Intro Rate
0% p.a. on balance transfers for 28 months with 3% BT fee

Purchase Rate
13.49% p.a.

Annual Fee
$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. New applicants have two welcome offers to choose from:

0% on balance transfers for 24 months (3% transfer fee, rate reverts to 21.74% after promo period ends), or
Up to $300 cashback after spending $1,500 in the first 90 days, with 0% on balance transfers for 12 months (3% fee applies).

Fees, interest rates and other details

Feature	NAB Low Rate Card
Annual fee	$59.
(Variable) purchase rate	13.49% per annum.
(Variable) cash advance rate	21.74% per annum.
Balance transfer revert rate	21.74% per annum.
Minimum credit limit	$1,000.
Interest-free days on purchases	Up to 55 days.
Additional cardholders	Free (applicants must be at least 16 years old).
Card network	Visa.
Intro offers	Balance transfer offer: 0% interest for 24 months with a 3% transfer fee. Cashback and balance transfer offer: Earn up to $300 in cashback when you spend at least $1,500 in the first 90 days. Plus, get 0% on balance transfers for the first 12 months, with a 3% transfer fee.
Rewards program	The NAB Low Rate Card doesn’t earn rewards.
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, Samsung Pay, Apple Watch, Fitbit and Garmin Pay. • Access to lower annual fees and bonus rewards for existing NAB customers. But remember, you cannot transfer a balance to the NAB Low Rate credit card from another NAB-branded credit card.

Basic overview

The NAB Low Rate Card comes with a lower rate on purchases (13.49%), two balance transfers offers for new cardholders 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.

» 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 for a low-rate card, 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 fee.

If you choose the 0% for 24 months balance transfer welcome offer, savings made by moving a balance from a higher interest card may help cover some of the fee.

If you choose the cash back and balance transfer 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.

Any savings made from the Visa Entertainment platform can help cover some of the cost.

Don’t forget, the annual fee will be applied to your account each year, regardless of any savings you earn through cash back 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 24 months, with a 3% 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, in the following scenario, moving a balance of $5,000 can save you roughly $1,180, which can help cover the annual fee for many years.

	Option 1: 0% for 24 months (3% fee)	Option 2: Card with 21% APR
Balance	$5,000.	$5,000.
Monthly payment	$215.	$215.
Pay off period	24 months.	30 months.
Transfer fees	$150.	$0.
Interest accrued	$0.	$1,330.
Total amount spent	$5,150.	$6,330.

Note: These calculations don’t account for additional fees. Our example is for illustrative purposes only. You should always make at least the minimum payment set out on your credit card statement.

Understanding the balance transfer offer

This offer is only available to new cardholders. A 3% 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 24 months, after which, the balance transfer revert 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 meet any other credit card terms and conditions.

Cash back and balance transfer offer for new cardholders:

$300 cash back, plus 0% on balance transfers for 12 months (3% fee applies).

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

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.

The balance transfer portion can also help save you money if you need to move a large balance from a card with a higher interest rate.

For example, in the following scenario, moving a balance of $5,000 can save you roughly $380, which can help cover the annual fee for several years.

	Option 1: 0% for 12 months (3% fee)	Option 2: Card with 21% APR
Balance	$5,000.	$5,000.
Monthly payment	$430.	$430.
Pay off period	12 months.	13 months.
Transfer fees	$150.	$0.
Interest accrued	$0.	$530.
Total amount spent	$5,150.	$5,530.

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 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 your BPAY number 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 3% transfer fee is applied to each transfer, which is included in your new 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 24 months (3% transfer fee).
- Up to $300 cash back in the first 90 days of opening the account when you spend at least $1,500, and 0% on balance transfers for 12 months (3% fee applies).
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%), which can rack up costs if you plan to use the card regularly abroad.

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 require 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
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. The physical card will arrive within five to seven working days if you are approved.

» 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 360 Trustpilot reviews, NAB scored: 1.5 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, NerdWallet Australia considers a credit card with a standard purchase interest rate under 15% to be ‘low rate’.

NAB, “NAB Target Market Determination,” accessed April 7, 2025.

NAB Low Rate Credit Card: 2025 Overview

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