Further terms of our agreement

We haven’t asked you or any other person to provide any form of mortgage, guarantee or other security for your agreement with us. Any security you (or another person) have provided to us (for example, as part of a home loan) won’t be applied to this agreement and, in the same way, will not be affected by this agreement.

If law makes a term of this agreement illegal, void or unenforceable, you and we agree that the affected term will be read down so this does not occur. If this can’t be done, you and we agree that only the affected term is to be excluded and the rest of this agreement should not be affected.

If this agreement uses the terms ‘includes’, ‘including’, ‘for example’ or similar expressions, anything referred to after those words does not limit what else may be included.

We can’t be responsible for additional services offered by third parties which can be used with your account (for example, digital wallets) unless of course in a particular circumstance the law makes us responsible.

Our agreement is governed by the laws of Victoria.

How we define some important words

You might also call it a glossary, definitions, or a list of important words and phrases. Either way, this section can help you make sense of any part of this agreement that feels a little unfamiliar.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        A glossary, definitions, or a list of important words and phrases
Words Meaning
account your credit card account
additional card a credit card issued on your account to an additional cardholder 
additional cardholder a person to whom we issue a card for use on your account, other than you 
additional terms and conditions terms and conditions referred to in the section titled ‘Additional Terms and Conditions apply’ 
balance transfer the transactions described as balance transfers in Section 1.3
business day a day unless that day is:
a. a Saturday or Sunday; or
b. a day gazetted as a public holiday throughout all of Australia. This will not include a day that is only a State, Territory or regional public holiday
cash advance the transactions described as cash advances in Section 1.3
card your credit card or an additional card on your account
card scheme Visa or another card scheme applicable to your card
cardholder you and any additional cardholder
closing balance the amount shown as the closing balance of your account on a statement
interest free days payment  the amount shown as the interest free days payment on a statement, if you have a balance transfer
interest rate the annual percentage rate that applies to a transaction type (which is different to the daily interest rate described in Section 2.2
legitimate interests 

a. our legitimate funding, business, risk management, prudential or security requirements; or

b. any other requirements that are reasonably necessary to protect us against a material risk that a monetary default will occur

offer details

a. the letter or email you receive in the credit card welcome pack which importantly includes the Financial Information Table; or

b. if the offer was made before the introduction of the consumer credit legislation, the details of interest rates, maximum interest free period, the credit limit, fees and charges and (if relevant) commissions applicable to your account, which we provided to you in connection with the commencement of the legislation

outstanding balance the balance of your account (including any applicable interest charges, fees and other amounts which have been charged to your account) which remains unpaid at any time 
our agreement or this agreement or your agreement with us the agreement between you and us, which is comprised of your offer details and this document and which may be amended from time to time as described in Section 15
purchases or purchase transactions the transactions described as purchases in Section 1.3
total minimum payment the amount shown as the total minimum payment in your statement. We explain how we calculate this amount in Section 4.4.

us, we and NAB

National Australia Bank Limited ABN 12 004 044 937, Australian Credit Licence 230686, and any of our successors and assignees

you and your the person who holds the account, being the person addressed as the cardholder in the offer details. It also includes any successors and assignees.

Information statement

This is important information we are required by law to give to you. 

Things you should know about your proposed credit contract

This statement tells you about some of the rights and obligations of yourself and your credit provider. It does not state the terms and conditions of your contract. If you have any concerns about your contract, contact your credit provider and, if you still have concerns, the AFCA scheme, or get legal advice. 

The contract

1. How can I get details of my proposed credit contract? 

Your credit provider must give you a precontractual statement containing certain information about your contract.

The precontractual statement, and this document, must be given to you before: 

  • your contract is entered into; or 
  • you make an offer to enter into the contract; whichever happens first. 

2. How can I get a copy of the final contract? 

The credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply if the credit provider has previously given you a copy of the contract document to keep. If you want another copy of your contract, write to your credit provider and ask for one. Your credit provider may charge you a fee. 

Your credit provider has to give you a copy:

  • within 14 days of your written request if the original contract came into existence 1 year or less before your request; or 
  • otherwise within 30 days of your written request. 

3. Can I terminate the contract? 

Yes. You can terminate the contract by writing to the credit provider so long as: 

  • you have not obtained any credit under the contract; or
  • a card or other means of obtaining credit given to you by your credit provider has not been used to acquire goods or services for which credit is to be provided under the contract. 

However, you will still have to pay any fees or charges incurred before you terminated the contract. 

4. Can I pay my credit contract out early? 

Yes. Pay your credit provider the amount required to pay out your credit contract on the day you wish to end your contract. 

5. How can I find out the pay out figure? 

You can write to your credit provider at any time and ask for a statement of the pay out figure as at any date you specify. 

You can also ask for details of how the amount is made up. Your credit provider must give you the statement within 7 days after you give your request to the credit provider. You may be charged a fee for the statement. 

6. Will I pay less interest if I pay out my contract early? 

Yes. The interest you can be charged depends on the actual time money is owing. 

7. Can my contract be changed by my credit provider? 

Yes, but only if your contract says so. 

8. Will I be told in advance if my credit provider is going to make a change in the contract? 

That depends on the type of change. For example: 

  • You get at least same day notice for a change to an annual percentage rate. That notice may be a written notice to you or a notice published in a newspaper. 
  • You get 20 days’ advance written notice for: 
    • a change in the way in which interest is calculated; or 
    • a change in credit fees and charges; or 
    • any other changes by your credit provider, 

except where the change reduces what you have to pay or the change happens automatically under the contract.

9. Is there anything I can do if I think that my contract is unjust? 

Yes. You should first talk to your credit provider. Discuss the matter and see if you can come to some arrangement. 

If that is not successful, you may contact the AFCA scheme. The AFCA scheme is a free service established to provide you with an independent mechanism to resolve specific complaints. 

The AFCA scheme can be contacted at: 

Telephone: 1800 931 678 (free call)

Website: https://afca.org.au, opens in new window

Email: info@afca.org.au

Postal address: Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001

Alternatively, you can go to court. You may wish to get legal advice, for example from your community legal centre or Legal Aid. You can also contact ASIC, the regulator, for information on 1300 300 630 or through ASIC’s website at http://www.asic.gov.au, opens in new window


10. Do I have to take out insurance? 

Your credit provider can insist you take out or pay the cost of types of insurance specifically allowed by law. These are compulsory third party personal injury insurance, mortgage indemnity insurance or insurance over property covered by any mortgage. Otherwise, you can decide if you want to take out insurance or not (for example, consumer credit insurance is not compulsory). If you take out insurance, your credit provider cannot insist that you use any particular insurance company. 

11. Will I get details of my insurance cover? 

Yes, if you have taken out insurance over mortgaged property or consumer credit insurance and the premium is financed by your credit provider. In that case the insurer must give you a copy of the policy within 14 days after the insurer has accepted the insurance proposal. Also, if you acquire an interest in any such insurance policy which is taken out by your credit provider then, within 14 days of that happening, your credit provider must ensure you have a written notice of the particulars of that insurance. You can always ask the insurer for details of your insurance contract. If you ask in writing your insurer must give you a statement containing all the provisions of the contract. 

12. If the insurer does not accept my proposal, will I be told? 

Yes, if the insurance was to be financed by the credit contract. The insurer will inform you if the proposal is rejected. 

13. In that case, what happens to the premiums? 

Your credit provider must give a refund or credit unless the insurance is to be arranged with another insurer. 

14. What happens if my credit contract ends before any insurance contract over mortgaged property? 

You can end the insurance contract and get a proportionate rebate of any premium from the insurer. 


15. What do I do if I cannot make a repayment? 

Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. You can ask your credit provider to change your contract in a number of ways: 

  • to extend the term of the contract and reduce payments; or
  • to extend the term of your contract and delay payments for a set time; or 
  • to delay payments for a set time. 

16. What if my credit provider and I cannot agree on a suitable arrangement? 

If your credit provider refuses your request to change the payments, you can ask your credit provider to review this decision if you think it is wrong. 

If your credit provider still refuses your request you can complain to the AFCA scheme. Further details about this scheme are set out below in Question 18. 

17. Can my credit provider take action against me? 

Yes, if you are in default under your contract. 

But the law says that you cannot be unduly harassed or threatened for repayments. If you think you are being unduly harassed or threatened, contact the AFCA scheme or ASIC or get legal advice. 

18. Do I have any other rights and obligations? 

Yes. The law will give you other rights and obligations. You should also read your contract carefully. 

If you have any complaints about your credit contract, or want more information, contact your credit provider. You must attempt to resolve your complaint with your credit provider before contacting the AFCA scheme. 

If you have a complaint which remains unresolved after speaking to your credit provider you can contact the AFCA scheme or get legal advice. 

The AFCA scheme is a free service established to provide you with an independent mechanism to resolve specific complaints. The AFCA scheme can be contacted at:

Telephone: 1800 931 678  Website: https://afca.org.au, opens in new window Email: info@afca.org.au Postal address: Australian Financial Complaints Authority, GPO Box 3, Melbourne, VIC 3001

Please keep this information statement, you may want some information from it at a later date.

Important information