Gravatar
    September 20, 2016

    Hi,

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

    • Staff
      SallySeptember 20, 2016Staff

      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

  9. Default Gravatar
    September 19, 2016

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

    • Staff
      JonathanSeptember 20, 2016Staff

      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

  10. Default Gravatar
    BasilSeptember 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
      MaySeptember 7, 2016Staff

      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

Credit Cards Comparison

Rates last updated July 29th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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19.74% p.a. 0% p.a. for 24 months $90 p.a. Go to site More info
Qantas American Express Ultimate Card - Online Offer
Apply by 31 July 2017 to earn 100,000 bonus Qantas Points and get 2 American Express Airport Lounge entries each calendar year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $450 p.a. 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.
12.74% p.a. 0% p.a. for 20 months $99 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to receive a long-term, no fee balance transfer and a $129 Virgin Australia Gift Voucher each year.
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

* 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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