NAB Visa Mini Card

The NAB Visa Mini Card is actually two credit cards on one account: a full-sized card for ATM and dip machines, or manual card imprinters, and a pint-sized card for swipe machines. This mini card is a nod toward shopping convenience designed to prevent that uncomfortable perusal through one’s wallet or purse while those next in line fidget impatiently, and therefore comes with a safety clip, a long strap, a phone attachment, and a card cover, so that it can be attached to one’s person for immediate and easy use.

With an interest rate of 18.74% p.a. for purchases and cash advances, the NAB Visa Mini Card is unsuitable for carrying a balance. It is best utilized for budgetary management by cardholders who pay off the entire balance each month, and offers up to 55 interest free days on purchases for that purpose. Cash advances, of course, including bills paid over the counter, begin accruing interest from the moment the transaction is completed.

The NAB Visa Mini package does include a deal on balance transfers, with an introductory offer of 5.9% p.a. for the first six months following the date of transfer, so long as it is requested at the time of the original credit card application. NAB defines a balance transfer as a cash advance, meaning that any unpaid balance at the end of the introductory period will accrue interest at the cash advance rate rather than the one charged for purchases. Although in this instance the two rates are the same, that could change in the future as credit card interest rates are variable, and often the cash advance rate is much higher than that charged for purchases.

NAB also practices payment allocation, meaning that balance transfers, accruing a lower rate of interest, are paid off first, leaving any purchases made to remain on the account and accrue higher interest charges until the transferred balance is fully discharged. Therefore, this package is suitable for either a balance transfer, or a monthly management strategy, but not for both at the same time.

The NAB Visa Mini package also offers a cash back deal, with the first $2000 of purchases earning up to 0.5% during each statement period to a capped total of $10 per month, applied directly to the account. This cash back deal is only applicable for purchases made, and not for cash advances, the payment of bills over the counter at any financial institution or post office, fees and interest charges, business or unauthorised purchases, or transferred balances. Although the monthly amount is not much, as much as $120 off one’s credit card bill each year is probably acceptable to almost everyone, particularly individuals in search of convenience rather than a rewards programme, who are the ones most likely to be interested in this package.

And of course, the NAB Visa Mini Card is available in one’s choice of five modern, metallic colours: silver, blue, pink, lime, or vibrant red.

Article correct at its author date: March 2008. Copyright Virtual Office Space, Any unauthorised reproduction of this article will be prosecuted to the full extent of the law. Credit Cards Australia.

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