The bank's new credit card provides customers with access to credit of up to $3,000, at a flat monthly charge
Australia-based financial institution National Australia Bank (NAB) has launched the NAB StraightUp Card, to provide its customers with more control over their finances.
The new NAB StraightUp Card is Australia’s first no interest credit card that provides customers with access to credit of up to $3,000, at a flat monthly charge.
The company said that it has developed the card through extensive customer research.
NAB Group personal banking executive Rachel Slade said: “The NAB StraightUp Card represented a completely new approach to credit. We started with a straightforward idea – to create a card with no interest, no annual fees and no late payment fees.
“This is the result, a simple, easy to understand credit card that can be used anywhere Visa is accepted online or in store.
“Credit cards have not really evolved in recent years. But our customers’ needs and expectations are changing and we want to change with them. In the NAB StraightUp Card, we’ve created something completely different to every other credit card available today, with a simpler approach that makes it easy for customers to take control of their finances.”
NAB StraightUp Card does not require customers to pay monthly fee
The bank said that NAB StraightUp Card differs from ‘Buy Now Pay Later services’ by providing a continued line of credit, and is available to use anywhere Visa is accepted.
NAB StraightUp Card does not require customers to pay monthly fee, if the card is not used and the card is not associated with additional fees or charges.
The card allows customers to repay balances over a longer period of time and does not allow cash advances or gambling transactions.
Also, the NAB StraightUp Card also has reduced credit limits compared to most credit cards and higher minimum repayments to help customers take greater control of their debt.
Slade added: “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.”