Major bank unveils a credit card with NO interest rates

Christel Deskins 3 years ago

© Provided by Daily Mail MailOnline logo One of Australia’s biggest banks has launched a credit card with no interest charges or late fees.  NAB’s StraightUp Card allows consumers to pay the same fee every month. A customer with a $3,000 limit incurs a $20 monthly fee on the understanding […]



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© Provided by Daily Mail
MailOnline logo

One of Australia’s biggest banks has launched a credit card with no interest charges or late fees. 

NAB’s StraightUp Card allows consumers to pay the same fee every month.

A customer with a $3,000 limit incurs a $20 monthly fee on the understanding they pay off a minimum $110 each month from their Visa credit card.



a hand holding a cellphone: NAB has launched a credit card with no interest charges or late fees - but the bank will block your account if you do not meet minimum repayment amounts

© Provided by Daily Mail
NAB has launched a credit card with no interest charges or late fees – but the bank will block your account if you do not meet minimum repayment amounts

Someone with a $1,000 limit must pay off $35 a month, which includes a monthly $10 fee.

A borrower with a $2,000 limit must pay off $75 a month, taking in a standard $15 charge.

Unlike traditional credit cards, this National Australia Bank product doesn’t keep charging interest the longer a bill remains unpaid.

The StraightUp credit card, however, blocks any customer who has missed a payment.

‘Customers are required to pay the minimum payment or the card may be blocked,’ a NAB spokeswoman told Daily Mail Australia.      

‘When customers have missed a payment, they will be alerted and contacted by NAB as with our existing products.’ 



a woman walking down a street: NAB's StraightUp Card doesn't charge interest or foreign currency fees. Pictured is a shopper in Melbourne during the Boxing Day sales in 2018

© Provided by Daily Mail
NAB’s StraightUp Card doesn’t charge interest or foreign currency fees. Pictured is a shopper in Melbourne during the Boxing Day sales in 2018

Customers can set up payment reminders using internet banking and will also receive SMS reminders three days out from their due date.  

‘There’s a lot we can do to help and urge customers to contact us as soon as possible if they are struggling to meet payments,’ the spokeswoman said. 

There are also no foreign currency fees. 

NAB’s group executive of personal banking Rachel Slade said the StraightUp card was designed with 18 to 34-year-old consumers in mind who were more conscious of their credit card spending.

 ‘Credit cards have not really evolved in recent years. But our customers’ needs and expectations are changing and we want to change with them,’ she said.

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