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NAB Premium Card

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
All banks
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offer
card features
balance transfer
purchase rate
annual fee
your savings
NAB Premium Card
APPLY BY 31 may 17
27 reviews
0% p.a. for 24 months on balance transfers.
24 hour, 7 day Platinum Concierge Service.
7 types of complimentary insurances including overseas travel insurance.
Add to comparison
24 months
0% p.a.
then 21.74%
with a 3% fee
19.74% p.a.
ongoing
$90
ongoing

Pros & cons

What's good?

What's not so good?

0% p.a. for 24 months on balance transfers.
There is a separate balance transfer offer you can choose. 4.99% p.a for 6 months. This is not available in conjunction with the promotional balance transfer offer shown.
No cost for additional cardholders.
7 complimentary insurances: Overseas Travel Insurance, Interstate Flight Inconvenience Insurance, Transport Accident Insurance, Domestic Hotel Burglary Insurance, Purchase Protection Insurance, Extended Warranty Insurance, Price Protection Insurance.
Platinum Concierge Service—your own 24 hour, 7 day personal assistant.
Access to our 24/7 NAB Service Centre.
If you do a balance transfer a one-off 3% balance transfer fee applies to the amount that you transfer.
Interest rates revert back to the ongoing standard rates after the promo period ends.
The normal interest rate on purchases is higher than the average.
There is an annual fee to pay.

Review

Our review of the NAB Premium Card

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:

  • Overseas travel insurance

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.

  • Interstate flight inconvenience insurance

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.

  • Transport accident insurance

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.

  • Extended warranty insurance

You can easily resist a salesperson’s attempt to sell you an extended warranty policy on your new purchase when you have free cover from your NAB card. The manufacturer’s Australian warranty is doubled in length, up to a maximum of one extra year. It covers most items with a manufacturer’s serial number (no cars or boats, though) costing no more than $10,000.

  • Price protection insurance

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.

  • Purchase protection insurance

New items bought with the card are covered against loss, theft or damage for 90 days.

  • Domestic hotel burglary insurance

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 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, with its own concierge service as well as Visa Front Line Access for the most sought-after tickets, without queuing, before they go on sale to the general public. Platinum lifestyle indeed.

. . . and even more security

  • NAB Defence. While your travel and shopping risks are taken care of, NAB has not forgotten about credit card fraud. NAB Defence monitors your account looking for suspicious transactions, and they’ll let you know about anything dodgy and investigate it thoroughly. As long as you have taken normal precautions, you won’t be liable for any unauthorised transactions.
  • Verified by Visa. Once again, Visa has got your back with the ‘Verified by Visa’ extra layer of security for online shopping. Optional extra passwords, or one-time PINs delivered to your phone by SMS, ensure that only you can use your card account online.
  • Visa Global Customer Assistance. And yet more security: Visa Global Customer Assistance has toll-free telephone numbers that you can dial for help anywhere in the world if your card is lost or stolen.

All this, and a %(Balance Transfer Period)s %(Balance Transfer Rate)s 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 balance transfer offer equal to any currently available on a competing card.

The standard balance transfer rate for this card is 4.99% p.a. for six months, reverting to the standard cash advance rate of %(Cash Advance Rate)s at the end of that time. But there is a limited-time offer available of %(Balance Transfer Period)s at %(Balance Transfer Rate)s

%(Balance Transfer Rate)s interest for %(Balance Transfer Period)s is the new gold standard for balance transfer offers. But except for the %(Balance Transfer Period)s Citi Rewards Platinum Card Balance Transfer Offer, which has been in place for some considerable time, these extended s 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 now introduced an upfront fee of %(Foreign Exchange Fee)s on their previously fee-free balance transfers. This means that if you transferred $5,000, for example, you would end up repaying $5,150.

If you leave your balance transfer sitting unpaid in your account for the whole s, 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 %(Purchase Rate)s on all your purchases, from the transaction date until the date you pay for them.

After %(Balance Transfer Period)s 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 %(Cash Advance Rate)s

Some bad news – %(Interest Free Period)s

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 %(Annual Fee)s, 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-month 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:

  • St George Vertigo Platinum Credit Card: Full suite of travel and shopping insurance policies, zero-interest offers on both balance transfers and purchases, annual fee %(Annual Fee:15950229)s.
  • ANZ Platinum Credit Card: Full suite of travel and shopping insurance policies, zero-interest balance transfer offer only, annual fee %(Annual Fee:336)s first year and in any subsequent year where card purchases exceed $20,000, otherwise %(Annual Fee 2nd Year:336)s
  • Westpac 55 day Platinum Credit Card: Full suite of travel and shopping insurance policies, zero-interest offers on both balance transfers and purchases, annual fee %(Annual Fee:332)s first year and %(Annual Fee 2nd Year:332)s in subsequent years.

All these cards have up to 55 days interest free; none of them has domestic hotel burglary insurance; their zero-interest balance transfer offers have a shorter duration; the St. George and Westpac cards have zero-interest offers 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.

User reviews

3.6 out of 5.0 based on 27 reviews85% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Disappointing and misleading

Reviewed and not recommended by Annoyed on 07 Mar 2017

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.

Best travel card, insurance and great security

Reviewed and recommended by Kainen on 28 Nov 2016

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.

Best card currently available

Reviewed and recommended by Heather on 11 Oct 2016

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.

AmEx card earns 1.5 points per dollar

Reviewed and recommended by Janice on 29 Sep 2016

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.

OK for travel insurance, but a few problems

Reviewed and not recommended by Anney on 25 Sep 2016

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.

Good online budgeting tool

Reviewed and recommended by Catherine on 24 Sep 2016

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).

Rip-off annual fee

Reviewed and not recommended by Malik on 21 Sep 2016

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.

Like the payWave feature

Reviewed and recommended by jamie on 20 Sep 2016

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.

Saved a ton

Reviewed and recommended by Paula on 10 Aug 2016

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.

Cost-free and widely accepted

Reviewed and recommended by Sue on 24 Jul 2016

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.

Show 17 more reviews

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Any
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
None
Temporary residents
Yes

Cardholders

Additional cardholders
1
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$6,000
Maximum credit limit
N/A

Repayments

Interest charged from
Purchase date
Interest free period
Up to 44 days on purchases
Minimum repayment
N/A

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.24 months3%90% of credit limit21.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
90% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the NAB Premium Card at the promotional balance transfer rate from:

  • NAB

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.24 months3%90% of credit limit 21.74% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.81% 21.74% p.a.
Purchases 1.65% 19.74% p.a.

Fees

Annual fee
$90 p.a.
Cash advance fee
2%
Dishonour fee
$5
Duplicate statement fee
$7
Foreign exchange fee
3%
Late payment fee
$9
Over limit fee
$0
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$4
Overseas emergency card replacement fee
$0
Transaction verification fee
$5

Benefits

This card comes with benefits worth an estimated $1,458

SecurityEstimated value
Secure Sentinel lost or stolen card service
Valuation based on Secure Sentinel's membership fee spread over 5 years.
$17
Shopping
Extended warranty
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.
$50
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.
$10
Purchase protection
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.
$40
Travel
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.
$100
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,458
Annual fee$90
Net customer value$1,368
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are eligible
Age Pension, Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are acceptable.
Austudy, Carer's Allowance, Child Support Payments, Family Tax Benefits and Parenting Payments and Foster Care Allowance are acceptable.
Youth Allowance is not acceptable.
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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