NAB Velocity Rewards Premium Card – Details and Application

Information verified correct on December 11th, 2016
NAB Velocity Rewards Premium Card Find out more Go to site

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  • Once approved, you will typically receive your credit card within 1-2 weeks
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Earn bonus Velocity points on signup, enjoy complimentary insurances and access to exclusive entertainment offers with the NAB Velocity Rewards Premium card.

When it comes to platinum credit cards, you’re usually looking for a few things—rewards, flexibility, convenience and value. Enter the NAB Velocity Rewards Premium Card. You’ll enjoy everything you come to expect from a platinum credit card, but with a lower minimum income requirement and competitive annual fee, you may find even more value.

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

This credit card offering from NAB has two cards linked to the one account, one Visa and one American Express, letting you tailor the way you spend and earn points. Each card has a different earn rate but shares the same annual fee, which is $150.

Cardholders get to enjoy a range of complimentary insurance covers as well as access to the NAB platinum concierge service. As well as the benefits offered by NAB, you can take advantage of Visa and American Express offerings, including Visa Front Line Access for concert tickets and American Express entréTM for travel and leisure.

Benefits of the NAB Velocity Rewards Premium

  • Interest rate offer. Apply by 22 January 2017 to enjoy a 0% p.a. interest for 15 months on both balance transfers (a one off 3% balance transfer fee applies) and purchases. After the promotional period ends, the introductory rate changes to the standard purchase rate of 19.99% p.a.
  • Velocity Rewards program. The Velocity Rewards program is the dedicated travel-rewards program provided by Virgin. With your NAB Velocity Rewards Premium card you can earn rewards points for every eligible purchase you make, which you can then redeem for travel, hotel, car rentals, or even shopping and lifestyle products. You’ll earn 1.5 points per $1 spent on eligible purchases using your American Express card and 0.5 points per $1 spent on eligible purchases using your Visa card. Eligible purchases exclude cash advances, bills paid over the counter, gambling transactions, business or investment transactions, government fees and charges, interest charges, etc. Learn more about the Velocity Rewards program.
  • Complimentary insurance policies. You can enjoy the following complimentary covers with your NAB Platinum Velocity Rewards card:
    • Overseas travel insurance. This provides cover for trip cancellation, medical expenses, rental vehicle excess, missed connections, lost luggage up to $20,000 and more.
    • Interstate flight inconvenience insurance. If you’re luggage is lost or delayed while travelling interstate within Australia or you have to cancel or change your flight due to serious illness, you will be covered.
    • Transport accident insurance. You will be covered if you or your family die or seriously injured in an accident while travelling.
    • Domestic hotel burglary insurance. You will be covered for up to $2,500 for loss or damage to personal items due to burglary while staying at a hotel or motel in Australia.
    • Purchase protection insurance. When you make a purchase using your card the items will be covered against theft or damage 90 days following your purchase.
    • Extended warranty Insurance. This extends the Australian manufacturer’s warranty of a new domestic appliance for up to 12 months when you purchase it using your NAB Velocity Rewards Premium Card.
    • Price protection insurance. If you find a lower printed advertised price for an item you purchased with your card, you’ll be reimbursed the difference.

Features of the NAB Velocity Rewards Premium Card

  • Balance transfer offer. Consolidate your debt with a balance transfer offer of 0% p.a. for up to 15 months.
  • Competitive interest rate. Save with a low interest rate of 0% p.a. for months on purchases.
  • Minimum credit limit. The credit limit is $6,000.
  • Personal concierge service. Access a personal concierge service 24/7. You can use this service to book restaurants, make travel plans or even assist with sourcing and booking tickets to events.
  • Secure online shopping. Shop with peace of mind with Verified by Visa.
  • Emergency travel assistance. Receive support 24/7 with the Visa Global Customer Assistance Services.
  • Access to premium offers and events. Enjoy exclusive offers with amexconnect.com.au, entréTM, Visa Front Line Access and Visa Entertainment.

How to apply for the NAB Velocity Rewards Premium Card

The online application form will take about ten minutes to complete and you’ll receive a response within 60 seconds as to whether you’ve been approved. You’ll then receive your card within five to seven working days.

Eligibility

  • Be over the age of 18
  • Be a permanent Australian resident
  • Have a good credit rating

Required documents

  • Personal details. Your name, address, contact details and driver’s licence number.
  • Financial details. Details of your assets, open credit accounts, store cards and liabilities or debts.
  • Employment details. This includes the name and contact details of your employer, your income and your employment status.
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2 Responses to NAB Velocity Rewards Premium Card – Details and Application

  1. Default Gravatar
    Andy | September 11, 2015

    Hi there:

    How is the quality of the NAB Premium Concierge service compared to other banks’?

    Thanks for your time.
    Regards

    Andy

    • Staff
      Sally | September 14, 2015

      Hi Andy,

      Thank you for your question.

      As a financial comparison service, however, we’re unable to recommend any specific product, service or strategy to our users as the ‘best’ option will always depend on the individual’s financial situation and needs.

      I would recommend you compare different credit cards with complimentary insurance based on the cover provided and fees involved in conjunction with your financial situations, eligibility requirements and travel plans.

      You can compare credit cards with complimentary travel insurance here.

      I hope this has helped.

      Thanks,

      Sally

Credit Cards Comparison

Rates last updated December 11th, 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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