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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 31 may 17
80,000 points when you spend $2,500 in 90 days.
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
80,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

80,000 points when you spend $2,500 in 90 days.
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.
$0 p.a. for the first year.
4.99% p.a. on balance transfers for 6 months.
Seven complimentary insurances when you make an eligible purchase.
Fast 60 second instant approval process.
The second year annual fee is $195 p.a.
After the promotional period, the fallback is the cash advance rate. Which is a high 21.74% p.a.

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 substantial first-purchase points bonus 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.

80,000 points for spending $2,500 in 90 days

Most card users contemplating a platinum or premium card will have no problem putting $833 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 90 days will be easily reached, and recompensed with 80,000 points.

Earn both standard points and bonus points for everyday spending

While those 80,000 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 pt per $1 spent 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 AT’, and the – fee applied to transactions outside Australia will take a bit of the shine off the high 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 80,000 points are worth 40,000 Velocity points, more than enough for five one-way flights between Sydney and Melbourne).
  • Redeem points for Cathay Pacific Asia Miles. 3 NAB Rewards points = 1.0 Asia Mile (80K bonus points = 26,667 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 (80K bonus points = $400 in Airpoints Dollars, more than enough for a flight from Sydney or Melbourne to 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 (80K points is worth $416 in gift cards).
  • Movie tickets for unrestricted screening times require 5,420 points. (You and a friend could see seven movies for 80K points.)
  • Exchange points for merchandise in the online rewards catalogue. (E.g. an Apple iPod touch 32GB for 72,710 points, leaving 7,290 points for a 50ml tube of Elizabeth Arden moisturiser.)
  • Feeling altruistic? Your 80,000 points are worth almost $520 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.

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 or potential credit card debt. Its interest rates – 19.99% p.a. ongoing purchase rate, 21.74% p.a. for cash advances, and no zero-interest introductory offers – are aimed at cardholders who have at least the intention of paying off their balance every month and avoiding interest altogether.

The standard balance transfer rate of 4.99% p.a. for 6 months is certainly more bearable than the 20% p.a. or more that other cards without a zero-interest offer may be charging. But there’s little point in bringing across a balance which will prevent you from using the card for purchases – and points – without incurring interest.

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 worth over $400 in the first year, 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.

Compare with the market

Take a look at other platinum rewards cards with a wide choice of redemptions before you make your decision:

  • American Express Platinum Edge Credit Card. Convert points to nine airline and two hotel programs, or redeem for travel, entertainment, gift cards and merchandise.5,000 points. Complimentary insurance. Annual $200 travel credit. $195 p.a. annual fee.
  • HSBC Platinum Credit Card. Convert points to three airline programs, or redeem for travel, entertainment, gift cards and merchandise. Complimentary insurance. 0% p.a. interest balance transfer for 15 months. $149 p.a. annual fee refunded in any year when $6,000 is spent using the card.
  • ANZ Rewards Platinum Credit Card. Convert points to four airline programs, or redeem for travel, entertainment, gift cards and merchandise.-. Complimentary insurance. Annual fee $0 p.a..

While the HSBC card is potentially the cheapest, it has no first-purchase bonus points. The NAB card has more bonus points than either the AmEx or the ANZ card.

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. 'nce the annual fee is covered, future rewards points and all other benefits are essentially free of charge.

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
$0 p.a.
Annual fee 2nd year
$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
80,000 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 90 days

Earning points with this card

ATO payment earns rewards
0 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
Yes
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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