Important updates to your NAB Commercial Card Facility

When do the new terms take effect?

The updated terms will take effect:

• 30 days from when you receive notice of the updated terms and conditions; or
• if you have a NAB business credit card, but have not yet used your card or account, upon first use.

What changes are being made?

An updated version of the Banking Code of Practice is coming into effect on 28 February 2025 which provides greater protections to consumers and small businesses. We are updating our terms and conditions to reflect the changes to the Banking Code of Practice.

The updates we have made to our terms and conditions include:

• We have clarified when we can provide you with a shorter notice period where there is an event of default requiring enforcement action. It now includes when you or a guarantor are or have become insolvent or no longer have legal capacity.
• We have updated how we can provide you with notice of changes to our terms and your facility agreement to include any other way permitted by law. We also clarify the fact that written notice includes printed or electronic communications. 
• We’ve refined the definition of a small business.

For NAB business credit card facilities only:

• We have updated how you authorise a transaction to better cater for tap and go transactions.
• We have added a clause to make it clear that credit provided as part of the facility should be used wholly or predominantly for business purposes.
• We have updated when a written notice is deemed to have been received from seven business days to eight business days to reflect Australia Post operational timeframes.

Please note: This is only a summary of the updates we have made and is not intended to be relied upon as a complete or accurate list of changes. NAB recommends that you review the updated terms and conditions.