NAB Low Rate 0% on Purchases (Targeted)

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Beta4Me

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NAB sent me a cute little letter from my rational side about how well its financial austerity measures have been for me but it's time to treat my impulsive side with a 12mths 0% on purchases promo on the Low Rate card. It was actually a "pre-approved" card with a $5K limit. Almost nothing to fill out on application form and then I'm off an racing. Haven't seen one of these preapproved offers since the GFC; I didn't know they were still legal (as opposed to conditionally approved offers). Regardless, I obviously took up the offer. Can never have too many credit cards ;)
 

Beta4Me

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Actually you can. It can seriously affect your borrowing potential, particularly mortgages.
Depends on the bank and depends on how you use your cards. If you consistently use them like debit cards and pay them off every month and can prove that to a bank, in my experience, they generally will disregard most, if not all, the available credit from their serviceability calculations.
 

Beta4Me

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Not "pre-approved" after all as they did a credit check and required income verification documentation. I intend to report them for false advertising once I get the card.
 

Beta4Me

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Not "pre-approved" after all as they did a credit check and required income verification documentation. I intend to report them for false advertising once I get the card.
Am I best to go to ACCC as per usual or FOS or something similar as this is a financial product? Would appreciate some advice. Thanks!
 

DeKa

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Beta4Me

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I've since lodged a complaint with NAB but heard nothing back. I will have to escalate...
 
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