NAB StraightUp card
The first no interest credit card in Australia that charges a monthly fee when you’re paying off a balance instead.
The NAB StraightUp card is a simple alternative to buy now, pay later and traditional credit cards. It gives you a way to buy what you want now and pay it off over time – without any interest charges. Instead, you’ll pay a monthly fee whenever you carry a balance, with a cost of $10, $15 or $20 depending on your credit limit.
|Product Name||NAB StraightUp Card|
|Min credit limit||$1,000|
|Max credit limit||$3,000|
|Foreign currency conversion fee||0%|
|Available to temporary residents||Yes - Conditions apply|
- Charges a monthly fee based on your selected credit limit
- If you don't carry a balance or make purchases, the monthly fee will be reversed
- No interest charges or other fees, including foreign currency fees and late payment fees
- No rewards program or perks
- Unable to make cash advances
- Maximum available credit limit of $3,000 is low compared to standard credit cards
|Late payment fee||$0|
|Foreign currency conversion fee||0%|
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 StraightUp card is very different to most credit cards because it never charges interest on your balance. You can still pay off purchases over time, as long as you make the minimum repayments. You have the option of paying more off whenever you want. This structure makes the NAB StraightUp an option you could consider if you’re looking at credit cards, charge cards or even buy now pay later services.
As for costs, the monthly fee you’ll pay is $10 for a $1,000 credit limit, $15 for a $2,000 credit limit and $20 for a $3,000 limit. The monthly fee is only charged when use the account. So if you don’t carry a balance and don’t use the card for an entire statement period, NAB will reverse the monthly fee for that period.
Each statement period is made up of 30 days when you can make purchases interest-free, then 14 days before the due date. This gives you a maximum of 44 days in each statement period before you need to make a payment. But, while the credit limits on this account are conservative, make sure you’re not spending money or carrying a balance just because it’s convenient.
How to apply
You can apply for the NAB StraightUp card online by filling in a secure application form. Before you get started, make sure you meet the eligibility criteria and have all the documents and details you need to complete the application.
- Income. You must earn a regular income.
- Australian residency. You must be an Australian or New Zealand citizen, an Australian permanent resident or a non-resident holding an eligible temporary visa. Visas that are not eligible include working holiday visas, student visas, seasonal visas and bridging visas.
- Age. You must be at least 18 years of age.
Documents and details
- Personal details. This includes your full name, date of birth, home address, contact details and a valid form of ID, such as your Australian driver's licence, passport or Medicare details.
- Employment details. As well as your salary, you'll need to include details of your current job title, employer, length of employment and your employer's contact details. You may also need to provide recent payslips to help verify these details.
- Financial details. This covers any other forms of income, as well as assets such as savings or investments. You also need to provide details of existing credit cards, debts, loans or other liabilities, as well as your share of regular household expenses.
- No interest, ever. This card offers 0% interest on all purchases, even when you carry a balance. But you are still required to pay at least the minimum amount listed on each statement by the due date. Note that you can use this card for everyday purchases, including for BPAY services. But you can't use it for balance transfers, cash advances or gambling.
- 44-day statement cycle. With this card, you have 44 days between the start of a statement period and the payment due date. This is a similar structure to other credit cards or charge cards, although the number of days can vary with other options.
- No monthly fee when you don't use the card. If you don't have a balance and don't make purchases for an entire statement period, the monthly fee will be refunded back to your account for that statement period. To avoid any confusion, this only applies when your balance is $0 at the start of that statement period – if you're paying off purchases from a few months earlier, you'll still have to pay the monthly fee even when you don't make purchases in a statement period.
- Visa benefits. You can use this card for purchases anywhere Visa is accepted, including in stores, online or over the phone from all over the world. You'll also get access to exclusive deals on shopping, dining, entertainment and travel through Visa Offers + Perks, with current deals listed on the Visa Australia website.
Rates and fees
- Monthly fee. A $10 monthly fee applies for a $1,000 limit, a $15 monthly fee applies for a $2,000 limit and a $20 monthly fee applies for a $3,000 limit. This fee is charged each month when you use the card or have a balance from previous months.
- Minimum payments. The minimum amount you have to pay off a balance on this card is determined by your credit limit. It is $35 per month for a $1,000 credit limit, $75 for a $2,000 credit limit and $110 for a $3,000 credit limit. Minimum payments factor in the cost of the monthly fee and must be paid by the due date listed on each statement.
- Foreign currency fees. This card does not charge a fee for transactions made online or overseas in a foreign currency.