NAB Velocity Rewards Credit Card Details

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Earn up to 0.75 Velocity Points 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.

You can 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 Rewards
Balance transfer rate (p.a.)0% 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.
Offer end date1 October 2017
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$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
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$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 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 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 0% p.a. for 6 months.
  • Receive up to 0.75 Velocity Points per $1 spent on everyday purchases.
  • 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)0.75
Rewards Points per $ (VISA/MC) Cap1,500
Rewards Points per $ (AMEX) Cap2,250
Points ExpiryNever

The NAB Velocity Rewards Credit Card review

NAB Velocity Rewards Card comes with a promotional low interest rate on balance transfers which could help you consolidate and pay down any existing debts.

Cardholders can earn points as they spend, with an earn rate of 0.75 points on American Express and 0.5 points on Visa for every dollar spent on eligible purchases. Although the points are capped at $3,000 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 transactions. The American Express card will earn 0.75 point and the Visa card will earn 0.5 point for every dollar spent on eligible purchases. Velocity Points don’t expire (as long as you earn or redeem them at least once every 24 months). But they are capped once $3,000 is spent per statement cycle.
  • Introductory balance transfer offer. If you request a balance transfer at the time of application, you can consolidate your existing debt by taking advantage of the balance transfer at an interest rate of 0% p.a. for 6 months (reverts to the standard cash advance rate thereafter) with no balance transfer fee. Minimum monthly repayments are required. This offer ends on 1 October 2017.
  • 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 add an additional cardholder at no extra fees.

Features of the NAB Velocity Rewards Credit Card

  • Interest rate on purchases. Purchases attract an interest rate of 19.99% p.a.
  • Standard balance transfer offer. If you didn't take advantage of the introductory offer, you can consolidate your existing debt by taking advantage of the 0% p.a. balance transfer with a one-off 2% balance transfer fee (not available in conjunction with the introductory balance transfer offer). This reverts to the standard cash advance rate after a 6-month period.
  • 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 and American Express cards. This includes payWave and Visa Entertainment for Visa cards. For American Express cards, it includes the 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, 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 standard balance transfer offer of 0% p.a. for 6 months 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

Balance transfer is possible only between unrelated cards. You cannot transfer a 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 long-term, low rate balance transfer options.

You can look at the NAB Premium Card. It offers a 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 deciding to apply for one.
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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20 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
    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

  3. 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

  4. 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

  5. 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.

  6. 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.

  7. Default Gravatar
    Val | November 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
      Jacob | January 8, 2013

      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
    Val | November 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
    Chantal | October 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
      Jacob | October 16, 2012

      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
    Wendy | May 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
      Jacob | April 8, 2013

      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 June 26th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Exclusive Offer
Earn 2 Velocity Points on top of the standard earn rate per $1 spent in the first 3 months, plus a $129 Virgin Australia Gift Voucher each year.
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 Credit Card
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
19.99% p.a. 0% p.a. for 22 months with 2% balance transfer fee $99 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
NAB Premium Card
An introductory rate of 0% p.a. for 20 months on balance transfers combined with premium benefits such as travel insurance covers.
19.74% p.a. 0% p.a. for 20 months with 2% balance transfer fee $90 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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