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Far too many platinum credit cards come with an attached loyalty points scheme or frequent flyer program that you can’t opt out of, and inevitably end up paying for in the form of a higher annual fee. So if you don’t want the hassle – and the expense – of a points program, you can still enjoy credit card convenience, an exceptionally long-lasting zero-interest balance transfer offer, and platinum benefits at a low cost with the NAB Premium Card. Even better, there is one additional advantage that is unique to NAB: hotel burglary insurance.
Feel secure with seven complimentary insurance policies
Every type of insurance regularly included with a personal credit card is built into this card, often with more comprehensive features than competing cards provide, plus one extra policy that NAB considers important and other card providers don’t offer. Here are the seven:
This is annual multi-trip cover (for individual trips lasting up to six months) for both primary and supplementary cardholders and their accompanying family members. It includes emergency medical expenses, luggage cover, unavoidable cancellation, missed connections, rental vehicle insurance excess waiver, hijack, kidnap, ransom and more. This very comprehensive policy is underwritten by QBE and is activated by using the card for at least $500 of the trip’s prepaid expenses, a much more flexible condition than required by many other cards.
This policy will cover luggage against loss, theft or damage, provide the cost of meals if flights are delayed, and the cost of emergency clothing and toiletries if luggage is delayed. It also covers unavoidable trip cancellation or rearrangement expenses, and rental vehicle insurance excess waiver, both of which are often excluded from other card issuers’ comparable policies. The policy is activated by using the card to pay 100% of the airfare.
Paying your transport fares by using the card on a bus, train, taxi, ferry or plane will secure you this additional cover which provides cash compensation for the loss of life, limb or eyesight as a result of an accident during the trip.
There’s no need to be upset when you see an item advertised at a much lower price shortly after you purchased it using your card. Provided you bought it in a physical store (i.e. not online) and the lower price appears in a printed catalogue from the same store or another one nearby (within 25 km), you can get a reimbursement of between $75 and $1,000.
New items bought with the card are covered against loss, theft or damage for 90 days.
But what about the laptop you bought two years ago, using another card? Most credit card insurance policies won’t cover your property if it is stolen more than 90 days after purchase, or if you bought the item using cash or another credit card. NAB is different, however. Although it doesn’t cover robbery from your home (you’ll need a home contents policy for that) it will cover theft from hotel rooms in Australia (where accommodation was paid for or secured on check-in with the card) provided you have taken reasonable precautions, such as locking the door.
That’s a whole lot of peace of mind – considerably more than the cover provided by many other cards – for a tiny price.
Feel special with premium services . . .
Whichever label you use _ 'platinum’ or 'premium’ _ there’s definitely something to be said for having access to exclusive benefits and privileges that simply aren’t available to just anyone.
The NAB Platinum Concierge Service (actually provided by Visa) doesn’t stop at helping cardholders plan and book their travel. It can also provide medical and legal assistance for travellers, which could literally be a lifesaver when you are overseas and faced with systems which are totally unfamiliar and possibly conducted in a foreign language. And whether you’re at home or away, you can always use the concierge service’s advice and support with entertainment, accommodation and dining reservations, and car and limousine hire. They’ll even help you plan a party, arrange flower delivery, and have your tickets brought to your door.
There are in fact two layers of service with this card. While the NAB service sits in the foreground, in the background there’s also Visa Premium, including Visa Entertainment for the most sought-after tickets, without queuing, before they go on sale to the general public. Platinum lifestyle indeed.
. . . and even more security
All this, and a 20 months 0% p.a. interest balance transfer offer too
If it’s taken until now to mention the zero-interest balance transfer offer, it’s because the security and lifestyle aspects of this card are its standout features. However, you can now snap up a very long zero-interest balance transfer offer.
The standard balance transfer rate for this card is 0% p.a. for six months, reverting to the standard cash advance rate of 21.74% p.a. at the end of that time. But there is a limited-time offer available of 20 months at 0% p.a..
Zero interest for 20 months is a considerable time, but these extended zero-interest offers don’t tend to stick around. If you need it or can make use of it, best grab it while you can. You can transfer a balance equivalent in value to 90% of your approved credit limit, and save heaps if you are currently paying around 20% p.a. on credit card debt.
Disadvantages of having a balance transfer
However, there are three downsides to taking up the balance transfer offer: an upfront fee, forfeiture of interest-free days on purchases and a high revert interest rate.
NAB have recently reduced their upfront fee from 3% to 2%, but it still means that if you transferred $5,000, for example, you would end up repaying $5,100.
If you leave your balance transfer sitting unpaid in your account for the whole 20 months, just making the 2.5% minimum monthly repayments, you won’t want to use your card for purchases and bill payments during that time. That’s because there are no interest-free days applied to these transactions while you have an uncleared balance. You’ll have to use another card or cash for two years, to avoid paying 19.74% p.a. on all your purchases, from the transaction date until the date you pay for them.
After 20 months the chickens come home to roost and you must pay off the remaining amount of the transferred balance in order to avoid paying the high revert interest rate of 21.74% p.a..
Some bad news – only Up to 44 days on purchases
Perhaps there’s no such thing as a perfect credit card, otherwise this card would come with 'up to 55 days per month interest-free’. Unfortunately, it doesn’t. You’ll get only 44 days (the billing cycle plus 14 days grace) before you have to pay for the previous month’s purchases in full in order to avoid paying interest.
It is of course quite generous, but not quite as generous as the many cards which offer up to 55 days interest free. That 11 day shortfall every month adds up to an extra 132 days earlier per year in which you have to come up with the cash, possibly withdrawing it from a savings account and foregoing interest.
Annual fee is modest, given all the benefits
Now that you’re familiar with the comprehensive list of benefits this card has to offer plus one drawback it’s time to consider whether you get value for money when you pay the annual fee. The fact is, for an annual cost of $90 p.a., with no charge for additional cardholders, the yearly benefits are worth more than $1,370. That’s a net gain of over $1,280 if you take advantage of all the complimentary extras every year. You probably won’t be able to do that, but the concierge service and the introductory interest-free offers also add value, and are not even included in this calculation.
Before you decide . . .
. . . stop a moment to consider some competing cards. You need to make sure you are getting the best deal for your spending pattern and lifestyle.
If the extended zero-interest balance transfer offer appeals, take a look at the 24 months Citi Rewards Platinum Card Balance Transfer Offer.
But if the overseas travel insurance and other premium benefits are more important to you, other credit cards offering overseas travel insurance and other benefits for a low annual fee include:
All these cards have up to 55 days interest free; none of them has domestic hotel burglary insurance; the ANZ and Westpac zero-interest balance transfer offers have a shorter duration; the Westpac card has a zero-interest offer on purchases. You will need to decide how important these benefits are to you, offset against the lower number of interest-free days with the NAB card.
One of the best low-cost cards with benefits
There’s no doubt that the NAB Premium Card is one of the best cards offering extensive benefits without dragging in unwanted loyalty points to add to the cost. NAB has also succeeded in differentiating itself from the rest of the market with additional insurance and security features. So if you are either a regular traveller or a dedicated shopper (or both), and would appreciate the wide-ranging advantages for a low annual cost, you can get a response to your card application in 60 seconds.
*Offer commences 1 June 2017. For approved applicants who apply for a new NAB Premium Card by 1 October 2017. The balance transfer interest rate will apply for a 20 month statement period from account opening. After the 20 month period, any unpaid balance transfers will attract the standard cash advance rate (currently 21.74% p.a. as at 1 June 2017). Interest rates are subject to change and available at nab.com.au.
Special promotion balance transfer must be applied for at the point of full card application. The one off balance transfer fee of 2% is calculated on the amount transferred and is charged to your NAB credit card account when your balance transfer is processed. Interest free days on purchases do not apply while you have a balance transfer. Minimum monthly repayments must be made by the due date each month. Offer is not available when closing/transferring from another NAB credit card account or in conjunction with any other NAB credit card offer.
^ After 6 months, any unpaid balance transfers will attract the standard cash advance rate (currently 21.74%p.a as at 1 June 2017). Interest rates are subject to change and available at nab.com.au. Interest free days on purchases do not apply while you have a balance transfer. Minimum monthly repayments must be made by the due date each month. The one off balance transfer fee of 2% is calculated on the amount transferred and is charged to your NAB credit card account when your balance transfer is processed. Standard balance transfer rate and term may be varied or withdrawn at any time. Not available in conjunction with the Balance transfer Special offer.
1. Interest free days on purchases applies if you pay your account in full by the due date each month. You won’t receive interest free days on purchases while you have a balance transfer.
2. A qualifying purchase is required to get the benefits of the complimentary insurance. Terms, conditions and exclusions of the complimentary insurances are specified in the NAB Card Insurance Policy Information booklet (PDF, 391KB) and in the NAB Purchase Protection Insurance policy information booklet (PDF, 924KB) and may be amended. The complimentary insurances are issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 to NAB. Access to the benefit of cover under the NAB card insurances is provided to eligible NAB cardholders by operation of s48 of the Insurance Contracts Act 1984 (Cth).
3. This service is provided by Visa Worldwide Pte Ltd or International SOS (Australasia) Pty Ltd. Your concierge is available on 1300 730 213, 24 hours a day, 7 days a week. See the NAB Platinum Concierge Service terms and conditions (PDF, 234KB) for full details.
Credit card terms and conditions available here. Fees and charges are payable. Approval and credit limit are subject to NAB’s credit assessment criteria. Information, including interest rates and fees are subject to change. Correct as at 1 June. ©2017 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
The application process took three weeks. Once the account had been created, I then checked my other account each day waiting for the balance transfer to be completed. Nothing was happening. I phoned the bank and they told me that sometimes it can take five business days.
Finally I received a letter in the post advising they were unable to process as there was an error in the account to be transferred. This letter was dated 23 February and I received it on 6 March! It stated that if they didn’t hear from me within 14 days, they wouldn’t proceed. I immediately phoned them to enquire about the problem. It turns out that they don’t provide credit card transfer to all accounts. Given that the application required all this information when I applied online, it would have made sense if I was advised of this from the beginning.
I’ll be going into the branch and closing the account … such a waste of time. Really disappointing given that NAB seem to be the only bank that pick and choose. I would have expected a far better service given it’s one of the major banks in Australia. That’s one of the main reasons I went with them.
The NAB Premium Card is a great card with great inclusions such as travel insurance. This is a must-have if you travel regularly, both interstate and overseas.
NAB also offers great security which gives peace of mind, and we have never had any issues whilst using it in Australia or overseas.
I have a variety of credit cards, some for rewards, others for specific purchases and one for its interest rate. It is possible to have a credit card at half the interest of others. So why use anything else but a NAB Premium Credit Card? I am planning on closing the others, as testing them has only demonstrated that my NAB Premium Credit Card really is the best card currently available.
I love this card since I discovered, recently, that it is accepted by Coles, Woolworths, IGA, PayPal, Amcal, my newsagent, chiropractor, and Telstra, and maybe more. I will keep trying, as it earns 1.5 frequent flyer points for each dollar spent up to $25,000, and I got 60,000 points to sign up. This seems to be the best points deal available. The negative ts the annual fee of $129.
I claimed through the travel insurance that came free with this card and it worked, although there were a few problems. The phone number for the insurance provider that had been given was wrong, and when I finally got to make the claim it took a very long time to be processed. Finally the money was deposited into a bank account number different from the one I provided, so there were additional delays. I continually asked for a statement to show what had been paid and finally received one months later.
We pay in full every month so never pay interest.
The internet login allows budgeting in detail, to see what we’re spending, including comparing to prior month/quarter/year etc.
NAB have contacted me VERY quickly when suspected unauthorised transactions have flagged with them. (Sometimes these transactions have been okay, and at other times not authorised by me).
It’s good for the AmEx card option for rewards, but not worth it to get one if for other reasons. You can get a card with much better rewards directly issued by AmEx.
You need to decide yourself if the card is good for you or not. I like it because it links with a package.
I use a NAB Visa card and it’s fantastic. I strongly recommend this card.
I use payWave all the time, especially when I’m in a rush.
I have suggested this card to many friends and family. I’ve tried a few, and this has to be one of the best.
This card was great. We were able to book a holiday and pay it off because of the 0% interest for 15 months.
it was quick and easy to apply for, and the card was delivered quickly. I even recommended it to another friend who also applied for it and got it.
I was offered this card fee-free because I have savings. I have had no problems. It doesn’t cost me anything as I pay it off completely every month and my savings earn interest in the meantime. So far it has been accepted everywhere I have shopped. If I NEED something I don’t have to worry about if I have enough money. I just pay for it.
|Interest rate||Period||Fee||Limit||Revert rate|
|Balance transfers||0% p.a.||20 months||2%||90% of credit limit||21.74% p.a.|
You can't balance transfer to the NAB Premium Card at the promotional balance transfer rate from:
|Interest rate||Period||Fee||Limit||Revert rate|
|Balance transfers||0% p.a.||20 months||2%||90% of credit limit||21.74% p.a.|
|Cash advances||1.81%||21.74% p.a.|
Secure Sentinel lost or stolen card service
Valuation based on Secure Sentinel's membership fee spread over 5 years.
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
Domestic hotel burglary insurance
Valuation based on making a $500 claim once every 5 years. Limited to a maximum claim of $2,500. There is no retail market for this type of insurance, so no premium saving.
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
|Total estimated value||$1,458|
|Net customer value||$1,368|