How NAB is helping credit card customers

As many of our customers deal with the growing challenges of Coronavirus (COVID-19), our priority is clear: to support you in any way we can. Please see the options we have available to assist you with your NAB Credit Card.

Reducing your minimum monthly payment

To give you some extra breathing room, we’re reducing your minimum monthly payment to either 0.5% of the closing balance or $5 (whichever is greater).

This change will take effect automatically on statements issued from 27 April 2020 until at least 24 July 2020. The change will be outlined on your statement.

Note: Interest is calculated daily on the outstanding balance, so it’s always best to pay as much as you can to reduce this balance. If you can’t meet your minimum monthly repayments and are experiencing financial hardship, we’re here to help. See below, how to get hardship assistance.

NAB Low Rate Classic Card Purchase Interest Rate reduction

We’re reducing the standard purchase interest rate on personal NAB Low Rate Classic Cards to 12.99% p.a.

For new cards, this takes place from 27 April 2020. For existing cardholders, this rate reduction will take place from the start of your next statement period beginning after 27 April 2020. The change applies indefinitely.

Changes to the late payment fee

We are not charging late payment fees on all Personal and Business credit cards for at least the next three months, starting 3 April 2020. We will automatically apply this for you, so you don’t need to contact us.

Note: You should still pay your minimum monthly payment by the due date to ensure you can continue to use your card. If you can’t make your minimum monthly payments or are likely to go into hardship, we’re here to help. See below, how to get hardship assistance.

How to get hardship assistance

If you need additional support, you can submit a request for support online with our specialist team. Alternatively, NAB’s Customer Care team is available on 1300 683 106 to discuss options Monday to Friday 8am-8pm (AEST/AEDT) and now Saturday 9am-1pm (AEST/AEDT), but please note that our Contact Centre is currently experiencing high demand and longer than usual response times.

FAQs for credit card support

Will the minimum monthly payment change be applied automatically?

Your reduced minimum monthly payment will be applied automatically to all statements issued on or after 27 April 2020. It’s important that you still pay off as much as you can each month to minimise your interest.

How long will the reduced minimum monthly payment last?

Your reduced minimum monthly payment will be available for statements issued on or after 27 April 2020 until at least 24 July 2020. NAB reserves the right to vary or end these measures after 24 July 2020.

What if I can’t pay my minimum monthly payment?

Your account may be stopped for future use until a minimum payment has been made.

If you can’t make your minimum monthly payments or if you’re likely to go into hardship, then please reach out to our NAB Customer Care team. Due to high call volumes and longer than usual response times, we recommend submitting our online hardship form and we’ll contact you as soon as possible. Or, you can call NAB’s Customer Care team on 1300 683 106 to discuss your options.

What happens to the interest if I only pay the minimum monthly payment?

Interest is calculated daily on the outstanding balance. So it’s always best to pay as much as you can to reduce your balance. If you only pay the minimum amount, you’ll be charged more interest than if you were to pay a larger amount or if you were to pay your balance in full.

What if I have a direct debit set up to pay the minimum monthly payment?

The reduced minimum monthly payment will be applied automatically to any statement that’s issued on or after 27 April 2020, including connected direct debits. This will be applied automatically for the duration of the benefit.

How do I change my direct debit to the minimum amount?

If you have a direct debit set up to pay your NAB credit card account from a NAB transaction account, you can use NAB Internet Banking or the NAB app to change it. Please note that changes may take a statement cycle to update.

To make this change via NAB Internet Banking:

  1. Login to NAB Internet Banking from your desktop.
  2. Open Accounts and select Account details.
  3. Select your credit card.
  4. Click Create or modify Direct Debit.
  5. Follow the prompts to complete the form.

To make this change via the NAB app:

  1. Login to the NAB app.
  2. Open My cards and select your credit card.
  3. Scroll down to Repayment details.
  4. Click Manage automatic payments.
  5. Follow the prompts to complete the form.

Should I pay more than my monthly minimum payment?

If you can, we’d encourage you to pay more than your required minimum payment. This will reduce the interest you’ll be charged as your outstanding balance reduces.

What is the minimum repayment warning?

It’s a legislative requirement that’s designed to provide consumers with more information about the impact of only making the minimum monthly payment, compared to how much they would need to pay off monthly to have their balance paid off within two years. The examples on your credit card statement are illustrative and do not replace the minimum payments required shown in the Payment Details section of your statement.

Why is the estimated interest in the minimum repayment warning message so high?

It reflects the change we made to reduce the minimum monthly payment for all statements issued on or after 27 April 2020 for three months. The estimated interest is based on a customer only making the minimum payment to their account until the outstanding balance is paid off.

The calculation is based on your closing balance and minimum payment on that statement date. It’s always best to pay as much as you can to reduce interest.

What’s a late payment fee?

It’s a fee that’s charged to your credit card account if the amount that’s due for payment isn’t paid on or before its due date.

Do I need to apply to have the late payment fee waived?

No, there’s no need for you to do anything. We won’t charge the Late Payment Fee for at least the next three months (April, May, June). However, you’ll still be required to pay your minimum monthly payment if you want to use your card.

Should I still make my minimum monthly payment by the due date?

Yes, you should still make your minimum monthly payment by the due date to ensure you can continue to use your card. If you can pay more than your minimum monthly payment, it’ll reduce the interest you’ll be charged as your outstanding balance reduces.

Will it affect my credit rating if I don’t make my minimum monthly payment?

It may impact your credit rating if you don’t make at least the minimum monthly payment to your card. In the past banks and other credit providers would only share information about defaults and serious credit infringements, however recently changes were made to the credit reporting system.

Credit providers are now able to report to credit reporting bodies the following:

  • 24 month account payment history, showing if you’ve made regular, on-time payments
  • date account opened
  • current limit of account
  • type of credit account
  • date account closed.

Although we're now sharing this information with Credit Reporting Bureaus, the information may not yet appear on your credit report. Please keep in mind that this kind of information is provided to credit reporting bodies and may affect your credit rating in the future.

Learn more about credit reporting and how these details are recorded on your credit file or visit Credit Smart for more information.

When will the interest rate reduction on my NAB Low Rate Classic credit card apply?

From 27 April 2020, the personal NAB Low Rate Classic credit card purchase interest rate will automatically drop from 13.99% p.a. to 12.99% p.a. for new cards. For existing customers, the rate reduction takes effect from the opening date of their next statement of account on or after 27 April 2020. This change will occur automatically, so you won’t need to do anything.

Will the lower interest rate apply to the whole statement?

The new interest rate will take effect from the start of your next statement period beginning after 27 April 2020. For example, if your next statement is issued on 15 May 2020, this means you’ll receive the new interest rate on your account from 16 May 2020, and not for any transactions before.

How long will my purchase interest rate be at 12.99% p.a.?

This is an indefinite interest rate reduction. As the interest rate is variable, if there are rates changes again in the future, you’ll be notified.

Will NAB charge annual fees on credit cards during COVID-19?

Yes, annual fees for credit cards have not changed at this time. Annual fees are treated as a purchase transaction from the day it is added to your account. This means your annual fee will be included in the closing balance listed on your statement. You can choose to pay your minimum monthly payment or pay the full closing balance to avoid interest.

If you're having difficulty meeting your payments or are likely to go into hardship, please reach out to our NAB Customer Care team.

How will the minimum monthly payment changes impact me if I am already on a payment arrangement with NAB Care?

All customers will receive the reduced minimum monthly payment. If you have an existing agreement with NAB Care this will continue as agreed. If your financial circumstances have changed, contact us for support with our specialised team.

What’s happening with my NAB Rewards Velocity Card and Velocity Points?

You may be aware that some of the Virgin Australia group companies are in administration, however Velocity is a separate company and is not in administration. You’re still able to use your NAB Velocity Rewards Card to earn Velocity Points.

Velocity members can resume using their Velocity Points for travel to select flight destinations across Australia. We’re working closely with Velocity and we’ll provide you with more information as soon as it becomes available. Find out more on Velocity’s frequently asked questions.

How do I resolve transaction disputes during COVID-19?

If you have a fraudulent transaction, please contact us immediately on 13 22 65. You can notify us about a mistaken payment via our transaction disputes page.

If you have a dispute about a payment that you’ve made to a merchant using your NAB card, you will need to contact the merchant to try to resolve it first. If the merchant can’t resolve the dispute, you can contact us. Please read the information on our transaction disputes page before contacting us. It’s important be to aware that while we will attempt to assist you, in some cases we will be unable to do so.

NAB cards are subject to the card scheme rules set by Visa. These rules set out specific circumstances in which NAB (or another bank) can claim a refund for a customer.

If Visa rules allow us to, we will submit this dispute to the merchant on your behalf and try to resolve it for you. We will advise you whether we’re able to submit the dispute on your behalf.

There are certain circumstances in which we will be unable to submit a dispute and you will need to continue to try and resolve it with the merchant.

  • If an airline cancelled flights due to a government prohibition/COVID-19.
  • If you have chosen not to travel due to a concern related to COVID-19 where the flight was still in operation on the travel date. This also applies for non-airline merchants such as hotels and resorts where services were available.
  • If you missed the flight (for any reason) and as a result were not able to utilise hotel /resort accommodation.
  • If an airline /travel agent offers a credit travel voucher for future use due to government prohibition (including the opportunity to rebook the flights or accommodation) and you are seeking a refund as an alternative.
  • If you cancelled the services prior to the travel due to COVID-19 or any other reason and you agreed to the cancellation policy such as “no refund” or other policy, and the policy was visible at the time of the purchase.
  • If you have an unused credit voucher and the merchant goes into administration (where there was a “no refund policy” in the terms and conditions and the merchant provided this as a gesture of goodwill).

If you wish to provide us with feedback or lodge a complaint, please visit our feedback page.

Some NAB credit and debit cards include complimentary insurances which you may be able to claim on where we’ve been unable to dispute a payment for you. For more information on eligibility criteria, exclusions and the claims process, please refer to the following:

NAB Card Insurance Policy Information Booklet (PDF, 450KB)

Travel Insurance

Allianz Online Claims

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Important information

Information, fees and rates are correct as at 3 April 2020 and are subject to change. Applications for credit are subject to NAB’s credit approval criteria. Terms and Conditions apply to all NAB products and are available at nab.com.au, on application or by calling us. Fees and charges are payable. NAB’s credit card products are issued by National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (NAB).