NAB launches new Signature credit card range
Boasting 75,000 bonus Qantas Points or NAB Rewards, NAB’s two new Signature credit cards are designed for cardholders who want to get more bang for their buck.
NAB is kicking off the new financial year with two new credit cards in its Signature range: the NAB Rewards Signature card and the NAB Qantas Rewards Signature card. Designed for points chasers, both cards cater to cardholders who want to offset their card costs with extra features.
To narrow down your comparison, we've highlighted the rewards, costs and extra features that you should pay attention to. We've also compared NAB's new offerings with other reward products on the market to help you determine which option might be right for you.
As reward credit cards, how many points you can earn is one of the first factors to consider. Both cards offer 75,000 bonus points (either Qantas Points or NAB Rewards depending on the card) when you spend $4,000 on everyday purchases within the first 60 days of opening the account. NAB Qantas Rewards Signature cardholders must apply by 3 September 2017 to take advantage of this offer, while NAB Rewards Signature customers have until 1 October 2017 to receive the bonus points.
Amongst other reward and Qantas frequent flyer credit cards, these are two of the most competitive bonus point offers currently on the market. The rewards you could redeem from the bonus points alone could help justify the costs of the card. For example, 75,000 Qantas Points could get you an economy flight from Sydney to Paris (60,000 points) or a return business class flight from Sydney to Christchurch (72,000 points). Meanwhile, you could redeem almost $400 worth of Coles gift cards with 75,000 NAB Rewards. However, you should make sure that the spend requirements to earn the bonus points align with your budget before you commit.
The NAB Rewards card also has a promotional earn rate of at least 2.5 points per dollar spent within the first six months (up to 10,000 points per month). After this, you’ll earn 1.25 NAB Rewards points for every dollar spent on everyday purchases.
The Qantas Rewards Signature card collects 1 Qantas Point per $1 spent up to $5,000 and then 0.5 Qantas Points per $1 spent between $5,001 and $20,000 per statement period. While this card has a lower earn rate than the NAB Rewards Signature card, it has one of the most competitive standard earn rates across current Qantas Frequent Flyer credit cards.
Similarly to most premium card products, the NAB Signature credit cards both offer extra features to help outweigh the cost of the annual fee. When you use either of the cards to pay for at least $500 of pre-booked travel costs, you'll receive complimentary overseas travel insurance, including cover for travel cancellation, overseas medical expenses and lost luggage or travel documents. You can also shop with peace of mind thanks to purchase protection insurance.
You can also take advantage of the personal concierge service to help with everything from booking a flight or restaurant reservation to organising meetings or a gift for a loved one.
If you have debts to consolidate, both cards offer a 0% interest rate on balance transfers for the first six months with no balance transfer fee. While you can save on interest costs for the length of the promotional period, the standard cash advance rate will apply to any remaining amount of your transferred balance at the end of the introductory offer.
One noticeable omission from the extra features of the NAB Signature cards is complimentary airline lounge passes. Many reward and frequent flyer cards offer annual lounge passes, so this is one example of where the Signature cards fall short.
Rates and fees
Like most premium credit cards, the rewards and additional perks of the NAB Signature cards come at the cost of high annual fees and interest rates.
The NAB Qantas Rewards Signature card is the more expensive of the two, with an annual fee of $395 p.a. This also makes it one of the most expensive Qantas Frequent Flyer cards on the market.
Meanwhile, the NAB Rewards Signature card has an annual fee of $295 p.a., which might be lower than the Qantas equivalent but is still reasonably high among other reward credit cards.
Both cards have purchase rates of 19.99% p.a., which is important to note if you don’t think you can repay your balance in full each month. If you do regularly clear your balance, you could benefit from up to 44 interest-free days on purchases.
Both the NAB Rewards Signature card and the NAB Qantas Rewards Signature card offer competitive features for point collectors and big spenders. With high bonus point offers and earn rates, these features could be useful for rewarding your everyday spending. However, with high annual fees and interest rates, it’s important that you compare your options and ensure that the costs don’t outweigh the perks before you apply.
- Why “no interest” credit cards are really “monthly fee” cards
- CBA announces zero interest credit card CommBank Neo: How does it compare?
- NAB StraightUp: How credit cards are changing in a buy now pay later world
- 8 personal finance habits to get more out of life
- How to make the most of American Express Shop Small in 2020