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Low Rate Card

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Basic

Card Level
Card Level
Standard
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$500
Minimum repayment dollars
Minimum repayment dollars
$25
Minimum repayment percent
Minimum repayment percent
2
Number free supplementary
Number free supplementary
1
Annual Fee
Annual Fee
$59
Late Payment Fee
Late Payment Fee
$15
Over limit fee
Over limit fee
$0
Duplicate statement fee
Duplicate statement fee
$7
Supplementary card annual fee
Supplementary card annual fee
$0

Electronic Wallet Service

Apple Pay available
Apple Pay available
Google Pay available
Google Pay available
Samsung Pay available
Samsung Pay available

Important Rates

Rates

Purchase Rate
Purchase Rate
0%
for 6 months then 13.99%
Cash advance rate
Cash advance rate
21.74%

Balance Transfer

Balance Transfer Rate
Balance Transfer Rate
0%
for 6 months then 21.74%
Transfer Limit
Transfer Limit
90%
of the chosen credit limit
Balance Transfer Fee
Balance Transfer Fee
$100

Overseas spending

Foreign Exchange Fee
Foreign Exchange Fee
3% on Visa
Overseas charges
Overseas charges
$5
Estimated ATM Cost
Estimated ATM Cost
$14
for AU $300 withdrawal

Rewards

Program name
Program name
Rewards Available
Rewards Available

Eligibility

Minimum age
Minimum age
18
Minimum income
Minimum income
Eligibility conditions
Eligibility conditions
  • Free Supplementary Cards Supplementary cardholder must be over 16 years of age
  • Purchase Protection

Features

The NAB Low Rate credit card has a moderate interest rate and a moderate number of interest-free days. It also comes with a moderately low annual fee and a moderately low late payment fee, although there is no over-limit fee.

NAB allows you to add an additional cardholder at no extra cost, which can be useful if you want to combine your finances with your partner or give a child a first credit card.

When making purchases, you can use your actual card or pay with your phone, if you have NAB Pay for Android.

One of the perks of the NAB Low Rate Card is that it gives users access to special offers on shows, events, experiences and movies from Visa Entertainment.

Security wise, NAB offers online security measures and fraud protection which will reimburse customers for fraudulent transactions.

Pros
  • Free additional cardholder
  • Visa Entertainment offers
  • No over-limit fee
Cons
  • Annual fee charged
  • Currency conversion fee charged
  • Overseas ATM fee charged

Who is it good for?

This card is best for customers who already bank with NAB and want to keep all their products in one place. For all other customers, there is not much incentive to take out this card as there are cards with lower interest rates and no annual fees on the market. If you want a credit card with a big four bank, however, you may be willing to pay the annual fee and handling fees associated with the card.

The feature that allows you to add one additional cardholder with no extra cost may appeal to those in a couple or family. However, if you are going to do the bulk of your monthly spending on this card and pay an annual fee, you may prefer to look for a card that offers the ability to earn reward points.

What RateCity says

The NAB Low Rate credit card offers a basic range of features and no real advantage other than access to big bank perks such as a mobile app, 24/7 customer service and a limited benefit offering. While the card charges an annual fee, you will not receive any rewards points for using this card. It does have a moderate interest rate, but it is not the lowest on the market.

This card is best suited to those who currently bank with NAB, and don’t want to switch banks, who are looking for a low-rate credit card.

If you are willing to switch institutions, and if you are willing to look outside the big four, you will find better-value options in terms of annual fee, interest rate, interest-free days and rewards.

Applying/eligibility

To be eligible for the NAB Low Rate credit card you must be able to show proof of a consistent income source and have an acceptable credit rating. You must be 18 years or older and be able to meet any serviceability criteria enforced by the bank. You will also be asked to provide proof of your identity – this may include payslips or bank statements. You can apply online in 15 minutes and get a response in 60 seconds.

About NAB

NAB is one of Australia’s big four banks and has been providing personal finance products to customers for over 150 years. These products include credit cards as well as personal loans, home loans and savings accounts. The bank has branches throughout Australia, as well as New Zealand and other countries, and provides a comprehensive customer service offering. This includes a 24/7 phone hotline, a financial hardship support service, internet banking and a mobile app.

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