Reviews

Review: NAB Qantas Rewards Premium Visa credit card

By Chris Chamberlin, July 1 2019
NAB Qantas Rewards Premium Visa credit card
Disclaimer

Executive Traveller may receive a commission when you apply for these credit cards via our links.

You should seek independent advice and consider your own personal circumstances before applying for any financial product.

Notes
The Good
  • 30,000 bonus Qantas Points for eligible new customers
  • Earn bonus points when booking Qantas flights and buying Qantas Club memberships
The Bad
  • Low points earning rates given the annual fee
Added Value
  • No extra fee for having an additional cardholder

Introduction

Offering up to 0.66 Qantas Points per $1 spent plus 30,000 bonus Qantas Points for eligible new cardholders, the NAB Qantas Rewards Premium Visa credit card sits in the middle of the credit card pack, positioned above the entry-level ranks but a rung below shinier Black-tier cards.

Here's how NAB's Platinum-grade Qantas Visa credit card stacks up.

NAB Qantas Rewards Premium Visa credit card: fast facts

  • Grade/tier: Platinum
  • Card type: Visa
  • Loyalty program: Qantas Frequent Flyer (direct earn)
  • Qantas Points earned per dollar spent: 0.66 up to $3,000 per month; then 0.33/$1 on spends of $3,001-$6,000 per month. No points are earned on ATO payments.
  • Bonus Qantas Points: Earn one extra Qantas Point per dollar spent on Qantas flights and Qantas Club lounge memberships charged to the card, over and above the standard earning rate above.
  • Points capping: Monthly spends exceeding $6,000 do not accrue points, except for bonus points given on eligible Qantas transactions, which are uncapped.

Fees, charges and interest:

  • Annual fee: $250
  • Additional cardholder fee: $0
  • Interest rate on purchases: 19.99% p.a.
  • Interest-free days on purchases: Up to 44
  • Interest rate on cash advances: 21.74% p.a.
  • International transaction fee: 3%
  • Minimum income requirement: None defined
  • Minimum credit limit: $6,000

Earning points for free flights:

Eligible new customers who apply for a NAB Qantas Rewards Premium Card and spend $2,500 on everyday purchases within 60 days of account opening can pocket an easy 30,000 bonus Qantas Points to get their points-earning journey off to a flying start.

However, using the card for ongoing spend doesn't prove as rewarding, with somebody spending $6,000 per month earning an average of 0.495 Qantas Points per $1 – that's 0.66/$1 on the first $3,000 and 0.33/$1 on the next $3.000, or a maximum of 2,970 Qantas Points per month, not to mention that cardholders who spend over this amount earn no further points.

Given there's a pricey $250 annual fee to pay, it's hard to see why somebody would choose NAB's platinum-grade plastic over a more competitively-priced card like the St.George Amplify Platinum Visa with Qantas Points card, which gives a flat 0.5 Qantas Points per $1 spent without any monthly or yearly limits, and for a significantly lower annual fee of just $99.

St.George's card also promises 60,000 bonus Qantas Points for eligible new cardholders who apply online by October 2 2019 and spend $2,000 on purchases within 90 days of card approval, trumping the NAB Qantas Premium Card with a lower annual fee, a higher sign-up bonus and a lower spend requirement to earn that bonus.

Or, compare NAB to St.George's higher-tier Amplify Signature Visa with Qantas Points card, which has a reduced annual fee of $179 in the first year ($279 ongoing, being just $29 more than NAB Qantas Premium), paired with a higher uncapped earn rate of up to 0.825 Qantas Points per $1 spent, and a hefty sign-up bonus of 90,000 Qantas Points for new customers who apply online by October 2 2019 and spend $4,000 on purchases within 90 days of card approval.

Airport lounge access:

Complimentary airport lounge access isn't included with this card, but you can earn an extra Qantas Point per dollar spent on your Qantas Club lounge membership when paying for your membership fees using the NAB Qantas Rewards Premium Card.

Inclusive travel insurance, purchase protection:

NAB’s complimentary international travel and medical insurance coverage is reasonably generous, and may be automatically activated after charging at least $500 of pre-paid transport or accommodation expenses to the card for each trip.

That’s anything from a return airfare through to Eurostar and other rail tickets, car or watercraft hire and any pre-paid hotel stays.

For domestic trips a subset of benefits apply covering flight delays, mishandled luggage and rental car insurance excess payments, along with insurance if your hotel or motel room is the subject of a burglary during your stay.

Other free insurances include price protection, transport accident and purchase protection and up to 12 months of free extended warranty coverage when buying eligible new appliances with your NAB credit card, but as always, read and refer to the policy documents to determine whether you qualify for cover and whether that cover meets your needs.

NAB Qantas Rewards Premium Visa credit card: the verdict

Given the relatively low points earning rate paired with an annual fee that's higher than much of the competition, the reasons for choosing the NAB Qantas Rewards Premium Visa credit card over another are slim.

At the same price point, other banks are offering more points per dollar spent: or, a comparable number of points per dollar as NAB but with a much lower annual fee, as covered above.

That said, NAB also has a higher-tier Qantas Rewards Signature Visa credit card with an earn rate of up to one Qantas Point per dollar spent on everyday purchases, at a higher ongoing annual fee of $395 ($295 in the first year), so points-savvy spenders may instead see merit in 'upgrading' to the Signature card instead.

Disclaimer

Executive Traveller may receive a commission when you apply for these credit cards via our links.

You should seek independent advice and consider your own personal circumstances before applying for any financial product.

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!

Qantas - Qantas Frequent Flyer

15 Aug 2017

Total posts 82

Now with Apple Pay activated last month also which works well.

Hi Guest, join in the discussion on NAB Qantas Rewards Premium Visa credit card