NAB Low Rate Visa Credit Card

The NAB Low Rate Visa credit card has gotten a lot of attention because it lives up to its name. It is hard to beat their 12.99% p.a. purchase interest rate plus 55 day interest free period. To make their card even more appealing, people in debt can take advantage of a special introductory balance transfer deal of 4.99% p.a. for 6 months. Overall, NAB’s Low Rate card is a great no-frills option which can help you save money!

Benefit of the Card’s Best Features?

If you are the type of person who makes purchases on your credit card but wants to take some time paying them off, then NAB Low Rate credit card is for you. The 12.99% p.a. on purchases isn’t the lowest, but it is amongst the best of the major banks. There is an interest free period of 55 days, which gives you ample time to avoid interest completely.

Right now, there is a special deal of 4.99% p.a. on balance transfers for 6 months. This is longer than the period that most other credit cards offer on balance transfers, giving you more flexibility in saving money while getting out of debt.

Overall, this is a no-frills card. It doesn’t bother with any rewards program and keeps things simple. The annual fee is just $59 p.a. and the late payment fees are tolerable at just $5. You don’t have to worry with any over limit fees with NAB either. You can also add a cardholder to your account for free. Also expect convenient features like online payments, emergency travel assistance, and the security of paying with a Visa credit card.

Are There Any Drawbacks?

With the Low Rate credit card from NAB, you give up rewards in exchange for low interest rates. The only bonus they offer is a Visa Entertainment program. Unless you go out a lot, then these rewards are very poor compared to frequent flyer miles or cash back plans. However, rewards cards come at a price – they usually have higher interest rates and annual fees compared to a card like this.

As you’d expect with any Australian credit card, the cash advance fees are pretty high. You will pay 21.74% p.a. without any interest free period. Plus, you will have to pay a percentage of the amount you take out in fees. Our advice, as with any card, is that it is best to avoid taking out any cash at all to avoid these high costs.

Be careful before you take advantage of the balance transfer deal. If you don’t pay off the entire balance within 6 months, the remainder reverts to the cash advance rate.

Who Would be Suited?

NAB’s Low Rate credit card is a great option for people who want to make purchases and take some time to pay them off thanks to the low ongoing purchase rate, but it can also be a great way to save money while getting out of debt by taking advantage of the balance transfer offer!

Who is Eligible?

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