NAB launches new frequent flyer credit cards, NAB Rewards program

By Chris Chamberlin, January 23 2017

EXCLUSIVE | NAB is broadening its suite of frequent flyer rewards credit cards with three brand new products tied to an all-new ‘NAB Rewards’ loyalty program, with airline partners including Virgin Australia, Cathay Pacific and Air New Zealand.

Now open for application, the NAB Rewards Classic Card, NAB Rewards Platinum Card and NAB Rewards Business Platinum Card are all delivered as Visa credit cards – but notably, without a paired American Express card on the side in preparation for this year’s Reserve Bank credit card reforms.

Read: Aussie banks rethink credit card points, fees ahead of RBA reform

All three cards earn NAB Rewards points which can be manually converted into frequent flyer points as follows, with a minimum transfer amount of 3,000 NAB Rewards points at a time:

  • 3 NAB Rewards points = 1.5 Virgin Australia Velocity points
  • 3 NAB Rewards points = 1.0 Cathay Pacific Asia Miles
  • 3 NAB Rewards points = $0.015 Air New Zealand Airpoints Dollars

There’s no limit to the number of points that can be earned or converted, although payments to the Australian Taxation Office earn no points at all, mirroring NAB’s other frequent flyer credit cards.

NAB Rewards Classic Card

Whip out a NAB Rewards Classic Visa and you’ll earn 2.25 NAB Rewards points per dollar on overseas transactions and with Webjet (excludes Jetstar, AirAsia and Scoot bookings), or 1.5 NAB Rewards points at major department and hardware stores including Myer, David Jones, Bunnings and more.

All other purchases within Australia reel in 0.75 NAB Rewards points per dollar spent, with a bonus 40,000 NAB Rewards points available to cardholders who apply by May 31 2017 and spend $1,500 on everyday transactions within the first 90 days.

Crunching the numbers, here’s how many frequent flyer points you’d earn per dollar spent:

  • 1.125 Velocity points, 0.75 Asia Miles or $0.01125 in Airpoints Dollars on overseas transactions and with Webjet.
  • 0.75 Velocity points, 0.5 Asia Miles or $0.0075 in Airpoints Dollars at hardware and department stores.
  • 0.375 Velocity points, 0.25 Asia Miles or $0.00375 in Airpoints Dollars on all other spend within Australia.
  • NAB’s welcome bonus is also equal to 20,000 Velocity points, 13,333 Asia Miles or $200 in Airpoints Dollars.

This card comes with no annual fee in the first year ($95 thereafter), complimentary purchase protection insurance, up to 44 days interest-free on purchases and a minimum credit limit of just $500.

NAB Rewards Platinum Card

Take out the higher-grade NAB Rewards Platinum Card to earn three NAB Rewards points per dollar spent abroad and with Webjet in Australia (excludes low-cost airline bookings, as above), two NAB Rewards points per dollar at department and hardware stores, and one point everywhere else.

New cardholders can also benefit from 80,000 bonus NAB Rewards points when applying by May 31 2017 and spending at least $2,500 on purchases within the first 90 days, and with no annual fee in the first year (usually $195).

Per dollar spent, that’s equal to:

  • 1.5 Velocity points, 1.0 Asia Miles or $0.015 in Airpoints Dollars on overseas transactions and with Webjet.
  • 1.0 Velocity points, 0.66 Asia Miles or $0.01 in Airpoints Dollars on hardware and department store charges.
  • 0.5 Velocity points, 0.33 Asia Miles or $0.005 in Airpoints Dollars on all other spend within Australia.
  • Those 80,000 NAB Rewards bonus points equal 40,000 Velocity points, 26,666 Asia Miles or $400 in Airpoints Dollars.

Complimentary insurances are in line with other NAB Platinum cards with overseas travel and medical, interstate flight, domestic hotel burglary, transport accident, extended warranty, purchase protection and price protection insurances all included aside a $6,000 minimum credit limit.

NAB Rewards Business Platinum Card

NAB’s Rewards Business Platinum Visa adopts the same earning and conversion rates as its personal Platinum cousin, but with a $5,000 minimum credit limit and a $175 annual fee (waived in the first year).

There’s also an offer of 80,000 NAB Rewards points for new customers, but given in return for a much higher spend of $15,000 on everyday business expenses within 90 days of opening the account.

Complimentary covers include NAB Commercial Cards Unauthorised Transaction Insurance and NAB Commercial Cards Transport Accident Insurance, but whichever personal or business card you choose, you’ll still encounter NAB’s 3% foreign transaction fee when spending abroad.

ChrisCh
ChrisCh

Chris Chamberlin

Chris Chamberlin is the Associate Editor of Executive Traveller and lives by the motto that a journey of a thousand miles begins with a single step, a great latte, a theatre ticket and a glass of wine!

Jono

Jono

Qantas - Qantas Frequent Flyer

25 Jan 2013

Total posts 245

It seems like AsiaMiles is becoming a stronger currency of late. NAB Rewards, American Express and (correct me if I'm wrong) ANZ Rewards all allow you to transfer.

I read somewhere recently that it is one of the best programs for redemption rates. E.g. MEL to NYC return per person at 120,000 QF points vs. 90,000 CX points on the same metal and flights. 

ChrisCh

ChrisCh

24 Apr 2012

Total posts 2917

You can also earn Asia Miles in Australia via Citi Prestige, Diners Club Rewards, HSBC Premier and Westpac Altitude (plus NAB Rewards, AMEX Membership Rewards and ANZ Rewards as you've rightly mentioned.) :)

jaredw

jaredw

Virgin Australia - Velocity Rewards

13 Jan 2014

Total posts 102

This is a better visa card to hold than their velocity platinum card. 

andrew84

andrew84

08 Nov 2014

Total posts 20

wow that earn rate is terrible. is this likely the new norm coming?

saf.mu

saf.mu

Virgin Australia - Velocity Rewards

25 Jan 2017

Total posts 2

can i get the bonus points if i am already holidng a nab credit card?

peterd647

peterd647

Qantas - Qantas Frequent Flyer

23 Dec 2015

Total posts 22

I'd rather the banks stop slogging us with exorbitant overseas transaction fees instead of offering more points as some way of compensation. The bonus points nowhere near make up for the 3%+ premium charged for currency conversion and the biggest rort is the same fee for AUD transaction processed overseas.

Brucanna

Brucanna

Qantas

15 Jun 2016

Total posts 14

I note in this and other topics the negative reaction to currency conversion fees (3%). Since swapping to travel cards (Qantas Cash Card) and loading it up with the various currency - these fees are no longer paid. Quite often I also transfer back excess currency amounts for a forex gain.

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