NAB Low Rate Card

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Card features
balance transfer
purchase rate
annual fee
Money saved
0% p.a. for 6 months on purchases.
Make purchases with NAB’s lowest interest rate card and longest interest-free period.
Low $59 p.a. annual fee.
Add to comparison
6 months
0% p.a.
then 21.74%
with a 2% fee
6 months
0% p.a.
then 13.99%

Pros & cons

What's good?

What's not so good?

0% p.a. for 6 months on purchases.
Make purchases with NAB’s lowest interest rate card and longest 55 days interest-free period.
Low $59 p.a. annual fee.
Uses Visa payWave for making purchases contactless and faster.
Special offers on shows, events, experiences and movies from Visa Entertainment.
Emergency travel assistance from Visa Global Customer Assistance Services, 24 hours, 7 days.
Get a response in 60 seconds.
There’s a small annual fee to pay.
After the promotional period, the fallback is the cash advance rate is a high 21.74% p.a.

*NAB may vary or end this offer at any time.

Our review

Our review of the NAB Low Rate CardReviewed by Yvonne Taylor

There’s more than one way to get rewards from your credit card. If collecting points is not your thing, why pay – via a high purchase interest rate and steep annual fee – for points you won’t ever use? The true rewards that come with the NAB Low Rate Card are the long zero-interest offer on balance transfers, the low ongoing purchase interest rate, the higher-than-average (for NAB) interest-free days, and the very reasonable annual fee.

0% p.a. balance transfer option for 6 months

Bring across to your new card any accumulated debt from your existing non-NAB card or cards, and take advantage of 0% p.a. interest on balance transfers for 6 months. (This is a special offer, an alternative to the standard balance transfer terms of 0% p.a. for six months.)

Balance transfers are a gift if you are an organised and disciplined credit card user, letting you use someone else’s cash for free, except for the 2% balance transfer fee. You could earn interest when you deposit into a bank account the funds you would otherwise have used to make repayments. Then pay off the balance in full at the end of 6 months in order to avoid paying the steep revert interest rate, which in this case is the cash advance rate of 21.74% p.a.

In the situation where you can’t afford to repay the balance on your existing card and need the balance transfer to help you out of temporary liquidity problems, you can save some serious money. If you transferred a balance of $5,000 from a card where the purchase rate was 20% p.a. you would save $1,149 over 6 months (even allowing for the 2% balance transfer fee), and the 2.5% minimum repayments would become really effective, reducing your debt to just $3,335.

Low 13.99% p.a. ongoing purchase interest rate

The problem with having an unpaid balance transfer on your credit card account is that you forfeit the normal interest-free days, meaning that any purchase transactions attract interest from the day they are made. So it’s best to avoid using your card for purchases while you have a balance transfer in place. However, if you find yourself in a situation where you absolutely must use the card to pay an unavoidable bill, it will be much better to pay interest at this low rate of 13.99% p.a. than at a rate of 20% p.a. or more.

Even if you don’t take up the balance transfer option, it’s possible that you will sometimes be unable to clear your purchase balance in full by the due date, or simply forget to make the payment on time. The result will be that that you will forfeit your interest-free days for the next two months. This can be painfully expensive, with standard credit card interest rates in the region of 20%. If your average monthly purchases are around $2,000, being just a couple of days late with your payment could cost you as much as $67 in interest.

However, since the NAB Low Rate Card has a much more reasonable 13.99% p.a. interest rate, your interest payment would be much lower – only $47 – in the same situation. And if you are going to have long-term credit card debt and have run out of balance transfer options, paying 13.99% p.a. instead of around 20% is going to make an enormous difference.

Extra interest-free days

One of the downsides of NAB credit cards is that the vast majority of them come with only 44 interest-free days each month. But not this one. This is one of only two NAB cards that come with Up to 55 days on purchases. (The other one is the NAB Low Rate Platinum Card.)

It may not sound like a big difference, but in fact it amounts to 132 days of extra credit each year. That’s an extra 132 days in which your hard-earned cash can remain in your savings or mortgage offset account, either earning interest or reducing your mortgage interest bill.

No points, no insurance, no frills

Bonus benefits, like frequent flyer and other reward scheme points, airport lounge passes and wide-ranging insurance cover, all come at a price. You will end up paying for them in the form of high purchase interest rates or, more likely, a high annual fee. With this very basic card, however, there’s none of this to pay for, and no complex rewards system to get your head around.

But some built-in benefits you can actually use

You will, however, receive lots of other benefits that make your card more convenient as well as more secure. You’ll be able to make contactless purchases up to $100 with Visa payWave, rely on NAB Defence to monitor fraudulent transactions, and take advantage of Verified by Visa online fraud protection service, as well as Visa Global Customer Assistance if you need emergency travel support.

Download the NAB app for more control over your card: One Touch ID lets you log in to your account with more security; you can block and unblock your card if you temporarily lose it (no need to cancel the card in this situation); you can turn payWave, online transactions and overseas transactions on and off with just a swipe; add NAB Pay for Android to your compatible phone to turn it into a Tap and Pay digital wallet.

Low annual fee

While it’s possible to argue that a 'no frills’ card like this one should have no annual fee at all, the $59 p.a. annual fee is pretty reasonable given that you get Up to 55 days on purchases on purchases each month, provided you have no unpaid balance on your account. There’s no annual fee for an additional cardholder, and you will get at least one complimentary benefit in the form of membership of Visa Entertainment’s pre-sales privileges and discounts for concerts, shows, movies and sporting events.

A card designed for . . .

There’s no doubt that the uncomplicated NAB Low Rate Card is aimed at balance transfer users and lower income earners (since there is no minimum income requirement and a minimum credit limit of $500). Frequent flyer and other rewards points collectors should look elsewhere, and if you expect anything other than basic Visa lifestyle benefits you won’t be impressed. But everyone, at any income or spending level, can find benefits in the combination of a low ongoing purchase interest rate (even if it’s only for when you’re forgetful) and a low annual fee.

User reviews

3.8 out of 5.0 based on 77 reviews92% of reviewers would recommend this card

Rates and fees
Customer service

Reviews from users

Low fees and easy to use

Reviewed and recommended by Trish on 15 Aug 2013

This card doesn’t try to confuse you with reward systems that will never earn you anything. The true rewards with this card are the low interest rate, ease of use, internet banking that is easy to use, an app for making banking easy to access for smart phones, and the great customer service you get being with the NAB.

Quality low rate card

Reviewed and recommended by D on 20 Sep 2016

This card is great. I can recommend it to anyone looking for such a card. I have never had any problems with it.

The security on the card is pretty much standard across all cards these days.

If you are looking for rewards then you won’t find them here as it is a no-frills option.

Very happy with this card

Reviewed and recommended by I Faber on 15 Jun 2015

We changed to this card and it has made a big difference as the amount of interest we pay has fallen significantly. This means that we finally have a chance of slowly lowering the amount we have outstanding as less of our monthly repayment goes to interest. The change was very easy to make.

Saved a heap -15 months interest-free and low rate

Reviewed and recommended by Kate on 28 Nov 2016

I love this card! I switched from a high-interest card to my NAB low-interest card and have saved a ton of money. They offered me 15 months interest free on a balance transfer, which was amazing.

I would highly recommend this card to anyone who wants great rates and isn’t worried about not receiving points.

The best card for low earners!

Reviewed and recommended by Leannee on 03 Jul 2016

I originally got this card when I was divorced so I could cover unexpected but urgent and needed emergency expenses that cropped up occasionally. Plus lately, with the cost of basic living rising a lot more rapidly than my disabled pension, I now use it to buy medications or food.

Awesome service

Reviewed and recommended by Meredith on 14 Aug 2013

Awesome service and rewarding. I always pay it of monthly and never pay interest. I love my flybuys rewards and only pay a yearly fee. We have all our banking business with the National Bank. I would recommend the National Bank Credit Visa card to everybody and the National Bank also.

Why you should apply

Reviewed and recommended by nab visa pay wave on 21 Aug 2013

As a pensioner I find this is a very good card to have there is no fees the customer service can not be faulted easy to use if you don’t spend to much. All you have to do is wave the card over the machine which save time and some people have trouble remembering pin numbers.

Great interest-free period, great online service

Reviewed and recommended by Tiffany on 30 Nov 2016

I got this credit card for the interest-free period and transferred the debt from my old card onto it. I paid it off super fast and ended up closing my old card to keep this one.

The online banking is great and I love the interest rate. I would highly recommend this card if you are looking for a simple-to-use, good value credit card.

Not much help when things go wrong

Reviewed and recommended by Dave on 16 Jul 2015

I recently had some bad luck financially. Other cards let me have a spell from payments, no interest or fees were added, but NAB, although wanting to help, still wanted some payment. They would ask how much I could afford. Well, my income is $0.00 until I find a job. It was frustrating.

Good credit card rates to get me out of debt

Reviewed and recommended by Mandy on 21 Sep 2013

Love my credit card. It is easy to use and I get a good interest rate. I am trying to get myself debt free and using this card is helping me and I will hopefully be out of debt by the end of the year and then I will be a happy camper.

Show 67 more reviews
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months2%90% of credit limit21.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
90% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the NAB Low Rate Card at the promotional balance transfer rate from:

  • NAB

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months2%90% of credit limit 21.74% p.a.
Purchases0% p.a.6 monthsN/AN/A 13.99% p.a.

Ongoing interest rates

Cash advances 1.81% 21.74% p.a.
Purchases 1.17% 13.99% p.a.


Annual fee
$59 p.a.
Cash advance fee
whichever is greater, $2.50 or 2%
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular any level of income
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are eligible
Age Pension, Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are acceptable.
Austudy, Carer's Allowance, Child Support Payments, Family Tax Benefits and Parenting Payments and Foster Care Allowance are acceptable.
Youth Allowance is not acceptable.
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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