NAB Low Rate Card

A no-frills card offering a competitive 32 month interest-free balance transfer and $0 first-year annual fee.

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.

The current 0% balance transfer offer is among the longest on the market, giving you 32 months to repay your debt without interest charges. But if you don’t pay off your balance transfer during the introductory period, it will attract the card’s cash advance rate of 21.74% p.a.

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Amy Bradney-George

Last Updated Apr 22, 2021

0% p.a.

Balance transfer rate

for 32 months

12.99% p.a.

Purchase rate

$0 p.a.

Annual fee

for the first year ($59 p.a. thereafter)

55 days

Interest free period

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Details

Product Name	NAB Low Rate Credit Card
Balance transfer rate	0% p.a. for 32 months
Balance transfer revert rate	Cash Advance Rate (21.74% p.a.)
Balance transfer limit	90% of available limit
Purchase rate	12.99% p.a.
Annual fee	$0 annual fee for the first year ($59 p.a. thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.74% p.a.
Min credit limit	$1,000
Max credit limit	$30,000
Card type	Visa
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	Yes

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 points	N/A

Annual fee	$0 annual fee for the first year ($59 p.a. thereafter)
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	2% or $2.50, whichever is greater
Overseas cash advance fee	2% or $2.50, whichever is greater
Overseas ATM withdrawal fee	$5
Additional cardholder fee	$0
Number of additional cardholders	1

Go to NAB's site More info

Review by

Amy Bradney-George

[email protected]

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.

Although it’s one of the longest balance transfer offers in the market, it’s important to remember that any unpaid debt at the end of the introductory period will attract a 21.74% cash advance rate. And while you have an outstanding balance transfer, you’ll only get the 55 interest-free days on purchases when you pay your balance in full by the due date each month.

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.

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.

Go to NAB's site More info

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.

Low purchase rate. This card has a relatively low standard purchase rate of 12.99% p.a.
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

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.

Cash advance rate. If you use this card to make a cash advance (such as an ATM withdrawal), you'll be charged the 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.

Go to NAB's site More info

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203 Comments

Dean
May 21, 2018

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

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

Ben
May 4, 2017

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

finder 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

karren
May 3, 2017

what does awaiting moderation mean?

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

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.

finder 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

finder 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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