Low Rate Platinum

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Basic

Card Level
Card Level
Platinum
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$6,000
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
$100
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
Apple Pay available
Apple Pay available
Google Pay available
Google Pay available
Samsung Pay available
Samsung Pay available
Card Level
Card Level
Platinum
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$6,000
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
$100
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
Apple Pay available
Apple Pay available
Google Pay available
Google Pay available
Samsung Pay available
Samsung Pay available

Rates

Purchase Rate
Purchase Rate
0%for 9 months then 13.99%
Cash advance rate
Cash advance rate
21.74%
Purchase Rate
Purchase Rate
0%for 9 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
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
$14for AU $300 withdrawal
Foreign Exchange Fee
Foreign Exchange Fee
3% on Visa
Overseas charges
Overseas charges
$5
Estimated ATM Cost
Estimated ATM Cost
$14for AU $300 withdrawal

Rewards

Program name
Program name
Rewards Available
Rewards Available
Program name
Program name
Rewards Available
Rewards Available

Eligibility

Minimum age
Minimum age
18
Minimum income
Minimum income
Eligibility conditions
Eligibility conditions
Minimum age
Minimum age
18
Minimum income
Minimum income
Eligibility conditions
Eligibility conditions

Perks

  • Concierge
  • Extended Warranty
  • Free Domestic Travel Insurance
  • Free International Travel Insurance
  • Free Travel Insurance DaysCover is available when purchased on a NAB card a minimum of $500 (inclusive of tax and other charges) of pre-booked transport costs and/or land content prior to commencement of the trip
  • Price GuaranteeIf 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.
  • Purchase Protection
  • Free Supplementary CardsSupplementary cardholder must be over 16 years of age

Features

NAB Low Rate Platinum credit card boasts a moderate standard interest rate on purchases, with an even lower rate for the first nine months. Consumers who choose this card can also enjoy a moderate number of interest-free days on purchases as well as a number of complimentary insurance products, including international travel insurance, domestic hotel burglary insurance and extended warranty insurance, among others.

With both a moderate annual fee and interest rate, this credit card is aimed at medium-income earners and spenders who want to experience the perks of a platinum credit card.

Like all NAB credit card holders, customers who choose the Low Rate Platinum credit card will also receive fraud protection, online security, an additional cardholder at no cost, 24/7 emergency assistance and contactless payments for purchases under $100. 

Pros
  • Seven complimentary insurances
  • Moderate interest rate
  • Pre-sale tickets with Visa Front Line Access
Cons
  • Annual fee
  • Interest rate rises after nine months
  • Balance transfer rates rise after six months

Who is it good for?

The main draw of the NAB Low Rate Platinum credit card is its very low interest rate offered in the first nine months. If you are seeking a low interest rate, this card could be a good option for you. However, if low interest appeals to you because you are in the habit of paying off the minimum balance on your credit card, keep an eye on your calendar. The NAB Low Rate Platinum credit card increases to a moderate interest rate after the first nine months.

This credit card’s benefits are also heavily steeped in the seven complimentary insurance products it offers to cardholders. Whether the NAB Low Rate Platinum credit card is right for you will also depend on whether you actually need many, or any, of these insurance products.

Frequent flyers could certainly benefit, with overseas travel, interstate flight inconvenience and domestic hotel burglary insurance all included. 

What RateCity says

The NAB Low Rate Platinum credit card is a product with relatively low barriers to eligibility, offering what appears on the surface to be a low fee, low rate platinum credit card – with perks included – suitable for everyday, moderate spenders.

But dig a little deeper, and the low rates and fees are not quite so low. This credit card’s extremely low interest rate increases to a moderate interest rate after just the first nine months. Cardholders will also have to pay a moderate annual fee for the privilege of having this credit card.

New cardholders can also enjoy a very low interest rate on balance transfers – but make sure you can pay this off within six months. After the first six months, your balance transfer interest rate will revert to the same high rate that applies to cash advances. 

Applying/eligibility

The online application process should take approximately 15 minutes. When applying for this credit card, you may be asked to provide bank statements or payslips to prove your income, and must be at least 18 years old. This credit card is open to customers who both are and are not NAB customers. Keep in mind that this credit card has a moderate minimum credit limit, especially if you are concerned about being approved for a moderate amount of credit. 

About the lender

National Australia Bank, more commonly known as NAB, was established in 1982 and today serves over 12 million customers across Australia, New Zealand and Asia. Headquartered in Melbourne, NAB also has over 1,500 branches and service centres across Australia. NAB customers can contact this bank 24/7 for phone banking services, to report lost or stolen cards and for credit card and concierge services. They also offer email and in-branch assistance.

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