Once your NAB Now Pay Later account is set up, we’ll let you know your NAB Now Pay Later account limit. You may not make any purchases that would tip you over this limit. But if (for any reason) such a transaction takes place (for example, our systems are down or the merchant terminal can’t obtain online authorisations), the full amount of the purchase transaction will be charged to your NAB Now Pay Later account with repayments scheduled under the repayment plan for that purchase.
Can your NAB Now Pay Later account limit be increased
Yes. If you meet NAB’s responsible repayment criteria, we may communicate with you about an account limit increase where appropriate.
Available spend shows you the amount you have available for NAB Now Pay Later purchases at any given time. You can view your available spend any time in the NAB app.
6.1 How your available spend is worked out
To calculate your available spend, NAB checks your:
- unused Nab Now Pay Later account limit; and
- the funds in your linked account for your first repayment, presenting you an amount you can shop with at the time of purchase.
You’ll be allowed to spend up to four times what you have in your linked account for the first repayment, up to your unused NAB Now Pay Later account limit.
Example 1 - How your linked account balance impacts available spend
If your NAB Now Pay Later account limit is $500, but your linked account balance is $50, your available spend will cap at $200 (four times your $50 linked account balance).
Example 2 - How your NAB Now Pay Later account limit impacts available spend
If your linked account balance is $200, your available spend will be $500 (account limit).
6.2 How your available spend may change
Your available spend is reduced by the total you owe for active repayment plans.
Example 3 - How the total you owe reduces your available spend
If you have a $500 NAB Now Pay Later account limit, and owe $400 on active repayment plans, your available spend would be equal to $100, even if you have more than $25 in your linked account.
As each repayment is charged to your linked account, your available spend will increase by that amount, up to your NAB Now Pay Later account limit.
For example, if you make a $100 repayment, your available spend will go up by $100, if you also have funds in your linked account to meet the first repayment.
Example 4 - How making repayments increases your available spend
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