NAB lowers points earn rate across AMEX dual credit cards

Andrew Munro 1 May 2017

NAB Cashback

NAB is the last of the Big Four banks to change how customers can earn points with dual cards this year.

Earlier today, we reported both Commonwealth Bank and Westpac have plans to lower how many points cardholders can earn across its American Express dual credit card range from July. NAB is now the latest bank to jump on the bandwagon, announcing it will also reduce earn rates across its frequent flyer and rewards cards as of 1 July 2017.

The main incentive of a dual credit card is the opportunity to collect more points per dollar spent on the AMEX card, which could limit the points potential of many NAB cardholders.

As with most banks that have lowered the value of their rewards programs in recent months, we can largely attribute these changes to the upcoming interchange fee regulations. From 1 July, interchange fees will be capped at 0.8% per transaction. High-end rewards cards generally collect 1.5% to 1.7% in interchange fees, so banks are preparing for a potential loss of profits by cutting their rewards programs.

As ANZ ended its partnership with American Express in March 2017, this makes NAB the last of the Big Four banks to react to the interchange fee regulations with changes to its rewards program.

See the tables below to find out how rewards changes impact how many points you'll earn per dollar.

How are the AMEX rewards programs changing?

Across the dual cards range, the American Express cards are facing the most significant changes come July. As well as fewer points per dollar spent, you'll also notice lower points caps across the board.

The cardEarn rates before 1 July 2017Earn rates after 1 July 2017
NAB Velocity Rewards Premium Card1.5 points per $1 spent with AMEX
$20,000 monthly spend ceiling
1 point per $1 spent with AMEX
$5,000 monthly spend ceiling
NAB Qantas Rewards Premium Card1.5 Qantas points per $1 spent with AMEX
$25,000 spend ceiling per statement period
1 Qantas point per $1 spent with AMEX
$5,000 spend ceiling per statement period
NAB Qantas Rewards Card1 point per $1 spent with AMEX
$20,000 spend ceiling per month
0.75 points per $1 spent with AMEX
$3,000 spend ceiling per month
NAB Velocity Rewards Card1 point per $1 spent with AMEX
$20,000 spend ceiling per statement period
0.75 Velocity points earned per $1 spent
$3,000 spend ceiling per statement period
NAB Qantas Rewards Plus Card (existing customers only)1 point per $1 spent with AMEX on spends of $3,001 to $25,000 per month1 point per $1 spent with AMEX up to $3,000, 0.5 points from $3,001 onwards, up to $6,000 per month

Changes to Visa and Mastercard reward points

Visa and Mastercard programs are also going to change for some customers across a select few cards:

The CardBefore 1 JulyAfter 1 July
NAB Qantas Rewards Plus Card (existing cardholders only)0.66 points per $1 spent with VISA/Mastercard on spends of $3,001 to $25,000 per month0.66 points per $1 spent with VISA/Mastercard up to $3,000, 0.33 points from $3,001 up to $6,000 per month
NAB Qantas Business Signature Visa0.8 Qantas points per $1 spent, up to $100,000 per statement period0.66 Qantas points per $1 spent, up to $50,000 per statement period
NAB Qantas Business Visa (existing cardholders only)0.8 Qantas points per $1 spent, up to $100,000 per statement period0.66 Qantas points per $1 spent, up to $100,000 per statement period

While American Express-issued credit cards aren't impacted by the interchange fee regulations, NAB is just one of many banks to announce changes to its dual credit cards. If you own a credit card from NAB or another bank that has changed its rewards program in recent months, it's wise to understand how the interchange fee regulations will impact your credit card. You might notice the rewards perks you initially signed up for are no longer available, so it's important to remain aware and start comparing your options if the card will soon offer less value.

For more information about how the upcoming interchange fee regulations could impact how you earn reward points with your card, see this guide.

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2 Responses

  1. Default Gravatar
    June 28, 2017

    How is the NAB visa flybuys card impacted?

    • Staff
      MayJune 28, 2017Staff

      Hi Yvonne,

      Thanks for reaching out.

      The rewards program for the NAB flybuys Rewards Card is still the same and is not affected by the changes in points system of other NAB credit cards (with AMEX logo) mentioned above.

      With the NAB flybuys Rewards Card, you can still earn 1 flybuys point for every dollar spent on eligible purchases. These points never expire but are capped at $20,000 spend for every statement cycle.

      Cheers,
      May

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