A balance transfer is the process of moving an amount of money that you owe from one or more credit cards to a different card, giving you a special rate on the amount you transfer.
If multiple credit card or store card debts are weighing you down, a balance transfer on a NAB credit card can provide the breathing space you need. You might consider a balance transfer for a number of reasons, such as consolidating debts to a single card or moving your debts to a card with a lower rate of interest.
* Minimum monthly repayments required. NAB may vary or end this offer at any time. Eligibility criteria & T&Cs apply.
You'll also get charged an annual fee, unless waived under an agreement or promotional offer. Other fees and charges may apply to your card. See our fees and charges guide.
When applying for new cards, we may sometimes have special offers, with different promotion periods and transfer fees.
| Balance transfer amount | Other card interest paid at 19.99% p.a | Your savings2 including 3% BT fee |
|---|---|---|
| $5,000 | Other card interest paid at 19.99% p.a $979.54 | Your savings2 including 3% BT fee $829.54 |
| $8,000 | Other card interest paid at 19.99% p.a $1567.27 | Your savings2 including 3% BT fee $1327.27 |
Don’t have a personal NAB credit card yet? You can do a balance transfer when you apply for a new personal NAB credit card.
Within the first 30 days of opening a new NAB credit card, you can transfer up to 90% of the approved credit limit (less any applicable annual card fee or balance transfer fee).
It takes 5 to 10 business days from when your new credit card account is opened to when the balance transfer is completed.
For an existing NAB credit card or within 30 days of opening a new NAB credit card, you may transfer up to 100% of the available credit limit (less any applicable annual card fee or balance transfer fee).
If you already have a NAB credit card, apply in the NAB app.
It takes 3 to 5 days from the day you submit the request for the balance transfer to be completed.
Regardless of your special promotion rate, you must make your minimum monthly payment by the due date each month for your promotional rate to continue. This applies even if you have a 0% p.a. promotional balance transfer rate.
Credit card repayments go towards paying off the highest interest first, that means, cash advances first, then new purchases and then your balance transfer.
While you have an outstanding balance transfer, interest-free day on purchases only applies if you pay the interest free days payment in full by the due date each month. This applies to both new and existing cards.
From time to time we may have special offers, with different promotion periods and transfer fees.
The special offer comes with a promotional rate and usually lasts for a set period. It’s best to pay off the transferred amount within your promotion period, as the card’s cash advance interest rate, currently 21.74% p.a., will apply to any unpaid amount after the promotion period ends.
Once your balance transfer is paid in full, your card will revert to the standard purchase rate.
If you’re able to find a credit card with a credit limit high enough to accommodate your previous balance, and a promotion period long enough to pay off the balance before the rate increases, then a balance transfer may be a good idea.
If the available credit on your card can’t cover the full amount of the balance transfer you requested, you’ll still have to pay off the remaining amount on the existing card using your own funds.
If you have other debts (like a personal loan) or you think it will take more than promotion period to pay off your debt, then a debt consolidation loan might be a better option.
If you’re experiencing financial difficulty making your NAB credit card or personal loan payments, see our support options.
If you use your credit card while there is still a balance transfer amount owing, you will get interest free days as long as you pay your ‘Interest free days payment’ in full, by the due date each month.
Credit card repayments go towards the highest interest first. Your repayments will cover your new purchases before going towards any remaining balance transfer amount.
Once you’ve paid off your balance transfer amount, you can continue to use your card and enjoy interest free days available, as well as other benefits and features.
We use your non-NAB card number to BPAY the balance transfer request. If your BPAY reference number for your non-NAB card isn’t your credit card number, we won’t be able to complete the balance transfer.
Understand the different types of fees and ways to avoid paying them.
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You could enjoy fewer fees, lower interest – and less stress.
Important information
1 Promotional offer is available to existing NAB Personal Credit Card primary cardholders only for a limited time. Promotional offer is not available for balance transfers from another NAB credit card account or any current balance transfers with NAB.
The one-off balance transfer fee of 3% is calculated on the amount transferred and is charged to your NAB credit card account when your balance transfer from a non-NAB credit card account, is processed.
To process your balance transfer, we use your non-NAB card number to BPAY the balance transfer request. If your BPAY reference number for your non-NAB card isn’t your credit card number, we won’t be able to complete the balance transfer.
Interest free days on purchases applies if you pay your account in full by the due date each month. If you have a balance transfer, then you must pay the ‘interest free days payment’ listed on your statement in full, by the due date each month. For more information visit nab.com.au/btchange.
Minimum monthly repayments must be made by the due date each month. NAB will apply any payment you make in accordance with the order set out in the NAB card account terms (applied to the highest interest rate balance first). The promotional balance transfer rate will apply for a 12 month statement period. After the promotional period, your card's standard cash advance rate applies (subject to change) see nab.com.au/creditcardrates. Personal NAB credit card accounts linked to a rewards program will not earn points in relation to the balance transfer amounts.
Processing your new balance transfer request
NAB will process each request for a balance transfer on the Balance Transfer Request and debit your NAB card account in accordance with your request, provided:
Your obligations to make payments to your non-NAB nominated account in accordance with its terms and conditions continue. Also, it's your responsibility to close the nominated account if that's your decision. NAB will not be liable for any loss arising from a delay in processing or your failure to close a non-NAB nominated account.
2Comparison assumes standard purchase interest rate of 19.99% p.a. for other non-low rate bank card or store card and that during the 12 month period you make only the required minimum monthly payment by the due date of 2% per month or $25 whichever is greater for 12 months. Also that there are no other amounts owing on the NAB credit card during the 12 month period, and the balance transfer fee has been charged to the NAB credit card, however no other fees or other charges have been included in these savings calculations.
Please read the full balance transfer terms and conditions.
Terms and Conditions available here. Fees and charges are payable. Approval and credit limit are subject to NAB's credit assessment criteria. Information, including interest rates and annual card fees are subject to change. Correct as at 5 February 2022.
Credit cards issued by National Australia Bank Limited.
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