Summary of NAB's Low Rate Visa Card advertising at www.australia.creditcards.com

Click on NAB's Low Rate Visa Card under 'Product' in the 2nd column of Low Interest Credit Cards of as shown in the below Print Screen.

You will then see the following summary information that is provided by www.australia.creditcards.com as also evident in the below Low Rate Visa Card Print Screen:

Company

 Low Rate Visa Card

Intro Rate

 2.99% (12 months)
Balance Transfer 4.99% (6 months)
Interest Rate 13.49%
Annual Fee $59
Card Type
Visa card
Interest Free Days 55 days
Late Payment Fee $0
Minimum Repayment $10
Minimum Repayment 2.5%
Card Level Standard
Star Ratings

The above summary provided by www.australia.creditcards.com is deceitful because at Interest Rate in the above summary schedule it -

*        lists only the interest rate applicable to 'Purchases' of 13.49%; and

*        does not inform that the Interest Rate on 'Cash Advances' is a humongous 21.74%.

www.australia.creditcards.com should not list the Interest Rate to be 13.49% unless that is the interest rate to use the card, predicated upon compliance with other conditions including repaying at least 2.5% within 55 days.  The above key information provided by www.australia.creditcards.com is deliberately misleading and deceptive.

If you click on it opens a NAB website page for its Low Interest Rate Credit Card which provides the below limited information as evident on the below Print Screen:

An honest rate on an honest card.

  • a low annual card fee of $591
  • up to 55 days interest free days on purchases2
  • NAB Visa PayWave
  • an additional cardholder at no extra cost3
  • a low ongoing rate on purchases after your first year.

         Find out more

 

Clicking on Find out more opens another page titled "NAB Low Rate Visa Card" which displays the following which, not (even in the fine print) informs of the exorbitant 'Cash Advance' rate of 21.74%:

 

 

Below are the associated URLs available from the above NAB webpage:

  • Our lowest interest rate on purchases – currently 13.49% pa.2

  • Balance transfer calculator - compare NAB to other banks' credit cards. See how much you can save.
  • Purchases are interest-free for up to 55 days.1
  • Additional cardholder at no extra cost. (You stay responsible for all use of the account.)
  • Your choice of a pink or silver card.
  • Add Lost Card Cover.

You have to read footnote 1 below to learn that the interest-free period for up to 55 days only applies "on purchases if you pay your account in full by the due date each month."

Benefits of Visa

1. Excludes cash advances (including bills paid over the counter at a bank, financial institution or post office and for the purchase of travellers cheques). Up to 55 days interest-free on purchases if you pay your account in full by the due date each month.

2. Interest rate is subject to change. Correct as at 9 November 2010.

If you do not notice that there are two page options Overview or Rates in the above 'Print Screen' as the Find out more URL defaults to Overview, you can again be deceived.  If you do not then click on the below Rates and fees page, you do not become aware that the interest rate on 'Cash Advances' is a humongous 21.74% on a card that NAB's website advertises as a 'Low Interest Rate' card.  

If you click on (from for Find out more) it opens the below page.

Below are the associated URLs available from the above NAB webpage:

Current interest rates

Purchases: 13.49% pa.
2.99% purchase offer. Find Out More.
Cash advances: 21.74% pa.
Balance transfers: 4.99% pa. for up to 6 months (read more about balance transfers).

Annual card fee: $59
Other fees may apply

Annual card fee and interest rates are subject to change. Correct as at 1 June 2011. View full details of fees and charges.

The above summary highlights deceptive, misleading and unconscionable marketing by www.australia.creditcards.com and seems to the writer, Philip Johnston, that NAB would be complicit if NAB is paying australia.creditcards.com for providing a link to NAB Low Rate Visa Card, as one of australia.creditcards.com's 'Our Bank/Issuer Partners', and condoning australia.creditcards.com practices.