NAB spices up Australian credit card market with new interest-free offering

NAB has introduced a new credit card that will not charge any interest for 12 months on balance transfers and purchases.

NAB executive general manager consumer lending Angus Gilfillan said that the offer would help customers save interest when paying down transferred debt and when making new purchases.

Gilfillan added: “We’ve calculated that a customer who brings across a balance of A$5,000 and makes regular purchases of A$500 on the card, while also making their minimum monthly repayments, can save up to A$1,500 on interest with a new NAB Low Rate card over the 12 months.

“This offer provides customers with the flexibility to manage their existing debt while staying on top of their weekly expenses so they can get their household budget on track for 2015.”

The offer is available on all new NAB personal credit cards for customers applying between 19 January and 19 April 2015.

Customers applying for selected rewards cards will receive upfront bonus points on those cards on a purchase.