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Pay no interest on balance transfers and purchases until 1 January next year. NAB CC

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Pay no interest on balance transfers and purchases until 1 January next year. NAB CC
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Hotlhv8 on 22/02/2011 - 10:20 nab.com.au (956 clicks)
Last edited 22/02/2011 - 10:30 by 1 other user

Struggling to pay of credit cards at the moment. NAB have 0% p.a. on balance transfers and purchases until
1 January 2012. There is a annual card fee of $90. Perfect if you want to pay of another credit card this will give you some relief if approved for 10 months. Make sure you read the fine print of course. This is what is on there website also it is a Gold credit card so normally you have toearn over a certain amount p/a.
No over limit fee Up to 44 interest free days on purchases.
Insurance for Gold cardholders: NAB Gold Overseas Travel Insurance, Purchase Protection Insurance, and Extended Warranty Insurance
19.74% p.a. on purchases following the promotional offer above.

Mod: Added details to title

Financial

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National Australia Bank Group (NAB)
National Australia Bank Group (NAB)

closed Comments

  • infinite on 22/02/2011 - 10:31

    $90 annual fee is a big hit, but easily offset by saved interest if your gonna transfer over a credit card that has >$3K debt on it.

  • bendertiger on 22/02/2011 - 11:01
    +2

    For me, it's a NO DEAL!

    But…if your wallowing in credit card debt and need to wipe it. It's a deal…I'm not going to plus it because it's not a deal for me, but I will plus it because it's a deal for others. So it's a plus from me!

    • bendertiger on 24/02/2011 - 21:05

      Actually, I might even try myself! ANZ just got VERY nasty with their fees, they've slapped with me so many it feels like a trout-fest!

  • rack on 22/02/2011 - 11:11
    +2

    It's a great deal for me. I was about to loan my brother $7000 which he needed cash and it would be better to use balance transfer towards my other CC bill and give him cash. In that way he can pay of this CC without incurring any interest. He only needs the loan for 4 months so great.

  • mily on 22/02/2011 - 11:35

    Apply for a CBA C/C and get $100, spend a lot on that C/C and then BT to Nab. Then become a Nab customer again, and apply for another CBA C/C for another $100.
    Just kidding, you may only make it even considering the annual fees on C/C from both banks, if $100-$90(nab C/C fee)=$10 + 10 months interest of the spending + rewards points could cover the CBA card fee.

  • VBO on 22/02/2011 - 12:50

    $90 a year, no way

  • coolsteps on 22/02/2011 - 14:43
    +2

    if you hold 500+ NAB shares you get benifits such as annual fees waived on some credit cards including the gold one after the first year. i.e for a nab gold qantas ff card you need to pay the Annual card fee: $145.50 upfront in the first year then if u are a share holder and then spend over 7500$ every year to avoid the fee. it has restrictions on the amount of points you can earn: ie using the amex u get 2 points per $2. im not sure if you can do a balance transfer to your 28 degrees card and then make a cash withdrawal at a westpac ATM or if NAB will check to see if you actually have an outstanding balance to transfer like some banks are starting to do?. but if you can get away with it and withdraw the BT and invest it in a high interest savings account like Ubank earning 6.51% you will be way ahead. anyway heres a list of the NAB shareholder benifits but i can not see the Velocity AMEX gold card on the list but i think its now included and it is a better card to have? http://www.nabgroup.com/0,,33766,00.html

    • Cluster on 22/02/2011 - 22:04

      500 shares at today's price is $12,915. $145.50 is 1.12% of that. I wasn't aware of the shareholder deal before and it can be good value for existing NAB owners. I wouldn't go buying NAB shares just to get the deal however.

  • Ashlea on 22/02/2011 - 18:53

    Hm, good deal. $4.2k of credit card debt, I better do it.

    • stewy on 22/02/2011 - 20:37

      Haha that and shop a lil bit less :P

      • Ashlea on 22/02/2011 - 22:17

        Definitely, haha. I'm working my debt down now. Slowly but surely. :P

  • bendertiger on 23/02/2011 - 00:05

    THIS IS SCARY! THIS IS SCARY! THIS IS SCARY! THIS IS SCARY!

    Sorry for doing that, but. I just did the sums…if you owe anything over about $1000 on your credit card, give or take a few dollars you will benefit from this deal! I won't say what I owe, it's not much compared to the horror stories I've heard, I'd consider switching, but can't be bothered. If I owed any more than I do I definately would! Basically, $2000+ you'd be nuts not to switch!

  • Mitrixhimself on 23/02/2011 - 08:47

    First year annual fee of $90 is waived on this promotion. So no up front costs and no interest on BT and purchases until January 1 2012. Great deal, free credit card this year then BT elsewhere after Christmas. Offer ends mid March I think.

    • rack on 23/02/2011 - 08:57

      where u get that info from. It doesn't say waived anywhere.

    • Ashlea on 23/02/2011 - 10:41

      I didn't see that info anywhere?

    • Mitrixhimself on 23/02/2011 - 11:54

      Sorry. I must have got my credit card offers mixed up. Been browsing through lots of them lately. Still the best offer around.

  • tyng on 23/02/2011 - 08:49

    I applied for this credit card last week, still waiting for verification (this is my first credit card), damn it's been over a week!

  • orange0328 on 23/02/2011 - 13:28

    "Another reason to leave your bank" Wooow. They just changed it to "Another reason to break up with your bank"
    They've made the decision to fight with them!

  • Ashlea on 23/02/2011 - 13:50

    Anyone know what the minimum wage is for a gold cc?

    • [Deactivated] on 23/02/2011 - 14:58

      I think it's 35 thousand.

      • Ashlea on 24/02/2011 - 13:36

        Oh, sweet. I was concerned it may be like 70+

  • farmer880 on 23/02/2011 - 18:55

    Can I do balance transfer after the application is approved and afterwards or I can only do this when I apply?

  • uniquo1 on 24/02/2011 - 23:27

    part of the bal transfer deal :

    the nominated accounts are a non-NAB credit cards or store card accounts issued in Australia (debit card accounts are not acceptable) and are not in default (eg. overdue or over-limit) under its applicable terms and conditions on the date of this Balance Transfer request or at the date the request is processed.

    So I guess if you have overdue amounts on your card attracting interest, they won't let you transfer it over? Or am i reading it wrong?

    • Ashlea on 25/02/2011 - 20:52
      +1

      All that means is over-limit (ie $1,500 limit, but $1,700 owed on it) or overdue (ie have not made the minimum payment each month.
      Amounts within your allowed limit attracting interest are fine.

  • Ashlea on 25/02/2011 - 20:51

    Application was rejected, for "more than one reason" the letter said. Have been approved in the past for credit cards with 5K+ limits (up to 15K from one certain bank). Never had an application rejected before and have no defaults, minimum x2 is paid on everything every month. Odd.

    • bendertiger on 25/02/2011 - 22:49
      +2

      Because they figure they can't make money out of you :P

      It's like, I have a theory…I keep getting 'credit declined' by the major telcos, they keep telling me to 'get pre-paid'. I've figured it out to be down to the fact that since I have such a good credit record, they don't want me because they won't be able to screw me over with penalty fees and want me to go pre-paid because they know I can 'afford' it. So they want to slap me over the head and rob me blind.

      • Ashlea on 25/02/2011 - 22:51

        I dunno though, they do make good money out of me :P I pay through the ass in interest because I'm currently working my way out of debt (4k of which is on credit cards) so even though I pay over the minimum, they're still charging me interest.

        I think they're silly!

        • rack on 26/02/2011 - 09:17

          Ashlea when did u get the response. I am still waiting on mine. I am preety sure i will be knocked back too. I have a very good rating and i have never paid any interest on credit card ever.

        • tyng on 02/03/2011 - 18:52

          I'm still waiting as well, it's been over two weeks! Argghhh what kind of promotion is this!!! This is my first credit card so I'm sure I'll get rejected too…

        • rack on 02/03/2011 - 19:11
          +1

          i got approved. Waiting for the letter to tell me for how much though. If requested limit is not approved then the minimum $5000 will be given.

        • uniquo1 on 02/03/2011 - 20:58

          Rack - do you mind revealing how much you are applying to transfer over? Thanks.

        • rack on 02/03/2011 - 21:02

          so far i gave $9000 balance transfer from my 2 other credit cards.

        • uniquo1 on 02/03/2011 - 21:05

          Thanks Rack!! Hopefully my application won't be rejected.

        • mily on 03/03/2011 - 09:01

          tyng, why would you apply for this card as your first CC, as you have no other cards to BT from, then the 0% interest makes no sense to you.

        • uniquo1 on 06/03/2011 - 17:33

          is this the gold VIsa card or gold mastercard?

    • mxyzptik on 26/02/2011 - 12:40

      Good deal if you can get it.

      Ashlea perhaps they's tell you if you asked them why, if you havent already tried. Going into a branch instead of phoning might be more effective. You might get someone who thinks they can convert you into a customer and therefore who will help you.Or u could try on the phone first.

      Ive been very happy using DEBIT cards for 2-3 years now … I never got my act together to pay my ccs within the interest-free period so unnecesarily incurred huge interest (even though the funds to pay would be sitting in another account - my own fault of course). Now I pay no interest with no effort … and I dont pay so much in that I'm losing much on interest foregone.

  • Fizzydrink on 10/03/2011 - 10:54

    just be aware, they will only balance transfer 70% of your credit limit.
    ie if your limit is 5000, they will only balance transfer 3500.

    it isnt in their t&c's which am am fighting with them now about.
    It does say they cant transfer 100%, but doesnt mention 70%.

    (apparently it is in the t&c they send you when they send the card, bit late then, and its NOT what you sign up to)

    • uniquo1 on 19/03/2011 - 01:01

      better than nothing

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