NAB now has the most comprehensive range of credit card rewards points available in Australia. Added to the existing options of Qantas Frequent Flyer, Velocity Frequent Flyer, and flybuys cards come the new NAB Rewards card range.
Even seasoned points collectors may choose to migrate to the NAB Rewards Platinum Card, with its truly generous first-purchase bonus points and healthy ongoing points earning rate, a comprehensive array of redemption choices that leaves nothing out and all the usual complimentary insurance policies, for a much lower annual fee than the NAB Qantas Rewards Premium Card.
The card comes with an offer of 80,000 bonus NAB Rewards Points, including 60,000 bonus NAB Rewards Points when you spend $1,000 on everyday purchases within the first 60 days of account opening and 20,000 bonus points for keeping your card for over 12 months.
While those first-purchase bonus points get you off to a flying start, it’s also relatively easy to keep on accumulating Points without changing your spending pattern. There are extra points to be earned, on top of the standard rate of 1 NAB Rewards Point per dollar, for shopping at the kinds of places you would be frequenting anyway. Here’s how it works.
Take note that you won’t earn any NAB Rewards Points for payments to the ATO, and the 3% fee applied to transactions outside Australia will take a bit of the shine off the high overseas earning rate.
Since NAB already has dedicated Qantas credit cards, there’s no option to convert NAB Rewards Points to Qantas Points. But just about anything else that you might be looking for is available, for travellers, shoppers and entertainment seekers:
NAB gives you six complimentary insurance policies:
NAB clearly hopes that this comprehensive cover will see you using your card without hesitation for all your travel and accommodation costs as well as consumer goods purchases, in order to activate the policies.
Online shoppers can take advantage of an additional layer of password security with the Verified by Visa program.
And because this is a Visa Premium card, you’ll be able to use Visa Front Line Access to acquire hard-to-get event tickets before they go on general sale.
With the NAB app and NAB Pay for Android you can:
While this card is loaded with benefits for anyone willing and able to spend fairly freely, it’s not going to appeal to anyone with existing credit card debt (unless they can repay it within the first 6 months) or potential future long-term debt. Its interest rates – 19.99% p.a. ongoing purchase rate, 21.74% p.a. for cash advances as well as being the balance transfer revert rate – are aimed at cardholders who have at least the intention of paying off their balance every month and avoiding interest altogether.
NAB’s two low rate credit cards are the only ones in its stable to enjoy up to 55 interest-free days each month. The rest – including this one – get only Up to 44 days on purchases. You’ll lose 132 interest-free days each year if you’re transferring from a 55-day card.
Benefit-laden platinum rewards cards usually come at a price – a high one. But $195 p.a. per year, with no charge for additional cardholders, is not exorbitant when the value of the rewards and complimentary insurance cover is taken into account. The bonus Points alone are potentially worth $570 in the first year (or $350 for more moderate spenders), and if your average earning rate worked out at 1.5 points per dollar you’d need to spend around $25,000 on the card each year – less than $2,100 per month – to redeem a gift card value equivalent to the cost of the annual fee.
For those who expect rewards in return for their sizeable card spending but don’t necessarily want to stick with the frequent flyer program of a single airline, the NAB Rewards Platinum Card could be a sensible option. Both domestic and international award flights can be accessed through the variety of airline programs on offer, but this card’s gift card redemptions deliver roughly the same return in dollar value as the flights do. So you can switch between flights and other forms of redemption without feeling that you are sacrificing value.
Either way, you should regularly be able to earn back the annual fee, and more, without changing your spending habits.
Reviewed by Yvonne Taylor
Lead Product Analyst