NAB credit card balance transfer guide

A low rate credit card balance transfer is a well-known way to reduce your monthly repayments, freeing up money that can be used to pay off the balance faster.

If you're considering a balance transfer to or from NAB, there are a few things to consider. Find out how NAB balance transfers work with this guide.

Transferring credit, store, and charge card debts to NAB could significantly reduce your interest and monthly repayments.

• NAB has traditionally been among the most competitive banks in the balance transfer market. Their balance transfer offers have consistently ranked highly on Finty.
• You can transfer debt from up to 5 non-NAB credit, store, or charge cards to NAB at the introductory interest rate.

Most banks promote balance transfer offers at 0% p.a., which is considerably lower than what the typical Australian credit card charges on balances accruing interest.

Remember that even if you make a 0% balance transfer, you still need to make the minimum monthly repayment (usually around 2% of the balance owed).

Follow this step-by-step procedure to transfer debt from your NAB credit card to a different bank.

Step 1: Choose a new balance transfer card

These are some of the most important things to look for when comparing offers.

• Interest-free balance transfer. 0% p.a. is widely available at most banks.
• A long introductory period. With most balance transfers being available at 0% p.a., the length of the introductory period is a defining feature. A longer introductory offer is usually preferable.
• A small balance transfer fee. This one-off fee is commonplace, especially on longer interest-free balance transfer offers.
• The balance transfer limit. How much you can transfer isn’t determined by the new card’s credit limit alone. Most banks also define how much of your credit limit can be used for a balance transfer.

Step 2: Check if you’re eligible

For each bank there is a different credit risk profile and corresponding set of criteria. This is what most banks look for, irrespective of the card.

• Your earnings. Most cards specify a certain minimum income in their criteria. For most low rate cards, the minimum required income is achievable for most, but you can expect it to be much higher for platinum, black, and metal cards.
• Your credit score. Most banks will only approve applications if you have a good credit score or higher with no missed repayments or rejected applications for credit in recent months.
• Your status. Most banks will accept applications from temporary residents, with caveats that don’t apply to Australian citizens or permanent residents.
• 18+ years old.

Step 3: Apply

Applying for a new card is fairly easy and doesn’t take very long, although the bank may ask you to provide a few things.

• Photographic proof of ID, e.g. driver's licence.
• Details on your source of income, i.e. employment status, how long you’ve worked there, etc.
• Balance transfer details, including what bank, account number, and the amount to transfer.

Existing NAB customers can balance transfer from non-NAB credit, charge, and store cards. However, the standard balance transfer rate will apply rather than NAB’s introductory balance transfer offer. Even without the introductory rate, you may still save money if the balance transfer rate is lower and you can stop paying multiple annual card fees.

Log in to your online banking to request a balance transfer. You can use up to 90% of your current NAB credit card's limit for balance transfers. The least you can balance transfer is $200.

It isn't possible to transfer a balance between NAB cards.

Alternatives

• If you're looking to transfer your balance from a credit card issued by NAB to your current NAB card — which is not possible — compare what non-NAB balance transfer deals are available and transfer to another bank.
• Use a personal loan to consolidate your balances. Interest rates aren't as low as those on offer with an introductory balance transfer card, but you can spread over a longer time.

How long does it take to transfer a balance from NAB to a credit card with another bank?

Most banks will give you their decision on your application within 60 seconds, although this is typically conditional. Once approved, your new card will be delivered about one week later. It can take up to two weeks to process the balance transfer.

Do you have to close your NAB credit card account after the balance has been transferred?

You do not have to close your NAB credit card once you have transferred the balance from it. NAB won’t close your account automatically. You can only close an account after paying the balance in full.

Can you transfer a balance from a NAB credit card to a NAB credit card?

No. You cannot transfer a balance between NAB credit cards.

Can you transfer a balance from a personal loan to a NAB credit card?

No. It is not possible to balance transfer from a personal loan to a NAB credit card.

Can you transfer a balance from a buy now pay later account to a NAB credit card?

No. It is not possible to balance transfer from a buy now pay later account, e.g. Afterpay, Zip, Klarna, to a NAB credit card.

Can you transfer a balance from a store card to a NAB credit card?

Yes. You can transfer a balance from a store card such as those from Coles and David Jones to a NAB credit card.

Can you transfer a balance from a charge card to a NAB credit card?

Yes. You can transfer a balance from a charge card such as those from American Express to a NAB credit card.

Can you transfer a balance from an overseas card to a NAB credit card?

No. It is not possible to transfer a balance from an overseas card to a NAB credit card.

How long does it take NAB to process a balance transfer?

It takes NAB up to 10 business days to process a balance transfer after application approval.