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 points cap of $20,000 spend per statement period 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 an introductory purchase rate and 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.
As with any rewards credit card if you want to get maximum value from points accrued, pay off your balance in full each month.