NAB straight up card, page-62

An interesting analysis of the why the NAB Straight Up card should be so appealing

https://www.savings.com.au/credit-cards/nab-launches-interest-free-credit-card-in-australian-first

Is it cheaper than a regular credit card?

Although an interest-free credit card might sound great in theory, it's important to look at how much the fees may sting you.

If you were to spend $1,000 with a $3,000 limit and took 12 months to repay this, you'd be charged $240 in fees, at an effective rate of 41.70%.

In comparison, if you were to take 12 months to pay $1,000 off a credit card with no annual fee and an interest rate of 15.0%, you'd be charged around $84 in interest.

So the interest-free card would actually cost $156 more than a regular credit card in this specific example.


Sounds great!! Where do I sign so I can stop using that hopeless product Afterpay which doesn't charge me fees if I use it as intended? lol