Low Fee Card
Balance Transfer0% p.a. on balance transfers for 6 months
- Last updated on 02 Jun 2020
Balance Transfer Rate
for 6 months then 21.74%
Max Free Days
- Balance Transfers Available
- Free supplementary cards
- Purchase protection insurance
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
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
3% on Visa
Estimated ATM Cost
for AU $300 withdrawal
- FREE SUPPLEMENTARY CARDS Supplementary cardholder must be over 16 years of age
- PURCHASE PROTECTION INSURANCE Cover lasts for 62 days per year
- Balance Transfer 0% p.a. on balance transfers for 6 months1. Interest-free days on purchases applies 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 www.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 Standard balance transfer rate and term may be varied or withdrawn at any time. 3.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, 450KB) 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 NAB Low Fee Visa Card features a moderately high interest rate, low annual fee and a moderately low number of interest-free days. There is no dedicated rewards scheme with this card, however cardholders have access to special offers such as pre-sale event tickets and movies through Visa Entertainment.
For those wishing to transfer existing credit card debt, this card offers a 0 per cent balance transfer interest rate for the first 6 months with a 2 per cent balance transfer fee. The minimum credit limit is $500.
The NAB Low Fee Visa Card allows one additional cardholder (16 years or older) at no extra cost. It also comes with complimentary purchase protection insurance which covers personal items bought with the card that are lost, stolen or accidentally damaged within 90 days of purchase.
If you connect your card with NAB Pay for Android or Apple Pay for iPhone, you can also make contactless payments using your smartphone.
- Low annual fee
- Free purchase insurance
- Free additional cardholder
- Moderately high interest rate
- Moderately low interest-free days
- High overseas spending fees
Who is it good for?
The NAB Low Fee Visa Card is suited to existing NAB customers who want to manage all their finances in the one place, or those looking for a credit card with a low annual fee. Those wishing to share a credit card (such as couples) may also find the free additional cardholder offer beneficial. However, if you are looking for a credit card with low fees, there are other cards on the market with lower annual fees and lower interest rates.
The purchase interest rate is also moderately high, so if you’re looking to cut down on unnecessary costs this card may not be the best option for you. Similarly, the overseas charges are relatively high, so it isn’t particularly suitable for international spending or frequent travellers.
What RateCity says
This card offers relatively few advantages to potential cardholders aside from the low annual fee, complimentary purchase insurance and the free additional cardholder offer.
Despite these benefits, the interest rate is relatively high and there are other cards available that offer both a lower interest rate and a lower annual fee, which may be more appropriate for those on a budget.
The 0% balance transfer rate with 2% balance transfer fee could be beneficial to the right cardholder, however there aren’t many incentives to keep customers interested in this card once the introductory period has come to an end.
So, if you’re looking for a low-cost credit card or to transfer debt, you might be better off shopping around to find a card that offers greater value for money or more attractive benefits – such as a dedicated rewards program.
To be eligible for the NAB Low Fee Visa Card, you must be at least 18 years of age and meet the bank’s serviceability criteria. You will need to provide proof of identification and personal details. You may also be asked to provide proof of income such as bank statements and payslips. To apply, you can fill in a form online at the bank’s website or visit a NAB branch if preferred.
About the lender
National Australia Bank (NAB) is one of Australia’s big four banks. Founded in Australia in 1893, NAB now has 30,000 staff serving 9 million customers at more than 900 locations in Australia, New Zealand and around the world. Customers can take care of their banking needs in-branch, via NAB’s online banking portal or through the NAB mobile app. Customer service is also available via phone and email, and 24/7 phone support is available for lost or stolen cards.
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Looking to get your first credit card? You might be confused as to exactly where to go to apply for one. Here’s where to go when you are ready to put in that application.
The bank: Your bank is a great place to start, provided that you have a good banking history. Since you already have a financial history, you have more chance of your application being approved.
Credit card provider: Another option is to apply for a credit card directly from the issuer, such as Visa, Mastercard or Amex. This will most likely be an online application, so do your research and apply for a suitable card for your circumstances.
Major retailers: Coles, Woolworths, Myer and David Jones all have credit cards available. But watch out for the interest rate and annual fees – these cards are designed to help you spend more in store.
The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers. Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14.
The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid.
Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.