NAB Now Pay Later: How does NAB's Buy Now Pay Later work?

NAB buy now pay later calendar

It’s hard to stand out when it comes to Buy Now, Pay Later products, but NAB’s new offering has an interesting strategy: no late fees?

The BNPL world can feel a little overwhelming. Quite aside from the industry giants (think Afterpay, Zip, and now Paypal in 4), banks and lenders all seem to have skin in the game. Joining Commonwealth Bank, Suncorp, Citi, and ANZ, NAB are now establishing themselves as players to watch when it comes to Buy Now, Pay Later.

With Aussies leading the world in BNPL use, how exactly does NAB’s stand out?

What is NAB Now Pay Later?

NAB Now Pay Later is NAB’s answer to the Buy Now, Pay Later trend. 

Only available to customers who hold a NAB transaction account, this option takes the form of a digital card to add to your mobile wallet, available anywhere Visa is accepted.

Subject to a credit check, customers can spend up to $1,000 to be paid back in fortnightly instalments. You’ll receive a reminder when it’s time to make a payment.

This product is only able to be used by customers over 18 years old.

How is NAB Now Pay Later different from other BNPL products?

Unlike most major players with Buy Now Pay Later products, NAB Now Pay Later doesn’t charge late fees. 

When you miss a payment, your account will be locked from future purchases.

Unlike a credit card, you don’t risk interest being charged on your repayments. There are also no monthly fees or international transaction fees to take into account.

Are there any drawbacks to NAB Now Pay Later?

Think things seem a little too good to be true? There’s usually a bullet point or two to keep in mind if you’re interested in buy now pay later.

The biggest thing to note is that this product is exclusive to NAB customers. That means you either sign up for an NAB account, or you make do with the fees of your alternative BNPL option.

Carrying a maximum limit of $1,000, this is also not the option for big spenders. You may want to consider BNPL options with larger limits for people with excellent credit, or a credit card with a higher credit limit. 

You also, like with many BNPL products, cannot use your NAB Buy Now Pay Later card to pay for gambling expenses or cash advances. Not that you were going to. But just in case!

With the tempting prospect of going fee-free, it’s easy to get excited about this product. Just remember that BNPL debt can impact your future borrowing power, and that there are other comparable options to consider.

Interested in finding out more about your BNPL options? Visit our Buy Now Pay Later hub, and find our Mozo Experts Choice Awards for best Buy Now Pay Later.


^See information about the Mozo Experts Choice Buy Now Pay Later Awards

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