NAB is ‘Straight Up’ with its brand new credit card

By Polly Fleeting ·
woman looking at her new nab credit card

Ever felt confused about all the bells and whistles attached to your credit card? Unsure how it all works? Well, it's time to get straight up! 

Today, major bank NAB has done just that and launched a new product: the StraightUp credit card

Unlike other credit cards that charge interest, this card comes with no interest at all. 

Yes, you read correctly … no interest. 


Instead, customers are charged a monthly fee which ranges from $10 to $20 and is dependent on the credit limit attached to the card: 

  • $10 monthly fee for $1000 credit limit 
  • $15 monthly fee for $2000 credit limit 
  • $20 monthly fee for $3000 credit limit 

And when it comes to paying down your balance, the card also comes with a fixed payment feature, so you’ll always know what your minimum payment will be. Like the monthly fee, this is also based on your card credit limit: 

  • $35 minimum repayment for $1000 credit limit 
  • $75 minimum repayment for $2000 credit limit 
  • $110 minimum repayment for $3000 credit limit 

Want to find out more about this brand new credit card? Take a look below!

NAB's new credit card

NAB StraightUp Credit Card
Promoted
  • No interest rate
  • No foreign exchange fees
  • No late payment fees

Sick of your old school credit card and after something that works a little differently? Meet the NAB StraightUp Credit Card. With this card, you can bid farewell to an interest rate because there isn't one. Instead, you’ll be charged a monthly fee between $10 and $20 depending on your card’s credit limit. Plus, if you don’t use your card during a statement period or have a zero balance, NAB will waive the monthly fee. But that’s not the only way this card is shaking things up, you can also say goodbye to annual, foreign exchange and late payment fees, too.

The catch though, is that over time the monthly fees on the NAB StraightUp card add up, so it’s crucial you select the credit limit that reflects your spending habits. 

However, if you aren’t sure the monthly fee system would work for you, there are still plenty of low rate credit card options available right now. 

Here’s a few that are on offer:

Compare Low Rate Credit Cards

CUA Low Rate Credit Card
Promoted
  • Low 11.99% purchase rate
  • $0 annual fee in the first year
  • 0% balance transfer offer for 13 months

Whether you are looking to clear debt or just wanting to switch to a low rate credit card, CUA’s Low Rate Credit Card could be the option you're after. With a low 11.99% rate, a $0 annual fee in the first year ($49 after) and 55 interest free days on purchases, this card has more than one perk. Plus, for customers looking to make a  balance transfer, with this card you can. The balance transfer rate sits at 0% for 13 months, just bear in mind though it reverts to a hefty 21.74% after the offer period is up.

Westpac Low Rate Credit Card
Promoted
  • Low 13.74% purchase rate
  • $200 cashback offer (spending criteria applies)
  • 0% balance transfer offer for 20 months (1% balance transfer fee)

After a low rate credit card that rewards you for your spending? Introduce yourself to the Westpac Low Rate Credit Card. This card comes with a low 13.74% purchase rate, a low $59 annual fee, 55 interest free days and a balance transfer option. But what really takes the cake is the $200 cashback offer, available for cardholders that spend at least $1,000 on eligible in the first 90 days from approval. Remember, this offer doesn’t last forever, as it ends 3 December 2020!

ME frank Credit Card
Promoted
  • Low 11.99% purchase rate
  • $0 annual fee
  • 55 interest free days

ME’s frank credit card not only offers customers a low 11.99% purchase and cash advance rate, but also has no annual fee! So if you are looking for a card to save on interest and fees, this might be the option for you. Not only that, this card has 55 interest free days on eligible purchases and can be used via Apple Pay. Just remember though, while the cash advance rate is low, if you are hitting the ATM using this card, there is a 2% fee every time you do.

Bankwest Breeze Mastercard
Promoted
  • 0% purchase rate for 15 months (12.99% after)
  • Low $79 annual fee
  • 55 interest free days

Don’t want to pay interest straight off the bat? With the Bankwest Breeze Mastercard you don’t have to. In fact, customers receive a 0% purchase rate for the first 15 months of owning the card, which then reverts to a low 12.99% afterwards. There is a low $79 annual fee attached to the card and 55 interest free days on eligible purchases. Make sure you make at least your minimum repayment on this card each month, otherwise you’ll be slapped with a $25 late payment fee.

Want to compare more credit card options? Jump over to our credit card hub.

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