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BT reverts to cash advance rate. *NAB may vary or end this offer.
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.
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.
I’m very happy with this card as I don’t have to pay any interest rates and/or annual fees. The staff are always happy to help and give me good financial advice. The only con I have is that I don’t receive any Qantas Frequent Flyer points. All in all happy with it.
It’s an OK card, and it has its good and bad points. I’m just not too sure what other cards are out there, and if they compare. I have looked around to see what is there.
My card was updated from the Low Annual Fee Card and I was given this one instead. I just hope the annual rate does not go up when renewal is due.
I am overall very pleased with this card although rewards are missing. I’ve had it now for a number of years and never really had any problems with it anywhere I have used it in the world. It’s accepted worldwide. The interest-free period is very good before having to pay interest.
I got this card just under a year ago to make a purchase I was struggling to save for. I payed that off and it’s just become such a useful tool to have if I ever see anything on sale that I’ve had my eye on. I pay it off at the end of the month, and that’s that! I don’t know how I ever lived without it.
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.
It’s a great card to earn flybuys points. You can use it overseas with a fee and there’s a good online banking app, but if you don’t pay the account in full at the due date, the interest and fees are high, so use it wisely.
Telephone banking help line is quite good – staff are helpful and friendly. Apply for this card if you are into getting flybuys points.
Great card to use, very convenient and easy to use, no trouble with it or the bank since we started using it five years ago. So much easier to use than having to carry cash everywhere to make payments and settle bills. Recommended to all busy working people.
The interest rate on the card is far too high. The rewards it gives me are great and the convenience of the card is fantastic. It was very easy to sign up for and didn’t take a lot of time. The security on the card is of the highest level.
I put all my expenses, bills, and holidays on this card and it allows me to earn Qantas Frequent Flyer points. I have never had any issues with security and NAB have always been very pleasant to deal with. I actually stopped using all my other credit cards because this one is so simple and easy to manage online, and it does everything I need from a credit card. Every now and then I will also receive credit limit increases, which occasionally come in handy should I need to make a large purchase. Would recommend this card to anyone.
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.
|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|