Our verdict

A card offering $0 annual fee for the first year, which reverts to $59 p.a. after that.

Finder Awards 2025 winner

Customer Satisfaction Award

The NAB Low Rate credit card gives you a few ways to save on costs, with a waived annual fee for the first year (reverts to $59 p.a. thereafter).

This card also features a low variable interest rate on purchases and balance transfers. Right now, it offers a 5.99% balance transfer rate for 24 months, with no balance transfer fee. While this is a low credit card interest rate, the best balance transfer offers give you 0% interest. But the no balance transfer fee is a big benefit. Any unpaid balance at the end of the introductory period will also attract a variable cash advance rate of 21.74% p.a. And while you have an outstanding balance transfer, you’ll only get the interest-free days on purchases if you pay the required amount listed on your statement in full by the due date.

Pros

$0 annual fee for the first year ($59 p.a. thereafter)
5.99% p.a. on balance transfers for the first 24 months, with no balance transfer fee
Competitive purchase rate
Free additional cardholder

Cons

No rewards program or travel insurance
No 0% balance transfer offer

Details

Product details

Product Name	NAB Low Rate Credit Card
Balance transfer rate p.a.	5.99% for 24 months, then 21.74%
Balance transfer limit	90% of available limit
Purchase rate p.a.	Purchase rate p.a.13.49%
Interest-free days	Up to 55 days on purchases
Cash advance rate p.a.	21.74%
Min credit limit	$1,000
Max credit limit	$30,000
Card type	Visa

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$0 first year ($59 after)
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	3.5%
Cash advance fee	3% or $3, whichever is greater
Overseas ATM withdrawal fee	$5
Additional cardholder fee	$0
Number of additional cardholders	1

Congratulations, NAB!

The NAB Low Rate Credit Card was highly commended for Best Balance Transfer Credit Card in the 2025 Finder Awards.

Full list of 2025 winners

How to apply

You can apply for the NAB Low Rate credit card in around 15 minutes and should receive a response within 60 seconds of submitting the secure application form. Get started by making sure you meet the following requirements and have the necessary details and documents on hand.

Eligibility criteria

Residency. You can apply if you're an Australian citizen or permanent resident. If you are not a citizen or permanent resident, you will need to have an acceptable visa. Many visas are acceptable but the following are not: Visitor Visa (exception, a Special Category Visa - NZ Citizen is acceptable), Working Holiday, Student, Exchange/gap year, Transit/short stay/seasonal, and Bridging.
Eligible balance transfer debt. With NAB, you can transfer up to 90% of your approved credit limit from non-NAB accounts to your balance transfer credit card.

Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, date of birth, email address, phone number, residential address and number of dependents. If you're new to NAB, you also need to provide a valid form of ID, such as your driver's licence, passport or Medicare card.
Employment details. You need to provide your salary, current job title, length of employment and your employer's contact details. You may also be asked for recent payslips or bank statements to help verify these details.
Financial details. This covers any other forms of income, such as pensions or government payments, as well as savings or other assets. You also need to share details of existing debts, loans, credit cards and other liabilities, as well as an estimate of regular household expenses such as mortgage or rental payments, bills and groceries.
Balance transfer details. If you want to take advantage of the balance transfer, you must include your balance transfer request when you apply for this card by providing the amount of debt you want to transfer and the account/s details.

Card benefits

$0 annual fee for the first year. New cardholders can save with NAB Low Rate's waived annual fee for the first year. An annual fee of $59 p.a. applies, thereafter.
Low balance transfer offer. You can pay off existing debt with this card's 5.99% p.a. low interest rate offer on balance transfers for the first 24 months with no balance transfer fee. At the end of the promotional period, the unpaid balance transfer amount will attract the card's variable cash advance rate of 21.74% p.a. and you must still make the minimum repayment.

Low purchase rate. This card has a relatively low variable purchase rate of 13.49% p.a.
Interest-free period. You can get up to 55 days interest-free on purchases when you pay the interest-free days payment listed on your statement by the due date. This includes if you have a balance transfer, as long as you meet that repayment requirement.
Visa perks. Take advantage of promotions on shows, events, experiences and more with Visa Offers + Perks and enjoy a range of travel and retail offers listed on the Visa website. With a Visa card, you can also make purchases around the world and enjoy contactless payments.
Additional cardholder. With the NAB Low Rate Card, you can add an additional cardholder at no extra cost. This can come in handy if you use the account for shared expenses, but remember that the primary cardholder is held accountable for all of the transactions made on this account.
Mobile contactless payments. You can link your NAB credit card with Samsung Pay, Apple Pay, Google Pay, Fitbit Pay or Garmin Pay to make contactless payments using your qualifying device at the checkout.

Rates & fees

Annual fee. Outside of any promotions, the NAB Low Rate Card charges an annual fee of $59.
Foreign transaction fee. If you use this card overseas or shop online in a foreign currency, you'll be charged a fee worth 3.5% of the transaction value.

Cash advance rate. If you use this card to make a cash advance (such as an ATM withdrawal), you'll be charged the variable cash advance rate of 21.74% p.a.
Credit limit. This card has a minimum credit limit of $1,000 and a maximum credit limit of $30,000.

Sources

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Nicole Seivers

April 07, 2025

Hi. Could you please advise what the monthly repayments on a $50k credit card would be

Richard Whitten Finder

April 08, 2025

Hi Nicole,

You won’t be able to spend $50K on this credit card. The credit limit will likely be in the thousands, certainly not tens of thousands. And it depends on your own financial circumstances too.

You can calculate your card repayments using Finder’s calculator. You can put in the card balance (how much you have spent), the card’s interest rate and choose how much you’d like to repay each month, or how much you’d have to pay each month to pay it off within a given time frame.

With card repayments it’s quite flexible. But the longer you take to pay your balance off the more interest you pay.

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Oscar

August 26, 2024

Can I make advances with this card?

Sarah Megginson Finder

August 26, 2024

Hi Oscar,

Yes you can take out cash advances with this card, but the interest rate is much higher at 21.74%.

brian

October 17, 2023

Hi

My income s from the Australian pension and English govt pension and i have a good credit score who would give me a credit card

Amy Bradney-George Finder

October 19, 2023

Hi Brian,

You can compare options in Finder’s guide to credit cards for pensioners and learn more about the requirements to apply. As some lenders may not automatically consider pension payments from overseas, it’s also a good idea to contact the lender directly before you apply for a credit card so that you can check you meet the requirements. I hope this helps.

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Margaret

July 06, 2023

Does the balance I wish to transfer have to come from a credit card, or can it be from a loan account?

Richard Whitten Finder

July 13, 2023

Hello Margaret,

This card seems to be for transferring credit card debts only, not loans.

Elizabeth Barry Finder

July 10, 2023

Hi Margaret,

Thanks for your question.

The debt has to come from another credit card, but you can find other providers that allow you transfer debt from a personal loan to a credit card on this page.

I hope this helps,

Elizabeth

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Annie

June 08, 2023

Interest-free period. Receive up to 55 interest-free days on purchases when you pay your balance in full, or if your statement shows an interest free days amount, in full, by the statement due date. Does this mean that it will only apply once your balance transfer has been paid off after 32 months or it does not apply to the balance transfer and only to other purchases? Thank you

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Amy Bradney-George Finder

June 09, 2023

Hi Annie,

You can still get interest-free days on purchases when you have a balance transfer with this credit card. According to the NAB website, you need to pay the full amount listed as the “interest-free days payment” by the due date each month to be eligible. The balance transfer amount is treated separately and would still be eligible for the introductory balance transfer offer, providing repayment requirements are met. If you have more specific questions, you can contact NAB directly on 13 22 65. I hope that helps.

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Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024. See full profile

NAB Low Rate Card

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How to apply

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Required documents

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