NAB Low Rate Card

A no-frills card offering a $0 first-year annual fee and a competitive 28 month interest-free balance transfer, with a 2% balance transfer fee.

The NAB Low Rate credit card gives you a few ways to save on costs, including 0% p.a. on balance transfers for 28 months, a $0 first-year annual fee and a low variable interest rate on purchases. To give you an idea of your potential savings with the balance transfer offer, if you wanted to transfer $5,000 and were currently being charged 20.16% p.a. interest, you could save around $1,787.4 over 28 months. The $0 first-year annual fee could also help cut down on 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 it charges a one-time 2% balance transfer fee. Any unpaid debt at the end of the introductory period will also attract a variable 21.74% p.a. cash advance rate. And while you have an outstanding balance transfer, you’ll only get the 55 interest-free days on purchases if you pay the required amount listed on your statement in full by the due date.

Pros

Cons

• Our verdict
• Details
  • Product details
  • Eligibility
  • Rewards
  • Fees

  The NAB Low Rate credit card gives you a mix of low-cost and simple credit card features, with a low variable 13.49% p.a. interest rate for purchases and a $59 annual fee that’s waived in the first year.

  NAB's 0% balance transfer offer is among the longest on the market, giving you 28 months to repay your debt without interest charges. But keep in mind that a 2% balance transfer fee applies and if you don’t pay off your balance transfer during the introductory period, it will attract the card’s variable cash advance rate of 21.74% p.a.

  Details

  Product details

  Purchase rate p.a. Up to 55 days on purchases

  Eligibility

  Available to temporary residents	Yes - Conditions apply
  Joint application	No

  Rewards

  Bonus points

  N/A

  Fees

  Annual fee $0 first year ($59 after) Foreign currency conversion fee

  

  Congratulations, NAB!

  NAB Low Rate Card received the highly commended award for 'Balance Transfer Credit Card' in the 2024 Product Awards.

  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 to your balance transfer credit card.
  • 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

  • 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 28 months with a 2% 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.
  • 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 variable purchase rate of 13.49% p.a.
  • Interest-free period. You can get up to 55 days interest-free on purchases when you pay the interest-free days payment listed on your statement by the due date. This includes if you have a balance transfer, as long as you meet that repayment requirement.
  • 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. With a Visa card, you can also make purchases around the world and enjoy contactless payments.
  • Additional cardholder. With the NAB Low Rate Card, you can add an additional cardholder at no extra cost. 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 of 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 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.
  1. NAB Low Rate Card information PDF
  2. NAB Low Rate Card TMD

  Your reviews

  Ask a question

  To ask a question simply log in via your email or create an account. Ask a question Amy Finder Editor Hi there, looking for more information? Ask us a question.
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  Can I make advances with this card?

  Sarah Megginson Finder

  Yes you can take out cash advances with this card, but the interest rate is much higher at 21.74%.

  October 17, 2023

  My income s from the Australian pension and English govt pension and i have a good credit score who would give me a credit card

  Amy Bradney-George Finder

  October 19, 2023

  You can compare options in Finder’s guide to credit cards for pensioners and learn more about the requirements to apply. As some lenders may not automatically consider pension payments from overseas, it’s also a good idea to contact the lender directly before you apply for a credit card so that you can check you meet the requirements. I hope this helps.

  Does the balance I wish to transfer have to come from a credit card, or can it be from a loan account?

  Richard Whitten Finder

  This card seems to be for transferring credit card debts only, not loans.

  Elizabeth Barry Finder

  Thanks for your question.

  The debt has to come from another credit card, but you can find other providers that allow you transfer debt from a personal loan to a credit card on this page.

  I hope this helps,

  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. Does this mean that it will only apply once your balance transfer has been paid off after 32 months or it does not apply to the balance transfer and only to other purchases? Thank you

  Amy Bradney-George Finder

  You can still get interest-free days on purchases when you have a balance transfer with this credit card. According to the NAB website, you need to pay the full amount listed as the “interest-free days payment” by the due date each month to be eligible. The balance transfer amount is treated separately and would still be eligible for the introductory balance transfer offer, providing repayment requirements are met. If you have more specific questions, you can contact NAB directly on 13 22 65. I hope that helps.

  How long before I should be hearing from NAB?

  Maybe my application didn’t go through properly?

  Amy Bradney-George Finder

  You can call NAB on 13 22 65 to check on your credit card application. I hope that helps.

  Show more comments

  Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald. See full profile

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