Home Loan Education

New NAB Credit Card Fees

11/09/1998

In a move which is bound to stir up the Consumers Association and most probably Visa and Mastercard, the National Australia Bank has announced a new fee regime for it's credit cards.

Effective from 6 October 1998, the following fee structures will apply to all National Credit Card accounts, except Bankcard Fee Free accounts.

Cash advance fees
The fees below will apply for each cash advance transaction made using your National Credit Card account;
At a National ATM - $1.00
At a National branch - $3.00
At a non National branch - $4.00
At a non National ATM within Australia - $1.25
At a non National ATM outside Australia - $4.00

Late payment fee
A $20.00 late payment fee will be debited to your account at the end of the statement period if, at that time, any amount due and payable is 30 or more days overdue and the unpaid balance is more than $100.

The NAB has also advised that effective from 1 January 1999, the annual fee waivers that apply where National Mastercard and National Visa account annual purchases exceed $8,000 and National Gold Card purchases exceed $15,000 will no longer apply.

We will watch with interest to see if other banks take a similar approach or use this as a marketing opportunity to approach dissatisfied NAB credit card customers. However this may have its own risks as those NAB customers most likely to be upset are those who do not pay on time and therefore wouldn’t be the most attractive new accounts.