NAB Rewards Signature Card – Velocity Points

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Bonus points: 80,000
Purchase rate: 20.99% p.a.
Reward points per $ spent: 1.5
Annual fee: $420 p.a.

Our verdict

Offers up to 80,000 bonus Velocity Points, get 3 NAB Rewards Points per $1 for online purchases made with Webjet, with a $35 monthly fee.

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The NAB Rewards Signature is a top-tier credit card that rewards cardholders for their spending with rewards points and also auto-transfers from NAB Rewards Points to Velocity Points. Currently, it offers 60,000 bonus NAB Velocity Points when you apply online, are approved and spend at least $5,000 on everyday purchases within the first 90 days from account opening. And another 20,000 points when you keep your card open for over 12 months. That means, if you do collect the maximum 80,000 bonus points, you could transfer them and get 40,000 Velocity Points for frequent flyer rewards. The NAB Rewards program also offers point transfers Cathay Pacific (Asia Miles), Singapore Airlines KrisFlyer, Air New Zealand Airpoints, Accor Live Limitless and Flybuys. Similar to many other credit card reward programs, you can also get retail items or donate to charitable causes. Before you can collect the last 20,000 bonus points on offer, this card requires you to pay the ongoing $420 annual fee (paid at $35 per month) in the second year, though.

It earns 1.5 NAB Rewards Points per $1 on eligible purchases up to $15,000 per month, then 0.5 points per $1 thereafter, uncapped. Additionally, it offers a higher rate of 3 points per $1 on online purchases made with Webjet.

The NAB Rewards program offers an equivalent 2:1 conversion rate for Velocity, which is on par with other reward credit cards. With this offer, you just need to make sure you provide your Velocity Frequent Flyer membership details so that NAB can set up the Velocity auto-transfer for you. NAB sends the details by email after the application is approved, so make sure you check your junk mail.

Pros

Up to 80,000 bonus Velocity Points
0% p.a. on balance transfers for 12 months
0% international transaction fees

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
Charges a 3% balance transfer fee
Need to spend at least $5,000 in a statement period for the $35 monthly fee to be reversed

Details

Product details

Product Name	NAB Rewards Signature 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 days	Up to 44 days on purchases
Cash advance rate p.a.	21.74%
Min credit limit	$15,000
Max credit limit	$75,000
Card type	Visa

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	Yes

Rewards

Rewards program	NAB Rewards / Velocity Frequent Flyer
Bonus points	80,000
Rewards points per $ spent	1.5

Fees

Annual fee	$420
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	0%
Cash advance fee	3.5% of transaction value or $3.50, whichever is greater
Overseas ATM withdrawal fee	$5
Number of additional cardholders	1

How to apply

It takes about 15 minutes to apply for a NAB Rewards Signature Credit Card online, and you'll get a response in around 60 seconds. To get started, check you meet the eligibility criteria and have all the details needed to complete the application.

Eligibility criteria

New customer. The bonus points offer is only available to new NAB customers, meaning you cannot hold or have held any personal NAB Rewards credit card in the last 24 months.
Australian residency status. 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.

Velocity Frequent Flyer membership details. You need to provide NAB with your Velocity Frequent Flyer membership details after being approved for this card. Otherwise, the Velocity auto-transfer won't be set up and you'll earn NAB Rewards Points. Using Velocity Points is subject to Velocity's terms and conditions.
Income. You must have a regular source of income.
Age. You must be at least 18 years old to apply.
Eligible balance transfer. If you elect to transfer a balance, you can transfer up to 90% of your credit limit from Australian-issued, non-NAB cards.

Required documents

Personal details. Including your full name, date of birth, residential address, marital status and number of dependents. You'll also be asked to include proof of identification including your driver's licence number, passport or birth certificate.
Employment details. You'll need to provide details of your occupation, salary and employer, including contact details for them. You may also be asked to provide recent payslips.
Finances. As well as your income, you'll need to provide information regarding any other expenses, assets or liabilities.
Balance transfer details. If you are planning to transfer a balance, you'll need to provide the details of that account(s), including the institution and account number.

Card benefits

Bonus Velocity Points offer. Receive 60,000 bonus Velocity Points (converted from 120,000 NAB Rewards Points) when you spend $5,000 on everyday purchases within 90 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. There is no specified expiry date for this offer but NAB may withdraw or vary it at any time.
0% international transaction fees. There is no fee for paying with this card overseas or online with a business that's based overseas. This can save you 2-3% on foreign transaction fees charged by some credit and debit cards.

Points per $1 spent. You'll earn 1.5 NAB Rewards Points per $1 spent on eligible purchases up to $15,000 per month, then 0.5 NAB Rewards Points for every $1 spent, uncapped. You can also earn 3 NAB Rewards Points for every $1 spent on online purchases made with Webjet via the NAB Rewards Store or Webjet's website. Webjet booking terms and conditions apply. With a Velocity Points auto-transfer, every 2 NAB Reward Points equals 1 Velocity Point. This means you earn an equivalent of around 0.75 to 1.5 Velocity Points per $1 spent. Transactions that don't earn points include cash advances, interest charges and other bank fees, government transactions, balance transfers and gambling.
Rewards and point transfers. When you set up an auto-transfer, every 2 NAB Rewards Points will be converted to 1 Velocity Point. If the auto-transfer to Velocity is not set up, you'll earn NAB Rewards Points on the NAB Rewards Signature Credit Card.
Balance transfer offer. The NAB Rewards Signature offers 0% p.a. for the first 12 months, with a one-time 3% balance transfer fee. At the end of the introductory period, any debt remaining from the transfer will attract the variable cash advance interest rate, currently 21.74% p.a., and you must still make minimum repayments.
Complimentary insurance. The NAB Rewards Signature offers purchase protection insurance, extended warranty insurance, car rental excess in Australia insurance, domestic travel insurance and international travel insurance. You'll also get mobile phone insurance of up to $1,650 per year, which covers accidental damage and theft. These complimentary insurance policies are issued by Allianz and you should refer to the NAB Card Insurance Policy Information Booklet for full details of what's covered and when you'll be eligible for cover.
Complimentary delayed flight lounge pass. The NAB Rewards Signature gives you and up to four additional guests complimentary airport lounge access at select airport locations on flight delays of an hour or more not exceeding 24 hours from the scheduled departure time. Alternatively, you can use your flight delay pass to offset a dollar amount off the total bill at select dining options.
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 eligible device at the checkout.

Rates & fees

Monthly fee. This card has a $35 monthly fee, which adds up to $420 over 12 months. However, this fee is waived if you spend at least $5,000 in a statement period.
Purchase rate. The purchase rate on this card is 20.99% p.a. If you regularly pay less than the total balance shown on each statement, you may want to consider a low rate credit card that charges 15% p.a. or less.

Interest-free days. You'll get 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 that you pay in full, by the statement due date.
Cash advances. This card has a variable cash advance interest rate of 21.74% p.a. When you make a cash advance (such as an ATM withdrawal), you'll also be charged a fee worth 3.5% or $3.50, whichever is greater.
Minimum credit limit. You can apply for a minimum credit limit of $15,000 p.a.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. NAB Rewards Signature Card – Velocity Points information PDF
2. NAB Rewards Signature Card – Velocity Points TMD

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Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full profile

NAB Rewards Signature – Velocity Points

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