Low Fee Platinum
Balance Transfer0% p.a. on balance transfers for 6 months (2% BT fee applies)
- Last updated on 05 Aug 2020
Balance Transfer Rate
for 6 months then 21.74%
Max Free Days
- Balance Transfers Available
- Free domestic travel insurance
- Free international travel insurance
- Free supplementary cards
- Purchase protection insurance
- Price guarantee
- Extended warranty
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
No set max
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Balance Transfer Rate
Balance Transfer Rate
for 6 months then 21.74%
No set max
Balance Transfer Fee
Foreign Exchange Fee
Estimated ATM Cost
- FREE DOMESTIC TRAVEL INSURANCE A qualifying purchase is required.
- FREE INTERNATIONAL TRAVEL INSURANCE A qualifying purchase is required.
- FREE SUPPLEMENTARY CARDS Supplementary cardholder must be over 16 years of age
- PURCHASE PROTECTION INSURANCE
- PRICE GUARANTEE If you purchase personal goods in Australia and then find the same product advertised later in a printed catalogue at a cheaper price within 21 days of purchase, from a store within 25km of the store where the item was purchased, you can claim back the difference if it is more than $75.
- EXTENDED WARRANTY
- Balance Transfer 0% p.a. on balance transfers for 6 months (2% BT fee applies)1. Interest-free days on purchases apply if you pay your account in full by the due date each month. You won't receive interest free days if you have a balance transfer. However from 30 March 2020 you may still receive the benefit of interest-free days on purchases if you have an outstanding balance transfer, if you pay the ‘interest-free days payment’ specified on your monthly statement in full by the due date each month. For more information visit nab.com.au/btchange. 2. After 6 months, any unpaid balance transfers will attract the standard cash advance rate (currently 21.74% p.a as at 25 February 2019). Interest rates are subject to change and available at nab.com.au. Interest-free days on purchases do not apply while you have a balance transfer. However from 30 March 2020 you may still receive the benefit of interest-free days on purchases if you have an outstanding balance transfer, if you pay the ‘interest-free days payment’ specified on your monthly statement in full by the due date each month. For more information visit nab.com.au/btchange. Minimum monthly repayments must be made by the due date each month. The one off balance transfer fee of 2% is calculated on the amount transferred and is charged to your NAB credit card account when your balance transfer is processed. Standard balance transfer rate and term may be varied or withdrawn at any time. In addition to this acquisition rate, which is available only at card application, other balance transfer offers may be available on your card from time to time. You can find out more information about the ongoing balance transfer rates of your card. 3.Complimentary insurance covers: AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 (trading as Allianz Global Assistance) under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 has issued an insurance group policy to National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian credit licence 230686 (NAB) which allows eligible NAB account holders and cardholders to claim under it as third party beneficiaries. Access to the benefit of cover under the NAB card insurances is provided to eligible NAB cardholders by operation of s48 of the Insurance Contracts Act 1984 (Cth). Any advice on insurance is general advice only and not based on any consideration of your objectives, financial situation or needs. You must check whether or not it is appropriate, in light of your own circumstances, to act on this advice. The eligibility criteria, terms, conditions, limits and exclusions of the group policy are set out in the NAB Card Insurance Policy Information booklet (PDF, 478KB) and in the NAB Purchase Protection Insurance Policy Information Booklet (PDF, 275KB) which may be amended from time to time. NAB does not guarantee this insurance. Credit card terms and conditions (PDF, 343KB). Fees and charges are payable. Approval and credit limit is subject to NAB's credit assessment criteria. Information, including interest rates and annual card fees subject to change. Correct as at 25 February 2019 and subject to change. Credit cards issued by National Australia Bank Limited. ©2020 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
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National Australia Bank, more commonly known as NAB, is one of the big four banks in Australia. NAB is headquartered in Melbourne and has more than 900 locations across the country. NAB has over 30,000 employees who serve over 9 million customers.
NAB customers can reach out to customer support by contacting them via:
- Customer service (phone, email, branch)
- Mobile app
- Online banking
- Live Chat
- Mobile banking staff
NAB offers a wide range of credit cards, as well as home loans, personal loans, savings accounts, term deposits and much more.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.
If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.
Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.
When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.