Review: NAB Velocity Rewards Visa

By Chris Chamberlin, October 27 2015
NAB Velocity Rewards Visa
The Good
  • Free loss, theft and damage insurance
The Bad
  • Low monthly earning cap
Added Value
  • Low barriers to entry


Look to NAB's Velocity Rewards Visa to earn up to 0.5 Velocity points per dollar spent on your everyday purchases.

With a minimum credit limit of just $500, this product could be ideal for lower income earners or indeed as a first credit card for those looking to establish their credit history and ability to repay, before applying for larger products such as a car or home loan.

NAB Velocity Rewards credit card: fast facts

  • Grade/tier: Standard
  • Card type: Visa
  • Loyalty program: Virgin Australia Velocity Frequent Flyer
  • Velocity Points earned per dollar spent: 0.5
  • Points capping: Earn points on spends of up to $3,000 spend per statement period

Fees, charges and interest:

  • Annual fee: $95
  • Additional/supplementary 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: 3.0%
  • Minimum credit limit: $500

Earning points for free flights:

Provided you remain within the monthly cap of $3,000 to earn points, you'd collect enough Velocity points for a one-way Sydney-Melbourne flight in return for spending $15,600 on the Visa over a number of months.

Just note that spends exceeding $3,000 per month attract no points at all, so spending that same amount in one month won't provide all of the points you need to book your flight.

Airport lounge access:

NAB doesn't provide any inclusive airport lounge access on this card.

Free insurance coverage:

Most goods bought with the Velocity Rewards Visa credit card are protected against loss, theft or accidental damage for up to three months from the date of purchase, although other coverage such as travel insurance isn't offered.

NAB Velocity Rewards Visa: our verdict

On frequent flyer points alone, NAB's product obviously isn't the highest-earner in the market.

However, with low barriers to entry, it could serve well as a 'first credit card' while you build credit history and establish your ability to repay, because if you're not yet in a position to apply for one of the bank's higher-tier Platinum or Black credit cards, you may as well pick up some frequent flyer points for the time being!

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!

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