NAB releases 0 per cent interest credit card: What it will cost you per month – 9News
The National Australia Bank has released Australia’s first no-interest credit card that offers customers credit for a flat monthly fee instead.
Called the “NAB StraightUp Card”, the product charges no interest, no annual fees, no late -payments fees and no foreign currency fees.
Instead, customers are charged a flat monthly rate depending on the credit limit chosen by them.
For example, if the customer sets the highest credit limit of $3000, they’ll be asked to pay a $20 monthly fee as well as a minimum repayment of $110.
If the card isn’t used and you have a $0 balance during the whole statement period, the monthly fee is reversed.
The credit limits are as follows:
- $1000 credit limit: Minimum repayment of $35 per month towards your balance which includes a $10 monthly fee.
- $2000 credit limit: Minimum repayment of $75 per month towards your balance which includes a $15 monthly fee.
- $3000 credit limit: Minimum repayment of $110 per month towards your balance which includes a fee of $20 per month.
The card cannot be used for gambling and can be used anywhere Visa is accepted, including online shopping.
NAB’s Personal Banking Group Executive Rachel Slade said the bank developed the card to make credit easier to understand.
“Credit cards have not really evolved in recent years. But our customers’ needs and expectations are changing and we want to change with them,” she said.
“In the NAB StraightUp Card, we’ve created something completely different to every other credit card available today, with a simpler approach that makes it easy for customers to take control of their finances.”
Compared to the market, the StraightUp Card has lower credit limits than most offerings but also higher minimum repayments.
“The NAB StraightUp Card’s range of features means it is the simplest credit card offering in the market,” Ms Slade said.
“And with many safeguards in place it can really help customers take control of their spending.”
NAB are allowing customer to apply for the card from today.
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
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