NAB Rewards Platinum Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
NAB Rewards Platinum Card
APPLY BY 01 oct 17
Earn up to 110,000 points. (Conditions Apply)
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
1 pt
per $1 spent
50,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

Earn up to 110,000 points, 50,000 points when you spend $2,500 in 60 days. Plus up to 60,000 points with 2 pts per $1 spent on purchases within the first 6 months^.
4.99% p.a. on balance transfers for 6 months.
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.
Seven complimentary insurances when you make an eligible purchase.
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.
$195 p.a. annual fee.

Review

Our review of the NAB Rewards Platinum Card

NAB now has the most comprehensive range of credit card rewards points available in Australia. Added to the existing options of Qantas Frequent Flyer, Velocity and flybuys cards comes the new NAB Rewards card range. Even seasoned points collectors may choose to migrate to the NAB Rewards Platinum Card, with its truly generous first-purchase bonus points and healthy ongoing points earning rate, a comprehensive array of redemption choices that leaves nothing out and all the usual complimentary insurance policies, for a much lower annual fee than the NAB Qantas Rewards Premium Card.

Potentially earn an enormous 110,000 bonus points

Most card users contemplating a platinum or premium card will have no problem putting $1,250 per month through their card in everyday purchases. They just bring out their card every time they visit a supermarket, petrol station or department store, pay utility and telco bills or shop online. They enjoy interest-free days until the end of the billing cycle and then clear their balance in a single payment in order to avoid interest. So for most new cardholders the spending target of $2,500 in 60 days will be easily reached, and recompensed with a bonus of 50,000 points (in addition to the regular points earned).

But wait, there’s more. If you have major purchases planned (new furniture, appliances, technology, or maybe an overseas trip) you could reap a points bonanza in the first six months of holding the card. Every dollar you spend in the first six months will be rewarded with one extra point on top of the normal earning rate. These bonus points are capped at 10,000 per month, but it does mean that if you were to spend $10,000 per month for the first six months you would pocket an extra 60,000 points, bringing the total bonus points to 110,000.

That’s probably unlikely, but at a more down-to-earth rate of, say, $3,000 monthly spending, you would still earn 18,000 bonus points, making the total a satisfying 68,000 points.

Earn both standard points and bonus points for everyday spending

While those first-purchase bonus points get you off to a flying start, it’s also relatively easy to keep on accumulating points without changing your spending pattern. There are extra points to be earned, on top of the standard rate of one NAB Rewards point per dollar, for shopping at the kinds of places you would be frequenting anyway. Here’s how it works:

  • 1 point per dollar for regular purchases and bill payments, except
  • 2 points per dollar for shopping at major department and hardware stores like David Jones, Myer, Bunnings, Mitre 10 and many more
  • 3 points per dollar when you use your card overseas
  • 3 points per dollar when you shop online with a merchant based outside Australia
  • 3 points per dollar for online purchases with Webjet (excluding bookings with some discount airlines)

Take note that you won’t earn any points for payments to the ATO, and the 3% fee applied to transactions outside Australia will take a bit of the shine off the high overseas earning rate.

Extremely wide range of points redemption options

Since NAB already has dedicated Qantas Frequent Flyer credit cards, there’s no option to convert NAB Rewards points to QFF points. But just about anything else that you might be looking for is available, for travellers, shoppers and entertainment seekers:

  • Convert points to Virgin Australia Velocity points. 3 NAB Rewards points = 1.5 Velocity points (so those 110,000 bonus points would be worth 55,000 Velocity points, more than enough for seven one-way flights between Sydney and Melbourne).
  • Redeem points for Cathay Pacific Asia Miles. 3 NAB Rewards points = 1.0 Asia Mile (110K bonus points = 36,666 Asia Miles, giving you access to Cathay Pacific, British Airways and Qantas flights, and more).
  • Transfer points to Air New Zealand Airpoints Dollars at the rate 3 NAB Rewards points = $0.015 Airpoints Dollars (110K bonus points = $550 in Airpoints Dollars, more than enough for a return flight between Sydney or Melbourne and Auckland).
  • To access other airlines, redeem your points at Webjet.
  • Retail gift cards are available. E.g. a $20 Coles card costs 3,850 points (110K points is worth $570 in gift cards).
  • Movie tickets for unrestricted screening times require 5,420 points. (You and a friend could see ten movies for 110K points.)
  • Exchange points for merchandise in the online rewards catalogue. (E.g. an Apple Watch Series 2 for 110,210 points.)
  • Feeling altruistic? Your 110,000 points are worth almost $720 in charity donations.
  • In need of cash? Your points can be exchanged for a cashback to your NAB credit card or bank account.
  • AFL club memberships and memorabilia are also offered.
  • Points + Pay is available with every redemption.

Seven complimentary insurance policies

Many premium cards give you six complimentary insurance policies, but NAB gives you seven:

  • Overseas travel insurance. Annual multi-trip family cover for trips of up to six months’ duration.
  • Interstate flight insurance. Family cover for delay, cancellation, luggage, and rental vehicle excess waiver, for trips up to 14 days in length.
  • Domestic hotel burglary insurance. Unique to NAB, covering personal goods left in a locked hotel room in Australia.
  • Transport accident insurance. Compensation for serious injury incurred through a public transport accident.
  • Extended warranty insurance. Manufacturer’s Australian warranty on personal and household appliances is doubled in length, up to a maximum of 12 extra months.
  • Purchase protection insurance. Three months cover against theft, loss or accidental damage for new personal items.
  • Price protection insurance. Refunds the price difference if you see your recently-purchased item (bought in a physical store, not online) advertised for sale locally at a substantially lower price.

NAB clearly hopes that this comprehensive cover will see you using your card without hesitation for all your travel and accommodation costs as well as consumer goods purchases, in order to activate the policies.

All the usual Visa benefits

Online shoppers can take advantage of an additional layer of password security with the Verified by Visa program.

And because this is a Visa Premium card, you’ll be able to use Visa Front Line Access to acquire hard-to-get event tickets before they go on general sale.

Add free NAB app and NAB Pay for Android to increase hi-tech functionality

With the NAB app and NAB Pay for Android you can:

  • Use your card account even before the physical card arrives in the mail
  • Tap and pay with your smartphone
  • Use One Touch ID to access your account
  • Turn payWave, overseas transactions and online transactions on and off
  • Block and unblock the card if you temporarily lose it

Unattractive interest rates, shorter interest-free days

While this card is loaded with benefits for anyone willing and able to spend fairly freely, it’s not going to appeal to anyone with existing credit card debt (unless they can repay it within the first 6 months) or potential future long-term debt. Its interest rates – 19.99% p.a. ongoing purchase rate, 21.74% p.a. for cash advances as well as being the balance transfer revert rate – are aimed at cardholders who have at least the intention of paying off their balance every month and avoiding interest altogether.

NAB’s two low rate credit cards are the only ones in its stable to enjoy up to 55 interest-free days each month. The rest – including this one – get only Up to 44 days on purchases. You’ll lose 132 interest-free days each year if you’re transferring from a 55-day card.

A lower-than-expected annual fee

Benefit-laden platinum rewards cards usually come at a price – a high one. But $195 p.a. per year, with no charge for additional cardholders, is not exorbitant when the value of the rewards points and complimentary insurance cover is taken into account. The bonus points alone are potentially worth $570 in the first year (or $350 for more moderate spenders), and if your average earning rate worked out at 1.5 points per dollar you’d need to spend around $25,000 on the card each year – less than $2,100 per month – to redeem a gift card value equivalent to the cost of the annual fee.

A card that delivers choice at a reasonable cost

For those who expect rewards in return for their sizeable card spending but don’t necessarily want to stick with the frequent flyer program of a single airline, the NAB Rewards Platinum Card could be a sensible option. Both domestic and international award flights can be accessed through the variety of airline programs on offer, but this card’s gift card redemptions deliver roughly the same return in dollar value as the flights do. So you can switch between flights and other forms of redemption without feeling that you are sacrificing value.

Either way, you should regularly be able to earn back the annual fee, and more, without changing your spending habits. Once the annual fee is covered, future rewards points and all other benefits are essentially free of charge.

Q&As about the NAB Rewards Platinum Card

Q: What are the T&C’s

Important Information

Bonus Points Offer

*Offer commences 1 June 2017. To be eligible for the 50,000 bonus points offer, you must apply for a new NAB Rewards Platinum Card by 1 October 2017, be approved, and spend $2,500 on everyday purchases within 60 days of opening your account on your NAB Rewards Platinum Card. Everyday purchases exclude transactions NAB decides are wholly or partly for gambling or gaming purposes. Points will be credited to your points balance within 3 months of meeting the spend criteria.

^ Applies from account opening. For the first 6 months you will earn 1 standard point plus 1 bonus point for every dollar spent on everyday purchases. After 6 months the Bonus Points Offer ends and you earn 1 standard point for every dollar spent on everyday purchases. The 10,000 points cap applies to the earned bonus points (not the standard points). The 10,000 points cap does not apply to points earned with Points Booster or the 50,000 Bonus Points.

NAB may vary or end this offer. Offer is not available when closing/transferring from another NAB credit card account. This bonus points offer is not available to existing customers who have received or are entitled to receive NAB Rewards Bonus Points for a new personal NAB Rewards credit card or NAB Home loan in the twelve months prior to the opening of the NAB Rewards Platinum Card account.

Earning Points
Points are earned and redeemed in accordance with the NAB Rewards Terms and Conditions at rewards.nab.com.au. These terms describe the purchases not eligible to earn points. You must have an open and active NAB Rewards credit card account to earn points.

Important information if you apply for a NAB Home Loan between 1 April and 31 August 2017.
If you qualify for the NAB Rewards Credit Card offer of 50,000 NAB Rewards bonus points for the NAB Rewards Platinum card, bonus points will be awarded within 3 months of meeting the eligibility criteria. If you also apply for a NAB Home Loan between 1 April and 31 August 2017 and meet the eligibility criteria for the 350,000 NAB Rewards Points Home loan offer, the maximum you will receive is 350,000 NAB Rewards Points.

Balance Transfer Special Offer

+ Offer commences 1 June 2017. For approved applicants who apply for a new NAB Rewards Platinum Card by 1 October 2017. The balance transfer interest rate will apply for a 6 month statement period from account opening. After the 6 months 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 www.nab.com.au.

Special promotion balance transfer must be applied for at the point of full card application. 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 or under Employees Choice.

Balance Transfer Standard Rate

  1. 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 if you have a balance transfer.

2. Points are earned and redeemed in accordance with the NAB Rewards Terms and Conditions. These terms describe the purchases not eligible to earn points. You must have an open and active NAB Rewards credit card account to earn points.

3. 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).

4. 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. NAB Rewards Terms and Conditions apply. Correct as at 1 June 2017. ©2017 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.

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
NAB Rewards
Temporary residents
Yes

Cardholders

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

Credit limits

Minimum credit limit
$6000
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 transfers4.99% p.a.6 monthsN/A90% 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 Platinum Card at the promotional balance transfer rate from:

  • NAB

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers4.99% p.a.6 monthsN/A90% 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
$195 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

Rewards program basics

First purchase bonus
50,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
NAB Rewards
Spend required for bonus points
$2,500 in 60 days

Earning points with this card

ATO payment earns rewards
0 pts pts per $1 spent
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
Reward points
1 pt 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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