NAB Velocity Rewards Premium Card – Details and Application

Information verified correct on December 9th, 2016
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Get 25,000 bonus Velocity Points when you meet the spending requirements, plus a 0% p.a. balance transfer offer and a range of complimentary extras with the NAB Velocity Rewards Premium.

The NAB Velocity Rewards Premium Card combines a frequent flyer rewards program with exclusive complimentary features that are designed to give you more value when you pay with plastic. As well as ongoing benefits, this card offers 25,000 bonus Velocity Points when you apply by 22 January 2017, are approved and make an everyday purchase within the first 90 days of opening your account. You can also save money on existing card debt with a 0% p.a. balance transfer rate for the first 15 months.

250,000 Velocity Points Offer (Expires 31 December 2016)

Receive 250,000 Bonus Velocity Points when you also apply for a NAB Home Loan and NAB transaction account.

Product NameNAB Velocity Rewards Premium Card
Rewards ProgramVelocity Rewards
Balance transfer rate (p.a.)0% p.a. for 15 months with a one off 3% balance transfer fee
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Maximum Balance Transfer Amount90%
Purchase rate (p.a.)0% p.a. for 15 months (reverts to 19.99% p.a.)
Offer end date22 January 2017
Annual fee$150 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.
$6,000
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 InsuranceYes
Complimentary Travel Insurance Cover6 months
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.
$6,000
Annual Fee$150 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

  • This card comes with a 25,000 bonus points offer when you make an everyday purchases in the first 90 days of opening your account.
  • Enjoy 0% p.a. for 15 months on purchases and balance transfers.
  • Take advantage of concierge service and complimentary insurance covers.

Cons

  • This card has an interest-free period of up to 44 days only. This is low compared to other banks' interest-free periods of up to 55 days.
  • You can only earn 0.5 Velocity points on Visa card per $1 spent, which is much less than the average ratio offered with other cards of 1:1.
Rewards ProgramVelocity Rewards
Bonus Points on Sign-up25,000
Rewards Points per $ (VISA/MC)0.5
Rewards Points per $ (AMEX)1.5
Rewards Points per $ (VISA/MC) Cap10,000
Rewards Points per $ (AMEX) Cap30,000
Points Expiry24 months

NAB Velocity Rewards Premium Card review

The NAB Velocity Rewards Premium is a frequent flyer credit card account that comes with both an American Express and a Visa option. With this card, you can earn 1.5 points per $1 using the Amex, and 0.5 points per $1 spent using the Visa.

In addition to rewards, the NAB Velocity Rewards Premium offers a range of complimentary insurances, including international travel insurance and domestic hotel burglary insurance, and premium services including Visa Front Line Access, Amex Connect and a 24/7 concierge service. It also has an annual fee of $150 p.a..

Benefits of the NAB Velocity Rewards Premium Card

  • 25,000 bonus Velocity Points. Boost your Velocity balance with a bonus 25,000 points when you make an everyday purchase within the first 90 days of opening your account. This offer is available if you apply before 22 January 2017.
  • 0% p.a. balance transfer offer. You can save money on existing card debt and pay it off faster with 0% p.a. interest on balance transfers for the first 15 months. This offer is available if you apply before 22 January 2017.
  • Velocity Frequent Flyer rewards. This card offers Velocity Frequent Flyer points for your everyday spending, earning 0.5 points per $1 spent on the Visa and 1.5 points per $1 on the Amex. The combined spending total for both cards can be up to $20,000 for each statement period before your points are capped.
  • Complimentary international travel insurance. Purchase at least $500 of your prepaid travel expenses with your NAB Velocity Rewards Premium and you will qualify for overseas travel insurance for up to 6 months. This includes cover for travel cancellation, overseas medical expenses, and lost luggage or travel documents.
  • Other complimentary insurances. This card also includes interstate flight inconvenience insurance, domestic hotel burglary insurance, transport accident insurance, purchase protection insurance, price protection insurance and extended warranty coverage. Please refer to the NAB card insurance policy on the NAB website for complete policy details and requirements.
  • Amex Connect. Your American Express NAB Velocity Rewards Premium card gives you access to exclusive benefits, offers and experiences through Amex Connect. Categories for these deals include ravel, dining, shopping, entertainment and business.
  • Visa Front Line Access. This premium Visa credit card service allows you to reserve tickets to some of the biggest events before they go on sale to the general public.

How to join Velocity for free

Features of the NAB Velocity Rewards Premium Card

  • Annual fee. This card has a $150 annual fee.
  • Purchase rate. The standard variable purchase rate for this card is 0% p.a. for 15 months (reverts to 19.99% p.a.).
  • Interest-free days. If you pay your balance in full by the due date on each statement, you can get up to 44 days interest-free on your purchases.
  • Cash advance rate. You will pay 21.74% p.a. interest on any cash advance transactions you make. This includes ATM withdrawals, foreign currency purchases and gambling transactions.
  • Cash advance fee. When you use your NAB Velocity Premium Visa or Amex card for a cash advance, you will be charged a fee of 2% or $2.50, whichever is greater. You should note that American Express will not be accepted for a cash advance at non-NAB branches, and that using an ATM that is not in the NAB or rediATM network may also incur additional charges.
  • International transaction fees. If you make a purchase which requires currency to be converted to Australian dollars (AUD), your account will be charged 3% of the AUD amount.
  • Late payment fee. The late payment fee is $9.
  • Duplicate statement fee. The duplicate statement fee is $7.

How to apply for the NAB Velocity Rewards Premium Card

Applying for the NAB Velocity Rewards Premium Credit Card is simple and can be done online in around 10-15 minutes. Before you start the application process, make sure you meet the following requirements.

Eligibility criteria

  • You must be at least 18 years of age to apply for this card
  • You must be an Australian citizen or permanent resident to apply for this card
  • You must have a good credit history

Required documents

If you meet the requirements to apply for this card, you can begin the application. Having the following details and documents handy could help speed up the process.

  • Personal information. This includes your full name, date of birth, residential address, email address and driver's licence number.
  • Employment details. This includes your current position, your salary and your employer's contact details.
  • Financial information. The application requires you to outline details of any other forms of income or assets, along with your debts and financial obligations. This could include details of shares or savings accounts, as well as details of existing debts and regular payments such as bills, groceries or rent.

Once your application has been submitted, you should receive an email from NAB within 60 seconds that contains a reference number. This number will allow you to track the progress of your application. Once your application has been approved, it will then need to be verified after which your cards will be mailed to you within five business days.

The NAB Velocity Rewards Premium Credit Card offers a competitive rewards earn rate with the Amex card, and a host of complimentary insurance options. However, it's important to consider the annual fee and other potential costs against those of other frequent flyer cards to decide if this product will suit your needs.

Frequently asked questions

How do I become a Velocity member?

You will need to have a Velocity Frequent Flyer member account before you can start earning points with this card. You can sign up to the Velocity program for free on the Velocity website. After that, you can provide your membership details when you apply for the NAB Velocity Rewards Premium card, or at any time by calling NAB and linking these details to your card account.

How can I earn extra points with Velocity?

In addition to earning Velocity points for your everyday spending with the NAB Velocity Rewards Premium, you can earn points all over the world by using the program’s network of partners, including hotels, car hire companies, travel assistance, insurance companies and more. Additionally, you can earn points twice if you use your NAB Velocity Rewards Premium card to pay for purchases with Virgin Australia or another  Velocity program partner: once through your credit card and once through the Velocity rewards program.

What other criteria needs to be met in order to receive my bonus points?

To receive the 25,000 bonus points offer, you must apply online for the NAB Velocity Rewards Premium Card by 22 January 2017, be approved, and spend  on everyday purchases within 90 days of opening your account. You will receive the bonus points within three months of meeting the spend criteria.

Note that this offer is not available in conjunction with the NAB Home Loans Velocity 250,000 Velocity Frequent Flyer offer. 

What types of purchases are not eligible for reward points?

Transactions that are not considered an eligible purchase include cash advances, traveller's cheque purchases and interest charges. These types of transactions won't earn rewards points and may also attract additional charges.

Are you limited to the number of points you can earn in a year?

Rather than a yearly points limit, there is a spend cap of 20,000 per statement period. 
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92 Responses to NAB Velocity Rewards Premium Card – Details and Application

  1. Default Gravatar
    Cic | October 28, 2016

    Does paying for a new car on a credit card qualify as an everyday purchase to earn the 25,000 bonus velocity points?

    • Staff
      Anndy | October 28, 2016

      Hi Cic,

      Thanks for your question.

      For the purpose of earning the bonus Velocity points, according to the terms and conditions of the offer, eligible purchases exclude transactions NAB decides are wholly or partly for gambling or gaming purchases. Other regular purchases such as for a new car should qualify as an eligible purchase.

      Please note that to receive the bonus points, other eligibility criteria apply.

      Cheers,
      Anndy

  2. Default Gravatar
    Mathias | October 13, 2016

    Hi,

    So I already have an AMEX velocity platinum card, but realizing that I AMEX inst accepted anywhere and VISA is accepted in more places, is it possible to still get this package and not use the AMEX card (cut it up as soon as i get it) from NAB at all ? Also is this allowed to link 2 different credit cards to the one velocity account ?

    • Staff
      May | November 4, 2016

      Hi Mathias,

      Thank you for your comment.

      Actually, AMEX is also accepted worldwide though the coverage of acceptance may not be the same as the visa.

      So long that you meet the eligibility criteria for the NAB Velocity Rewards Premium Card, yes, you can apply for this card. Once you’re approved, you will have the option not to use the AMEX card, but there may be circumstances/instances that you may need to use the card, so you will have to think again if you really have to cut it up or not.

      As for linking two different credit cards to one Velocity account, yes, that’s possible.

      Cheers,
      May

  3. Default Gravatar
    Barry | June 6, 2016

    Does the free travel insurance apply to travel within Australia?

  4. Default Gravatar
    Nate | June 1, 2016

    250,000 Velocity Points Offer

    With the new home loan 250,000 points offer, does it have an expiry date and are you able to travel business class?

    • Staff
      Anndy | June 2, 2016

      Hi Nate,

      Thanks for your comment.

      The 250,000 Velocity Points offer ends on July 31, 2016.

      Velocity points don’t expire as long as you earn or redeem points within 36 months.

      Yes, you can redeem your Velocity points for business class seats, depending on availability. You can also use them for flight upgrades.

      Cheers,
      Anndy

  5. Default Gravatar
    Mr | April 27, 2016

    Hello

    If I continue to use my card and NOT the points, will the points expire after 36months?

    Is there a cost for a second card and is it annually or one off?

    Do I need to bank with NAB to take advantage of the points?

    Thank you.

    • Staff
      May | April 27, 2016

      Hi Mr. G,

      Thanks for your inquiry.

      Yes, with NAB Velocity Rewards Premium Card, the unused points will expire after 36 months. Also, obtaining a second card for this account is not possible and this offer is not available when closing/transferring from another NAB credit card account or in conjunction with any other NAB offers.

      As for earning the points, you just need to use your card on eligible purchases and banking with NAB is not a requirement. You can also get the bonus points by spending up to $1,500 on everyday purchases within 90 days of activation with your card.

      Hope this answers your question.

      Cheers,
      May

    • Default Gravatar
      Mr | April 27, 2016

      Hi May,

      Can you please re-check your answer regarding expiry, its states on other sites for the exact same card “Never as long as you keep your account active”….active to me means, as long as I use the CARD the points won’t expire.

      Thank you.

    • Staff
      May | April 27, 2016

      Hi Mr. G,

      Thanks for getting back and I’d like to apologise if I wasn’t clear with my answer on Velocity points’ expiration the first time.

      As your NAB Velocity Rewards Platinum card is linked to the Velocity Frequent Flyer program, the Velocity points you earned with your NAB Platinum credit card are governed by the T&C of Velocity Frequent Flyer program.

      As such, while you are using/keeping your credit card active and as you are earning Velocity Points with your card, it is a must that you also use or redeem your earned points so they will not expire. In the Velocity Frequent Flyer T&C, it states that:

      “Prior to 1 June 2016, a Member’s Points will expire 36 months after the date of last account activity which includes redeeming points.”

      For your reference, I have sent the link to the T&C of Velocity Frequent Flyer to your email.

      Hope this clarifies my previous message on Velocity points’ expiration.

      Cheers,
      May

  6. Default Gravatar
    Tony | March 8, 2016

    I cannot find the specific details on the type of cover offered in travel insurance from the nab website, only the link to purchase protection.

    Could you please give a direct link or provide some details on the extent of cover?

    • Staff
      Ysa | March 8, 2016

      Hi Tony,

      Thanks for coming through finder.com.au.
      For a full outline of NAB Card Insurance, please refer to the link I’ve sent to your email.

      Cheers,
      Ysa

  7. Default Gravatar
    travis | February 22, 2016

    Once I start using my NAB Velocity card how often are points credited to my Velocity account?

    • Staff
      Sally | February 23, 2016

      Hi Travis,

      Thanks for your question.

      If you meet the eligible spend, you’ll receive the bonus points within four months of making the purchase. For regular purchases, you should receive the points in your Velocity account at the end of every statement period.

      I hope this has helped.

      Cheers,

      Sally

  8. Default Gravatar
    Michael | February 21, 2016

    Is the online payment of annual car registration using the VISA card eligible for the bonus points and regular points offers?

    • Staff
      Jonathan | February 22, 2016

      Hi Michael, thanks for your inquiry!

      Since the annual car registration payment qualifies as a government fee/ charge, this payment would not qualify for bonus points or regular points offers. Everyday purchases involve the payment for a good or service and exclude cash advance transactions e.g. cash withdrawals and interest charges.

      Cheers,

      Jonathan

  9. Default Gravatar
    Jodie | February 18, 2016

    I applied for and have received my NAB credit card which attracts the 60000 velocity points. I’ve made the minimum spend to receive the points. How long does it take for the bonus points to be transferred to my velocity account?

    • Staff
      Debbie | February 19, 2016

      Hi Jodie,

      Thanks for your inquiry.

      Points will be credited to your account within 4 months after you have met the spending requirement.

      To learn more how to earn Velocity Frequent Flyer Points, kindly check this page.

      I hope this helps.

      Cheers,
      Debbie

  10. Default Gravatar
    Brad | February 15, 2016

    Hello

    Are current AmEx card holders eligible for the 30,000/60,000 bonus points offered with the NAB Rewards/Premium Rewards cards? I have found that I am ineligible for bonus FF points offers to join some other AmEx only cards.

    regards

    Brad

    • Staff
      Jonathan | February 16, 2016

      Hi Brad, thanks for your inquiry!

      Since AMEX is a separate credit card issuer to NAB you are eligible to apply for this bonus points offer.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated December 9th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
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
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. 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

* 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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