NAB Velocity Rewards Premium Card

  • NAB
  • 19.99%

  • 4.99% for 6 months

  • $150

  • 44

NAB Velocity Rewards Premium Card Review

Review updated: 20 October 2014
Review published: 22 August 2014

What's hot:

  • Dual Medal Winner in Mozo's Experts Choice Awards 2014
  • 20,000 Bonus Velocity Points
  • 7 complimentary insurances

What's not:

Mozo snapshot:

If you are looking for a rewards credit card that delivers real rewards value the NAB Velocity Rewards Premium Card is a top contender taking out gold and silver medals in Mozo's Experts Choice Rewards Credit Card Awards. There are two cards on the one account, an American Express which has a higher points earning rate and a Visa card for added worldwide purchasing. Rewards are directly redeemed via the Velocity Frequent Flyer Program and if you sign up by 18 January 2015 you'll get 20,000 bonus Velocity Points.  

Key features:

All points accrued with the NAB Velocity Rewards Premium card is directly linked to Velocity, the frequent flyer program of Virgin Australia. If you're not already a member you can join for free and points can be redeemed for a number of rewards including flights, accommodation, travel, shopping and entertainment. 

You get two cards on the account, an American Express card which gives you maximum points earning (1.5 points per dollar spent) and a Visa card which you can use worldwide wherever Visa is accepted, though the points earning rate is lower at 0.5 point per dollar spent.  There is a cap of $100,000 points per month which shouldn't be an issue for most people and points never expire so you can save them up for as long as you like before you need to redeem a reward. You can also have an additional card holder attached to the account so that you can earn points faster.

The card has a standard purchase rate of 19.99% on purchases with up to 44 days interest free. There is a balance transfer option if you are transferring debt across from another card at 4.99% for 6 months. You'll also be up for a $150 annual card fee but there are seven complimentary insurances so if you take advantage of these (including the free overseas travel insurance) you could more than make up for this cost annually.

International purchases whether made online or in person will be charged a 3% foreign exchange margin.



Who it's good for:

This is a rewards credit card suited to anyone who's looking for a great value rewards card with access to Virgin Australia's and their partner airline networks. 

Any catches?

As with any rewards credit card if you want to get maximum value from points accrued, pay off your balance in full each month.

How are NAB credit cards rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
NAB credit card 7.2 Based on 585
NAB credit card reviews
6.2 6.2 7.3 7.8 7.3

Read NAB credit card reviews by the Mozo community

Latest reviews of NAB Velocity Rewards Premium Card

  • Very happy overall package

    1. Overall customer rating
    2. (Reviewed 1 day ago)

    Very happy to be with NAB for almost 7 years now, and closed all my other other accounts especially ANZ which always used to get me with a new kind of fee.  Full review 

    Very happy to be with NAB for almost 7 years now, and closed all my other other accounts especially ANZ which always used to get me with a new kind of fee.


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    NAB credit card review by Aito from New South Wales

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  • Helpful and friendly

    1. Overall customer rating
    2. (Reviewed about 1 month ago)

    I like my bank, always helpful and never had a problem dealing directly with them.  Full review 

    I like my bank, always helpful and never had a problem dealing directly with them.


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      1. Features
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    NAB credit card review by Nicole from New South Wales

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  • Great rewards, friendly and professional staff

    1. Overall customer rating
    2. (Reviewed 6 months ago)

    I get to earn frequent flyer points on every purchase that I make, even when I am shopping on an interstate or overseas holiday! I have had a couple of issues that have been sorted out immediately, with professionalism and friendly staff.  Full review 

    I get to earn frequent flyer points on every purchase that I make, even when I am shopping on an interstate or overseas holiday! I have had a couple of issues that have been sorted out immediately, with professionalism and friendly staff.


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    NAB credit card review by Tambrae from South Australia

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  • Excellent customer service, quality products

    1. Overall customer rating
    2. (Reviewed 7 months ago)

    After having a terrible experience with my previous bank, the staff at my local NAB branch were willing to stay back late on a friday afternoon to sign my wife and I up to move our accounts to the NAB. Since that day, there have been very few i...  Full review 

    After having a terrible experience with my previous bank, the staff at my local NAB branch were willing to stay back late on a friday afternoon to sign my wife and I up to move our accounts to the NAB. Since that day, there have been very few issues and any issue that is encountered is solved professionally and quickly in branch. The staff at the local branch are always friendly and are a stark contrast to our former bank.


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    NAB credit card review by Matt from South Australia

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  • Great sustomer services, easiest online banking

    1. Overall customer rating
    2. (Reviewed 12 months ago)

    I love how easy the internet banking facility and pages are. I love the rewards.  Full review 

    I love how easy the internet banking facility and pages are. I love the rewards.


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    NAB credit card review by Idalina from Western Australia

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Rewards scheme

  • Points are automatically credited to the Velocity program.
  • All rewards are redeemed via Velocity.
  • Bonus Points offers from Velocity Partners including airlines, hotels, hire cars and more.

Privileges

  • Concierge
  • Travel Insurance
  • Extended Warranty
  • Purchase Protection

Special offers

  • Apply by 18 January 2015 and make a purchase to receive 20,000 bonus Velocity Points.

Value of rewards points

  • Example reward
  • You'd need to spend
  •  
  • Visa
  • Amex
  • $100 gift card
  • $36,000
  • $12,000
  • Flight: Sydney-Melbourne
  • $13,800
  • $4,600
  • Flight: Sydney-London
  • $250,000
  • $83,333
  • Points are capped?
  • at $100,000 monthly
  • Points expire?
  • Never

Details behind our 'value of rewards' calculations

  • Points earning 1.5 points per dollar on Amex, 0.5 points per dollar on Visa, up to $100,000 per month
  • $100 gift card 18000 points buys a Myer $100 Gift Card
  • Flight: Sydney-Melbourne 6900 points buys a Virgin Australia Syd-Mel flight
  • Flight: Sydney-London 125000 points buys a Velocity partner London flight

*how did we do it? find out...

Rates

Purchase rate
19.99%
Intro purchase rate
none
Balance transfer rate
4.99% for 6 months
Balance transfer revert to cash
no
Cash advance rate
21.74%
Interest free days
44

Fees

Annual card fee
$150.00
Introductory fee
none
Annual fee spend threshold
none
Reward program fee
none
Late payment fee
$5.00
Cash advance fee
1.75%, Min $1.75
Foreign exchange margin
3.00%
Duplicate statement fee
$7.00
Transaction verification fee
$5.00
Additional card fee
$0.00

Other financial bits

Minimum repayment amount
$25.00
Minimum repayment percent
2.0

Features

Additional cardholders
1
Other restrictions
none
Other benefits
none

About NAB

National Australia Bank is one of the big four banks who provide a large variety of financial products to the Australian Community. In recent times NAB has set itself apart from the other big four banks; by expanding their ATM network, removing many fees and maintaining low standard variable home loan rates. NAB's changes to its financial products have made their home loan, credit card, loans, savings accounts and personal loans more competitive within the banking industry.

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