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.

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

Pleased with my credit card

Reviewed and recommended by Mihaela on 24 Jun 2016

I am pleased with my credit card because I can use payWave. I am not a big spender, so I can use it for small purchases with no problems. The interest is very low, so it is not affecting me even though I do not work at the moment. I had a couple of unauthorised payments taken and the bank recovered it. Thanks NAB!

More money in my pocket

Reviewed and recommended by Kristi on 03 Jul 2016

NAB’s Low Rate card has low rates, low interest, no hidden fees, and good customer service. I am very pleased and could not be happier.

I highly recommend this option if this is your first time getting a credit card. Do your research and you will find NAB is the right way to go for low interest rates.

Low fees, low interest.

Reviewed and recommended by Nicholas on 16 Sep 2016

I was looking for a card with a low rate as I sometimes can’t pay back the full amount owing every month. The NAB low rate card also has low fees, so I’m not paying a huge premium for the privilege of using the card.

I’m always open to looking at other cards though, to see if there is a card that better suits my needs.

Good service

Reviewed and recommended by Ian on 13 Sep 2013

I find the NAB to be very reputable in its handling of my credit card. Will continue to use this service.
I would recommend NAB, as my card is easy to manage and they contact me immediately if there is any unusual activity. Transferring funds to my credit card is simple.

It is OK, but not the cheapest

Reviewed and recommended by Khoa on 19 Jul 2016

It is okay to have, but not the cheapest one. Customer service is good and they care enough when contacted, There are no cold calls for promotion so it is good not to be disturbed. Overseas transaction fee/exchange rate charge is expensive. Everything can be done online. Otherwise, it is best not to have any cards.

It works for me

Reviewed and recommended by Jacob on 18 Jul 2016

I’ve got a credit card so I’m never without funds, because you never know what’ll happen.

I filled the credit limit and was offered an increase, which has helped a lot too. I can access up to $5,000 without worry whenever I need it.

Paying off is simple, as you can pay just the minimum or pay off more than that to help zero your balance more quickly.

Unhappy, wish I never had this

Reviewed and not recommended by Angela on 03 Jul 2015

I have been hacked twice and not received the whole amount of money back. I get charged over the top interest rates in comparison to other banks. I wish I never joined the National Australia Bank. Once I can I am going to leave altogether.

Perfect for a uni student

Reviewed and recommended by Christopher on 21 Aug 2016

Low yearly fees and interest, perfect as an emergency card or for everyday use. No interest for 12 months. Very easy to setup and to monitor transactions. Perfect for a uni student or someone who is studying but who likes to make purchases, as the interest rate on purchases is low in comparison. The best card and service I have ever had and the main thing is that it is very reliable.

It helps me out when I have little emergencies.

Reviewed and recommended by Skits on 11 Jun 2015

I find it great in emergencies and where certain purchases require a credit card, it is just nice to know I have it on hand. There are just some times when you have not got the big amounts of money on hand to pay for breakdowns or emergencies. Peace of mind.

Great low rate card

Reviewed and recommended by Michelle on 20 Sep 2016

It’s a great card for balance transfers. I think initially I got the first 15 months free, or thereabouts. Once paid off, I continued to use the card.

There are no rewards though, which is a bit of a downside. It has a low-interest rate and allows around 55 days interest free, which is a bonus.

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 pointers 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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