NAB Velocity Rewards Premium Card – Details and Application

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The NAB Velocity Rewards Premium Card features a range of complimentary insurances and Velocity Points per $1 spent on eligible purchases.

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.

Product NameNAB Velocity Rewards Premium 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$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$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 InsuranceYes
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.
$6,000
Annual Fee$150 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

  • Enjoy 0% p.a. on balance transfers for 6 months.
  • 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 less than the average ratio offered with other cards.
Rewards ProgramVelocity Rewards
Rewards Points per $ (VISA/MC)0.5
Rewards Points per $ (AMEX)1
Rewards Points per $ (VISA/MC) Cap2,500
Rewards Points per $ (AMEX) Cap5,000
Points ExpiryNever

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 point 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 interstate flight inconvenience 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.

Benefits of the NAB Velocity Rewards Premium Card

  • Special balance transfer offer. You can save money on existing card interest costs and pay it off faster with 0% p.a. interest on balance transfers for the first 6 months with no balance transfer fee if you apply for the balance transfer in your credit card application. Please note that minimum monthly repayments are required and this offer is available if you apply before 1 October 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 point per $1 on the Amex. The combined spending total for both cards can be up to $5,000 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, issued by QBE, 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.
  • Standard balance transfer rate. You can take advantage of the 0% p.a. for 6 months standard balance transfer rate to consolidate your debt (reverts to the standard cash advance rate thereafter). This is not available in conjunction with the introductory balance transfer offer and a one-time 2% balance transfer fee applies.
  • Purchase rate. The standard variable purchase rate for this card is 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 $15.
  • 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 an 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

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.

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.

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.

Rather than a yearly points limit, there is a spend cap of per statement period. 
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55 Responses

  1. Default Gravatar
    justinApril 23, 2017

    Hi. I have noticed my virgin card is making changes to earning velocity points by no longer allowing government bills. eg rates. Does this card have those exclusions? And can I earn velocity points by using BPAY? Thanks

    • Staff
      HaroldApril 24, 2017Staff

      Hi Justin,

      Thank you for your inquiry.

      Basically, the transactions that are not considered an eligible purchase include cash advances, traveler’s cheque purchases and interest charges. These types of transactions won’t earn rewards points and may also attract additional charges. Additionally, it would be nice if you can clarify this information directly with NAB as they have the direct access with this type of information.

      I hope this information has helped.

      Cheers,
      Harold

  2. Default Gravatar
    GeoffJanuary 27, 2017

    Are you able to pay business expenses and obtain Velocity rewards points by using the NAB Velocity Rewards Premium Card?

    • Staff
      JasonJanuary 28, 2017Staff

      Hi Geoff,

      Thank you for your enquiry.

      According to NAB Velocity Rewards Premium card‘s terms and conditions, business related expenses or transactions, including payment to the Australian Taxation Office (ATO), will not earn Velocity rewards points.

      You may check out these business frequent flyer credit cards that will allow you to earn frequent flyer points for your business expenses.

      You may also check out these rewards credit cards that earn rewards points while paying your ATO or tax bills.

      I hope this helps.

      Kind regards,
      Jason

  3. Default Gravatar
    MathiasOctober 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
      MayNovember 4, 2016Staff

      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

  4. Default Gravatar
    BarryJune 6, 2016

    Does the free travel insurance apply to travel within Australia?

  5. Default Gravatar
    MrApril 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
      MayApril 27, 2016Staff

      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.

      Hope this answers your question.

      Cheers,
      May

    • Default Gravatar
      MrApril 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
      MayApril 27, 2016Staff

      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
    TonyMarch 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
      YsaMarch 8, 2016Staff

      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
    MichaelFebruary 21, 2016

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

    • Staff
      JonathanFebruary 22, 2016Staff

      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

  8. Default Gravatar
    JamesFebruary 11, 2016

    Can I get a supplementary NAB Velocity rewards premium card for my partner linked to a primary card and if so is the secondary annual card fee as well as the $150 card fee.

    • Staff
      SallyFebruary 12, 2016Staff

      Hi James,

      Thanks for your question.

      Yes, you can add an additional cardholder to the account. You can only add one additional cardholder and they must be over 16. There isn’t a secondary annual fee or card fee to add a supplementary cardholder.

      I hope this has helped.

      Cheers,

      Sally

  9. Default Gravatar
    justinFebruary 7, 2016

    Hi

    what stipulates an “everyday” purchase exactly. Does that include online shopping eg. ebay, flight/accommodation etc as well as disposable items like fuel, food etc

    Thanks

    • Staff
      YsaFebruary 8, 2016Staff

      Hi Justin,

      Thanks for your inquiry.

      An eligible purchase is an everyday purchase and exclude transactions like:
      - cash advances
      - bills paid over the counter at a bank, financial institution or post office
      - purchases of travellers cheques
      - transactions for gambling or gaming purposes
      - when the card is used as a debit card to access linked accounts
      - transactions we decide are wholly or partly for a business or investment purpose.
      - transactions where you use your card account to make payment to the Australian Taxation Office (ATO)
      - fees and charges (including government fees and charges)
      - interest charges
      - transactions which are disputed, fraudulent or involve abuse of your credit card account
      - payments and purchases which are refunded or reimbursed.

      I hope this helps.

      Cheers,
      Ysa

  10. Default Gravatar
    AnneFebruary 4, 2016

    how do i know if doing this application on line is safe

    • Staff
      SharonFebruary 4, 2016Staff

      Hi Anne,

      Thanks for your inquiry.

      Making an online credit card application via finder.com.au is safe and a secured process as all Australian banks employ the latest encryption software to ensure your details are kept secured and confidential.

      You may want to check this page to know the details about our online application process.

      Cheers,

      Sharon

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