National Australia Bank Unveils No-Interest “StraightUp” Credit Card

National Australia Bank (NAB) announced on Wednesday the launch of its new no-interest “NAB StraightUp” credit card. According to NAB, the card made its debut in response to Australians wanting more control over their finances.

“For a flat monthly charge, customers can get access to credit of up to $3,000. Customers don’t pay the monthly fee if the card is not used and there are no other fees or charges. This means no interest, no annual fees, no late payment fees and no foreign currency fees.”

NAB also revealed the card offers a continuing line of credit, is available to use anywhere Visa is accepted, has no late payment fees, and allows customers to repay balances over a longer period of time. It does have lower credit limits than most credit cards and higher minimum repayments to help customers take greater control of their debt. The card does not allow cash advances or gambling transactions.

Key card features include:

• No interest – always
• No late payment fees
• No use, no pay (monthly fee reversed when the card isn’t used, and you have a $0 balance during the whole statement period)
• No foreign currency fees
• No annual fee
• Can be used anywhere Visa is accepted, online or instore
• Can be used with all contactless options, incl. Apple Pay, Google Pay, Samsung Pay, and NAB Pay
• No gambling or cash advances
• New look card with improved accessibility features

All for one simple monthly payment, depending on your credit limit:

1. $1,000 credit limit: Pay $35 per month towards your balance ($10 monthly fee is included in your balance)
2. $2,000 credit limit: Pay $75 per month towards your balance ($15 monthly fee is included in your balance)
3. $3,000 credit limit: Pay $110 per month towards your balance ($20 monthly fee is included in your balance)

NAB Group Executive of Personal Banking, Rachel Slade, then added:

“In the NAB StraightUp Card, we’ve created something completely different to every other credit card available today, with a simpler approach that makes it easy for customers to take control of their finances.”