NAB Velocity Rewards Premium Card

My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
4.99% 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 $1.50 spent
up to $3,000
then 1 pt
$3,000 to $6,000
More info
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Pros & cons

What's good?

What's not so good?

4.99% p.a. on balance transfers for 6 months.
Join Velocity Frequent Flyer for free.
Take advantage of added platinum benefits and earn Velocity Points on everyday purchases.
Handy payWave technology to make contactless purchases.
7 complimentary insurances including overseas travel insurance.
The $150 p.a. might be off-putting.
After the promotional period, the fallback is the cash advance rate. Which is a high 21.74% p.a.

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

Reviews from users

Pleased with my card

Reviewed and recommended by J Nicholson on 28 Sep 2013

I changed to NAB many years ago to get frequent flyer points and have not been disappointed. A couple of years ago I had my handbag stolen and my card was used up to its limit by the thief. Once notified, the bank reimbursed the entire amount within 24 hours.

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.

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.

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 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.

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.

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.

Generally pleased with this card

Reviewed and recommended by Kevin on 15 Dec 2015

I got it because it had a nice Velocity sign-up bonus. Beyond that, nothing special. Pretty solid card if you want Velocity points without super high fees. The 1.5 points per dollar on the AmEx is pretty good, but 0.5 points per dollar on the Visa is poor. Again, a slightly above average card.

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 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.

Show 2 more reviews
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.

The basics

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
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 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 Velocity Rewards Premium 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
$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 & points

Cool stuff you can get with your points

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

Earn rates

Spend typeSpend
Airline spend
Up to $3,000
1 pt per $1.50 spent
$3,000 to $6,000
1 pt per $3 spent
ResetN/A
Points cap6,000

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

Frequent flyer points
1 pt per $1.50 spent up to $3,000 then 1 pt per $3 spent $3,000 to $6,000
Overseas earn rate
Same as standard earn rate
Points cap per month
6,000
Points cap per year
72,000
Points earned on ATO payments
N/A
Reward points
1 pt per $1.50 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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