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No Fee Balance Transfer & 0% p.a. Interest for 32 Months for Existing Credit Card Customers @ NAB

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No Fee Balance Transfer & 0% p.a. Interest for 32 Months for Existing Credit Card Customers @ NAB
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puglikesabargain on 15/02/2023 - 15:49 nab.com.au (1130 clicks)
Last edited 16/02/2023 - 07:30 by 2 other users

Following on from the previous OzBargain deal posted in December 2022, the National Australia Bank (NAB) balance transfer offer seems to be continuing - zero (0) percent per annum for 32 months on balance transfers when you bring the balances of your non-NAB cards across to your existing NAB Credit Card account.

"Promotional offer is available to existing NAB Personal Credit Card primary cardholders only for a limited time. Promotional offer is not available for balance transfers from another NAB Credit Card account or any current balance transfers with NAB. The promotional offer must be applied for online. No balance transfer fee applies."

Application must be made via the on-line form (per the link) and, if approved, my experience is that the balance transfer is processed against the NAB Credit Card within 2 or 3 business days. Each balance transfer amount must be $200 or more. The transfer amount can be anything up to your available limit on your existing card at the time of processing of the transfer.

Unlike the usual balance transfer offers made by other banks, interest-free days STILL apply to new purchases whilst you have an outstanding balance transfer/s if you pay the "interest-free days payment" (associated with the purchases) in full by the due date each month - https://www.nab.com.au/personal/credit-cards/balance-transfe….

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Comments

  • mmcs on 15/02/2023 - 16:16

    0% p.a. BT for 32 months with no BT fee

    -Available on a new NAB Low Rate card. This could help you to consolidate your debt and reduce the amount of interest you pay on it. Try using our balance transfer calculator to see how much you could save.

    -Enjoy no annual fee for the first year (usually $59).

    source: https://www.nab.com.au/personal/credit-cards/balance-transfe…

    Not free for all cards. Corect me ìf I am wrong.

    • puglikesabargain on 15/02/2023 - 16:18

      The offer - only available through the link in my post above - is No Fee Balance Transfer & 0% p.a. Interest for 32 Months for any existing NAB cards (including the low rate Credit Card).

      • mmcs on 15/02/2023 - 20:06

        If that's the case. It's great. and also I believe that you can also have balance transfer and interest free days at the same time. https://www.nab.com.au/personal/credit-cards/balance-transfe…

        • YesPleaseThankYou on 16/02/2023 - 09:39
          +1

          Yes, I confirm that NAB provides for balance transfers and interest-free days.

          NAB credit card statements show an amount called 'Interest free days payment'. Pay this amount to maintain interest-free days.

  • YesPleaseThankYou on 15/02/2023 - 16:44
    +2

    Thanks, OP.

    I will be paying out an existing low-rate balance transfer to grab this 0% one.

    What a deal.

    • puglikesabargain on 15/02/2023 - 16:49

      Its a great deal - load up another credit card and transfer the balance to your NAB credit card free of a BT fee and interest (as long as your NAB credit limit allows) :)

  • YesPleaseThankYou on 15/02/2023 - 16:57

    Oops, note this:

    4 Balance transfer 32 month offer
    Offer commenced 19 July 2021. The 0% p.a. on balance transfers for 32 months offer is for approved applicants who apply for a new personal NAB Low Rate Card before the offer is withdrawn. The special balance transfer interest rate of 0% p.a. will apply for a 32-month statement period from when the account is opened. After the 32-month period, any unpaid balance transfers will then attract the card’s variable cash advance rate (currently 21.74% p.a. as at 30 November 2022). Interest rates are subject to change and available on our website. Minimum monthly repayments must be made by the due date each month. Offer is not available when closing or transferring from another NAB credit card account or in conjunction with any other offer.

    No annual fee will be charged for the first year. The annual fee of $59 will be charged in the 13th month from when the account is opened.

    If you want to proceed with our balance transfer, we’ll need your non-NAB card number to BPAY the balance transfer request. If your BPAY reference number for your non-NAB card isn’t your credit card number, we won’t be able to complete the balance transfer.

    Source: https://www.nab.com.au/personal/credit-cards/balance-transfe…

    • puglikesabargain on 15/02/2023 - 16:59

      Those conditions, which you outline above, apply to the offer attached to the NAB "Low Rate" Credit Card. If you apply via the link in the deal (for balance transfers to existing NAB cards), those conditions don't apply.

      • YesPleaseThankYou on 15/02/2023 - 17:01

        Actually, they are the terms shown when you click through from the application page, prior to submitted the BT application.

        The TCs are in conflict with each other. One says:

        Promotional offer is available to existing NAB Personal Credit Card primary cardholders only for a limited time.

        The other:

        The 0% p.a. on balance transfers for 32 months offer is for approved applicants who apply for a new personal NAB Low Rate Card before the offer is withdrawn.

      • YesPleaseThankYou on 15/02/2023 - 17:22
        +1

        Regardless of the above, I have applied.

        I think the terms, despite the conflict, on balance, favour the 0% offer.

        If it comes down to it, I'll lodge a complaint and argue the point.

        • puglikesabargain on 15/02/2023 - 17:25
          +1

          Under this offer, I have applied for several balance transfers over time to my existing NAB card and no problems at my end - no BT fees and no interest :)

  • Boxcuttahz on 15/02/2023 - 17:01

    Any way I could get this to pay off a car loan? I have a credit card from a different bank with nothing owing but I was thinking this has zero interest so if I could borrow what is owing for the remainder of my car then win win for me

    • YesPleaseThankYou on 15/02/2023 - 17:03
      +1

      The questions you need to ask yourself are:

      1. How will I get the funds out of the "different bank" credit card?
      2. Is there a cash advance or other fee for getting the funds out?

      Name the other bank.

      • Boxcuttahz on 15/02/2023 - 17:10

        True too complicated lol I'll pass on this one

        • YesPleaseThankYou on 15/02/2023 - 17:11
          +2

          Well, not really, and it could save you a heap of interest.

          Some banks do not charge a cash advance fee if, after the cash advance, the credit card balance is in credit or zero.

          Your choice :)

    • A female dog on 15/02/2023 - 17:53

      This comment got me thinking… Is there any such strategy to take out a new car loan and transfer the loan balance to a product (such as this) and get an interest free loan? Please don't crucify me, just curious.

      • YesPleaseThankYou on 15/02/2023 - 18:05
        +1

        There's no need for the car loan.

        NAB > Other Bank credit card > Transaction account = Free money

        Apply the money to car/personal loan, home loan, whatever.

        Pay off interest-free over 32 months.

        • Boxcuttahz on 15/02/2023 - 18:23

          I don't understand, you mean just apply then transfer the balance to current credit card?

          • YesPleaseThankYou on 15/02/2023 - 18:28

            @Boxcuttahz: Yes, then get the funds out of your current credit card (via cash advance or though spending it).

            • Boxcuttahz on 15/02/2023 - 18:54
              -1

              @YesPleaseThankYou: Thank you sorry one last question, So my credit card doesn't have any money owing on it, if I put money on top this will be mine and not cash advance right or better to ask the cc company?

              • YesPleaseThankYou on 16/02/2023 - 09:36

                @Boxcuttahz: How the withdrawal is treated and whether there are fees will depend on the terms and conditions of that card. Name your bank and let's look at the terms.

              • trashcan on 16/02/2023 - 19:03

                @Boxcuttahz: Most Banks allow you to transfer cash from a credit card to a transaction account within the same bank and will only charge the minimum cash advance fees which varies between 2 and 5 dollars provided the balance on the card after the transfer and the fees is still in credit.

                For example if one has a credit card with a credit balance of 5000, and one were to transfer 4995 to a transaction account then ANZ would charge 3 dollars leavening one with credit balance of $2 on the card.

                • Boxcuttahz on 16/02/2023 - 21:24

                  @trashcan: Thanks trashcan, I have a credit card with hsbc 7k limit but no money owing it's actually on credit of $500 coz I use it to automatically take out bills. I have an ANZ main account. My thoughts are will I still be charged the cash advance since I will be take the excess cash above my credit limit. Second I was hoping I could find out how much I qualified for before applying so it won't affect my credit score but that's not possible apparently

                  • YesPleaseThankYou on 17/02/2023 - 08:00

                    @Boxcuttahz: An example of a bank that doesn't specify what happens when there is a credit balance is HSBC, refer:

                    The higher of $4 or 3.0% of the total transaction amount (including any fees and charges imposed by us or a third party to effect the transaction.) The cash advance usage charge forms part of the cash advance balance.†
                    † At the time you conduct a cash advance.

                    Source: https://www.hsbc.com.au/content/dam/hsbc/au/docs/pdf/cc-fees…

                    Based on the above, it seems that HSBC applies the cash advance fee regardless of the account being in credit.

                    • Boxcuttahz on 17/02/2023 - 08:28

                      @YesPleaseThankYou: Thank you so much for this information this is exactly what I wanted to know. I am very grateful for this, what a great community such kind helpful people

                • YesPleaseThankYou on 17/02/2023 - 07:53

                  @trashcan:

                  Most Banks allow you to transfer cash from a credit card to a transaction account within the same bank and will only charge the minimum cash advance fees which varies between 2 and 5 dollars provided the balance on the card after the transfer and the fees is still in credit.

                  I disagree that it is 'most banks'. The more correct answer is 'some banks'.

                  If it is the case that it is 'most banks', then many do not specify this in terms and conditions and/or fees brochures. In the absence of it being specified, we then have to rely upon the statements of other customers who provide anecdotal evidence, or on the often-unreliable information from customer service.

                  An example of a bank that specifies it is St George:

                  See page 6:

                  Personal credit card accounts, Amplify Business and BusinessVantage: 3% of each cash advance amount will apply where your account has a negative (debit) balance after the transaction has been posted to it. This will appear on your credit card statement directly below the relevant cash advance.

                  Source: https://www.stgeorge.com.au/content/dam/stg/downloads/accoun…

                  I will add that St George previously charged a minimum $2.50 fee, which it appears to have quietly withdrawn. Source: the above URL (the $2.50 fee is no longer listed) and my own experience with this.

                  • trashcan on 18/02/2023 - 02:16

                    @YesPleaseThankYou: Every institution are very specific about how they go about calculating cash advance fees in their terms and conditions.

                    I have used the term "most" to mean majority.

                    Its always prudent to read and understand the terms and conditions specific to one's card to minimise the fees.

                    • YesPleaseThankYou on 18/02/2023 - 13:02

                      @trashcan:

                      I have used the term "most" to mean majority.

                      Sure, and my point was that, in my opinion, it is not 'most' (or 'majority') but that it is 'some'.

                      • trashcan on 18/02/2023 - 14:02

                        @YesPleaseThankYou: I have or had in the past cards with the following institutions

                        CBA, CITI, NAB , ANZ, WESTPAC, MACQUARIE, ST GEORGE, BANK OF MELBOURNE, HSBC, BANKWEST, CUA

                        The only ones that charge more than the minimum fees even if the balance on the card after the transfer and the fees is still in credit is HSBC and MACQUARIE.

                        That's majority in my books.

                        I guess we will have to agree to disagree on this one :)

  • walkerxp on 15/02/2023 - 18:23

    Hopefully some other banks will match this deal?

  • Boxcuttahz on 15/02/2023 - 18:25

    Also is there a way to find out how much you qualify before applying so it doesn't affect credit score?

    • YesPleaseThankYou on 15/02/2023 - 18:27
      +1

      No.

      This offer is for existing NAB credit card customers.

      There's another offer for new customers.

      • Boxcuttahz on 15/02/2023 - 18:54
        -2

        Thank you I won't risk it I don't want it to affect my credit score

  • Uzb9811 on 15/02/2023 - 19:02

    Does anyone know, As an existing customer does this run another credit check?

    • YesPleaseThankYou on 16/02/2023 - 09:34

      Why would it run another credit check? You are not applying for additional credit.

  • trashcan on 15/02/2023 - 20:41
    +1

    This has been a long running deal for existing NAB Card holders. No credit checks or any other hoops. The transfer amount can be anything up to your available limit on the card at the time of processing of the transfer.

  • YesPleaseThankYou on 17/02/2023 - 08:01
    +1

    I can confirm that the balance transfer was posted to my NAB credit card with the following narrative:

    BAL TFR 0.00% 32 MTHS

    Thanks, OP, for the free money.

  • coolsteps on 02/05/2023 - 00:40

    does anyone know if you call up and ask them to decrease your Citibank limit and increase your Nab limit be the same amount would it involve a credit check? done it before many years ago with 2 NAB cards but not sure on a citibank card is allowed to merge limits. Also if your ANZ card or NAB is put into a positive balance and you transfer that amount out will the cash advance fee still be waived?

    • YesPleaseThankYou on 02/05/2023 - 08:54

      does anyone know if you call up and ask them to decrease your Citibank limit and increase your Nab limit be the same amount

      I've had banks do product switches, but I've never heard of a credit limit switch.

      I think you're going to have to phone and hope that you get someone helpful who will make proper enquiries to see if this can be done.

      Given that Citi cards aren't yet integrated into NAB systems, this might be a big ask.

      if your ANZ card or NAB is put into a positive balance and you transfer that amount out will the cash advance fee still be waived?

      Check the fees schedule and/or ask them, preferably in writing, so you can point to that in the event of dispute.

  • Hasu on 10/10/2023 - 16:18

    Is this offer still available?
    I don’t see this on NAB’s website

    • puglikesabargain on 27/12/2023 - 13:20

      yes you must apply through the link above

      • Hasu on 22/04/2024 - 14:39

        Just wanted to make sure its not a scam lol… as I couldn't find it on their website

        • puglikesabargain on 25/04/2024 - 11:58

          and the offer is still available - having used it many times over recent years :)

          • a1234my on 25/04/2024 - 15:53

            @puglikesabargain: Can this be use in small amount? Ie $3000 from amex, $4000 from anz.?

            • test8888 on 25/04/2024 - 16:25
              +1

              @a1234my: min $200

              Each balance transfer amount is $200 or more.

              • a1234my on 25/04/2024 - 21:59

                @test8888: Never did this, so apply and transfer -$$ from another card ,pay 2% min / month. And also not use the card to avoid extra interest? TIA
                found this. Thanks

        • YesPleaseThankYou on 25/04/2024 - 12:00

          How could it be a scam when the link points to the NAB domain?

  • nightelves on 27/12/2023 - 11:30

    Just need some help understanding how this balance transfer works. So when you apply for a credit card do you have to apply for the limit that you want to transfer or can you apply for the minimum limit and specify the limit later? E.g apply for the low annual fee credit card of $1k credit limit and request a $6k balance transfer via the link.

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