NAB Rewards Platinum Visa credit card

Credit Card Review: NAB Rewards Platinum Visa credit card

What's Hot

  • Earn up to 1.5 frequent flyer points per dollar spent
  • Convert points to Virgin Australia, Cathay Pacific and Air New Zealand

What's Not

  • Lower earning rates on domestic spend

X-Factor

  • Earn 80,000 bonus NAB Rewards points with no annual fee in the first year

Introduction

Despite NAB's cuts to frequent flyer points on its Qantas- and Velocity-earning credit cards, the new NAB Rewards Platinum Visa stands strong with cardholders earning uncapped NAB Rewards points and then converting those points across to Virgin Australia Velocity, Cathay Pacific Asia Miles and Air New Zealand Airpoints.

Eligible new customers can also pick up 80,000 bonus NAB Rewards points – worth 40,000 Virgin Australia Velocity points, $400 AirNZ Airpoints Dollars or 26,666 Cathay Pacific Asia Miles – with no annual fee to pay in the first year.

NAB Rewards Platinum Visa credit card: fast facts

  • Grade/tier: Platinum
  • Card type: Visa
  • Loyalty program: NAB Rewards
  • NAB Rewards points earned per $1 spent:
         All international transactions and with Webjet in Australia: 3
         Hardware and department store purchases: 2
         Everywhere else (excluding ATO payments): 1
  • NAB Rewards frequent flyer partners: Virgin Australia Velocity, Cathay Pacific Asia Miles, Air New Zealand Airpoints
  • 1 NAB Rewards point ($1 spent) = 0.5 Velocity points, 0.33 Asia Miles, $0.005 Airpoints Dollars (double this at department/hardware stores and triple this with Webjet and abroad)
  • Points capping/tiering: None

Fees, charges and interest: 3/5

  • Annual fee: $195 (currently waived in the first year)
  • Interest rate on purchases: 19.99% p.a.
  • Interest-free days on purchases: Up to 44
  • Interest rate on cash advances: 21.74% p.a.
  • International transaction fee: 3.0%
  • Minimum income requirement: No defined minimum
  • Minimum credit limit: $6,000

Earning points for free flights: 3/5

You could start your journey off with 80,000 bonus NAB Rewards points – equal to 40,000 Velocity points – when applying for this card by May 31 2017, being approved and spending at least $2,500 on everyday purchases within the first 90 days.

On this spend and as you continue to transact, you'll also receive the equivalent of 1.5 Velocity points per Aussie dollar charged overseas and with Webjet in Australia (excluding flight bookings with AirAsia, Jetstar and Scoot), and the equivalent of one Velocity point per dollar at department and hardware stores.

Everywhere else, the earn rate is a lower 1 NAB Rewards point (worth 0.5 Velocity points) per dollar spent, although there's no points capping or tiering on this card, so you'll earn points at these rates regardless of how much you spend each month.

With a one-way Virgin Australia Sydney-Melbourne economy flight pegged at 7,800 Velocity points, spending $5,200 on international/Webjet purchases, $7,800 at department and hardware stores or $15,600 everywhere else would deliver enough points to book that journey: just pay taxes and fees of approximately $20 when making that booking.

Airport lounge access: 0/5

The NAB Rewards Platinum Visa doesn't include airport lounge access as part of the parcel.

Complimentary insurance benefits: 4.5/5

As with most NAB Platinum products, this card includes interstate flight inconvenience insurance, transport accident insurance, extended warranty cover, purchase protection and price protection all as standard.

You may also be covered by free international travel insurance for up to six consecutive months spent overseas when charging at least $500 of pre-paid travel costs to your NAB credit card before commencing your journey, such as your flights, pre-paid hotel expenses or tour charges.

That allows you to be covered when booking flights using NAB Rewards points or airline frequent flyer points: simply use those points to book your flights and whip out your credit card to pre-pay a night or three so that you reach that $500 threshold.

Although there's no comprehensive travel insurance coverage on domestic trips – beyond interstate flight inconvenience and transport accident insurance – NAB does include domestic hotel burglary insurance as well (all subject to terms, conditions and eligibility criteria).

NAB Rewards Platinum Visa credit card: the verdict

With strong and uncapped frequent flyer earning rates on international spend paired with an array of insurance options, the NAB Rewards Platinum Visa could be a good match for regular jetsetters or for those who frequently shop online at international websites, as this is where you'll earn the most points.

While Webjet spend also attracts the card's highest earning rates, we should flag that booking through Webjet can often prove significantly more expensive than with an airline or hotel directly, as Webjet charges a number of its own fees over and above those charged by travel providers, negating the value of any 'bonus points' on those transactions.

Frequent spenders at Myer, David Jones, Bunnings, Mitre 10 and the like may instead appreciate earning more points in these places – although the 'everyday' earning rate on-par with only 0.5 Velocity points per dollar is on the lower side.

For earning more points in more places, you should also consider the ANZ Rewards Black Visa: delivering the equivalent of one Velocity point per dollar spent (up to $5,000 per statement period from August 5 2017 and then halved until the next statement begins), which also offers a waived annual fee in the first year and a comparable sign-on bonus.

Guest

26 May, 2017 12:30 am

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