What is a balance transfer?
A balance transfer is where you move the balance of your current credit or store card over to a NAB credit card. You don’t need to contact your current provider to do this - all you need to do is nominate the amount that you wish to transfer (minimum of $200 per request) when you apply for a NAB credit card. Remember that transferring your balance doesn’t mean that your account will be closed – you will need to make sure that you do this separately.
What are the benefits of transferring my balance/s?
By transferring your balance, you could:
- save on interest
- pay off your balance faster
- combine your credit cards into one credit card account that’s easier to manage.
How do I apply for a balance transfer?
When applying for a Low Rate Visa, Velocity or Visa Mini credit card, you need to complete the balance transfer section in the online credit card application. You can choose to transfer balances from up to two non-NAB credit or store cards. The minimum amount you can transfer is $200 per request. Apply online>
What details do I need to have handy when I apply for a balance transfer?
You will need to have the following details handy when you apply for a balance transfer:
- card issuer eg ANZ, Harvey Norman
- card type eg Visa, MasterCard, American Express
- your card number; and
- the amount you wish to transfer (minimum of $200 per request).
How can I find out my non-NAB interest rate?
You can find out your current interest rate by:
- looking on your current credit card statement
- calling your credit card provider directly
- checking your provider’s website.
Do all NAB credit cards have a balance transfer offer?
You can currently transfer your balance when you apply for a NAB Low Rate Visa Card, Velocity NAB Credit Card or NAB Visa Mini.
If I transfer my balance, will my other credit card account be closed?
No. You will need to organise for this account to be closed separately.
How long will the special balance transfer rate apply?
The balance transfer interest rate will apply to the amount that you transfer for up to six complete monthly statement periods, from the time the balance transfer is made to your account (unless the balance transfer amounts are paid off earlier).
What happens to my interest rate after the balance transfer period is over?
If any portion of your balance transfer amount is owing at the end of the applicable six month statement period, that amount will attract interest at the interest rate applicable to cash advances on your NAB credit card account. Please note that if you have a NAB Low Rate Visa Card, the interest rate applicable to cash advances is different to the interest rate applicable to purchases. View current interest rates.
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If you still need more help, please call 13 22 65, 8am - 8pm AEST, Monday to Friday.
If you can’t apply online, you can visit your nearest branch or call 13 13 12, 8am - 9pm AEST, 7 days a week.
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