NAB Low Rate Business Card

Manage your business expenses and save with no annual fee and 0% p.a. on purchases for the first 12 months.

The NAB Low Rate Business Card is designed to suit cardholders who want to manage corporate workflow and save on standard credit card fees. This card offers $0 annual fee for the first year and reverts to a competitive fee of $60 p.a. thereafter. You can also pay back your business debts without the burden of interest with 0% p.a. on purchases for the first 12 months. After that, you can also take advantage of up to 55 interest-free days on business purchases when you pay your balance in full.

Product NameNAB Low Rate Business Card
Purchase rate (p.a.)0% p.a. for 12 months (reverts to 13.25% p.a.)
Annual fee$0 p.a. annual fee for the first year ($60 p.a. thereafter)
Interest Free Period
The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date.
Up to 55 days on purchases
Cash advance rate (p.a.)13.25% 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.
$5,000
Card TypeVisa
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
Minimum Age18 years of age
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Annual fee$0 p.a. annual fee for the first year ($60 p.a. thereafter)
Minimum Monthly Repayment2.5% of the closing balance or $10, whichever is greater
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
Cash Advance Fee$2.50 or 2% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2% of the transaction amount (whichever is greater)
Gambling Transactions AllowedYes
Number of Additional Cardholders1000

Pros

  • Take advantage of the 0% p.a. interest rate for 12 months on purchases.
  • Pay $0 annual fee for the first year.
  • Enjoy a low variable interest rate of 13.25% p.a. on purchases and cash advances.
  • Get up to 55 days interest-free on purchases.

Cons

  • There is no balance transfer feature on this card.
  • You cannot earn rewards for your spending.
  • Complimentary travel insurance is not included.

Benefits of the NAB Low Rate Business Card

  • $0 annual fee in the first year. If you apply and get approved, the annual fee will be waived for the first year. The standard $60 annual fee will be charged to the card in the statement period following the anniversary of the first use of the card.
  • 0% p.a. on purchases for 12 months. You won't have to pay interest on your purchases for the first 12 months, which can help you repay your debt quicker without any additional costs. Any unpaid purchase balances will collect the variable purchase rate at the end of the promotional period. NAB may vary or end this offer any time.
  • Additional cards. You can request additional cards to link to the single account, this means you can organise cards for employees and monitor business expenses under one account. You'll receive monthly statements for each cardholder including a summary table of your total facility. You can also personalise the individual cards with the cardholder's name.
  • Complimentary insurance policies. Unauthorised Transaction Insurance is included. Please see the insurance policy document for a comprehensive overview of what is covered and how you can make a claim.
  • Eligible for Samsung Pay. You can link your NAB credit card with Samsung Pay to make contactless payments using your qualifying Samsung device at the checkout.

Rates and fees of the NAB Low Rate Business Card

  • Annual fee. After the annual fee waiver, this card has a standard annual fee of $60.
  • Purchase rate. The card's regular purchase rate is 13.25% p.a.
  • Cash advance rate. If you use the card to make a cash advance, such as an ATM withdrawal, you'll collect the cash advance rate of 13.25% p.a. You'll also be charged a cash advance fee of $2.50 or 2% of the transaction amount (whichever is greater).
  • Interest-free days. If you pay your balance in full by the end of the statement period, you can take advantage of up to 55 interest-free days on business purchases.
  • Credit limits. These cards come with a minimum credit limit of $5,000. If you request additional cards for coworkers, you can also personalise the credit limits to suit their spending needs.

How to apply for the NAB Low Rate Business Card

If you've compared your options and decided the NAB Low Rate Business Card is right for you, you can apply for the card online. Before you apply, make sure you've met the eligibility requirements and have the necessary information on hand to complete the application.

Application criteria

  • Age. You must be at least 18 years old to apply.
  • Residency. Applicants must be an Australian citizen or permanent resident to receive approval.
  • Income. The business must have a turnover of at least $100,000 per year.
  • ABN. You're also required to have a valid ABN/ACN and be registered for the GST for at least 12 months.

Required documents and information

In addition to these requirements, you must also be prepared to provide the following details:

  • Personal ID. If you're new to NAB, you'll need to provide personal ID information. If you're an existing NAB customer, you'll need to enter your business transaction account number.
  • Financial records. You need to upload copies of your profit & loss statement and balance sheet plus your transaction history from your main trading account. Please note that reports must be generated directly from your accounting software and financial data managed in Microsoft Excel won't be accepted.
  • Application forms. Once you have submitted your application, you will also be required to sign the necessary consents and complete a cardholder establishment details form. If your business is a company, a director’s guarantee may also be required.

The NAB Low Rate card offers competitive rates and fees that could suit many types of businesses. As it's not the only business card on the market, make sure to compare your options before you apply.

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