NAB Credit Card Reforms

Making our credit cards even fairer

Changes to legislation in 2012 mean we’re changing a few things about our credit cards. These changes continue what we already started when we promised you honest credit cards last year.

Looking for a new credit card? Key fact sheets help you compare

Every bank and credit card provider in Australia will have “key fact sheets” about their credit cards. Key fact sheets let you compare interest rates, common fees, and other basic aspects of different credit cards across all banks.

When you exceed your credit limit, we'll let you know

We’ll contact you when you reach your credit card’s credit limit. Your message will come as an SMS, email, or letter.

Your payments go towards the highest interest rate balance first

Purchases, cash advances and balance transfers all have different interest rates. We were already paying higher interest rate balances first when you made credit card payments, but the new laws mean we’ll be making a slight change to the way we do this.

Your statements tell you more about your minimum payment amount

If you only made your minimum credit card payment, how many years it would take to clear your debt? And how much interest would you pay? Your statement will tell you, and show the difference that paying a little more could make.

We'll only offer you a higher credit limit if you “opt in”

In the past you might have received a message from your bank inviting you to increase your credit limit. Now you have to agree, or opt in, to receiving invitations like this.

If you don’t “opt in”, we’ll never send you an invitation to increase your credit limit. You can still apply for a higher limit if you want to, or change your mind and opt back in to receiving invitations. (You can opt out whenever you want, too.)

We might still send you general information about managing your credit limit.

Read our blog post about changing your card’s limit