How do no interest credit cards work?

Credit cards are a way to borrow money or get ‘credit’ from a bank. When you apply, you’re applying to borrow a set amount of funds we call a credit limit. You can make purchases up to that approved credit limit wherever that credit card is accepted (e.g. in stores or online).

Regular credit cards have interest rates, which apply to amounts that you haven’t paid back. There’s also a minimum monthly repayment and usually an annual card fee. 

Unlike a regular credit card, a no interest credit card has no charges for interest on the amount owed. There is however a limit to the amount you can borrow and a fixed monthly fee.

Read more about how regular credit cards work.

What is the NAB StraightUp Card?

The NAB StraightUp Card is our no interest credit card option. It’s a card with a set amount of funds (called a 'credit limit’) which you can borrow from at any time. How much credit is available to you will vary depending on how much of your credit limit you have used by making purchases (this is also known as your ‘available balance’).

Unlike most credit cards, the NAB StraightUp Card comes with no interest or other charges – just a simple monthly fee and minimum monthly payment based on your credit limit. 

You can only apply for one NAB StraightUp Card. There are also no balance transfers, additional cardholders or product transfers available on this card.

One of the benefits of this card is, if you don't make any purchases and have an outstanding balance of $0 during the whole statement period, we'll reverse your monthly fee.

Credit limits and fees

The NAB StraightUp Card comes with three different credit limits options when you first apply. Each limit comes with a fixed monthly fee and minimum monthly payment.

It’s important that you choose a preferred limit based on your spending habits, your needs and what you can afford to repay.

When you apply you may need to provide bank statements or payslips which we’ll use to assess your application and ensure the limit you’ve applied for is not unsuitable for you.

Learn more about NAB StraightUp Card credit limits and monthly fees.

Changing credit limits

Once approved for a NAB StraightUp Card, you can request to change your limit at any time in the NAB app or NAB Internet Banking.

Learn more about managing your credit card credit limit.

How to make payments on a no interest credit card

Knowing how much to repay on your no interest credit card is easy. The NAB StraightUp Card has a fixed minimum monthly payment based on your credit limit, so the minimum amount you’ll need to pay each month won’t change unless you change your credit limit.

However, if your outstanding balance at the end of your statement period is less than your minimum monthly payment, you’ll need to pay at least that amount instead.

You should consider paying more than the minimum payment if you can. Your minimum payment will be shown on your statement and it will also tell you how long it’ll take to pay off your outstanding balance if you’re only making the minimum payment each month.

Use our table to see what your minimum repayment will be.

Making purchases with your no interest card

You can use your NAB StraightUp Card everywhere Visa is accepted – this includes online or overseas purchases.

On a standard credit card, you’re able to withdraw cash or complete gambling transactions. However, the NAB StraightUp Card comes with additional blocks on these types of transactions – helping you stay in control.

Cash advance block

Cash advances include withdrawing cash or transferring money from your credit card to another account. They also include other transactions that we consider to be the equivalent of withdrawing cash from your account, such as the purchase of traveller’s cheques or other substitutes for cash (such as crypto-currency).

In some limited situations, the cash advance block may not apply. This includes where we’re unable to identify a cash advance transaction because of the way the merchant classifies it, when our systems are down or when the merchant terminal is unable to obtain online authorisations. The cash advance block will not apply where you complete the transaction through a linked transaction account and ‘SAV’ or ‘CHQ’ is selected.

Gambling transactions are blocked

This is in place to give you greater control over your spending. This restriction blocks most gambling transactions including sports betting, casino games, lottery operators and online gambling (and includes gambling refunds and winnings). It will apply where you tap to pay or select ‘Credit’ or ‘CR’ or use your card number to complete the transaction.

In some limited situations, gambling transactions may not be blocked. This includes where you complete the transaction through a linked transaction account and ‘SAV’ or ‘CHQ’ is selected, transactions with merchants who are not identified by us as gambling merchants, transactions made when our systems are down or when the merchant terminal is unable to obtain online authorisations.