Credit card transfers – used wisely – can buy you time to pay down your debt. We look at the pros and cons
If you're considering a balance transfer, there are several things you need to know.
*Balance Transfer Special Offer
Offer commences 1 June 2017. For approved applicants who apply for a new personal NAB Premium Card. NAB may vary or end this offer. The balance transfer interest rate will apply for a 20 month statement period from account opening. After the 20 months period, any unpaid balance transfers will attract the standard cash advance rate (currently 21.74%p.a. as at 1 June 2017). Interest rates are subject to change and available at www.nab.com.au.
Special promotion balance transfer must be applied for at the point of full card application. The one off balance transfer fee of 2% is calculated on the amount transferred and is charged to your NAB credit card account when your balance transfer is processed. Interest free days on purchases do not apply while you have a balance transfer. Minimum monthly repayments must be made by the due date each month. Offer is not available when losing/transferring from another NAB credit card account or in conjunction with any other NAB credit card offer.
Transfer as little as $200 from one or two cards.
You can transfer balances from one or two non-NAB cards. Each amount needs to be at least $200.
Terms and conditions available here. Fees and charges are payable. Approval and credit limit is subject to NAB's credit assessment criteria. Information, including interest rates and annual card fees, subject to change. Correct as at 1 June 2017.
Credit cards issued by National Australia Bank Limited. ©2017 National Australia Bank Limited ABN 12 004 044 937 AFSL & Australian Credit Licence 230686.