Intro Rate
0% p.a. on balance transfers for 28 months with 2% BT fee

Purchase Rate
13.49% p.a.

Annual. Fee
$0 for the first year, then $59

Intro Offer
Alternative cashback offer available

The NAB Low Rate Card costs $59 a year, has a 13.49% APR and provides 55 interest-free days. This credit card has two welcome offers — 0% on balance transfer for 28 months (2% transfer fee, rate reverts to 21.74% after promo period ends) and the first year’s annual fee waived, or, up to $300 cash back after spending $1,500 in the first 90 days, and 0% on balance transfer for 12 months (3% fee, reverts to 21.74%).

Fees, interest rates and other details

Feature	Bank of Melbourne Vertigo credit card
Annual fee	$59 (waived for the first year if you select the 28-month balance transfer welcome offer).
(Variable) purchase rate	13.49% per annum.
(Variable) cash advance rate	21.74% per annum.
Promotional balance transfer rates	• 0% for 28 months (2% fee), or • 0% for 12 months (3% fee). Both offers revert to the applicable variable cash advance rate (currently 21.74% per annum) at the end of the promotional periods.
Minimum credit limit	$1,000.
Interest-free days on purchases	Up to 55 days interest-free if the statement balance is paid in full by the statement due date. Remember, this does not apply to cash advances.
Additional cardholders	Free (applicants must be at least 16 years old).
Card network	Visa.
Intro offers	Balance transfer offer: 0% interest for 28 months with a 2% transfer fee. Plus, the annual fee is waived for the first year. Cashback and balance transfer offer: • Earn up to $500 in cashback and get 6.99% on balance transfers for 12 months. • Plus, get 0% interest on balance transfers for the first 12 months, with a 3% transfer fee.
Rewards program	The NAB Low Rate Card doesn’t earn rewards. However, you can get up to $300 cash back if you select the cash back welcome offer when applying for the card. You must spend at least $1,500 in the first 90 days to receive the bonus, which will be deposited into your account within 120 days of opening the account.
Included insurance	No complimentary insurances.
Benefits	• Fraud and theft protection with NAB Defense. • 24/7 emergency assistance if the card is lost or stolen. • Access to Visa Entertainment, a discount platform with deals on events, shows, experiences and more. • Digital wallet capabilities through Apple Pay, Google Pay and Samsung Pay, depending on the type of smartphone you have. • Access to lower annual fees and bonus rewards for existing NAB customers.

Basic overview

The NAB Low Rate Card comes with fraud protection, 24/7 assistance and access to deals via the Visa Entertainment platform, but doesn’t offer traditional rewards like points or ongoing cash back, nor does it offer complimentary insurance. However, the lower rate on purchases (13.49%) can save you money if you often carry a balance.

» MORE: How to get a credit card in Australia

Understanding the annual fee’s value

The NAB Low Rate Card’s $59 annual fee is lower than the average, according to NerdWallet’s analysis of over 100 Australian credit cards. But, it doesn’t earn traditional rewards, like points or cash back on everyday spending, so there are fewer opportunities to offset the annual cost.

If you choose the 0% for 28 months balance transfer welcome offer, the annual fee is waived for the first year. After which, the savings made through the Visa Entertainment platform or from moving a balance from a high interest card, may help cover some of the fee.

If you choose the cash back offer, the $300 bonus can help offset the annual fee for about five years — just note the $1,500 minimum spend required to earn the bonus. Plus, any savings made from the Visa Entertainment or balance transfer portion of the offer can help cover some of the cost. Don’t forget though, the annual fee will be applied to your account each year, regardless of any savings you earn through cashback or discount platforms.

Promotional offers

Balance transfer offer

Cash back + balance transfer offer

Balance transfer offer for new cardholders:

0% interest on balance transfer for up to 28 months, with a 2% transfer fee.

What’s the welcome offer worth?

You may be able to save money if you move a balance from a card with a higher interest rate. For example, if you transfer $5,000, you can clear the debt in 28 months under this offer by paying roughly $179 a month. The same balance, if kept on a credit card with a 21% interest rate, would take over three years to clear and cost over $1,700 in interest (when paying $179 a month).

Note: These calculations don’t account for additional fees, like the transfer fee (2%). On $5,000, the transfer fee would be $100, raising your balance from $5,000 to $5,100. Our example is for illustrative purposes only. You should always make at least the minimum payment set out on your credit card statement.

The above offer and redeemable value was current at the time of writing and are subject to change.

Understanding the balance transfer offer

This offer is only available to new cardholders. A 2% transfer fee is applied to each transfer, and becomes part of the transferred balance.

If the transfer is made within 30 days of opening the account, you can move up to 90% of your new credit limit. That means if your credit limit is $5,000, you can move up to $4,500 (including fees). If you submit a transfer after 30 days of opening the account, you can move up to 100% of the credit limit. The downside to waiting 30 days for the 100% limit is that you’ll have one less month at the promotional rate, which means you’ll need to make higher repayments throughout the promotion.

The promotional interest rate (0%) is only valid for 28 months, after which, the standard balance transfer rate (21.74%) applies. Therefore, if you don’t pay off the debt in full by this time, any remaining balance will be subject to a much higher rate.

To retain the 0% interest rate on your balance transfer, you must pay the minimum monthly amount by your statement due date each month as well as meeting any other credit card terms and conditions.

Mind the revert rate

If you have a credit card balance on a card with a higher interest rate, moving the balance to one with a lower interest could save you money — and give you time to pay down the balance. Remember that the new card’s standard interest rate applies once the promotional period ends. So, ideally, you want to pay off the debt during the promotional period. It’s also important to consider the new card’s standard rate versus the interest rate you are paying on your current card, especially where you may be unable to pay the balance transfer off within the lower interest rate period.

Cash back and balance transfer offer for new cardholders:

$300 cash back plus 0% on balance transfers for 12 months.

Get up to $300 cash back when you spend at least $1,500 in the first 90 days of opening the account. If you meet the requirements, the cash back will be credited to your card within 120 days of opening the account.

This offer also comes with a 0% interest rate on balance transfers for the first 12 months, with a 3% transfer fee. Balance transfer rate reverts to 21.74% after the promotional period.

What’s the welcome offer worth?

The $300 cash back portion of the welcome offer can help cover the $59 annual fee for several years. Plus, the balance transfer portion can save you money on interest if your current card has a much higher rate.

For example, a balance of $5,000 can be cleared in 12 months under this offer by paying roughly $417 a month. The same balance, if kept on a credit card with a 21% interest rate, would take roughly 14 months to clear and cost over $500 in interest (when paying $417 a month), according to the moneysmart.gov.au credit card calculator.

Note: These calculations don’t account for additional fees, like the transfer fee (3%). On $5,000, the transfer fee would be $150, raising your balance from $5,000 to $5,150. Our example is for illustrative purposes only. You should always make at least the minimum payment set out on your credit card statement.

NAB balance transfer rules

Before choosing the balance transfer offer, it’s important to know the rules of how balance transfers work at NAB.

Transfer limits: You can move up to 90% of the credit limit within 30 days of opening the account. The limit is increased to 100% after 30 days. The transfer limit applies to the balance you are moving, as well as any annual fees and transfer fees.
Eligible cards: You cannot transfer balances from other NAB-branded cards, or alongside other NAB offers. Plus, your card’s BPAY reference number must be the same as the card number for the transfer to work, which may not be the case for cards issued by AMEX, ING, Latitude Financial, Heritage Bank, Bendigo Bank, and others. You can find these numbers on your credit card statement.
Interest-free days: NAB offers 55 interest-free days on new purchases, however you must pay your bill in full by the due date to retain this feature.
Eligible customers: Only new cardholders are eligible for this offer, including existing NAB customers who do not yet have this particular card. But remember, you cannot transfer a balance from a NAB-branded card.
Transfer fees: A 2% transfer fee is applied to each transfer, which is added to your total balance.

Our take

The below pros and cons are based in part on NerdWallet’s editorial expertise and data collected from over 100 Australian credit cards.

Pros

Two substantial welcome offers for new cardholders:
- 0% on balance transfers for 28 months (2% transfer fee), and the annual fee waived for the first year.
- Up to $300 cash back in the first 90 days of opening the account, as well as 0% on balance transfers for 12 months (3% transfer fee). Spending requirements apply.

Annual fee ($59) waived for the first year (if you select the 28-month balance transfer offer).

Up to 55-interest free days on new purchases.

Cons

No complimentary insurances, like travel or car rental coverage.

No ongoing rewards program like points of cash back on everyday purchases.

Higher foreign transaction fee than average (3.5% from 1 November 2024), which can rack up costs if you plan to use the card regularly abroad.

High revert rate (21.74%) on transferred balances after the promo period ends.

Eligibility

Who may be eligible?

To apply for NAB Low Rate Card, you need to:

be at least 18 years old
have a regular income
be an Australian resident
be a citizen of Australia or New Zealand, or hold the appropriate Visa or permanent residency documents.

Who might be suited to this card?

According to NAB’s Target Market Determination (TMD)[1], the NAB Low Rate Card is designed for customers who:

want a basic low interest rate credit card for everyday spending or large household purchases and to flexibly manage their monthly spending
require a minimum credit amount of $1,000
have access to sufficient income to satisfy NAB’s credit assessment requirements and to meet the following payments:
- minimum monthly repayments
- annual fee
- low interest rate
want to manage and reduce the interest on their credit card.

Who might not be suited to this card?

Based on the above TMD, the NAB Low Rate Card is not designed for customers who requires a credit card with:

a lower annual fee
access to rewards points
access to complimentary insurances.

How to submit an application

To complete the credit card application online, you will need:

a form of ID, such as an Australian driver’s licence or passport
the maximum credit limit you wish to apply for
employment details that cover the last three years, as well as proof of income, such as payslips and bank statements.
financial information, such as income, existing debt and expenses.

Complete the online application by clicking ‘Apply now’ on the card’s landing page, and select the welcome offer you wish to redeem. The online application takes roughly 15 minutes. You may be asked to provide additional documents while your application is being reviewed.

» MORE: How long does it take to get a credit card?

Customer satisfaction ratings

Note: Customer review websites can be insightful, but keep in mind that the reviews may not accurately reflect the average experience; for example, unhappy customers may be overrepresented in these reviews. Products also change over time, and reviews may reflect experiences with features and benefits that are no longer available. Nevertheless, these sites are just one way to learn more about the company and the products on offer before you make a decision.

As of this writing:

Based on over 330 Trustpilot reviews, NAB scored: 1.6 out of 5 stars.
Based on over 17 ratings from Product Review, the NAB Low Rate Card scored: 3.1 out of 5 stars.

NerdWallet does not endorse the above scores or reviews and provides them for illustrative purposes only.

The minimum credit limit for the NAB Low Rate Card is $1,000.

In general, we consider a credit card with a standard purchase interest rate under 15% to be ‘low rate’.

NAB, “Target Market Determination NAB Low Rate Card ,” accessed October 17, 2024.

NAB Low Rate Credit Card Overview 2024

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