How does NAB apply responsible lending to credit limit increases?

1 ANSWERS

1. Guest4606
   

   NAB apply responsible criteria to NAB lending to ensure, as much as they can, that they only lend to people who they believe will be able to repay the credit card debt. They also make available helpful tips and provide advice to NAB customers on how to better manage their credit card debts.
   • They will not offer NAB customers a credit card limit increase if they have had a recent poor credit performance or if they are experiencing difficulties in meeting repayments on their NAB credit card.  Examples of this could include:
   o Missed payments
   o High cash advance usage
   • NAB credit card limit increase selection criteria requires NAB customers to pass through a series of filters before they will offer them a credit card limit increase.  Customers who are bankrupt, deceased, fraudulent, have a lost/stolen credit card, known to be in financial hardship, known to be unemployed or a pensioner are excluded from any credit limit increase offer.
   • They will not send NAB customers a credit card increase offer if they have recently increased their credit limit.
   • They provide NAB customers with information about easy methods to reduce their credit card balance such as paying more than the 'minimum payment'.
   • They ensure the minimum monthly payment is not less than 2.5% of the outstanding balance (Unless they are in financial difficulty and they are assisting with reduced payments or have accepted a special offer where for a specified period either no interest or a concessional interest rate is charged and/or no repayment is required.)

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