National Australia Bank launches its 'StraightUp' interest-free credit card

Friday 11 September 2020 11:56 CET | News

The National Australia Bank has launched its NAB 'StraightUp' card that provides access to staged credit limits up to a maximum of USD 3000 for a flat monthly fee of between USD 10 to USD 20, Mobile Payments Today reports.

NAB StraightUp card can be used anywhere Visa is accepted. The card has no late payment fees and no interest fees and allows customers to repay balances over a longer period of time. The card does, however, impose higher minimum repayments than standard credit cards and does not allow cash advances or gambling transactions.

Customers who do not make the minimum payment will find their cards blocked by the bank. Customers can set up payment reminders using internet banking and will also receive SMS reminders three days out from their due date.

CBA has plans to launch an equivalent card, CommBank Neo, in late 2020, and a no-interest card for business customers in early 2021. Like the NAB card, CommBank Neo will come with pre-set credit limits and a slightly elevated monthly fee of between USD 12 to USD 22.

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Keywords: installments, National Bank of Australia, credit card, interest-free, finance
Categories: Payments & Commerce
Countries: Australia
This article is part of category

Payments & Commerce