National Australia Bank (NAB) has decided to waive off late payment fees and reduce minimum monthly dues for 1.6 million credit card users amid the coronavirus (Covid-19) pandemic.
The new measures will be applicable on all the credit cards for at least the next three months.
Effective 3 April, NAB will waive the $15 late payment fee but customers need to make the payment if they wish to use their card.
Starting 17 April, the personal loan customers can request for a reduction up to $100 a month for up to six months.
Effective 27 April, the minimum monthly payments for NAB credit cards will be reduced from 2.5 to 0.5% of the closing balance or $5, whichever is greater.
The users of ‘NAB Low Rate Classic Card’ will also see a reduction of 100 basis points in the interest rate charged.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
NAB chief customer experience officer Rachel Slade said: “These new measures will provide further relief to Australians over the coming months as we all come to terms with circumstances we have never experienced before.
“We recognise that for some customers meeting financial obligations may be difficult at this time.
“If customers need financial support we are here to help and want to hear from them.”
The reductions and rate cuts to credit cards will automatically apply to exist and new accounts.
NAB has also unveiled its Covid-19 relief packages which include home and business loan repayments deferrals and an unsecured business support loan up to $250,000.
So far, more than 50,000 personal and business customers have requested access to the relief packages.