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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:
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
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:
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.
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.||24 months||3%||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.||24 months||3%||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|