NAB Velocity Rewards Card

19.99% p.a.

0% p.a. for 6 months and then 21.74% p.a.

$95

NAB Velocity Rewards Card Review

Review published: 12 September 2017

What's hot:

  • 0% p.a. on balance transfers for 6 months

  • Up to 44 interest free days

  • Earn points on both American Express and Visa purchases

What's not:

  • $3000 monthly points cap

  • Balance transfer reverts to cash advance rate of 21.74%

Mozo snapshot:

If you’re after a piece of plastic that will connect you with Virgin’s renowned Velocity Frequent Flyers program and will reward you for using both American Express and Visa, then the NAB Velocity Rewards Card could be the perfect fit for your wallet. Mozo’s Experts Choice Winner in 2016, NAB’s Velocity Rewards Card, rewards you for staying on top of your repayments with up to 44 days interest free when you pay your account in full by the end of the month.

Key features:

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.

Any catches?

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!

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   10 / 10

Great service

Great service

Full review

Great service

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Horace (NSW), reviewed over 1 year ago

NAB

NAB Velocity Rewards Card credit card review

Overall rating   5 / 10

Needing review

Interest rates too high and reward points too low and limited

Full review

Interest rates too high and reward points too low and limited

    Price   1 / 10

    Features   2 / 10

    Customer service   5 / 10

    Convenience   5 / 10

    Trust   5 / 10

Less

Leon (QLD), reviewed over 1 year ago

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 over 1 year ago

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 almost 2 years ago

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 almost 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

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 Australia Saver including baggage and Jetstar Starter 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, Malaysian, Etihad, Singapore, Cathay Pacific and Thai, 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.

Value of rewards points

  • Need to spend $36,000 (Visa) or $24,000 (Amex)

  • Need to spend $15,600 (Visa) or $10,400 (Amex)

  • Need to spend $239,200 (Visa) or $159,467 (Amex)

  • at $3,000 monthly

  • Never

Details behind our 'value of rewards' calculations

  • 0.75 points per dollar on Amex, 0.5 points per dollar on Visa, up to $3,000 per month

  • 18000 points buys a Myer $100 Gift Card

  • 7800 points buys a Virgin Australia Syd-Mel flight

  • 119600 points buys a Velocity partner London flight

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

Rates

  • 19.99% p.a.

  • none

  • 0% p.a. for 6 months and then 21.74% p.a.

  • yes

  • 21.74% p.a.

  • 44

Fees

  • $95.00

  • none

  • none

  • none

  • $15.00

  • 2%, Min $2.50

  • 3.00%

  • $7.00

  • $2.50

  • $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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