National Australia Bank (NAB) has launched the country’s first no-interest credit card to give more financial control to consumers.
Dubbed NAB StraightUp Card, the new credit card comes with a flat monthly fee and a credit limit capped at $3,000.
There is no monthly fee associated with unused cards.
Additionally, the interest-free credit card has no annual fees, late payment fees, and foreign currency fees as well.
The card comes with $1,000, $2,000, and $3,000 credit limits with a flat monthly fee of $10, $15, and $20, respectively, included in the balances.
Customers need to pay $35, $75, and $110 in minimum monthly repayments towards their balance, for $1,000, $2,000, and $3,000 credit limits, respectively.
The NAB StraightUp Card can be used from Apple Pay, Google Pay, Samsung Pay, and NAB Pay wallets, and anywhere Visa is accepted.
Cash advances or gambling transactions are not allowed.
NAB group executive of personal banking Rachel Slade said: “We started with a straightforward idea – to create a card with no interest, no annual fees, and no late payment fees.
“In the NAB StraightUp Card, we have created something completely different from every other credit card available today, with a simpler approach that makes it easy for customers to take control of their finances.
“The NAB StraightUp Card’s range of features means it is the simplest credit card offering in the market. And with many safeguards in place, it can really help customers take control of their spending.”