NAB Velocity Rewards Premium Card

My monthly spend: 
$4,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
0% p.a. on balance transfers for 6 months.
Earn Velocity Points on everyday purchases.
7 complimentary insurances including overseas travel insurance.
Add to comparison
Velocity Frequent Flyer
Velocity Frequent Flyer
1 pt
per $1 spent capped
-

Pros & cons

What's good?

What's not so good?

0% p.a. on balance transfers for 6 months with a one off 2% BT fee.
Earn Velocity Points on everyday purchases.
Handy payWave technology to make contactless purchases.
Annual fee is fairly low for a credit card that is linked to an frequent flyer program.
Because there is two cards it gives you flexibility to avoid surcharges.
7 complimentary insurances including overseas travel insurance.
The $150 p.a. might be off-putting.
There’s a one off 2% balance transfer fee.
Interest rate on purchases is higher than average.
The total points that you can earn per month is capped at a monthly spend of $5,000.
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 Velocity Rewards Premium Card

Diehard Virgin Velocity Frequent Flyer points collectors have a relatively limited choice when it comes to direct points earning via credit cards, unlike Qantas Frequent Flyers who have possibly too many options. One upside is that it makes comparing the cards on offer relatively easy, especially when it comes to the points earning rate.

The NAB card is in fact a pair of cards – a Visa card and an AmEx 'companion’ card – on one account. Its annual fee is clearly the lowest, but how does it compare when the points earning rate and other benefits are taken into account?

Mid-range points earning rate on the NAB card

The NAB Velocity Rewards Premium Card’s earning rate is comparable to the rate on the more expensive Virgin Australia High Flyer Credit Card. It has different points earning rates depending on which of your two cards you use for a particular purchase:

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

While the Visa card’s rate is a little low, most savvy cardholders will use their AmEx card at every available opportunity for regular purchases at supermarkets, department stores and petrol stations, and for many online payments including utility bills in some cases. Meanwhile, the Visa card provides a useful points-earning backup for when AmEx cards are declined or attract a surcharge.

Points are capped

There’s a points cap of 5,000 spending per month. That is, after you have made $5,000 worth of purchases in any month, you won’t earn any more points in that month. This may cause some frustration on a month where you have made a major purchase.

Competing cards have higher earning rates or less restrictive caps

The Virgin Australia High Flyer Credit Card earns 1.0 points per dollar up to a threshold of $8,000 per month, after which it declines to 0.5 points per dollar. The American Express Velocity Platinum Credit Card earns 1.5 points per dollar with no cap or threshold, although spending with government bodies is rewarded at only 0.5 points per dollar. As well, both the Virgin and American Express cards are offering first purchase bonus points, but they do have a much higher annual fee.

Other ways to earn Velocity points

It’s good to know that there are other ways to earn Velocity points, so that you can see your points balance grow quickly. Velocity Frequent Flyer members can earn points by flying not just with Virgin Australia but with Velocity’s airline and travel partners around the world.

You can earn points by flying with Air New Zealand, Etihad, Singapore Airlines, Delta, Virgin Atlantic and Virgin America, among others. Plus you can earn points for buying wine, booking restaurants and accommodation, buying fuel at BP service stations and hiring a car, and by converting your flybuys points into Velocity points.

Ways to redeem Velocity points

Once earning points is sorted out, you’ll want plenty of options for spending them, and the Velocity rewards program does not disappoint. Here are the many ways you can use both the bonus points and those you will regularly acquire on an ongoing basis with this card:

  • Fly Virgin Australia from Sydney to Melbourne or Brisbane for 7,800 points + around $21 in taxes
  • Take a longer domestic flight, e.g. Sydney to Perth for 17,800 points + $18 taxes
  • Fly long-haul internationally with Virgin or a partner airline, e.g. 75,000 points + $115 in taxes for a one-way economy flight from Australia to London.
  • Redeem Velocity points for Tigerair flights (but you can’t earn points from Virgin for buying Tigerair fares).
  • Use points to upgrade your seat on a Virgin Australia short-haul or long-haul flight, e.g. 45,000 points to upgrade from a Premium Saver to a Business fare from Australia to Los Angeles or Abu Dhabi.
  • Book accommodation and tours through Virgin Australia Holidays.
  • Exchange points for a Cruisepilot gift voucher to use on P&O, Royal Caribbean or Captain Cook cruises, starting at 18,000 points for a $100 voucher.
  • Choose from a range of other water-based tours, starting at 7,900 points for a sunset cruise in Cairns.
  • Hire a car through Europcar in Australia, New Zealand and Europe.
  • Shop for a range of merchandise, movie tickets and retail gift cards at the Velocity Frequent Flyer online store.

Points + Pay (for when you don’t have quite enough points for your preferred redemption) is available for most options.

Zero interest offer on balance transfers

Although NAB have a standard balance transfer interest rate of 0% p.a. for 6 months, with a 2% upfront fee, for a limited time you can take advantage of the balance transfer without the 2% fee. You would save $978 in interest charges over 6 months by transferring a balance of $10,000 from a 20% p.a. card.

Revert interest rate is very high

The balance transfer revert rate is 21.74% p.a. (the cash advance rate), and the ongoing purchase interest rate is is 19.99% p.a. So, best look for a low-interest-rate card instead if you expect to have any uncleared balances after the introductory offer has expired.

The most extensive insurance cover available with a fee this low

NAB’s premium credit cards, like this one, come packaged with a wider range of complimentary insurance than any competing cards, except those aimed at business travellers and accompanied by a truly hefty annual fee. The policies are there to encourage you to make this card your first choice when travelling or shopping, and some of them are indeed worth having. Here’s the full list:

  • Annual, multi-trip international travel insurance. Covers cardholders and accompanying family members for trips of up to six months’ duration, including the supplementary cardholder when travelling without the primary cardholder: emergency medical expenses, luggage cover, unavoidable cancellation, travel delay, missed connections and rental vehicle insurance excess waiver.
  • Interstate flight cover. Protection against cost of luggage loss and delay, travel delay, unavoidable cancellation and rental vehicle insurance excess, for domestic trips lasting up to 14 days.
  • Transport accident cover. Cash compensation in the event of loss of life, limb or eyesight following an accident sustained on public transport or a commercial airline.
  • Domestic hotel burglary insurance. Reimbursement of the cost of any item stolen from a locked hotel room in Australia, where the accommodation was paid for, or secured with, the card. Few credit cards have this cover.
  • Extended warranty. For items with a manufacturer’s warranty valid in Australia, the original warranty period is doubled, up to a maximum of 12 extra months.
  • Purchase protection cover. Personal items purchased using the card are covered against loss, theft or damage for 90 days.
  • Price protection cover. Provides indemnity against 'buyer’s remorse’. When a recent major purchase (not transacted online) is advertised locally at a significantly lower price (again, not online) within 21 days, NAB will reimburse the price difference.

Insurance is activated by using the card for 100% of the purchase cost of the item to be covered or 100% of the travel fare, except in the case of overseas travel insurance where the requirement is merely that the card must be used for at least $500 of the trip’s prepaid expenses. This last stipulation is much more lenient than the conditions set by many competing cards.

And yet more security and convenience

Any hesitation about credit card security on the part of the buyer may mean that the card issuer misses out on profitable business, so it’s not surprising that NAB, AmEx and Visa have combined their resources to make customers feel safe and confident whenever they use their card. Together, here’s what they provide:

  • NAB Defence. Monitoring of high risk transactions, investigation of suspected fraud, 100% reimbursement to blameless fraud victims.
  • Visa Global Customer Assistance. Provides a list of toll-free emergency numbers to use if your card is lost or stolen.
  • Verified by Visa. An optional password or one-time PIN system to make online shopping safer.
  • American Express SafeKey. An almost identical system for AmEx cards, so an extra layer of security is available for both cards when used online.
  • Tap and pay with your phone, not just your card, by installing NAB Pay for Android on your compatible smartphone.
  • Download the NAB app to access additional account control features (such as temporary card blocking) with a single swipe.

Platinum lifestyle benefits

NAB and Visa combine to bring you a platinum concierge service (travel, dining and entertainment information and bookings).

Visa Front Line Access makes reserved event seating available before tickets go on sale to the general public.

American Express Connect makes it possible to get a cashback on your card account for directing your spending to selected retailers. The cashback amount can be as much as $15 for spending as little as $50, and the offers change regularly.

Up to 44 days on purchases every month

If you have a balance transfer, you won’t be able to benefit from the normal interest-free days on purchases until the balance is repaid. After that, interest charges on your purchases will not be applied until 14 days after the close of the monthly statement period. So, as long as you clear the account balance by paying it off in full and on time, you will never pay any interest.

There are lots of cards with more generous interest-free periods each month. In fact, many cards offer up to 55 days, and Coles cards extend up to 62 days interest free. You will need to consider whether this card’s many benefits outweigh the shorter interest-free period.

Annual fee is reasonable, given the benefits

With no additional charge for a supplementary cardholder, the $150 p.a. annual fee is quite moderate for a rewards card, especially one with a reasonable points earning rate and many other benefits. While it’s unlikely that you would be able to use all of the complimentary benefits every year, in any year that you could do so they alone would be worth almost ten times the annual fee.

Who will get the most out of this card?

The NAB Velocity Rewards Premium Card is best suited to someone who chooses to fly with Virgin or its partner airlines to maximise points earning. Regular travellers will derive advantage from the four types of travel insurance as well as the platinum travel and lifestyle benefits, while enthusiastic but security-conscious fans of retail therapy have also not been forgotten. And it has by far the lowest annual fee of the three Velocity premium cards.

User reviews

4.0 out of 5.0 based on 12 reviews92% 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.

Great points earner

Reviewed and recommended by Craig on 08 Apr 2017

So I hunted for a while to find another card to earn points for overseas flights. I found this little gem and got a great deal – 75,000 points on application.

It as a decent yearly fee and good insurance cover. I use the AmEx card for larger purchases because it has a higher earn rate.

No real benefits

Reviewed and not recommended by Domenic on 07 Jan 2017

Rewards don’t mean anything in today’s society. I haven’t got anything out of this card other than being hit with interest and stuff. The rewards make you want to spend every dollar on the card, but there’s no benefit.

Velocity is a crap rewards system and by rights I should have a gold Velocity membership. However, I’m still stuck on red due to the flawed status credit system. It’s just not good value.

Good points rate with AmEx card

Reviewed and recommended by Stacey on 03 Dec 2016

Great Interest-free period, amazing service, very happy with this card. It has great interest rates and it’s always a trusted bank to deal with.

Security is great, used both domestically and internationally for travel.

Points earning is great also, particularly if you can use the AmEx card as much as possible. It is handy having both the Visa and AmEx option.

Useful to have both Visa and AmEx cards

Reviewed and recommended by Natalie on 13 Nov 2016

It is useful to get the accompanying Visa card, as not everywhere accepts American Express. I got the card to save up Velocity points to use on flights.

The fees are good as they are packaged with our home loan. We also received 20,000 bonus points. The cards have been good so far.

Great rewards, reasonable yearly cost

Reviewed and recommended by Adam on 23 Oct 2016

I have been very happy with this credit card offer. Excellent bonus points are awarded once the minimum spend is reached and it is easy to reach the minimum spend with both an AmEx and Visa card included.

The yearly fee is absolutely reasonable given the points able to be accrued.

The NAB iPhone app is also very easy to use, and handy whenever I am on the go.

Great to earn your way to free flights

Reviewed and recommended by Alex on 21 Sep 2016

I got this card as part of my home loan package, so the initial sign-up rewards were great!

At places which accept American Express you earn 1.5 Velocity points for every dollar spent, and for those that don’t you can at least use the Visa that earns 0.5 points per dollar spent, so it all adds up. The Virgin Velocity program is still pretty attractive at the moment, so you can redeem for flights, upgrades, or even other merchandise — good rewards for spending what you would normally spend anyway.

I reckon that if they keep the sign-up or renewal incentives attractive, even if you have to pay the annual fee, it may be worth it.

Great card for earning Velocity points

Reviewed and recommended by Jenna on 28 Aug 2016

This card offers both a Visa and Amex, linked to the same account. I like that you earn most with Amex (1.5 points per dollar), but for places that don’t accept it, you can hand over your Visa (0.5 points per dollar). I’ve just started earning frequent flyer points, and with their great sign-up bonus I now have over 100,000 points in just six months.

I compared all of the cards out there before I chose this one (I have a preference for flying Virgin), and I’m glad I chose it. It does have an annual fee, but it’s not too high compared to some others that I’ve seen. The only downside is that some places don’t accept Amex, and also sometimes it doesn’t work. But I don’t believe this is an issue with the card, more likely with the retailers. Hopefully more places will start to accept Amex.

Good rewards, but used to be better

Reviewed and recommended by Melanie on 13 Jul 2016

I think the annual fee is more than I’d feel comfortable with, but I get it free as part of my mortgage. The rewards are OK, but they have reduced the number of reward points earned per dollar—it used to be much better. I don’t think I would have this card if it wasn’t for my mortgage.

High points return. Great customer service!

Reviewed and recommended by Desmond on 10 Jul 2016

Never had a problem dealing with staff and/or getting something refunded. The card offers a high return on Velocity points with an annual fee of $150. For more than 6 years this card has travelled with me overseas and as long as I let the bank know of the travel I can continue using my card without any hassles. Thanks NAB!

Great for Velocity points

Reviewed and recommended by Jaryd on 27 Jun 2016

Great Velocity points upon signup— I got 70,000 points for a relatively low annual / application fee. Havig Visa and AmEx cards on the one account is excellent because, where possible, you can use the AmEx to maximise Velocity rewards. NAB online card management makes it easy to track spending. No charge for a second card for spouse / partner. I’d definitely recommend this card.

Show 2 more reviews

Basic details

About this card

Card setup
Dual Card
Card tier
Platinum
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
$6,000
Maximum credit limit
$100,000

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 Velocity Rewards Premium 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
$150 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

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)
1 pt 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)
5,000
Points cap per month (visa)
N/A
Points cap per year (amex)
60,000
Points cap per year (visa)
N/A
Reward points (amex)
1 pt 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 $1,458

SecurityEstimated value
Secure Sentinel lost or stolen card service
Valuation based on Secure Sentinel's membership fee spread over 5 years.
$17
Shopping
Extended warranty
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.
$50
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.
$10
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
Travel
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.
$100
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,458
Annual fee$150
Net customer value$1,308
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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