NAB Velocity Rewards Premium Card

NAB

19.99%

0% for 15 months

$150

NAB Velocity Rewards Premium Card Review

Review updated: 17 August 2015

Review published: 22 August 2014

What's hot:

  • Mozo Experts Choice Awards 2015 Winner

  • 20,000 bonus Velocity Points

  • 0% p.a on purchases and balance transfers for 15 months

What's not:

  • $150 annual fee

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 a Mozo Experts Choice Award for Best Premium Rewards Credit Card.  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 now you'll get 20,000 bonus Velocity Points after your first purchase.  

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 0% for 15 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
7.2

Based on 735
NAB credit cards reviews

6.3 6.4 7.2 7.6 7.4

Read NAB credit card reviews by the Mozo community

Latest reviews of NAB Velocity Rewards Premium Card

NAB

NAB Velocity Rewards Premium Card credit card review

Overall rating   10 / 10

Handy

Very good.
Full review

Very good.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Jessica (NSW), reviewed about 2 months ago

Was this review helpful? Yes

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NAB

NAB Velocity Rewards Premium Card credit card review

Overall rating   0 / 10

Not an actual Bank (NAB)

After banking with NAB for 14 plus years, I have been noticing their level of service and professionalism dropping off over the last few years. There are very few people in there who know what they are doing. Anything more than opening up a bank...
Full review

After banking with NAB for 14 plus years, I have been noticing their level of service and professionalism dropping off over the last few years. There are very few people in there who know what they are doing. Anything more than opening up a bank account seems to be beyond 90% of staff. It seems the cost cutting has gone to the point of all the experienced staff being moved on as they're too expensive so whats left is less than impressive. Very disappointing as they used to offer great service back in the day. A serious fail for this bank and time to move on to ANYONE who actually offers customer service. I actually had one of the nab staff on the other end of the phone agree with how terrible the bank has become, can't be good for morale and the ship is leaky.I'm preparing all the documentation to move across elsewhere where there are experienced relationship managers.

    Price   5 / 10

    Features   5 / 10

    Customer service   0 / 10

    Convenience   1 / 10

    Trust   0 / 10

Less

John (QLD), reviewed 3 months ago

Was this review helpful? Yes

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NAB

NAB Velocity Rewards Premium Card credit card review

Overall rating   9 / 10

Good credit card.

It's a credit card. Interest free period a little short.
Full review

It's a credit card. Interest free period a little short.

    Price   10 / 10

    Features   10 / 10

    Customer service   8 / 10

    Convenience   9 / 10

    Trust   7 / 10

Less

Rowan (QLD), reviewed 4 months ago

Was this review helpful? Yes

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NAB

NAB Velocity Rewards Premium Card credit card review

Overall rating   10 / 10

Awesome card with lots of rewards

Most amazing thing about this credit card is I earn velocity points for every dollar I spend, also this card includes complementary travel insurance.
Full review

Most amazing thing about this credit card is I earn velocity points for every dollar I spend, also this card includes complementary travel insurance.

    Price   10 / 10

    Features   10 / 10

    Customer service   8 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Muhunthan (ACT), reviewed 4 months ago

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NAB

NAB Velocity Rewards Premium Card credit card review

Overall rating   10 / 10

Best service

I have been with NAB for 15 years and any issue encountered has been addressed with common sense, trust and the human touch.
Full review

I have been with NAB for 15 years and any issue encountered has been addressed with common sense, trust and the human touch.

    Price   10 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Peter (NSW), reviewed 6 months ago

Was this review helpful? Yes

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Revealing rewards

How do we do it?

To work out the "Rewards value minus fees" in our Rewards Revealer we:

  • calculate how many points you'd get each year,
  • figure out how many flights or gift cards or cashback credits you could get for those points,
  • work out what that's actually worth to you,
  • take off the annual fee you'd pay.

More details:

  • Our calculations are designed to help you compare the value of different rewards schemes. To do this, we've looked at earning a one-way Sydney-Melbourne flight excluding taxes and charges, a return Sydney-London flight excluding taxes and charges, a $100 shopping Gift Card and $100 cashback. Most cards will also offer other rewards, which may be worth more or less than the ones we've shown.
  • We have made no allowance for bonus points for using your card at specific merchants, introductory offers or special offers. We have not assigned any value to instant discounts, insurances, ticketing and concierge services or other such benefits.
  • Rewards value calculations do not take credit card interest into account. If you do not pay off your card each month you may be better off looking for a card based on interest rates than on the value of rewards.
  • In products that have more than one card, a different mix of spend between American Express / Visa / MasterCard will give different results. Mozo's Rewards Revealer lets you choose the mix based on the way you would use such a product, and gives you tailored results.
  • We assume flights purchased with airline points are 'classic' or 'reward' economy seats with restricted seat availability. 'Any seat' rewards will probably cost more.
  • To compare the value of flight rewards, we sample online retail flight prices once a quarter based on the average price on a Wednesday 3 months in advance but outside NSW school holidays. For domestic flights we take the lowest available fare from each flight on that day from Qantas Red e-deal, Virgin Blue Blue Saver including baggage and Jetstar Jetsaver including baggage. We calculate the average price excluding taxes and surcharges for each airline, and also the average across all airlines (which we use when rewards are travel agent vouchers). For international flights, we take the lowest available fares on that same Wednesday from each of Qantas, Emirates, Singapore, Virgin Atlantic and Malaysian, assuming a return flight 2 weeks later, calculate the average price before taxes and surcharges and use this as our assumed cost of a flight on any airline.
  • Shopping rewards are based on $100 gift cards from a major national department store.
  • We make every effort to ensure our calculations are correct and up to date but make no guarantees.

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
  • Guaranteed Pricing
  • Domestic Hotel Burglary Insurance

Special offers

  • Apply by 11 October 2015 and make a purchase to receive 20,000 bonus Velocity Points.

Value of rewards points

  • Need to spend $36,000 (Visa) or $12,000 (Amex)

  • Need to spend $13,800 (Visa) or $4,600 (Amex)

  • Need to spend $250,000 (Visa) or $83,333 (Amex)

  • at $20,000 monthly

  • Never

Details behind our 'value of rewards' calculations

  • 1.5 points per dollar on Amex, 0.5 points per dollar on Visa, up to $20,000 per month

  • 18000 points buys a Myer $100 Gift Card

  • 6900 points buys a Virgin Australia Syd-Mel flight

  • 125000 points buys a Velocity partner London flight

* How did we do it? Find out...

Rates

  • 19.99%

  • none

  • 0% for 15 months

  • no

  • 21.74%

  • 44

Fees

  • $150.00

  • none

  • none

  • none

  • $5.00

  • 1.75%, Min $1.75

  • 3.00%

  • $7.00

  • $5.00

  • $0.00

Other financial bits

  • $25.00

  • 2.0

Features

  • 1

  • none

  • 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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