NAB launches first Australian no-interest credit card

The announcement made by the National Australia Bank (NAB), marks the first no interest credit card in the country, in response to Australians wanting more financial control.

Features of the StraightUp card include:

• A flat monthly charge, with access to credit up to US$3,000 (monthly fee is not charged if the card is not in use)
• No interest fees
• No annual fees
• No late payment fees
• No foreign currency fees

“We started with a straightforward idea – to create a card with no interest, no annual fees and no late payment fees,” commented Rachel Slade, Personal Banking Executive at NAB Group.

“This is the result – a simple, easy to understand credit card that can be used anywhere Visa is accepted online or in store.”

The development of the card comes in response to extensive customer research conducted by the company, and an understanding of the need to innovate in order to keep up with customer demands.

“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.

“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.”

Compared to buy now pay later services, the new card provides users with continuous access to credit anywhere that accepts Visa. In addition the card has lower credit limits and higher minimum repayments to help customers take control of their finance. StraightUp does not allow cash advances or gambling.

“The NAB StraightUp Card’s range of features means it is the simplest credit card offering in the market. And with many safeguards in place it can really help customers take control of their spending,” Ms Slade said.

Applications can begin from 10 September 2020, click here for more information.

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Image source: NAB