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Discontinued: NAB Low Rate Credit Card – 0% Purchase Offer
Discontinued: NAB Low Rate Credit Card – 0% Purchase Offer

NAB Credit Cards

Discontinued: NAB Low Rate Credit Card – 0% Purchase Offer

Updated 16 May 2023

As of 16 May 2023, this card became unavailable for application. This information has been left for those who still have the card or were previously interested.

Giving a modest card a bigger boost, NAB's Low Rate credit card currently has a 0% p.a. purchase offer for 20 months. The card comes with a low ongoing purchase rate of 12.49% and a low $59 annual fee. Plus, pay down your balances faster with 0% p.a. for 12 months, a 3% BT fee applies and reverts to a variable cash advance rate. Enjoy basic but nice-to-have extras like Visa Offers + Perks. You won't earn points, but it's a neat low-cost card to help with emergencies and rainy day costs or to give you time to pay off big purchases interest-free and with better flexibility.



New NAB Low Rate card members only. T&Cs apply.

Purchase Rate (p.a)

0% p.a.

for 20 months. Reverts to 12.49% p.a.

Balance Transfer (p.a)

0% for 12 months No balance transfer fee.
Reverts to 21.74% p.a.

Annual Fee (p.a)

$59

$0 over 12 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • Enjoy 0% p.a. on purchases for 20 months. Reverts to a low variable purchase rate of 12.49% p.a.
  • Save with 0% p.a. on balance transfers for 12 months. Reverts to a variable cash advance rate
  • Low $59 annual fee
  • Special offers on events with Visa Entertainment
  • Up to 55 interest-free days on purchases
  • Free additional cardholder
  • Syncs with Apple Pay, Google Pay, Fitbit Pay, Garmin Pay and Samsung Pay

  • No rewards program
  • No complimentary insurance covers
  • Balance transfer has 3% fee

Creditcard.com.au review

Editor Review

Discontinued: NAB Low Rate Credit Card – 0% Purchase Offer

Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. about this card.

The NAB Low Rate Credit Card - 0% Purchase Offer

💡 NOTE: NAB has two promotional offers on its Low Rate card. You can choose from either the 0% purchase offer, where you won't pay interest on purchases for the first 20 months. Or, you can choose a balance transfer offer, where you'll pay no interest for 32 months and no balance transfer fee.

You can read my review of the NAB Low Rate card - 0% Balance Transfer offer here. In this review, I'll pull apart the 0% purchase offer.

There can be a lot of variation on cards in the low-cost space. You can get a low (or free) annual fee, or a low interest rate, or a combination of one and a promotional offer like interest-free balance transfers or purchase offers. Low-cost cards aren't known for big rewards points or perks (because you get what you pay for, basically!).

With that in mind, the NAB Low Rate card is very competitive - it has one of the lower annual fees at $59, and still comes with some discount opportunities on top of 0% promotions. It's designed for people who want a basic, low-fee credit card for everyday spending or large household purchases.

Let's take a look at its features in detail.

What we love...

The 0% purchase offer. You're eligible for this offer if you're new to NAB Low Rate cards. You'll get 20 months interest-free on purchases, starting from the day your account opens. After the 20 months, you'll pay the card's standard interest rate on any remaining balance owing. This feature gives you more flexibility in how you repay your card's balance each month, making it a rival to Buy now pay later services that have a fixed repayment plan.

For instance, if now is the time to upgrade your couch, you can use the card and repay it within the interest-free period. You can be in charge of when you make the repayments within the 20 months without fear of late fees or damage to your credit score (of course, you'll need to make sure it's paid off in full before the interest rate kicks back in).

The low purchase rate. NAB Low Rate's interest rate is one of the lowest on the market. I would always recommend paying off your card each month so you never have to pay interest, but if you're someone who's not 100% reliable with repayments, or you're trying to get ahead on debt then the lower rate is very helpful.

The balance transfer offer. This card also comes with a balance transfer offer but it's not as good as the promotional one. You'll get 12 months interest-free on your balance transfer (on top of the 0% purchase offer) but you'll pay a 3% transfer fee. So, if your balance transfer amount was $5000, you'll pay $150 in fees.

The low minimum credit limit. Having a lower credit limit helps keep a cap on your spending, and looks better to lenders if you're in the market for a loan. The low credit limit is a good bonus if you're a first time credit card user, and want to set a 'safety limit' while you're working out how to use the card and build your credit score.

Visa Offers + Perks. You can sign up to Visa Offers + Perks to get personalised discounts on retail, dining and experiences. For instance, you can get 10% cashback on Booking.com.

You'll also get:

  • 55 days interest-free on purchases after the intro period ends
  • One free additional cardholder over 16 years old
  • 24/7 emergency travel assistance with Visa Customer Assistance Services
  • A wide range of digital wallets to choose from

What’s not so great...

The biggest caveat with the NAB Low Rate card is what happens after the promotion finishes. If you don't pay off your balance before the 20 months interest-free promotional period ends, you'll immediately start paying the card's variable interest rate (currently 12.49%). It's a very good idea to have a plan in place to pay off your card during the interest-free period.

If you do a balance transfer, any unpaid amount after the 12 months will be slapped with the cash advance rate, which is a much more scary rate of 21.74%. And, if you don't pay the minimum monthly payment on your balance transfer, you'll lose out on the card's 55 days interest-free on purchases, costing you even more in interest.

I should explain that none of these 'not so great' points is unusual. They're very standard practice amongst credit cards, but I mention them so you know how important it is to use the interest-free periods wisely to get ahead.

Overall Rating

The NAB Low Rate card with 0% purchase offer is ultimately a simple card with low interest rates and a few extras to sweeten the deal. You won't earn rewards points or get free insurances. But, it is a good money-saver if that's what you're after.

It's a card that could suit you if you're a first-time cardholder looking to try out credit cards with some flexibility around repayments. It's also designed for everyday spending without high costs, or if you've got a large household purchase to pay off. The NAB Low Rate is one of the cheaper cards in the low-rate space, although you'll be paying the high cash advance rate if you use the balance transfer feature and don't pay it off in time.

Remember, this same card also comes with a different promo offer: 32 months interest-free balance transfer (and no fee, either). You can read my review here.

User reviews

Discontinued: NAB Low Rate Credit Card – 0% Purchase Offer ( based on 1 Creditcard.com.au user review )

0% rating based on 1 review

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



Purchase rate 12.49% p.a.

Introductory purchase rate 0% p.a. for 20 months

Cash advance rate 21.74% p.a.

Interest free period on purchases up to 55 days

Balance transfer

Balance transfer rate 0% p.a. for 12 months

Balance transfer revert rate 21.74% p.a.

Balance transfer from personal loan No

Balance transfer fee No fee

Balance transfer limit 90% of approved credit limit

Brands you can't balance transfer from NAB

Credit limits

Minimum credit limit $1,000

Maximum credit limit $30,000

Fees & repayments

Annual fee $59 p.a.

Additional cardholder fee $0 p.a.

Foreign transaction fee 3%

Minimum repayment 2% or $25 whichever is greater

Cash advance fee 3% or $3.00 whichever is greater

Late payment fee $15

Additional features

Complimentary insurance

International Travel Insurance No

Flight Inconvenience Insurance No

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance No

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Extras

Tap and pay your way. Enabled for Apple Pay, Google Pay, Fitbit Pay, Garmin Pay and Samsung Pay

Overview

Discontinued: NAB Low Rate Credit Card – 0% Purchase Offer

Key features

  • Enjoy 0% p.a. on purchases for 20 months. Reverts to a low variable purchase rate of 12.49% p.a.
  • Save with 0% p.a. on balance transfers for 12 months. Reverts to a variable cash advance rate
  • Low $59 annual fee
  • Special offers on events with Visa Entertainment
  • 24/7 emergency travel assistance with Visa’s Global Customer Assistance Services (GCAS)
  • Fraud protection
  • Up to 55 interest-free days on purchases.
  • Free additional cardholder.
  • Syncs with Apple Pay, Google Pay, Fitbit Pay, Garmin Pay and Samsung Pay.

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Resident or citizen of Australia. Temporary residents are eligible.

  • You have your personal details ready to complete the online application

Pauline

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger

Recently Asked Questions

Something you need to know about this card? Ask our credit card expert a question.

3 questions (showing the latest 10 Q&As)

Peter Thomas

Peter Thomas

4 May 2023
Do you know if buying a car from a dealer would be 0% for 20 mths?
    Pauline - CreditCard.com.au

    Pauline

    5 May 2023
    Hi Peter, technically yes, you should be able to buy a car on your credit card, as long as the seller has credit facilities and allows it. But, just weigh up any other costs such as any card surcharges (which could be between 1% and 1.5% of the transaction amount), and also that you can repay the total before the interest-free period ends - although the rate you’ll pay after that is reasonably low at 12.49%. This offer is for new NAB Low Rate card customers, too. It’s a good idea to ask NAB directly before you make a big purchase on a credit card like this. I hope that helps, Peter!
Rasheekha

Rasheekha

27 April 2023
I am interested in a credit card of $6000 with 0 interest for 20 months. are you able to assist me?
    Pauline - CreditCard.com.au

    Pauline

    30 April 2023
    Hi Rasheekha, you’re actually on Creditcard.com.au, Australia’s leading credit card comparison site. We currently aren’t partnered with the NAB Low Rate card but you can head over to their official website to apply.
Chris

Chris

26 April 2023
Does the 0% on purchases for 20 months offer have exclusions?
    Pauline - CreditCard.com.au

    Pauline

    27 April 2023
    Hi Chris, I've looked into it and it appears that the 0% p.a. on purchases for 20 months is an offer that's available to new approved NAB Low Rate credit card applicants. It's important to note that this promotional offer only applies to retail transactions, such as paying for things like vet bills, petrol, appliances or groceries. If you have any unpaid balances remaining after the promotional period ends, the interest rate will revert back to 12.49% p.a.

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