NAB Velocity Rewards Premium Card – Details
The NAB Velocity Rewards Premium Card featured a range of complimentary insurances and Velocity Points per $1 spent on eligible purchases.
No longer offered in the market
The NAB Velocity Rewards Premium credit card is no longer available for new applications. However, we’ve kept the information online for the benefit of existing customers and for those who are interested.
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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.
NAB Velocity Rewards Premium Card review
The NAB Velocity Rewards Premium is a frequent flyer credit card account that allows you to earn 0.66 Velocity Points per $1 spent on eligible purchases (up to $3,000 per statement period), 0.33 points per $1 spent from $3,001 to $6,000 per statement period.
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 and a 24/7 concierge service. It also has an annual fee of $150.
Benefits of the NAB Velocity Rewards Premium Card
- Velocity Frequent Flyer rewards. This card offers Velocity Frequent Flyer points for your everyday spending, earning 0.66 Velocity Points per $1 spent on eligible purchases (up to $3,000 per statement period) and then 0.33 points per $1 on eligible spend from $3,001 to $6,000 per statement period.
- 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.
- 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.
Features of the NAB Velocity Rewards Premium Card
- Annual fee. This card has a $150 annual fee.
- 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.
- 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.
- 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.
The NAB Velocity Rewards Premium Credit Card offers Velocity Frequent Flyer Points 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.
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