NAB Rewards Classic Card

What do you want this card for?
Save money
Earn points
My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
NAB Rewards Classic Card
30,000 points when you spend $1,500 in 60 days of account opening.
Earn triple points when travelling overseas or overseas purchases made here in Australia.
Earn double points on purchases made in major department and hardware stores.
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NAB Rewards
NAB Rewards
-
30,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

30,000 points when you spend $1,500 in 60 days of account opening.
0% p.a. on balance transfers for 6 months, one-off 2% balance transfer fee applies.
There is a separate balance transfer offer you can choose. 0% p.a for 6 months with no balance transfer fee. This is not available in conjunction with the standard balance transfer offer.
Earn triple points when travelling overseas or overseas purchases made here in Australia.
Earn double points on purchases made in major department and hardware stores.
Transfer points to the Velocity Frequent Flyer program, with a minimum transfer of 3,000 NAB Rewards points.
Complimentary purchase protection insurance.
Fast 60-second instant approval process.
After the promotional period, the fallback is the cash advance rate. Which is a high 21.74% p.a.
$95 p.a. annual fee.

Our review

Our review of the NAB Rewards Classic CardReviewed by Yvonne Taylor

NAB has done some major re-thinking about the way it rewards its credit card customers. While it previously relied on piggy-backing on other branded programs – Qantas Frequent Flyer, Velocity Rewards and flybuys – it has now launched its own NAB Rewards program. You can earn NAB Rewards through the NAB Rewards Classic Card, and the deal is sweetened with first-purchase bonus points, double and triple earning rates for certain spending categories, expanded access to airline frequent flyer programs and complimentary purchase protection insurance.

NAB Rewards points earning rate

Although this card’s base points earning rate is 0.75 pts per $1 spent, the generous double and triple points categories will probably see you exceeding that rate quite often. There is no points cap, so every dollar counts when spent on valid purchases. This is how the uncapped earning rate actually pans out:

  • 2.25 points per dollar on all overseas purchases (including online purchases) and on online spending with Webjet (except Jetstar, AirAsia and Scoot bookings).
  • 1.5 points per dollar spent at 'major department stores and hardware stores’ (Myer, David Jones, Bunnings and Mitre 10 are specifically mentioned but the implication is that there are many more, although it appears to exclude discount department stores and supermarkets).
  • 0.75 points per dollar on all other purchases and bill payments, except
  • 0 points per dollar on payments to the ATO, gambling transactions and the purchase of foreign currency (which counts as a cash advance).

The triple points will be particularly attractive to regular international travellers and to online shoppers who purchase from overseas suppliers. But before you get too excited, remember that there is a 3% fee applied to international transactions.

Ways to redeem NAB Rewards points

Instead of locking you into a rewards program with a single airline, NAB Rewards points give you the opportunity to access award flights with three airlines as well as the usual range of merchandise, gift cards, movie ticket and cashback options. Here’s a sample of the available redemptions:

  • Exchange points for Virgin Australia Velocity points at the rate 3 NAB Rewards points = 1.5 Velocity points
  • Exchange points for Cathay Pacific Asia Miles at the rate 3 NAB Rewards points = 1.0 Asia Mile
  • Exchange points for Air New Zealand Airpoints Dollars at the rate 3 NAB Rewards points = $0.015 Airpoints Dollars
  • For travel with other airlines, redeem your points via Webjet
  • Swap points for a retail gift card, starting at 3,850 points for a $20 card
  • Moviegoers can obtain an unrestricted ticket to a national cinema chain screening for 4,480 points
  • AFL fans can redeem their points for a range of club memberships and memorabilia
  • 1,540 points will secure a $10 donation to your favourite charity
  • You can also exchange points for a cashback to your NAB credit card or bank account
  • Points + Pay is available if you don’t have enough points for your chosen redemption and wish to pay the balance in cash

Those 30,000 points would buy more than $125 worth of retail gift cards, five movie tickets, or 12,500 Velocity points (an economy flight between Sydney and Melbourne costs 7,800 points + $21 taxes).

Complimentary purchase protection insurance

Any new personal items you buy with the card are automatically insured against loss, theft or accidental damage for three months from the purchase date. You can shop with confidence, knowing that NAB has you covered.

Visa Entertainment

Since this is a Visa card, you’ll qualify for access to Visa Entertainment’s pre-release event ticket sales, special offers and competitions, at no extra cost.

Digital wallet ready

This card is ready to go with NAB Pay for Android. Don’t just tap and pay with your card: leave it at home, and tap and pay with your smartphone instead.

Zero-interest balance transfer if you need it

NAB’s standard balance transfer offer of 0% p.a. for 6 months involves a 2% transfer fee. If you are currently paying 20% p.a. or more on credit card debt, transferring the balance to a new NAB card could help you to pay it off faster, so that you can use your card for purchases and start earning points.

Nothing special about the interest rates

Rewards cards like this one rarely offer low interest rates, because rewards cards are not designed for people who are regularly unable to pay off their balance by the due date. So if you find yourself with short-term liquidity problems you’ll be looking at a purchase rate of 19.99% p.a. and a cash advance rate of 21.74% p.a., both definitely at the top end of the scale.

Fewer interest-free days than many other cards

NAB customers have to be satisfied with up to Up to 44 days on purchases, unless they have chosen one of the bank’s low interest rate, 55-day cards. While Up to 44 days on purchases still gives you plenty of time to enjoy no-cost credit, you are in fact getting 132 fewer interest-free days each year when compared with a 55-day card.

A reasonable annual fee for a rewards card

The $95 p.a. annual fee is a fairly predictable amount for a card with rewards points and other benefits. The 30,000 points (worth $125 in gift cards) more than cover the fee in the first year. After that, assuming that your average earning rate was about 1.25 points per dollar, you’d need to spend about $14,600 per year to offset the annual fee in gift card value.

A good starter card for anyone new to rewards points

The NAB Rewards Classic Card would be a good way to test the water if you’ve never previously used a rewards credit card. The annual fee can be recouped fairly quickly in awards value, leaving the rest of the year open for cost-free points earning. It has flexible redemption options which will appeal to regular travellers in particular, and it will prove particularly rewarding for anyone who frequently looks for online bargains from overseas suppliers.

The basics

About this card

Card setup
Single
Card tier
Standard
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
NAB Rewards
Temporary residents
Yes

Cardholders

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

Credit limits

Minimum credit limit
$500
Maximum credit limit
$55,000

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.6 months2%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 Rewards Classic Card at the promotional balance transfer rate from:

  • NAB

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months2%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 1.67% 19.99% p.a.

Fees

Annual fee
$95 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

Rewards & points

Rewards program basics

First purchase bonus
30,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
NAB Rewards
Spend required for bonus points
$1,500 in 60 days

Earning points with this card

Frequent flyer points
N/A
Overseas earn rate
Same as standard earn rate
Points cap per month
N/A
Points cap per year
N/A
Points earned on ATO payments
0 pts per $1 spent
Reward points
0.75 pts per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
No

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular any weekly income
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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