Credit Card Standard Rates And Fees

Credit Card Rates and Fees in Australia

Credit card fees are never really simple, and there are often catches that the new card holders are not expecting.

Credit Card Rates and Fees in Australia

Credit card fees are never really simple, and there are often catches that the new card holders are not expecting. Especially involving Interest rates, Fees and Interest Free periods.

It really is well worth looking into the terms for each card, to ensure you pick the right one for your circumstances.

Fees and Charges for Balance Transfers between Cards

Balance transfers are a popular option to use these days, and many people expect to get a great benefit by utilising this. However, there are catches, and should be used with caution.

This is an example of some of the normal terms of use for one Banks Balance Transfer rates (I have used the NAB as an example as it is my main bank of choice).

Enjoy 4.99% p.a. on balance transfers for 6 months on a new NAB Credit Card.
After 6 months the Interest Rate reverts to the Higher Cash Advance Interest Rate.
Interest free days do not apply while you have a balance transfer.
Most Cards incur a 3% Balance Transfer Fee

If a new card is used purely for the Balance Transfer and no other purchases are made on it, until AFTER the balance has been paid off, then this can work quite well.
But, while there is still an unpaid balance from that transfer, there is NO INTEREST FREE PERIOD, for any other purchases. That means you are paying Interest, at current (such as those rates shown below), from the date of purchase.  That might only be an extra $10 or $20 per month, but it could still be an unexpected charge to those who expected an interest free period on all new purchases.
Then, for those who don’t pay the FULL transferred balance off in 6 months, they end up paying the higher Cash Advance Interest Rate, and not the normal lower rates.

Special Interest Free Deals on Balance Transfers

There are often some special deals for Balance Transfers with No Interest for a period fo time, such as these current NAB offers:

Enjoy 0% p.a. on balance transfers for 18 months on a new NAB Low Fee Card. 3% BT fee applies.
Enjoy 0% p.a. on balance transfers for 18 months on a new NAB Low Rate Card. 3% BT fee applies.
Enjoy 0% p.a. on balance transfers for 24 months on a new NAB Premium Card. 3% BT fee applies.

These can be well worth using, if used with caution.

NAB Credit Card Standard Rates And Fees (at 3rd April 2017)

Annual Fee Card Type Normal Annual Interest rate Cash Advance Annual Interest Rate Interest Free Days Minimum Credit Limit Normal Transfer rate
$59 Low Rate Card 13.99 % 21.74 % up to 55 $500 4.99 %p.a.
$30 Low Fee Card 19.74 % 21.74 % up to 44 $500 4.99 %p.a.
$90 Premium Card 19.74 % 21.74 % up to 44 $6,000 4.99 %p.a.
$95 Flybuys Rewards Card 19.99 % 21.74 % up to 44 $6,000 4.99 %p.a.

You can compare more cards at these Big Four Australian banks:

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