NAB Velocity Rewards Credit Card Details

Information verified correct on March 30th, 2017

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

The NAB Velocity Rewards Card has the feature of two separate credit cards linked to one account: the NAB Velocity Rewards Visa, which makes paying for day-to-day purchases easy and the NAB Velocity Rewards American Express to earn maximum points.

Velocity is Virgin Australia’s global frequent flyer program, allowing you to earn points by travelling on their airline or airline partners. Velocity goes beyond travel and also offers global non-travels partners where you can earn and redeem points.

Product NameNAB Velocity Rewards Card
Rewards ProgramVelocity Rewards
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 Limit70% 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 TypeAmerican Express/Visa
Late Payment Fee$9
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
Foreign Currency Conversion Fee (AMEX)
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 ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
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$9
Over Limit Fee$0
Cash Advance Fee2% or $2.50, whichever is greater
Overseas Cash Advance Fee2% or $2.50, whichever is greater
Overseas Emergency Replacement$100
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
Foreign Currency Conversion Fee (AMEX)
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 Fee
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

  • 4.99% p.a. on balance transfers for 6 months
  • Receive
  • This rewards card has a low annual fee of just $95.
  • Although American Express is not accepted in as many places as Visa, you will earn more Velocity rewards points than the Visa card.

Cons

  • The interest-free days on purchases made with your card is only up to 44 days.
Rewards ProgramVelocity Rewards
Rewards Points per $ (VISA/MC)0.5
Rewards Points per $ (AMEX)1
Rewards Points per $ (VISA/MC) Cap10,000
Rewards Points per $ (AMEX) Cap20,000
Points ExpiryNever

The NAB Velocity Rewards Credit Card review

NAB Velocity Rewards Card comes with an introductory rate of 4.99% p.a. for 6 months on balance transfers which could help you consolidate any existing debts.

Cardholders can earn points as they spend, with an earn rate of 1 point on American Express and 0.5 points on Visa for every dollar spent on eligible purchases. Although the points are capped at $20,000 purchase 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 a NAB Velocity Rewards Credit Card

  • Rewards program. Cardholders can earn points on both American Express and Visa card. The American Express card will earn 1 point and Visa card will earn 0.5 points for every dollar spent on eligible purchase. Velocity points don’t expire (as long as you earn or redeem them at least once every 24 months. But they are capped once $20,000 is spent per statement cycle. This limits the rewards to 10,000 points on Visa card and 20,000 on American Express card per statement cycle.
  • Introductory offer. You can consolidate your existing debt by taking advantage of the balance transfer at an interest rate of 4.99% p.a. for 6 months.
  • Interest-free days. If cardholders pay their balance in full, they can enjoy up to 44 interest-free days on purchases.
  • Additional cardholder fee. Customers can get an additional cardholder at no extra fees.

Features of the NAB Velocity Rewards Credit Card

  • Interest rate on purchases. Cardholders get a purchase interest rate of 19.99% p.a. after the interest-free days are over.
  • Interest rate for cash advances. The card offers 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 and American Express cards. This includes payWave and Visa Entertainment for Visa cards. For American Express cards, it includes Global Hotel Program, Car Rental service and more.

How to apply for the NAB Velocity Rewards Credit Card

If this card meets your requirement, you can go ahead and start applying by filling out your details on the secure online application form. Before you begin the application though, 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 asset, 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 balance transfer offer of 4.99% p.a. for 6 months could be a good way to repay at a lower rate. Once you’ve paid off your debts, you could 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

How do I shift my balance from NAB Premium card to NAB Velocity Rewards Card?

Balance transfer is possible only between unrelated cards. You cannot transfer balance from one NAB card to another. However, if you are looking to reduce your interest burden you can look at other credit cards with good balance transfer options.

I am not interested in reward points, but would like to use the balance transfer option. Additionally I would like complimentary insurance. Is there an alternative card from NAB which might be suitable to my needs?

You can look at the NAB Premium Card. It offers similar balance transfer option along with complimentary insurance. However, it does not have a rewards program. The annual fee is also very similar at $90. You should compare other cards also before finalising on a card.

How do I know if I meet the income requirements?

This card does not have a minimum income requirement criterion. However, all credit cards will look at the repayment capability of cardholder before approving the card. If you’re unsure, you’re better off speaking with a NAB representative to find out whether you’re a likely candidate for the card before applying.

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28 Responses to NAB Velocity Rewards Credit Card Details

  1. Default Gravatar
    Anthony | February 9, 2017

    Do I get complimentary travel insurance with this card

    • Staff
      Anndy | February 9, 2017

      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
    Mark | January 17, 2017

    Thanks for your reply Anndy, but what I am after is a specific answer do you mean it is NOT necessary for daily purchases or do you mean it may be necessary?

    • Staff
      Anndy | January 18, 2017

      Hi Mark,

      Thanks for getting back and sorry for the confusion. Yes, you don’t have to make daily purchases. All you need is to make any purchase within the first 90 days.

      Cheers,
      Anndy

  3. Default Gravatar
    Mark | January 17, 2017

    Hello,

    What does the ‘make an everyday purchase within 90 days of opening your account’ mean, does it mean making purchases everyday or just making any purchase within 90 days?

    Please confirm, there is no interest on all purchases for the first 15 months?

    Thanks

    • Staff
      Anndy | January 17, 2017

      Hi Mark,

      Thanks for your question.

      The statement ‘make an everyday purchase within 90 days of opening your account’ means that you’ll have to make any eligible purchase within 90 days of account opening (not necessarily daily).

      NAB Velocity Rewards Credit Card does offer 0% p.a. interest on purchases for 15 months. This means that there will be no interest charges on your eligible purchases even if you just pay the minimum repayment within the promo period.

      Cheers,
      Anndy

  4. Default Gravatar
    MrsLane | August 15, 2016

    Hi, my husband & I took out a home loan from NAB earlier this year. We changed from Qantas to Velocity frequent flyer credit card in order to get 250000 points. (This was advised from the bank manager.)

    We have also been buying everything on our card in order to get points as this is what we did with the Qantas card. I have checked my velocity membership several times & have not earnt any points in 5 months. Am I missing something?

    Is there a minimum credit limit? We’ve changed our limit from 10K down to 5K.

    Thanks for your time.

    • Staff
      May | August 16, 2016

      Hi MrsLane,

      Thanks for your question. Just to confirm though that you’ve come through to finder.com.au we are an Australian financial comparison website and general information service, not actually NAB.

      As stated in the fine prints on NAB’s website pertaining to their offer NAB Home Loan and Banking Bundle:

      1. You may be awarded your Velocity Frequent Flyer Points in two stages.

      2. First, if you meet the eligibility criteria for a NAB Velocity Credit Card Points offer sooner than the date of drawdown of your home loan, as this will trigger the number of points attributable to the credit card offer to be credited to your Velocity Frequent Flyer account within 3 months of meeting the card offer eligibility criteria.

      3. The balance, up to a maximum total of 250,000 Velocity Frequent Flyer Points, will be awarded within 90 days of your Home Loan drawdown.

      4. To earn and redeem Velocity Points, you must be a Velocity member. Velocity FF program terms and conditions also apply.

      If you need further information about this NAB’s offer, you’d be best to get in touch with NAB directly.

      Cheers,
      May

  5. Default Gravatar
    Andrew | August 2, 2016

    Hello we took out a new home loan some months ago, but was not told about the 250,000 velocity if taking out a credit card also.

    Is it now to late?

    • Staff
      May | August 3, 2016

      Hi Andrew,

      Thanks for your inquiry. You’ve come through to finder.com.au we are an Australian financial comparison website and general information service, not actually NAB.

      If you took out a NAB Home Loan, you actually have the option to make NAB as your main bank for your credit card and get the 250,000 Velocity frequent flyer points. The requirement to get the 250,000 Velocity points is, after 30 days of your home loan drawdown, you must apply for a NAB Velocity Rewards Premium Card or NAB Velocity Rewards Card and make eligible purchases on the card.

      If you’re interested in getting the 250,000 Velocity FF points, I suggest that you contact NAB directly and verify if you can still take advantage of the offer after few months of taking out the home loan.

      Cheers,
      May

  6. Default Gravatar
    Trudi | February 25, 2016

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

    • Staff
      Sally | February 26, 2016

      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

  7. Default Gravatar
    Mick | January 2, 2016

    How do I check my Velocity point balance?

    • Staff
      Sally | January 4, 2016

      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

  8. Default Gravatar
    Shaun | October 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
      Elizabeth | October 8, 2014

      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

  9. Default Gravatar
    philip | December 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
      Jacob | December 26, 2013

      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.

  10. Default Gravatar
    Val | November 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
      Jacob | November 20, 2012

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

Credit Cards Comparison

Rates last updated March 30th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 2 Velocity Points per $1 spent and save with a reduced annual fee and a 0% p.a. balance transfer offer for 18 months.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on balance transfers for the first 18 months combined with a low annual fee.
13.99% p.a. 0% p.a. for 18 months with 3% balance transfer fee $59 p.a. Go to site More info

* 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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