As described - 15months interest free on Balance Transfers to a NAB Credit Card.
Lowest annual fee I can see is the NAB Low Fee CC for $30/year.
NAB - 15months 0% Balance Transfer on Credit Cards ($30 Annual Fee Minimum)
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Ldonbot on 21/01/2014 - 11:44 nab.com.au (2168 clicks)
Last edited 23/07/2014 - 23:09 by 1 other user
Last edited 23/07/2014 - 23:09 by 1 other user
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it's one or the other.
deal 1= $0 annual fee first year with 4.99% transfer for 6 monthsdeal 2= $30 annual fee with 0% transfer for 15 months
Does anyone have any experience with this card? Is there a maximum amount you can balance transfer (either dollar value or percent of credit limit?)
I couldn't see anything specifically written in the deal link page.the more the merrier for them.
I balance transferred to a NAB Low Rate last year with a similar offer and my interest free expires in April this year. I haven't had any problems with the card. They recently tried to offer me a credit limit increase from $5,500 to $9,500 that I politely declined.
I borrowed 6k or 7k at pretty close to 0% for 9 months from NAB a few years ago…
After getting the balance transfer, never use the card again for purchases until you close the account. If you make a $1k purchase, you will pay off $1k from the 0% balance transfer, and have a new $1k expense clocking up ~20% interest until you pay out the entire balance transfer figure.
Credit law has been changed now so the most expensive debt has to be paid off first
I don't think its law (correct me if im wrong I know you want to :P )
I remember a while ago NAB made a big fuss that they were letting you pay off the highest interest part of a credit card before all else.
I believe its a NAB initiative, and I rate NAB highly been a customer for many years and they are fantastic to deal with.
You can actually use the bal transfer card if you absolutely have to, and then just pay interest at the normal rate on that amount until its paid off. I would NOT do this with other banks.
http://www.bankingreforms.gov.au/content/Content.aspx?doc=fu…
"Credit card providers will be required to direct repayments to the most expensive part of your credit card debt first - making it easier to reduce your debt faster."
Came in 1st July 2012. NAB may have done it before this in anticipation of it coming in so they could look better than everyone else.
Yep you are partially right.
NAB and ANZ apply it to all cards issued BEFORE or after July 2012
Others MAY not because the new reform only enforces it for NEW cards, existing cards <1July2012 may not.
e.g http://www.anz.com.au/personal/credit-cards/existing-card-ho…If you have a <1July2012 Citibank card you can bet your house you are bending over for them if you think they would do it.
See: http://www.citibank.com.au/aus/credit_cards/balance_transfer…"If I have Balance Transfers at different rates, which one does my credit card payment get applied to first?"
If your credit contract was formed on or after 1 July 2012, we will apply your payments to Balance Transfer with the highest interest rate first. If your credit contract was formed before 1 July 2012 and you haven't asked us to change the order in which we apply payments on your account, we will apply your payments to the Balance Transfer with the lowest interest rate first.
It was only 18 months ago, some people could certainly get burned with so called Interest free offers. NAB and ANZ as posted on OZB recently, can't go wrong.
boo.. only for new cards :(
I don't want another NAB credit card
You can request a balance transfer if you already have a NAB credit card. To find out more call us on 13 22 65 from 8am-7pm Mon-Fri, or 9am-6pm on weekends (AEST/AEDT).
You can always try. I went into NAB and they told me yes we can. Give them a call.
Nope, only for new applications!
If one can get approved for $15,000 (more the merrier) and park that amount in the home mortgage offset account via balance transfer, the savings of interest for 15 months is:
Interest rate for homeloan: 5%
two year's card fee: $60$15,000 * 5% * 15/12 - 60 = $877
Better than rewards?
you'd have to pay a cash advance on the card you transfer from?
Yep this is an amazing deal for doing just that - the problem is without 28 degrees this is a lot harder. Unless anyone knows of any other credit cards that have fee free cash advance?
Not sure how NAB operate, but I know with the Citibank Signature deal, I was able to get 80% of the credit limit as a balance transfer, and asked if they could deposit it into my account (which they obliged). Some people also reported they asked for a cheque to self, so maybe NAB may offer this too?
Another point is you could still apply for a card and then do balance transfer to another card and then just use that card - if you spend about $1000 a month you will soon get up to a decent amount of savings and you are all ready to switch to a new 0% deal at the end of the 15 months without having to do the same thing again.
This is what i gathered from NAB virtual assistant:
You said: Can I balance transfer a personal loan?
You can use a personal loan to consolidate your credit card debt, however you are unable to use a credit card balance transfer to pay off a personal loan.
If you have another question, simply type it in the box below.I know with Citibank you can balance transfer to home loan. Not sure with NAB. Reading from the statement above, most likely not?
Wouldn't hurt to call up and ask NAB themselves.
Just "bank" on your chances that the customer service rep says it's all possible then you get a BT transferred to your account due to human error lol
Did this for around 3 years a few years ago, surfing the 0% balance transfers. Finally got refused an application (by Citibank), because they saw what I had been doing in my credit report (high number of CC applications!)…
how many did you do? you must of gone through quite a few
I am still surfing away and haven't been declined yet. While citibank declined you perhaps others wont?
I am tempted to get greedy and do two at once with this nab deal but I'd better not push my luck.
depends on servicing as well..(this coming from a broker)
rule of thumb is 3% per month repayments on credit cards, so if you have a $10,000 thats $300 per month repayment
once you have racked up $50,000+ of credit cards + your mortgage repayments, you wont have enough money to service more of them..
I always close them when i'm done so I don't have more than say 30k worst case more typically 20k total limits of all cards I hold.
I wonder if closing cards as you go helps.
closing the cards helps with servicing.
closing cards does not help with your credit file. the equiry is done when you are applying for it, nothing is recorded when it is closed.
That really sucks - that piece of info should really go on your credit file because someone who has opened 10 cards in the last 2 years but closed all but 2 is much less of a credit risk than someone who still has all 10 cards open.
I think the banking industry are indiots. I have looked at my credit file and it's a load of rubbish - it doesn't really tell me anything I'd want to know as a lender, for half the cards it doesn't even say the value that was approved.
As a lender above all else what i'd want to know is accurately what is the total amount of credit the applicant has access to. If credit files can't show that (and they don't) they are almost completely useless.
The new (March 2014) credit reporting attempts to fix this.
"There will be five new data fields for credit providers that form the construct of Comprehensive Credit Reporting that provide insights into the credit behaviour of individuals. These include:
•Date account opened
•Current Limit of account
•Nature of credit account
•Date account closed
•Account payment history (licensed credit providers)"http://www.veda.com.au/insights/comprehensive-reporting/five…
http://www.abc.net.au/news/2013-12-26/concern-voiced-over-ne…
So wait, let me get this straight - you could technically lie in a credit card application and say you hold no other credit cards (because all they'd see is applications made, and they'll just assume you've closed them all, even though it doesn't say)
Is that right?
I wonder if I can get this on my existing low low fee nab card got nothing on the card so might see if they offer it to me if I suggest closing my account
I am a bit puzzled.
Let's say I had NAB card approved with $12,000 limit.
Let's assume they are happy with $10,000 balance transfer.
Does it mean that I have to have $10,000 debt on my current credit card to get 0% for 15 months ?
But on my current card I have to pay off my closing balance every month.
So, does it mean that I will need to spend $10,000 on my current credit card with a month just before the balance transfer ?Lets say you have another credit card that is at or near $0 balance (you don't owe anything on it) You could do a balance transfer to that card from nab and that card would be $10,000 in credit.
You could then use that card as normal and leave the nab card in the draw and that entire $10,000 would be interest free for 15 months until you had to pay back the nab card.
you can, or once that money is transferred to your other card it will be in positive balance, so you can technically spend that money interest free and just pay off the NAB card before the 15months
Maybe the annual fee was little more costly ($30 get more attention) and 15months 0% Balance Transfer?
It was on purchases, massive difference
Still new to this whole thing so I'm gonna ask away…
I've a CC account with another bank and say I'm owing 15,000
I apply for this, and gets approved for a 10,000 credit limit
I then will be able to transfer 10,000 from my old CC to this new NAB CC
I will only have to pay normal interest on the remaining 5,000 on the old card
The 10,000 that is now on the NAB CC will be interest free for the next 15 months?
Sorry, just had to confirm & make sure that this is how I picture it will be. Thanks so much!
It will be exactly how you have described it.
You still have to pay $250 each month on the balance of the NAB CC, and NOT use the NAB CC at all, because of interest.
$250 per month!? Surely you mean per year?
Yes $250 per month. On $10,000 @ 2.5%, the min you have to pay each month is $250. It will reduce as the total credit reduces.
So it's not interest free then?
Sorry, I know this might be common sense to you, but to me, wouldn't that just defeat the point of making the balance transfer?
Wouldn't it be better to just keep the $10,000 in the old bank then, if you still have to pay the interest anyways after transferring the balance?
The purpose of a balance transfer is to reduce interest paid on your money, not to exploit it and gain added interest.
The NAB's website actually has HEAPs and heaps of info.. have a read…
http://learn.nab.com.au/guide-to-credit-card-balance-transfe…
http://learn.nab.com.au/how-your-credit-cards-interest-free-…
http://learn.nab.com.au/your-credit-cards-minimum-payment-am…
NAB gives you $10,000 with 0% interest. You put it in your bank. (Do what you like with it).
Each month you MUST pay $250. (This is not interest, this is the principle).
Assuming min payments each month..Month one you owe $10,000
Month two you owe $9750*
Month three you owe $9500*
etc… etc…
Until the 15th month, then something like $6250* is due to avoid interest.So whilst all this is happening you have $10,000 free! To do what you like.
*Not exact, because each month the 2.5% min repayment on the principle is reducing
And if you do not understand, go directly to gaol, do not pass go, do not collect $200.
That's so much easier to digest - thank you!!!! :D
Good point - forgot about this, definitely something to be aware of.
That's how the banks get people. Into debt etc…
Hence they need to go to gaol. :P
Perhaps :P although it's pretty reasonable to expect you show your commitment to paying off the debt by making a small monthly repayment, in fact you could argue that they are helping people reduce their credit card debt by forcing them to pay off the principle of their debt instead of blowing it away on interest.
At NAB you can use the card if you like even after balance transfer, and every payment you make comes off the highest interest portion first. Its what makes them better and honest compared to the other bastards.
e.g bal trans 10K then spend 1K, pay back 1K and you are back to 0% for the remaining 10K.
Its what makes them better and honest compared to the other bastards.
It's not actually - it's the law. It changed a few years back. Before that most banks were bastards (not sure about NAB back then).
Agree, but as stated in my above post, some banks if there is an existing card will not apply the new rules. Its only on new cards issued after 1Jul2012. ANZ and NAB are safe. Can't comment on others.
Well you can because any new balance transfer you take out will be guaranteed to be safe and any existing balance transfer is 99% likely to be safe as well considering that the maximum balance transfer I have ever seen is this 15 month deal and it's been 18 months.
New is fine. You do realise card companies offer bal trans deals to existing card holders too right? This deal nothing to worry about, or new deals nothing to worry about, but be wary if you get an offer from a bank with your existing card. Thats what I am saying. Sorry for making people aware. Sheesh.
NAB will only allow 70% of your credit limit as a balance transfer.
This is a very good point to make because I actually had know idea some banks did this until citibank didn't transfer my entire requested balance transfer amount - really annoyed me because I could've asked for a higher credit limit to make up for it.
"There are no interest-free days for anything on your credit card – including purchases – until you’ve paid off all of your transferred balance. This means that if you use your credit card to buy something, interest starts from the day you make the purchase. And this interest will be at the purchase interest rate, not at the lower balance transfer rate. "
question: since it 15months does that mean i have to pay 2x $30 for annual fees?
I would say yes. Unless you pay it off within 12 months. You don't have to take the full 15 months to pay the balance transfer off :)
good point.
Sorry, just need some clarification. Let's say my current card is with CBA with 10k limit and 0 balance as i pay it off every month. Now I apply and get a new card with NAB with 10k limit, can i ask NAB to transfer 7k from CBA to NAB (70% credit limit) so the CBA card will have positive balance of 7k? and then pay off the 7k owning on the NAB within 15months interst free.
BTW, does that mean i can withdraw the positive 7k balance from the CBA card as cash for use, is it counted as cash advance?it is exactly what I want to know as well.
You will need to contact your current card company and ask them what happens if my account is in positive amount, can I take the money out or not.
All companies have different processes. So yeah
I would assume not. Because it's called a balance transfer, not a limit transfer.
Your balance is zero- I'm sure they'd be happy to transfer that for you.
thats wat i do 1.5 yr ago… with 28 degree, just request a cheque from 28 degree and they send it to u.
Congratulations. Your NAB Low Fee Visa Card application has been approved. Please note your approved credit limit may be less than your requested credit limit.
so for people who got 6 month free interest balance transfer with their new citi CC, receive cheque and put the $ into saving account to receive interest, can we later before 6 months transfer all or most to this NAB CC and get another one year free interest?
Hey Guys,
Been approved for a $15k limit, so based on 70%, I can do a balance transfer of $10,500.00.I'm sure this is a really stupid question, but how do you do the actual balance transfer. I hunted around everywhere on NAB, but cant find any info.
Also, I presume there is nothing making me close me existing credit card facility with the ANZ is there?
Cheers,
Dandan you give the card details for your ANZ balance on the application form.
Might need to give them a call if you haven't done that when applying.and yes you are correct, your anz account remains open with a $0 balance once nab has taken the transfer.
(usually happens a few working days after new account has been activated)cool, cheers mate. I did enter the ANZ details during the online application, but not received any info in the past or email re the balance transfer. Will call tomorrow to ensure the NAB have all they need.
Thanks Again.
I entered my other CC details during application as well, however have also not received the balance transfer. How did you go with this? Anyone else having issues?
give it a week or so after card activation and the transfers should appear
applied for the card last Sunday, but have not heard anything from NAB, wondering if I should call to ask
i thought i seen an offer on the low rate card where they waive the annaul fee for the first year?