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Our verdict

Offers up to $300 cashback for new cardholders, with a $500 spending requirement each month for the first 3 months if you want to get it all.

The NAB Low Rate Card is suited to people who want a simple, low cost credit card. The cashback offer also gives you a way to get extra value as a new cardholder, offering up to $300 back. The separate, $500 monthly spend requirement for each of the first 3 months, also means you could still get some cashback even if you only meet the spend requirement once or twice.

If you’re switching from a different credit card, this offer also includes a 0% p.a. interest rate on balance transfers for the first 12 months, with a 3% balance transfer fee. This gives you a way to save on your existing credit card balance but there are other cards with much longer 0% balance transfer offers, including a separate 32-month balance transfer offer on a NAB Low Rate Card.

Pros

Up to $300 cashback
Variable 12.49% p.a. interest rate for purchases
Free additional cardholder

Cons

No rewards program or travel insurance
3% foreign transaction fee

The NAB Low Rate Card is a simple credit card with a variable 12.49% p.a. interest rate on purchases that’s on par with other low rate cards. Its $59 annual fee is also at the lower end of the credit card market in Australia. With the current cashback offer, you’ll get $100 back when you spend $500 a month on eligible everyday purchases for the first 3 months, up to a maximum of $300 back on your new NAB Low Rate account.

Details

Product details

Product Name	NAB Low Rate - Cashback Offer
Balance transfer rate p.a.	0% for 12 months with 3% balance transfer fee, then 21.74%
Balance transfer limit	90% of available limit
Purchase rate p.a.	12.49%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.74%
Min credit limit	$1,000
Max credit limit	$30,000
Card type	Visa

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$59
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	3% or $3, whichever is greater
Overseas ATM withdrawal fee	$5
Additional cardholder fee	$0
Number of additional cardholders	1

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.
New cardholder. To be eligible for the cashback offer, you need to apply for a new NAB Low Rate Card and choose this offer.

Eligible balance transfer debt. With NAB, you can transfer up to 90% of your approved credit limit from non-NAB cards.
Age. You must be at least 18 years old to apply.

Required documents

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.

Card benefits

Up to $300 cashback. When you apply for a new NAB Low Rate Card during the offer period, you'll get $100 back when you spend $500 on eligible everyday purchases in a month for the first 3 months. The cashback will be added to your account at the end of each statement period when you meet the spend requirement, up to a maximum of $300.
0% balance transfer offer. This introductory offer also includes a 0% p.a. balance transfer rate for 12 months, with a 3% balance transfer fee. At the end of the promotional period, any remaining charges will attract the card's variable cash advance rate of 21.74% p.a. and you must still make the minimum repayment.

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

Purchase rate. This card has a relatively low variable purchase rate of 12.49% p.a.
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 or any gambling), you'll be charged the variable 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.

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​​NAB Low Rate Card – Cashback Offer

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NAB Low Rate Card – Cashback Offer