NAB Low Fee Credit Card

The NAB Low Fee credit card is designed for low to middle income earners or those who are looking for a way to get out of debt. Other than the low yearly fee of $30 p.a., the key feature of NAB Low Fee card is the balance transfer deal of 1.00% p.a. for 6 months. Considering the intro level of this credit card, there are still some nice rewards to take advantage of.

Benefit of the Card’s Best Features?

The main draw of the NAB Low Fee card is its special introductory deal on balance transfers of just 1.00% p.a. for the period of 6 months. Even though it isn’t interest free, it is still for a much lengthier time period so that you have more flexibility with getting out of debt. Keep in mind that this is a limited time offer.

NAB’s Low Fee credit card really lives up to its name with a very low annual fee of only $30 p.a.. With such a low fee, you wouldn’t expect a fantastic rewards program but NAB still tries to deliver on the bonuses as well. Travellers will benefit from FlyBuys points, where you get 1 point for every $5 spent or up to 4 points for $5 at participating stores.

Other nice benefits of the NAB Low Fee card are a free extra cardholder, free purchase protection, and no fees for going over your limit. There is also emergency travel assistance available 24/7 and the customer service team is known for being friendly and helpful.

It is worth pointing out that NAB has no minimum income requirement for eligibility. Of course, they may deny you if you cannot prove some sort of regular income. However, the low requirements for applying do make it a great choice for people getting their first card or who have low incomes.

Are There Any Drawbacks?

With the NAB Low Fee credit card, you aren’t getting the absolute best interest rates. For purchases, you will pay 19.49% p.a. While this rate is fairly average across the market, you probably won’t find better unless you have a high income or good credit. If you are responsible and pay your bill in full on time, then you won’t pay any interest – though the interest free period is just 44 days instead of the 55 days which most top credit cards offer. Also note that there are no interest free days on purchases.

As expected with any Australian credit card, the cash advance rate is very high at 21.74% p.a. and there is no interest free period on any cash advances made. If you don’t pay off your balance transfer within the introductory period, then the remainder will revert to this high cash advance rate.

Who Would be Suited?

NAB’s Low Fee credit card is a great solution for people with low to middle income. While the interest rates are mediocre, there are some nice rewards which make it worth it plus low eligibility criteria. This card would also be suited for anyone who has accumulated a lot of high interest debt and can take advantage of the balance transfer offer to get out of debt quickly.

Who is Eligible?

To be eligible for the NAB Low Fee credit card, you must be a permanent Australian resident, have a good credit rating, and be at least 18 years of age.