NAB Rewards Platinum Card – Velocity Points

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Terms and conditions apply

Balance transfer rate for 12 months with 3% balance transfer fee: 0% p.a.
Bonus points: 80,000
Purchase rate: 20.99% p.a.
Reward point per $ spent: 1

Our verdict

Offers up to 80,000 bonus Velocity Points and a discounted $95 annual fee in the first year.

The NAB Rewards Platinum card is aimed at cardholders who want to get Velocity Points when they spend on everyday purchases. Right now, you can get 60,000 bonus Velocity Points (converted from 120,000 NAB Rewards Points) when you apply before 29 November 2024 and spend at least $1,000 on everyday purchases within the first 60 days from opening the account. And you can get another 20,000 Velocity Points (converted from 40,000 NAB Rewards Points) when you keep your card open for over 12 months. With this card you can earn a base rate of one NAB Rewards Point per dollar spent (which converts to 0.5 Velocity Points) and additional points when you spend at the NAB Rewards Store or Webjet.

While the discounted $95 annual fee in the first year helps you save in the short-term, keep in mind that you’ll need to pay the ongoing $195 annual fee in the second year before you can collect the last 20,000 bonus Velocity Points on offer with this card.

Pros

Up to 80,000 bonus Velocity Points
Discounted $95 first-year annual fee
Earn additional 0.5 NAB Rewards Points per $1 spent at eligible grocery stores
Visa Premium Access and a 24/7 access to the NAB Platinum Concierge Services
0% p.a. interest rate on balance transfers for 12 months

Cons

You need to keep the card for at least 12 months to collect all the bonus points, which means you’ll have to pay the second year annual fee
3.5% international transaction fee
Balance transfer offer has a 3% balance transfer fee

Details

Product details

Product Name	NAB Rewards Platinum Card – Velocity Points
Balance transfer rate p.a.	0% for 12 months with 3% balance transfer fee, then 21.74%
Balance transfer limit	90% of available limit
Purchase rate p.a.	Purchase rate p.a. 20.99%
Interest-free period	Up to 44 days on purchases
Cash advance rate p.a.	21.74%
Min credit limit	$6,000
Max credit limit	$30,000
Card type	Visa

Eligibility

Joint application

Rewards

Rewards program	Velocity Frequent Flyer
Bonus points	80,000
Rewards points per $ spent	1

Fees

Annual fee	Annual fee $95 first year ($195 after)
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	Foreign currency conversion fee 3.5%
Cash advance fee	3% or $3, whichever is greater
Overseas ATM withdrawal fee	$5
Additional cardholder fee	$0
Number of additional cardholders	1

How to apply

You can apply for the NAB Rewards Platinum card online in about 15 minutes and get a response in around 60 seconds. Before you start, make sure you meet the eligibility requirements and have the necessary documents to complete the application.

Eligibility criteria

New customer. The bonus Velocity Points offer is only available to new NAB customers, meaning you cannot hold or have held a NAB Rewards card in the previous 18 months.
Velocity member. You need to be a Velocity Frequent Flyer program member.

Residency. You can apply if you're an Australian citizen or permanent resident. If you are not a citizen or permanent resident, you will need to have an acceptable visa. Many visas are acceptable but the following are not: Visitor Visa (exception, a Special Category Visa - NZ Citizen is acceptable), Working Holiday, Student, Exchange/gap year, Transit/short stay/seasonal, and Bridging.
Eligible balance transfer debt. You can transfer up to 90% of your approved credit limit from non-NAB accounts.
Age. You must be at least 18 years old to apply.

Required documents

Personal information. This includes your full name, date of birth, marital status, residential address, email address and contact number. You're also required to provide identification, such as your driver's licence number.
Employment. This includes your employer's name and contact details, your role and the length of time you've worked there. You'll also need to provide details of your salary and may be asked to submit recent payslips or bank statements.
Finances. As well as your income, this includes details of any assets such as savings, shares or investments. You'll also need to provide information about existing cards, loans, other debts and ongoing financial responsibilities and expenses (ie groceries and fuel).
Balance transfer details. If you're conducting a balance transfer, you'll need to include how much you're moving and your previous account details.

Go to NAB's site More info

Card benefits

Bonus Velocity Points offer. Receive 60,000 bonus Velocity Points (converted from 120,000 NAB Rewards Points) when you apply before 29 November 2024 and spend $1,000 on everyday purchases within 60 days of opening the account. These points will be credited to your account within 3 months of meeting the spend requirement. The other 20,000 bonus Velocity Points (converted from 40,000 NAB Rewards Points) will be credited in the 13th month when you keep your account open. The Velocity Points you receive will be converted from NAB Rewards Points.
Discounted first-year annual fee. Apply before 29 November 2024 and get approved for a new card and you will get a discounted annual fee of $95 for the first year. After that, the annual fee will be $195 p.a.
Points per $1 spent. You can get your NAB Rewards Points automatically converted to Velocity Points by providing your Velocity Frequent Flyer membership number. You'll earn 1 NAB Rewards Point per $1 spent on eligible purchases. NAB Rewards Points convert to Velocity Points at a rate of 2:1, meaning 1 NAB Rewards Point is half a Velocity Point. You can also earn 1 additional NAB Rewards Point for every dollar spent on online purchases made with Webjet via the NAB Rewards Store or Webjet's website. Webjet booking terms and conditions apply. You can also earn additional 0.5 NAB Rewards Points per $1 spent at eligible grocery stores (an eligible grocery store is a merchant whose MCC is designated as 5411 Grocery Stores and there are exclusions including purchases made via PayPal or food delivery platforms). Other conditions apply. NAB Rewards Points convert to Velocity Points at a rate of 2 NAB Rewards Points to 1 Velocity Point.

Balance transfer offer. This card offers a balance transfer rate of 0% p.a. for the first 12 months when you apply online beefore 29 November 2024. A one-time balance transfer fee of 3% applies. At the end of the introductory period, any remaining balance from your transfer will attract the variable cash advance rate.
NAB Concierge. Your 24/7 concierge service can help you with tasks such as travel planning and bookings, entertainment tickets, flower deliveries and restaurant recommendations and bookings.
Visa benefits. The NAB Rewards Platinum Card offers contactless payments via Visa payWave, exclusive ticket and experience offers through Visa Offers + Perks, and extra security online through Visa Secure. As a platinum card, you also gain access to a variety of premium Visa benefits, including priority access to pre-released tickets through Visa Front Line.
Mobile wallets. You can link your NAB credit card with Samsung Pay, Apple Pay, Google Pay, Fitbit Pay or Garmin Pay to make contactless payments using your qualifying device at the checkout.

Rates & fees

Annual fee. Outside of any promotions, this card charges an annual fee of $195.
Purchase rate. A 20.99% p.a. variable interest rate applies to purchases made on this card.

Interest-free days. Receive up to 44 interest-free days on purchases when you pay your balance in full, or if your statement shows an interest free days amount, in full, by the statement due date.
Cash advance rate. The variable rate for cash advance transactions is 21.74% p.a.
Cash advance fee. If you use the NAB Rewards Platinum Card to withdraw cash or for another type of cash equivalent transaction, you'll pay a fee of 3% or $3, whichever is greater.
Credit limits. This card has a minimum credit limit of $6,000 and a maximum credit limit of $30,000.
International transaction fee. When you use this card for foreign currency transactions (such as shopping overseas or online with an international merchant), a fee worth 3.5% of the total Australian dollar amount applies.

Go to NAB's site More info

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Allie Williams

August 27, 2024

Hello Is this card point reward program capped per month? I currently have a NAB card that is capped at 1500 points per month even with a 20k monthly spend and looking for something more worthwhile with velocity points if you cpould help please not looking for an american express

Angus Kidman Finder

September 15, 2024

Hi Allie, There’s no cap on the number of NAB Rewards points you can earn with this card, and you can opt in to have these automatically converted to Velocity Points.

josh

August 12, 2024

Hi, is the 1 point per dollar spent earn rate velocity points or NAB rewards points (making it actually .5 velocity points per dollar spent)

Richard Whitten Finder

September 23, 2024

Hi Josh,

Sorry for the late reply. The base earn rate on the card is 1 NAB Reward Point, so .5 Velocity Points. I appreciate that it’s a bit confusing. I will edit our guide to make this point clearer. Thanks for your question!

Angus Kidman Finder

September 22, 2024

Hi Josh, yes it’s 1 NAB Rewards Point per $1 spent, which, as noted, converts to 0.5 Velocity Points.

NAB Rewards Platinum Card – Velocity Points

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