You may have heard it before: “I’ve maxed my credit card”. While not having any credit is inconveniencing at best, there are other, more damaging reasons why you should bring your card back under its limit. Find out more below.

Give me the main points

  • If you go over your limit, we’ll contact you as quickly as we can.
  • Knowing your balance is a good way to avoiding exceeding your limit.
  • If you keep going over, you need to review your spending.

What happens if you go over your credit limit

We won’t charge you a fee, but exceeding your limit can still work against you

For starters, being over the limit could mean we decline any new transactions. This may include automatic payments or direct debts like gym memberships or an online streaming subscription. Imagine not being able to binge watch your new favourite show. Disaster.

The sooner you pay off your credit card, the sooner the balance is brought back under the limit and you can start using it again. But besides finding out the hard way, having your services cut off or being left stranded at the supermarket, we can actually let you know as soon as you’ve gone over your limit—before any of these scenarios play out.

We’ll contact you as quickly as we can

We always start with the quickest way to notify you: SMS. If we don’t have your mobile number, we’ll send you an email.

To be in the best possible position, provide us with your mobile number or email address if you haven’t already. If either of these (or any of your) contact details change, let us know immediately. This is the type of notification you don’t want to miss.

The quickest and easiest way to check your contact details is in NAB Internet Banking. Open the Settings menu and select My details.

We’ll send one notification per statement period

While we’re happy to send you a notification letting you know you’ve gone over your limit, we’re only able to send you one per statement period. This is the month-long period that covers your credit card statement. This won’t necessarily be a calendar month, so be sure to check when yours is.

So whenever it does start and end, we’ll only send you an SMS, email or letter the first time you go over your credit limit. Regardless of how quickly you bring your balance back under your limit, if you go over again we won’t send you another notification until the first time you do it in the next statement period.

How to avoid going over your limit

Check your balance regularly

You can check your balance in NAB Internet Banking via your desktop or mobile. Try getting in the habit of logging in to review your balance whenever you use your credit card. If this is not feasible, do it once a day. If you’re reading the morning news highlights, check your credit card balance at the same time.

If you have an Apple Watch, you can also use our Quick Balance function to review your credit card at a glance.

Set up NAB alerts

If you think you’ll forget to check your balance, setting up NAB Alerts is a handy way to keep track of your spending.

You can set weekly, fortnightly or monthly SMS or email balance reminders. And you can schedule them at 8am, 11am, 2pm or 5pm (AEST/AEDT).

Review your spending

There are two ways to look at your spending. You can actively review how much you’re spending, and make a conscious decision to reduce how much you’re putting on your card.

But if this is unrealistic, you could request a credit limit increase, which you can do this in NAB Internet Banking

Important information

Credit cards issued by National Australia Bank Limited. © 2016 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686

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