NAB Velocity Rewards Card

19.99%

4.99% for 6 months

$95

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

  • Purchase Protection

Special offers

  • Apply by 30 April 2016 and spend $1,500 on everyday purchases within the first 90 days to receive 30,000 bonus Velocity Points.

Value of rewards points

  • Need to spend $36,000 (Visa) or $18,000 (Amex)

  • Need to spend $13,800 (Visa) or $6,900 (Amex)

  • Need to spend $250,000 (Visa) or $125,000 (Amex)

  • at $20,000 monthly

  • Never

Details behind our 'value of rewards' calculations

  • 1 point 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

  • 4.99% for 6 months

  • no

  • 21.74%

  • 44

Fees

  • $95.00

  • 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.

How are NAB credit cards rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.2

Based on 1409
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 Card

NAB

NAB Velocity Rewards Card credit card review

Overall rating   7 / 10

Interest rate still too high

Interest rate too high. Ok if kept in credit and used only when necessary.
Full review

Interest rate too high. Ok if kept in credit and used only when necessary.

    Price   6 / 10

    Features   6 / 10

    Customer service   6 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Lynn (QLD), reviewed 28 days ago

Was this review helpful? Yes

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NAB

NAB Velocity Rewards Card credit card review

Overall rating   6 / 10

Trusted brand but limited rewards

On the plus side the card is low cost from a yearly fee perspective but the rewards are also correspondingly low. NAB is a big four bank and a well known brand and I have a high degree of trust in them. The fraud protection is good but the ATM...
Full review

On the plus side the card is low cost from a yearly fee perspective but the rewards are also correspondingly low. NAB is a big four bank and a well known brand and I have a high degree of trust in them. The fraud protection is good but the ATM access is one of the worst in the Queensland market of the big banks.

    Price   4 / 10

    Features   5 / 10

    Customer service   6 / 10

    Convenience   7 / 10

    Trust   9 / 10

Less

B (QLD), reviewed 3 months ago

3 people found this review helpful – do you? Yes

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NAB

NAB Velocity Rewards Card credit card review

Overall rating   8 / 10

Customer oriented bank with competitive rates

Competitive home loan and credit card rates. Velocity credit card comes with an additional amex card that allow us to earn points faster. Customer service never fails to help when needed .
Full review

Competitive home loan and credit card rates. Velocity credit card comes with an additional amex card that allow us to earn points faster. Customer service never fails to help when needed .

    Price   6 / 10

    Features   7 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Dini (WA), reviewed 4 months ago

1 person found this review helpful – do you? Yes

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NAB

NAB Velocity Rewards Card credit card review

Overall rating   7 / 10

Good bank. It's a bank - what do you expect?

Moved from ANZ to NAB and very happy - better customer service, and clearer information online.
Full review

Moved from ANZ to NAB and very happy - better customer service, and clearer information online.

    Price   3 / 10

    Features   6 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   7 / 10

Less

Thomas (VIC), reviewed 5 months ago

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NAB

NAB Velocity Rewards Card credit card review

Overall rating   10 / 10

Great points

Great points system.
Full review

Great points system.

    Price   8 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Gary (QLD), reviewed 6 months ago

Was this review helpful? Yes

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