NAB Low Rate Card

Offers a competitive 0% interest rate on balance transfers for 32 months and a $0 first-year annual fee, with all the basic features you’d expect of a credit card.

The NAB Low Rate credit card gives you a mix of low-cost and simple credit card features, with a low 12.99% interest rate for purchases and a $59 annual fee that’s waived in the first year.

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Details

Product NameNAB Low Rate Credit Card
Balance transfer rate0% p.a. for 32 months
Balance transfer revert rateCash Advance Rate (21.74% p.a.)
Balance transfer limit90% of available limit
Purchase rate12.99% p.a.
Annual fee$0 annual fee for the first year ($59 p.a. thereafter)
Interest-free periodUp to 55 days on purchases
Cash advance rate21.74% p.a.
Min credit limit$1,000
Max credit limit$30,000
Card typeVisa
Foreign currency conversion fee3%
Available to temporary residentsYes - Conditions apply
Joint applicationYes

Pros

  • 0% p.a. on balance transfers for 32 months with no BT fee
  • $0 annual fee for the first year ($59 thereafter)
  • Free additional cardholder

Cons

  • No rewards program or travel insurance
Bonus pointsN/A
Annual fee$0 annual fee for the first year ($59 p.a. thereafter)
Minimum monthly repayment2% of the closing balance or $25, whichever is greater
Late payment fee$15
Foreign currency conversion fee3%
Cash advance fee2% or $2.50, whichever is greater
Overseas cash advance fee2% or $2.50, whichever is greater
Overseas ATM withdrawal fee$5
Additional cardholder fee$0
Number of additional cardholders1

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.

Eligibility criteria

  • 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.

Card benefits

  • 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 32 months with no 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.
  • First-year annual fee waiver. Save with a $0 annual fee for the first year, reverting to $59 p.a. thereafter.

Rates & fees

  • Annual fee. Outside any promotions, 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.

Review by


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.

Expert review

The NAB Low Rate credit card gives you a few ways to save on costs, including a long 0% balance transfer offer, a $0 first-year annual fee and a low interest rate on purchases. To give you an idea of your potential savings with this balance transfer offer, if you wanted to transfer $5,000 and are currently being charged 19.94% interest rate, you could save $1,984.61 over 32 months. The $0 first-year annual fee could also help cut down your other card costs but you’ll have to pay the standard $59 annual fee after the first year.

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203 Comments

    Default Gravatar
    Dean
    May 21, 2018

    Can I pay out my car loan with an interest free credit card via BPay?

      Default Gravatar
      Nikki
      May 21, 2018

      Hi Dean,

      Thanks for getting in touch!

      You can link your NAB card with BPay and pay your car loans and other bills using BPay. For further information, you may check with your bank on how to link your account with BPay. Please note that we’re a product comparison website and we do not represent any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.

      Don’t hesitate to message us back if you have more questions.

      Cheers,
      Nikki

    Default Gravatar
    Ben
    May 4, 2017

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

      Avatarfinder Customer Care
      May
      May 4, 2017

      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

    Default Gravatar
    karren
    May 3, 2017

    what does awaiting moderation mean?

      Default Gravatar
      Arnold
      May 3, 2017

      Hi Karren,

      Thanks for your inquiry.

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

      Hope this information helped.

      Cheers,
      Arnold

    Default Gravatar
    wes
    April 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.

      Avatarfinder Customer Care
      Dee
      April 18, 2017

      Hi Wes,

      Thanks for your question.

      As long as you have repaid the balance on your card, you can close it anytime. Please read our guide to learn more about how to close a credit card properly and avoid future problems.

      Cheers,
      Anndy

    Avatarfinder Customer Care
    May
    February 15, 2017

    Hi Mike,

    Thanks for getting in touch!

    I’m afraid that you should be an Australian permanent resident to be able to apply for the NAB Low Rate Credit Card. If you’re from New Zealand, you may find this list of credit cards helpful.

    Open that link and on that page, there are credit cards based in New Zealand. These cards are listed on our comparison table. Compare them based on various details. You can also select the “More info” link to read our review for that card. Once you’re done, select the “Go to site” button to be redirected safely to your chosen credit card issuer’s website.

    I recommend that you check the details of the credit card you’re interested in, its eligibility criteria as well as the Product Disclosure Statements/Terms and Conditions before you apply.

    Also if you can, contact first the issuing bank and discuss your options and chances of approval before you send anything final for your application. Just apply for one credit card at a time and ensure your eligibility before submitting your final application. This way you can avoid credit enquiries on your file.

    I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

    Have a wonderful day!

    Cheers,
    May

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