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NAB Low Rate Platinum Card

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My annual fee: 
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card features
balance transfer
purchase rate
annual fee
your savings
NAB Low Rate Platinum Card
APPLY BY 22 jan 17
0% p.a. on purchases and 0% p.a. on balance transfers for 15 months.
Platinum Concierge Service plus seven complimentary travel insurances.
Up to 55 days on purchases.
Add to comparison
15 months
0% p.a.
then 21.74%
with a 3% fee
15 months
0% p.a.
then 13.99%

Pros & cons

What's good?

What's not so good?

0% p.a. on purchases and 0% p.a. on balance transfers for 15 months.
Make purchases with NAB’s lowest interest rate card.
Up to 55 days on purchases
Seven complimentary insurances when you make an eligible purchase, including overseas travel insurance when you spend $500 or more of your pre-booked travel using your card.
Uses Visa payWave for making purchases contactless and faster.
Special offers on shows, events, experiences and movies from Visa Entertainment.
Platinum Concierge Service-your own 24 hour, 7 day personal assistant.
Get a response in 60 seconds.
If you do a balance transfer a one-off 3% balance transfer fee applies to the amount that you transfer.
There is an annual fee to pay.
After the promotional period, the fallback is the cash advance rate is a high 21.74% p.a.


Our review of the NAB Low Rate Platinum Card

Who knew that the words ‘low rate’ and ‘platinum’ could appear in the same sentence, let alone in the same credit card? But by introducing the NAB Low Rate Platinum Card,
NAB has made it clear that the two ideas are not incompatible. You’ll get NAB’s lowest ongoing purchase interest rate and longest monthly interest-free days, packaged with the kind of insurance cover that normally comes with much more expensive cards, and made even more attractive by the enticing zero-interest introductory offers.

NAB’s lowest purchase interest rate

Certainly, there are cards on the market with lower purchase interest rates, but, with a couple of exceptions (more details further on in this review) they don’t bring with them the kind of platinum benefits that you’ll enjoy with this card. At 13.99 percent, this is NAB’s lowest ongoing purchase interest rate, matching the rate offered on the NAB Low Rate Card. This last-mentioned card has no complimentary insurance policies or concierge service, and its annual fee is 59 dollars.

Since the NAB Low Rate Card is identical in all other respects, and the annual fee for the NAB Low Rate Platinum Card is $100 p.a., what it comes down to is paying 41 dollars for the insurance and concierge service. Only you can decide whether that 41 dollar is money well spent, and it will largely depend on how much travelling you do, allowing you to take regular advantage of the travel insurance policies.

15 months 0% p.a. introductory offer on purchases

For the first 15 months of holding the card, it won’t matter to you whether the ongoing purchase interest rate is high or low, because it’s overridden by the introductory purchase interest rate of 0% p.a.. That’s 15 months during which you can put your full repayments into a savings account to earn a little interest (or reduce the interest cost in your mortgage offset account). If you spent 1,000 dollars per month on purchases, squirrelling away the cash, instead of clearing the balance at the end of each month, would earn you over 300 dollars in savings account interest or reduce your mortgage interest by over 400 dollars.

Matching 15 months 0% p.a. introductory offer on balance transfers

But the good news doesn’t stop there. NAB’s standard balance transfer interest terms are a concessional 4.99 percent charged on the balance transferred for six months (before reverting to the cash advance rate of 21.74% p.a.. However, for a limited time, you can bring a balance across to your new card and pay absolutely interest for 15 months on this balance as well. Unfortunately the 3% upfront fee takes some of the gloss away from this offer. It means that on a transferred balance of 5,000 dollars you would at once be charged a 150 dollar fee, the equivalent in fact of paying interest at slightly more than 2.4 percent.

Balance transfer offer lets you save big time if liquidity is a problem

However, if you are currently paying 20 percent on a credit card debt you can’t afford to repay at the moment, there’s serious money to be saved by transferring your balance to this card. Even after paying the 3% upfront fee, you will save around 1,026 dollars over 15 months.

Plan full repayment after 15 months to avoid revert interest rates

Interest holidays don’t go on forever. When the day of reckoning arrives after 15 months, you need to have the cash ready to clear both your cumulative purchases balance and the transferred balance, if you have one. Otherwise you will end up paying 13.99% p.a. on any uncleared purchases balance and a punishing 21.74% p.a. on any remaining balance transfer amount.

NAB’s longest ongoing interest-free days

After the introductory offer on purchases expires, you can still take advantage of an interest-free period on purchases, provided you pay off the balance in full and on time each month. While the majority of NAB’s credit cards come with only 44 days interest free (meaning that you have to pay up, in full, about 14 days after each statement date in order to avoid interest charges), NAB’s two low-rate cards come with a more generous Up to 55 days on purchases (giving you 25 days after the end of the billing cycle before you need to come up with the cash).

Seven complimentary insurance policies

It’s fairly standard for a platinum card to have six complimentary insurance policies, but the NAB Low Rate Platinum Card has seven:

  • Overseas travel insurance – annual multi-trip policy for cardholders and accompanying immediate family members, covering emergency medical expenses, luggage, car rental excess and more
  • Interstate flight inconvenience insurance – covers lost or delayed luggage, unavoidable trip cancellation and car rental excess
  • Transit accident insurance – compensation for serious injury as a result of a transport accident
  • Domestic hotel burglary insurance – unique to NAB, covering personal items stolen from your locked Australian hotel room
  • Purchase protection cover – three months’ protection against loss, theft or damage of personal items
  • Extended warranty insurance – doubling the manufacturer’s Australian warranty on domestic appliances (12 months maximum additional cover)
  • Price protection – refunding the price difference if you see a purchased item advertised locally at a lower price up to 21 days later

The polices are activated by using your card to purchase the item to be covered. In the case of overseas travel insurance this means spending at least 500 dollars on your pre-paid expenses for the trip, and purchasing your full fares with the card for the other two travel policies.

Platinum concierge and Visa Front Line Access

Platinum cards are usually accompanied by other platinum benefits that you may or may not use. In this case you’ll get a worldwide platinum concierge service (a 24/7 travel and entertainment personal assistant just a phone call away) and Visa Front Line Access (jump the queue to reserve event tickets before they become generally available).

All the security you expect from a big bank

NAB and Visa combine their resources to let you shop with confidence, providing NAB Defence (monitoring, investigation and reimbursement of fraudulent transactions) and Verified by Visa (an extra layer of security for online shopping).

Who will get the most out of this card?

This is a card for someone whose financial situation means that there may be regular occasions on which they do not pay off their monthly balance in full, meaning that they need to be able to rely on an interest rate that is low (‘low’ that is, for a credit card). Not attracted by the idea of earning rewards points (or not interesting in paying an inflated annual fee for the privilege) they still expect some recompense for their spending in the form of complimentary insurance policies to protect their travelling and retail therapy lifestyle.

Basic details

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.15 months3%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 Platinum Card at the promotional balance transfer rate from:

  • NAB

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.15 months3%90% of credit limit 21.74% p.a.
Purchases0% p.a.15 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
$100 p.a.
Cash advance fee
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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