NAB Velocity Rewards Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
Earn 0.75 pts per $1 spent on the AmEx card.
0% p.a. on balance transfers for 6 months.
Complimentary purchase protection insurance.
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Velocity Frequent Flyer
Velocity Frequent Flyer
0.75 pts
per $1 spent capped
-

Pros & cons

What's good?

What's not so good?

Earn 0.75 pts per $1 spent on the AmEx card.
0.5 pts per $1 spent on visa card everyday purchases.
0% p.a. on balance transfers for 6 months, One off 2% BT fee applies.
Stronger points earn rate for each dollar you spend on the American Express card.
Complimentary purchase protection insurance.
Handy payWave technology to make contactless purchases.
After the promotional period, the fallback is the cash advance rate. Which is a high 21.74% p.a.
The total points that you can earn per month is capped at a monthly spend of $3,000.

Review

Our review of the NAB Velocity Rewards Card

Frequent flyer points can go a long way towards making air travel more affordable, and they are especially rewarding if collecting them is as effortless and inexpensive as it is when you have a NAB Velocity Rewards Card. It gives you the potential to let your everyday spending pay for even long-haul overseas flights, while other points-earning purchases are covered by complimentary purchase protection insurance.

Earn Velocity Frequent Flyer points on everyday spending

There are two cards in this package, an AmEx card to maximise points earning potential and a Visa card for universal acceptance. But there are no further complications, unlike some reward schemes which have an intricate, tiered earning scale which varies depending on what you are buying and who the supplier is. The earning rates are:

  • 0.75 pts per $1 spent on the AmEx card
  • 0.5 pts per $1 spent on the Visa card

While the earning rates appear disappointing at first sight, this AmEx/Visa combination provides a return better than Virgin Australia’s own entry-level card.

Points are capped at a monthly spend of 3,000. This could be a problem for bigger spenders, who might find the more expensive NAB Velocity Rewards Premium Card’s more generous cap and faster points earning rate more suitable.

Lots of choices for redeeming Velocity points

Are Virgin Australia award flights the best way to use your points? Compare all these options to find out:

  • 7,800 points + $21 taxes for a Virgin economy flight from Sydney to Melbourne or Brisbane. This can be purchased for $95 all-inclusive, making the points worth 1.0 cents each.
  • 75,000 points + $115 taxes for an economy flight from Melbourne to London with Virgin Australia partner airline Etihad Airways. It’s possible to buy this seat for a total cost of $1,122, resulting in a value of 1.3 cents per point. (Virgin Australia partners include Singapore Airlines, Air New Zealand, Delta Airlines, Etihad and Virgin America.)
  • 17,000 points for a $100 hotel accommodation gift voucher, making each point worth 0.6 cents. (Book accommodation at 75,000 hotels in 80 countries through Virgin Australia Holidays.)
  • Hire a car through Europcar. The number of points required will depend on the vehicle model and the length of the hire, but the forum at australianfrequentflyer.com.au suggests that the value obtained is about 0.7 cents per point.
  • 10,000 points for a single entry pass to a Virgin Australia airport lounge, normally $65, equal to a value of 0.65 cents per point; or 60,000 points for a year’s lounge membership, normally $420, therefore worth 0.7 cents per point.
  • 18,000 points for a $100 gift voucher to redeem with cruise companies, returning a value of 0.6 cents per point.
  • Retail gift cards to use at department stores and supermarkets start as low as 4,500 points for a $20 card, but you get better value with a $100 card, once again for 18,000 points and 0.6 cents per point.
  • 46,700 points for a Breville Nespresso UMilk Espresso Coffee Maker from the Velocity Frequent Flyer online store. The lowest current retail price for this item is $228, which equals 0.5 cents per point. There are thousands of items to choose from in homewares, fashion, technology and entertainment, but merchandise from the online store usually delivers the lowest value per point.

Since award flights, especially longer flights, offer the best value redemptions, it appears that Virgin Australia would prefer you to use your points this way, and it certainly makes sense to do this from the consumer’s viewpoint. However, if you accumulate lots of points that you can’t use for flights you won’t have any trouble finding other ways to spend them.

Almost all redemptions come with a Points + Pay option, if you don’t have quite enough points.

Useful zero interest offer on balance transfers

NAB’s normal balance transfer interest rate is 0% p.a. for 6 months with a 2% upfront balance transfer fee. But this is currently being surpassed by a limited-time special offer, which allows you to take up the offer without paying the 2% fee. Unfortunately, you will forfeit the normal monthly interest-free days while you have an unpaid balance transfer on your account.

The revert rate for a balance transfer debt unpaid at the end of six months is a very high 21.74% p.a. (the cash advance rate), and the ongoing purchase rate is 19.99% p.a. However, all these interest rates can be avoided by steering clear of cash advances at all times and by paying off all balances promptly and in full once they fall due.

Up to 44 days on purchases is not as good as it gets

While many credit cards come with up to 55 days interest free each month, this one falls some way short by offering only 44 days. It still means that you get another 14 days to pay even after the end of the monthly billing cycle, a reasonable amount of time under most circumstances.

However, it does mean that your cash will spend 132 fewer days each year in your savings or mortgage offset account, 132 fewer days earning interest or reducing your interest cost. In the current climate of very low bank interest it doesn’t make a great deal of difference, but it’s something worth keeping an eye on in the future.

Purchase protection insurance

This card inhabits a platinum-free zone, so there’s no elaborate suite of insurance policies with a high price tag camouflaged as an annual fee. But you still get worthwhile purchase protection insurance. Every new personal item you buy with the card is covered for 90 days against loss, theft or accidental damage, so you can shop with confidence.

There’s a generous claims limit of $100,000 per year, and a maximum of $2,500 per single claim for jewellery, watches and works of art.

Built-in security

Even more protection for cardholders comes in the form of NAB Defence, working 24/7 to detect any suspicious transactions on your card. You’ll be pleased to know that NAB will fully refund the cost of any fraudulent transactions made on your account.

Meanwhile, Verified by Visa and American Express Safekey provide an extra layer of security for both cards when used for online transactions. A system of one-time PINs delivered by text to your mobile phone ensures that no one but you can use your cards to make purchases online.

Visa Entertainment and American Express Connect

Even though this is not a platinum card, it will feel as if it is every time you make use of the privileged access to pre-release tickets which comes courtesy of Visa Entertainment.

Not to be outdone, Amex Connect sets aside reserved seating at many events for the exclusive use of AmEx cardholders, and it also provides a shopping discount scheme delivering cashback offers which are updated regularly.

Digital wallet enabled

The card is ready to bring you the latest hi-tech functionality when you download the NAB app (One Touch ID, blocking and unblocking of selected account features or the entire card) and NAB Pay for Android (turns your phone into a 'tap and pay’ digital wallet, use your credit card account even before the card arrives in the mail).

So how much will it cost?

It all adds up to a tidy bundle: regular Velocity points, zero-interest balance transfer with no transfer fee, shopper’s insurance and entertainment and retail perks. You might expect to pay more than the very reasonable $95 p.a. annual fee (with no charge for an additional cardholder), but NAB have recognised that not every loyalty points collector wants to foot the bill for unnecessary bells and whistles.

A handy Velocity points starter card

Relatively inexperienced Velocity points collectors will find that this card provides a good introduction to the loyalty program at a low cost. The points earning rate is not the highest available, but it is certainly reasonable given the moderate annual fee and other available benefits.

User reviews

4.2 out of 5.0 based on 12 reviews100% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Two convenient cards, one low fee

Reviewed and recommended by James on 05 Dec 2016

While two cards isn’t always ideal, it’s easy enough for me to have both in my wallet and use the AmEx when there’s no extra fee. Both support contactless payments, and the low fee with reasonable point rewards makes it a pretty easy card to choose.

NAB also give good customer service, with a simple app and online banking experience. I’ve never had any troubles in around 10 years using the card.

Velocity points for everyday purchases

Reviewed and recommended by Rochelle on 03 Nov 2016

You have the flexibility of using a credit card without going into debt for it. Plus you have the added bonus of being able to link your flybuys to your card to get more Velocity points to get to your destination even faster. Lots of opportunities to get extra points and actually be able to use them for something useful without going out of your way, all by using your card when you fuel up, do shopping or pay for your power bill.

Helped finance my renovations

Reviewed and recommended by Karin on 30 Sep 2016

I have this card to pay off some renovations. I had paid it outright once and then used it again, so I’m now in the process of getting it paid off again.

I like the customer service of NAB and want to keep this card. It would be great if the interest rate was lower.

Earn points on everyday spending

Reviewed and recommended by Oli on 25 Jul 2016

i love earning points with this card, and using them on the generous points allowance for flights that start from around 7000 points for domestic flights with Virgin. The fees are comparable to other cards, yet i can earn points on flights, shopping, car rental and any time i use my card.

Good for frequent flyer points

Reviewed and recommended by Perihan on 12 Jul 2016

I was able to pay for almost all of my round the world trip last summer (Sydney to Istanbul and New York via Abu Dhabi and Los Angeles return) with my NAB Velocity Rewards Card. I find I am able to accrue points quickly, which can be used with Virgin and their partners.

I recommend this card to my friends.

This is a great card

Reviewed and recommended by Lyn on 04 Jul 2016

Love this card as Velocity points are easy to earn and the card is accepted everywhere. I got it as Virgin is one of the airlines that operates flights to our local airport, so the opportunity to use the points earned was advantageous. Great backup from NAB if there are security issues.

Decent rewards program

Reviewed and recommended by Sarah on 28 Jun 2016

This is a great rewards card. I have a low limit, which ensures I don’t spend too much. I usually use this card to make everyday purchases and do not incur interest. It’s a really smart choice. Also comes with a companion AmEx card for extra points and a Visa too. Would recommend.

I like Virgin airline points

Reviewed and recommended by Penelope on 27 Jun 2016

I have been able to use this card all around the world without hassle, and was happy when someone noticed unusual transactions and temporarily blocked it. It was easily unblocked as well. I love getting the reward points, which I’m saving up to use for flights for myself, my husband, and our brand new son.

So easy to obtain

Reviewed and recommended by Ian on 26 Jun 2016

I was invited to apply for a Velocity Rewards card and after completing a very detailed application form and establishing my ID, I was accepted.

As soon as I receive my card I will write another review. As I am now retired, having access to emergency funds will be very reassuring. Since selling a property a few years ago, my wife and I have been debt-free for over three years now.

Velocity view

Reviewed and recommended by J on 14 Jul 2015

I originally applied for the card to shop online as I live in a rural area. I bank online and have had no problems with navigating the website and credit/transaction information.

It has been smooth sailing with the card and its services, and I have enjoyed using the Velocity points system.

Show 2 more reviews

Basic details

About this card

Card setup
Dual Card
Card tier
Standard
Card type
Visa & AmEx
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
Velocity Frequent Flyer
Temporary residents
Yes

Cardholders

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

Credit limits

Minimum credit limit
$500
Maximum credit limit
N/A

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 Velocity Rewards 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
$100
Transaction verification fee
$5

Rewards

Cool stuff you can get with your points

Disclaimer: Does not include taxes, fees, or charges. Accurate as of 25th January 2016.

Rewards program basics

First purchase bonus
N/A
Reward points expiry
Never as long as you keep your account active
Rewards program
Velocity Frequent Flyer
Sign up bonus
N/A
Spend required for bonus points
N/A

Earning points with this card

ATO payment earns rewards (amex)
0 pts pts per $1 spent
ATO payment earns rewards (visa)
0 pts pts per $1 spent
Frequent flyer points (amex)
0.75 pts per $1 spent
Frequent flyer points (visa)
0.5 pts per $1 spent
Overseas earn rate (amex)
Same as standard earn rate
Overseas earn rate (visa)
Same as standard earn rate
Points cap per month (amex)
3,000
Points cap per month (visa)
N/A
Points cap per year (amex)
36,000
Points cap per year (visa)
N/A
Reward points (amex)
0.75 pts per $1 spent
Reward points (visa)
0.5 pts per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $40

ShoppingEstimated value
Purchase protection
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.
$40
Total estimated value$40
Annual fee$95
Net customer value$-55
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
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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