The NAB Velocity Rewards Card has purchase rate of 19.99% which is pretty competitive for cards that reward you for Amex purchases. On that topic, you will be earning a reasonable 0.75 points for every dollar you spend on Amex purchases and 0.5 points per dollar spent on Visa purchases with a $3,000 monthly cap on the amount of points you can earn.
The good news is that points earned never expire, so if you’re planning on playing the long game and gradually tallying up enough points for a big family holiday, you can. According to Mozo’s rewards revealer calculations, spending $15,600 on Visa or just $10,400 on Amex purchases with your NAB Velocity Rewards Card will score you that much-needed flight from Sydney to Melbourne for some retail therapy. If you’re travelling abroad, you can use your card internationally wherever Visa or Amex is accepted just bear in mind there is a 3% foreign exchange margin fee.
Who it's good for:
The $3,000 monthly cap on this rewards card means that if you’re a big spender, there are better options in the market for you, but if you are a Virgin loyalist the NAB Velocity Rewards Card gives you the ability to use your points on a host of travel expenses like flights, car hire, travel packages, fuel and hotel deals.
The Velocity Rewards Program also gives you the flexibility to use your points for retail rewards via the Velocity Rewards Store online where you can even use a combination of points and cash to snag your next tv, camera or gift card.
If you’re late on any of your repayments you can expect to fork out an additional $15 late payment fee so it’s best to automate your repayments. It is also important to note that the 0% p.a. on balance transfers is an introductory offer for the first 6 months, so if you don’t pay off your debt in this time, you’ll end up paying the pricey cash advance rate of 21.74% until you do!