Having a platinum credit card with lots of complimentary benefits can be a great money-saver, but its appeal can be significantly reduced if there’s a high annual fee attached to the card. So it’s refreshing to find a card like the NAB Low Fee Platinum Card, with extensive complimentary insurance cover and a concierge service, but without an inflated annual fee.
Find out everything that comes with this offer, from low rates and fees to insurance and concierge services, in our comprehensive review.
The very reasonable $90 annual fee makes this a worthwhile option for anyone not looking for the rewards points that are often offered in tandem with platinum benefits, with an inevitable upward effect on the annual fee.
Interstate or overseas travellers in particular will be able to extract a value from the card far in excess of its cost, courtesy of the complimentary travel insurance.
There’s also no cost for a supplementary card on the account, for example for your partner.
Have you maxed out your existing card, to a point at which you are seriously doubting your ability to get out of debt in the foreseeable future?
In a situation like this, 12 months of breathing space, obtained by transferring the debt to this card, could be a great help. No interest will be charged on the transferred balance for 12 months, meaning that every dollar of your repayments is dedicated to reducing the debt principal instead of being eroded by interest.
For example, if you have accumulated a $10,000 debt on your existing card, on which you are paying interest at 20% p.a., you will save a $990 in interest charges over 12 months by transferring it to this card.
There is, however, a 3% balance transfer fee to be paid upfront, which effectively reduces your saving to $790.
It’s best to use the 12 month-long absence of interest charges as an incentive to apply as much of your spare cash as possible to reducing the debt. That’s because the revert interest rate, applied to any balance remaining after 12 months, is the high cash advance interest rate, a punishing 21.74% p.a. It’s not unusual for a revert interest rate to be this high, and revert rates always need to be avoided if possible.
One of the downsides of having an unpaid balance transfer is that you’ll temporarily forfeit the up to 44 interest-free days normally allowed on each month’s purchases. Instead, the standard purchases interest rate of 19.74% p.a. will be applied immediately on each purchase transaction.
This makes it unlikely that you’ll use the card for purchases until the balance is cleared, meaning that for the first six months you’ll miss out on all the complimentary benefits promised in the card’s title. The word ‘Platinum’ is there for a reason, because the extensive built-in advantages are:
You could be forgiven for thinking that NAB might cut corners on the technology for a card laden with platinum benefits, but costing only $90 per year, with no charge for an additional cardholder. But that is not the case. You can still enjoy all the latest technology and security that comes with more expensive cards, including:
The NAB Low Fee Platinum Card is one of the cheapest benefit-laden cards currently available.
Regular travellers in particular will be able to make good use of this card’s complimentary insurance policies. $90 is a very low fee to pay for insurance benefits worth an estimated $1,370 per year. Even if you do take up the balance transfer option, when your balance is paid off those enticing platinum benefits will still be waiting.
Reviewed by Yvonne Taylor
Lead Product Analyst