NAB Velocity Rewards Credit Card Details

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Earn 0.5 Velocity Points per $1 spent plus, up to 44 days interest-free on purchases.

The NAB Velocity Rewards Card is a Visa credit card with Visa payWave functionality and access to exclusive pre-sale tickets and entertainment deals through Visa Entertainment.

You can also use this card to earn Velocity Points as you spend, which you can redeem for flights with Virgin Australia and its airline partners, accommodation, car hire and a variety of products from the Velocity eStore.

Product NameNAB Velocity Rewards Card
Rewards ProgramVelocity Frequent Flyer
Balance transfer rate (p.a.)4.99% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Balance Transfer Limit90% of available credit limit
Purchase rate (p.a.)19.99% p.a.
Annual fee$95 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 44 days on purchases
Cash advance rate (p.a.)21.74% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Card TypeVisa
Late Payment Fee$15
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsYes
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsYes
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Annual Fee$95 p.a.
Late Payment Fee$15
Over Limit Fee$0
Cash Advance Fee2% or $2.50, whichever is greater
Overseas Cash Advance Fee2% or $2.50, whichever is greater
Overseas ATM Balance check$1
Overseas ATM Withdrawal Fee$5
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Take advantage of a balance transfer offer of 4.99% p.a. for 6 months.
  • Receive 0.5 Velocity Points per $1 spent on everyday purchases.
  • This rewards card has a low annual fee of just $95.

Cons

  • The interest-free days on purchases made with your card is only up to 44 days. Interest free days on purchases do not apply while you have a balance transfer.
Product NameNAB Velocity Rewards Card
Table ImageNAB Velocity Rewards Card
Rewards Points per $ spent
0.5
Rewards ProgramVelocity Frequent Flyer
Annual fee$95 p.a.
Balance transfer rate (p.a.)4.99% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Purchase rate (p.a.)19.99% p.a.
Cash advance rate (p.a.)21.74% p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 44 days on purchases
Card TypeVisa
Foreign Currency Conversion Fee
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You'll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3%
of transaction value
Go to site More info

The NAB Velocity Rewards Credit Card review

NAB Velocity Rewards Card offers a low interest rate on balance transfers which could help you consolidate and pay down any existing credit cards debts.

Cardholders can earn points as they spend, with an earn rate of 0.5 Velocity points for every dollar spent on eligible purchases. The points are capped at a $3,000 spend per statement period, they are not restricted by an expiry date.

Cardholders can also take advantage of up to 44 interest-free days on purchases when they pay their balance in full each month.

Benefits of using the NAB Velocity Rewards Credit Card

  • Rewards program. Cardholders can earn 0.5 Velocity points for every dollar spent on eligible purchases, capped at $3,000 spend per statement period. Velocity Points don’t expire (as long as you earn or redeem them at least once every 24 months).
  • Interest-free days. If cardholders pay their balance in full and do not carry a balance transfer debt, they can enjoy up to 44 interest-free days on purchases.
  • Additional cardholder fee. Customers can add an additional cardholder at no extra cost.

Features of the NAB Velocity Rewards Credit Card

  • Interest rate on purchases. Purchases attract an interest rate of 19.99% p.a.
  • Balance transfer. You can take advantage of a 4.99% p.a. interest rate for 6 months on balance transfers to consolidate non-NAB credit card or store card debt (reverts to the standard cash advance rate thereafter). Note that minimum monthly repayments are required.
  • Interest rate for cash advances. The card accrues 21.74% p.a. on cash advances.
  • Annual fee. The annual fee on the card is $95.
  • Minimum credit limit. This card has a minimum credit limit of $500.
  • Other features. The card offers unique features of Visa cards, which includes payWave and Visa Entertainment offers.

How to apply for the NAB Velocity Rewards Credit Card

If this card meets your requirements, you can go ahead and start applying by filling out your details on the secure online application form. Before you begin the application, make sure you meet the following eligibility requirements.

Eligibility criteria

  • You must be at least 18 years of age.
  • If you are not an Australian citizen or permanent resident, you’ll need to provide the last overseas address you resided at.

Required documents

  • You need to provide the documents giving details of your current employment and employer.
  • Details for monthly pre-tax and post-tax income need to be provided.
  • Details about your assets, current debt levels and day-to-day expenses are needed.
  • The total value of any savings accounts, term deposits or similar accounts that are not associated with NAB, Homeside, or BNZA.

If you’re looking to manage an existing debt, the 4.99% p.a. balance transfer offer could be a good way to repay at a lower rate. You can also be rewarded by the way of earning rewards points as you spend and accessing up to 44 interest-free days on purchases when you pay your balance in full. Although the NAB Velocity Rewards Credit Card offers a number of beneficial features, it is not the only rewards card on the market. As such, you’re better off comparing a few options to decide which one will be of most value before applying.

Frequently asked questions

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20 Responses

  1. Default Gravatar
    AnthonyFebruary 9, 2017

    Do I get complimentary travel insurance with this card

    • Staff
      AnndyFebruary 9, 2017Staff

      Hi Anthony,

      Thanks for your question.

      Unfortunately, the NAB Velocity Rewards Credit Card doesn’t come with a complimentary travel insurance cover.

      You may want to check this page to compare credit cards with complimentary insurance.

      Cheers,
      Anndy

  2. Default Gravatar
    TrudiFebruary 25, 2016

    Are the velocity points earned able to be redeemable with Virgin partners i.e Air New Zealand

    • Staff
      SallyFebruary 26, 2016Staff

      Hi Trudi,

      Thanks for your question.

      Yes, you can redeem your Velocity Points for flight reward seats with Virgin’s airline partners. Some of these partners include Air New Zealand, Delta Airlines, Etihad Airways, Singapore Airlines, SilkAir, Virgin America, Virgin Samoa, Virgin Atlantic, Hawaiian Airlines, Airberlin and South African Airways.

      The rewards you’re eligible to redeem depend on the partner airline and how you redeem the points (e.g. over the phone or online).

      I hope this has helped.

      Cheers,

      Sally

  3. Default Gravatar
    MickJanuary 2, 2016

    How do I check my Velocity point balance?

    • Staff
      SallyJanuary 4, 2016Staff

      Hi Mick,

      Thanks for getting in touch.

      You can check your Velocity point balance by signing into your online Velocity account via the Velocity website. When you signed up for the program, you should’ve received a membership number and password that you’ll need to sign in.

      If not, you can contact Velocity on 13 18 75 to confirm your login information.

      I hope this has helped.

      Cheers,

      Sally

  4. Default Gravatar
    ShaunOctober 8, 2014

    Hello, I am looking for a credit card. I have a velocity membership. I was wondering which card(s) would offer the most in gaining points and overall being a better card?

    • Staff
      ElizabethOctober 8, 2014Staff

      Hi Shaun,

      Thanks for your question.

      You might want to take a look at this page that compares a range of credit cards that allow you to earn Velocity points.

      Hope this has helped.

      Thanks,

      Elizabeth

  5. Default Gravatar
    philipDecember 25, 2013

    1. If I switch from Velocity Rewards NAB VISA card to the Virgin Australia Velocity High Flyer VISA Card can I retain the same VISA card number?
    2.Are Velocity points earned on the same purchases for both cards?
    3. As I need 2 cards am I charged for 1 or 2 cards per annum?

    • Staff
      JacobDecember 26, 2013Staff

      Hi Phillip.

      Thanks for your question.

      1. You will be issued a new card number if you change accounts.
      2. Points accrue in accordance to the Velocity frequent flyer program terms and conditions, which applies to both cards.
      3. There is an additional cardholder fee when you request a second Virgin Australia High Flyer Visa Card. You can find it listed on the card’s review and application page in the table at the bottom of the review.

      I hope this helps.

  6. Default Gravatar
    ValNovember 19, 2012

    Thanks for yor answer Jacob. However, I have in front of me two cards which have Platinum on them… Been member for few years…. And they were reissued in the last year ( ie before they had expired). Who should I talk to regarding the conditions and benefits etc available to me? They are Visa/AMEX linked, NAB, Velocity. I have found information about Platinum cards, but need to know that it applies to mine. Thanks

    • Staff
      JacobNovember 20, 2012Staff

      Hi Val. Best to speak to a representative of NAB. Thanks.

  7. Default Gravatar
    ValNovember 19, 2012

    Further to the question I just posted. If I am eligible for complimentary travel insurance using my AMEX, which is part of a Platinum AMEX/Visa NAB Velocity combo… And the return international ticket was bought using AMEX, but the “side” trip was bought using the Visa (as paying with the AMEX is not an option, ie the airline would not accept AMEX), is the complimentary travel insurance still available for all of the trip? Thanks, Val

    • Staff
      JacobJanuary 8, 2013Staff

      Hi Val. It shouldn’t matter which card you use to make the purchase as both the Visa and the American Express cards are linked to the one credit account. Just be sure to check the fine print about the period of cover while overseas. Thanks for your question.

  8. Default Gravatar
    ValNovember 19, 2012

    Hi. I cannot locate the details for the Platinum Velocity AMEX Visa NAB cards which I have. I am specifically interested to know if complimentary travel insurance is one of the features. And if it is, where do I find the details about the travel insurance conditions? Thanks

  9. Default Gravatar
    ChantalOctober 16, 2012

    Hi,
    I would like to transfer my card from Nab Qantas Card to Velocity at no additional fee, how do I go about this

    Thank You

    • Staff
      JacobOctober 16, 2012Staff

      Hi Chantal. Balance transfers taking advantage of the low interest promotion are only allowed between two non-related credit cards, so you won’t be able to take advantage of a balance transfer low interest promotion between two NAB cards. But this does not mean you can’t apply for the Velocity NAB Card and close your existing card there is no fee for doing this. Thanks for your question.

  10. Default Gravatar
    WendyMay 3, 2012

    I am interested in one of these cards but just don’t know which one is best for me. Could you provide me with some more information on both. I am a velocity rewards member and am heading overseas this year with Virgin. Is there an extra charge on the American Express card as opposed to the visa card i.e. extra fees each time you use it.

    Thanks
    Wendy

    • Staff
      JacobApril 8, 2013Staff

      Hi Wendy. Thanks for your question, sorry about the delay in getting back to you (hope you had a great trip!). So although this question is probably not relevant any more – for the benefit of our other users: American Express cards do typically attract higher fees and charges than Visa and MasterCard cards; however, American Express Cards do offer higher earn rates and enhanced rewards options. With this particular account, you don’t have to choose between one card or the other, you’re given both. Customers are given both cards so they can use the card that will suit the circumstance where they’re making a purchase. The American Express has a higher earn rate but is not accepted in as many locations as the Visa Card. Where you’re AMEX is accepted, use that and you’ll get a higher earn rates, when you shop at a merchant that does not accept AMEX cards, use you Visa. You will still earn points with the Visa. Having two cards linked to the one account (a companion card) gives customers the opportunity to maximise their points earning while still being able to shop at a large variety of locations. Jacob.

Credit Cards Comparison

Rates last updated December 13th, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
Woolworths Everyday Platinum Credit Card
19.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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