Sometimes having access to some extra money can come in handy when unexpected bills come in. A credit card can fulfil this need quite easily. The tricky thing about choosing a credit card though is the sheer amount of options out there.
National Australia Bank (NAB) offers a suite of credit cards, all with their own unique selling point and use case. This article will introduce you to one option NAB Straight Up card including its fees, application process and whether its a good card to travel with.
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The NAB Straight Up Card
There are many credit cards out there that come with more features and fees then one can poke a stick at. The NAB Straight Up card keeps it simple by offering customers the option to have a credit card that can be accessed at any time from the available balance without the extra charges.Ā¹
Who is this credit card for?
The NAB Straight Up card is a credit card for those looking for a card with a low credit limit to use for everyday purchases. It is also a good card for someone that wants to be able to control their monthly spending with predictable minimum repayments.Ā²
Features and benefits of the NAB Straight Up Card
With this credit card, youāll getĀ¹:
- The physical credit card
- Single monthly fee unless balance is $0
- No international fees on purchases
- Fixed monthly repayments
- To use it anywhere Visa is accepted globally
- Online application
Youāll be able to manage your card and account through NAB internet banking, the NAB app or
NAB Straight Up card rewards
This card is not attached to any rewards programs or complimentary insurances that commonly come with many other credit cards.Ā¹
The cons of using this card
The main features may give you a look-in to what some of the cons could be with this card. Some cons includeĀ¹:
- Low credit limits
- Not for general business use
- Tiered monthly fee structure
- No cash advances
- Cannot be used for gambling
- One card per customer only
- No balance transfers
As you can see, this is a simple credit card with basic features.
The credit limits you get with this card
There are three credit limits to choose from includingĀ¹:
- $1000 credit limit
- $2000 credit limit
- $3000 credit limit
Each credit limit has its own fixed monthly repayment amount and monthly fee which weāll cover next.
What are the fees for this card
Getting to know the fees for any bank card, credit or debit can save you from getting caught out. Hereās a breakdown of the NAB Straight Up card fees.
| Fees* in AUD | NAB Straight Up cardĀ³ |
|---|---|
| Maintenance fees | Monthly fee dependent on credit limit
|
| Points / cash back | No points or cash back rewards |
| Late repayments | $15 |
| Local/Foreign ATM fees | Cash Advances are blocked |
| Interest/purchase rate | No interest |
| Minimum repayment | Fixed minimum repayment dependant on credit limit
|
| Additional card holders | Not available |
| International transaction fee | 3% of the purchase |
*As seen on 25 July 2024
If you plan to use this card for things outside your general everyday spend, you may be charged an extra fee, especially when making international purchases.
NAB Straight Up Card exchange rate used
The exchange rate used depends on which currency a purchase is made in. For example, if you use your card while travelling abroad, you may get asked if you want to pay in Australian Dollars (AUD) or the local currency.
If you choose to pay for something that is denominated in a different currency but it requires a conversion to AUD, you will pay the currency exchange rate used by the merchant. If you pay in the foreign currency, you will pay the wholesale rate selected by Visa.ā“
Sometimes a markup or margin might be hidden in an exchange rate conversion.
| NAB Straight Up cardāµ |
|---|
| For a purchase of 100 GBP, youāll use an FX rate of 1 GBP = 2.020337 AUD This means your purchase will cost around $202 AUD after conversion. Keep in mind that the Visa rate has a 3.27% margin on the European Central Bank rate.āµ |
Rates valid as of 25 July 2024
How do you get a NAB Straight Up Card
You can get a NAB Straight up card by applying online. If youāre a new customer to NAB, you should allow up to 15 minutes to complete the applications. To apply, you can follow these steps.ā·
- Visit the NAB website
- Navigate to the NAB Straight Up card
- Click Apply Now
- Fill in the online form
- Pick your limit
- Gather your documents
- Submit your application
Once submitted, you can get conditionally or unconditionally approved in around 60 seconds. If youāre conditionally approved, you may have to provide more information to get your application over the line. NAB will assess your information to check if the credit limit you choose is right for you.
What are the eligibility requirements for getting this credit card
Before you even think of applying, you need to check if you meet the eligibility requirements. You will be eligible when you:
- Are over 18 years of age
- Receive a regular income
- Are Australian or New Zealand citizen, permanent resident or holding an eligible Temporary Residency Visa
- Are an Australian resident for tax purposes
To prove you meet these requirements, youāll be asked to provide a combination of documents to verify your identity, income and residency status. You should have ready before you start:
- One form of ID such as Australian Drivers Licence, Passport or Medicare Card
- Employment details spanning the last three years
- Proof of income
During the application, youāll need to provide a breakdown of your Financial information including any assets, income, debts and expenses. This is to support your chosen maximum credit limit. For existing customers, youāll also need to have your NAB ID ready.
How long does it take to get the card
You should receive your NAB Straight Up card in 5 to 7 business days. If you request your card to be delivered to a branch, it can take up to 10 days. Youāll need to activate your card after you receive it. This can be done in the NAB app or through NAB internet banking.ā·
What else do I need to know?
Even though the eligibility requirements state that some temporary visa holders in Australia can apply, certain visa categories are ineligible. These includeā·:
- Visitor Visa
- Working Holiday Visa
- Student Visa
- Transit, short stay or seasonal Visa
- Temporary Bridging Visa
Visit or get in contact with NAB directly if you are unsure about your eligibility.
Contacting NAB
To contact NAB, you can:
- Call within Australia on 13 22 65
- Call from Overseas on +61 3 8641 9083
Phone lines are open 7 days a week. You can also reach out via the NAB app.
The Wise Account and Debit Card
With a Wise Account you can hold money in over 40 currencies and spend it in over 150 countries. You can also order local account details in popular world currencies like AUD, NZD, USD, EUR, GBP to receive local and/or international payments like a local.
Whenever you exchange currencies itās done using the mid-market rate with a transparent conversion fee shown upfront.
To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you donāt have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a conversion fee.
The Wise card may suit you better if youāre to spend money that youāve stored in different currencies within an existing Wise Account, and benefit from 2 or less free cash withdrawals under $350 AU, or foreign equivalent, per month (keep in mind that ATM providers may charge their own fees). You can see our full fee breakdown for ATM withdrawals here.
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Sources:
Sources checked on: 26 July 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
