National Australia Bank has today launched a unique new credit card offer of 0% interest for 12 months on balance transfers and 0% interest for 12 months on purchases.
Executive General Manager Consumer Lending, Angus Gilfillan, said the offer was different to many others on the market because it meant customers could save interest in two ways – both in paying down transferred debt and when making new purchases.
“At NAB we know that many customers are looking to get on top of their personal finances at this time of year and this new offer could help them achieve that goal,” he said.
“We’ve calculated that a customer who brings across a balance of $5,000 and makes regular purchases of $500 on the card, while also making their minimum monthly repayments, can save up to $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.”
Mr Gilfillan said customers looking to make the most of this offer should talk to their banker about how it could best work for them, including measures such as setting up payment reminders so they make their required minimum monthly repayments.
This offer is available on all new NAB personal credit cards for customers who apply between 19 January and 19 April, 2015. And, customers who apply for selected rewards cards will also get upfront bonus points on those cards when they make a purchase.
|Sample low rate card||NAB Low Rate Card with offer|
|Annual percentage rate-Purchases and Balance Transfers||19.99%p.a.||0% for 12 months|
|Balance||$5,000 (account balance)||$5,000 (transfer balance)|
|Monthly purchase amount||$500||$500|
|Interest paid (12 months)||$1,501||$0|
|Interest saved (12 months)||$1,501|
|This is an illustrative example only. Different rates, fees or balances may result in different interest savings. Estimated savings assume minimum payment is made by payment due date each month during the 12 month promotional period. Fees and charges apply. Information, including rates and annual card fee, are subject to change. For more information visit: http://www.nab.com.au/personal/credit-cards|