Velocity Rewards NAB Credit Card Details
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Take advantage of the special bonus Velocity Points available from NAB
The NAB bank has two Velocity cards on offer – the American Express and the Visa card. Using either of these cards you will collect Velocity points and they can be exchanged for discounts on goods from any of NAB’s shopping partners or you can redeem them for flights, accommodation, car hire, travel or entertainment. A plus for this card is that there is no limit to the number of points you can earn, nor do the points have a used by date.
Additional card holders can be added to either card at no extra cost. The fee of $65 covers both cards and is comparable to other similar cards with the standard of reward on offer with these cards. As with most credit cards, a monthly statement is produced and a monthly payment is required.
| Product Name | NAB Velocity Rewards Card | |
|---|---|---|
| Balance Transfer Rate | 4.99% p.a. for 6 months | |
| Interest Rate on Purchases | 19.99% p.a. | |
| Offer end date | 30 June 2013 | |
| Annual Fee | $65 p.a. | |
| Interest Free Period | up to 44 days | |
| Interest Rate on Cash Advances | 21.74% p.a. | |
| Minimum 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.
|
$500 | |
| Minimum Monthly Repayment | 2.5% | |
| Credit Card Type | American Express/Visa | |
| Late Payment Fee | $5 | |
| Complimentary Travel Insurance | No | |
| Available to Temporary Residents | No | |
| Joint Application | No |
Competitive Interest Rate
The interest rate is 19.99% p.a. There is an interest free period of up to 44 days on purchases and another feature is the transfer balance interest rate of 4.99% p.a. for 6 months to pay it off.
Earning Points
Either card can be used and note should be taken that the American Express card does earn higher Velocity points. Not all points of payment accept American Express and that is why it is good having the option of the Visa card. 7500 bonus Points when you apply by 30 June 2013 and make a purchase.
Convenience And Security
The NAB card includes internet banking service at all times and also telephone banking. NAB’s security service gives peace of mind because of the VerifiedbyVisa system. This service will verify whether or not the retailer you are dealing with is bona fide or not.
The Velocity NAB Credit Card Is Available In A Double-Edition
You can either choose the Velocity Rewards NAB Standard Card or the Velocity Rewards NAB Premium Card. With either card you can take your Velocity rewards points to another level.
Velocity NAB Credit Card Account Features:
One of the great benefits of having a double credit card pack is to be able to use the cards for optimum rewards while being able to shop worldwide. The American Express branded Velocity card gives you more bang for your buck while the Visa branded version is accepted worldwide.
- The Velocity NAB Credit Card can earn you Velocity Points on your everyday spend. You’ll earn 1 Point for every $1 spent on American Express eligible purchases. 0.5 points for every $1 on Visa eligible purchases.
- Receive 7,500 bonus points if you apply by 30 June 2013
- Each Velocity NAB card account has 2 cards: a Velocity NAB American Express® Card and a Velocity NAB Visa card
- Complimentary Purchase Protection Insurance
- Remember your two cards have different point earning rates. By using your Velocity Rewards Premium Card you will earn maximum Velocity Points
- Add an additional cardholder at no extra cost5
- If you would like a credit card for business purchases, you can apply for the Velocity NAB Business Card
- Get two cards for one with one annual card fee, one monthly statement, one bill.
- Get two cards for one with Visa and American Express in each.
- $100,000 points cap.
- Enjoy a 4.99% p.a. for 6 months balance transfer rate. Terms apply.
- Get the same deal for a partner/spouse at no extra cost.
You can redeem your Velocity points for a large range of rewards, starting with flights, accommodation, car hire, shopping partners, in the online shop and much more.
Overview Of The Velocity Rewards NAB Standard Cards:
- 19.99% p.a. interest rate.
- Get up to 44 interest free days on purchases.
- Annual card fee of $65.
- Credit limit is $500.
Velocity Program Features:
- Velocity is the loyalty program partnered by Virgin Australia Airlines
- Redeem from the online shop and an exciting range of Velocity Rewards with your Velocity Points
- Redeem on any available seat with any of the Velocity Partner Airlines7
- No Membership fee when joining online
With the Velocity NAB Credit Card you can design your own lifestyle and make the most of your ‘hip host’ in the process.
Which Card Is For You?
| Which card is more you? |
Velocity Rewards NAB Standard Card |
Velocity Rewards NAB Premium Card12 |
|
A great way to keep your Velocity Points ticking over with extra features including a free supplementary cardholder. |
Accelerate your Velocity Points and enjoy the extra privileges of a Gold card. Special benefits for Gold cardholders including complimentary NAB Gold Overseas Travel Insurance, and VIP Lost Card Cover. |
|
| Rewards Earning speed | ||
| American Express |
1.00 Velocity Points per $1 spent on purchases1 | 1.50 Velocity Points per $1 spent on purchases1 |
| Visa | 0.50 Velocity Point per $1 spent on purchases1 | 0.50 Velocity Point per $1 spent on purchases1 |
| Interest rate2 | 19.99% p.a. | 19.99% p.a. |
| Annual card fee2 | $65 p.a. | $150 p.a. |
| Interest-free days on purchases8 | up to 44 | up to 44 |
| Minimum credit limit | $500 | $5,000 |
| Balance transfers4 | When you apply for a Velocity NAB Credit Card, you can request to transfer balances from your non-NAB credit or store cards at a rate of 4.99% p.a. for 6 months. Remember, at the end of the period any unpaid amounts will attract the applicable cash advance interest rate. Have your non-NAB or store card details ready when you apply online. |
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| Velocity Rewards Your Velocity NAB Credit Card makes it easy to earn and redeem Velocity Points. |
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| What is a Velocity Point worth? Find out where your Velocity Points could take you. |
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More features
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| Not a Velocity member You can either join first, for free at Velocity Rewards, or you can apply for your Velocity NAB Credit Card first and supply us with your membership details later.Apply online now for a Velocity NAB Credit Card |
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Read the NAB Velocity Rewards Card terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | No | |
| Credit Rating Requirement | 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. | $500 |
| Annual Fee | $65 p.a. | |
|---|---|---|
| Minimum Repayment | 2.5% | |
| Late Payment Fee | $5 | |
| Over Limit Fee | $0 | |
| Overseas Cash Advance Fee | $1.50 | |
| Overseas Emergency Replacement | $100 | |
| Overseas ATM Balance check | $0 | |
| Overseas ATM Withdrawal | $4 | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 |
Pros
- Although American Express is not accepted in as many places as Visa, you will earn more Velocity rewards points than the Visa card.
- A bonus 7500 for a limited time *conditions apply
- These rewards card have a low annual fee of just $65.
Cons
- The interest free day on purchases made with your card is only up to 44 days.
Read the NAB Velocity Rewards Card terms and conditions.
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I am interested in one of these cards but just don’t know which one is best for me. Could you provide me with some more information on both. I am a velocity rewards member and am heading overseas this year with Virgin. Is there an extra charge on the American Express card as opposed to the visa card i.e. extra fees each time you use it.
Thanks
Wendy
Hi Wendy. Thanks for your question, sorry about the delay in getting back to you (hope you had a great trip!). So although this question is probably not relevant any more – for the benefit of our other users: American Express cards do typically attract higher fees and charges than Visa and MasterCard cards; however, American Express Cards do offer higher earn rates and enhanced rewards options. With this particular account, you don’t have to choose between one card or the other, you’re given both. Customers are given both cards so they can use the card that will suit the circumstance where they’re making a purchase. The American Express has a higher earn rate but is not accepted in as many locations as the Visa Card. Where you’re AMEX is accepted, use that and you’ll get a higher earn rates, when you shop at a merchant that does not accept AMEX cards, use you Visa. You will still earn points with the Visa. Having two cards linked to the one account (a companion card) gives customers the opportunity to maximise their points earning while still being able to shop at a large variety of locations. Jacob.
Hi,
I would like to transfer my card from Nab Qantas Card to Velocity at no additional fee, how do I go about this
Thank You
Hi Chantal. Balance transfers taking advantage of the low interest promotion are only allowed between two non-related credit cards, so you won’t be able to take advantage of a balance transfer low interest promotion between two NAB cards. But this does not mean you can’t apply for the Velocity NAB Card and close your existing card there is no fee for doing this. Thanks for your question.
Hi. I cannot locate the details for the Platinum Velocity AMEX Visa NAB cards which I have. I am specifically interested to know if complimentary travel insurance is one of the features. And if it is, where do I find the details about the travel insurance conditions? Thanks
Hi Val. Currently, NAB and Virgin do not offer a Velocity Platinum Card. The closest thing to it is the NAB Velocity Gold Credit Card. You can check a comparison of this card at the end of this review. Alternatively here is the Velocity Rewards NAB Premium Card Product Review.
Further to the question I just posted. If I am eligible for complimentary travel insurance using my AMEX, which is part of a Platinum AMEX/Visa NAB Velocity combo… And the return international ticket was bought using AMEX, but the “side” trip was bought using the Visa (as paying with the AMEX is not an option, ie the airline would not accept AMEX), is the complimentary travel insurance still available for all of the trip? Thanks, Val
Hi Val. It shouldn’t matter which card you use to make the purchase as both the Visa and the American Express cards are linked to the one credit account. Just be sure to check the fine print about the period of cover while overseas. Thanks for your question.
Thanks for yor answer Jacob. However, I have in front of me two cards which have Platinum on them… Been member for few years…. And they were reissued in the last year ( ie before they had expired). Who should I talk to regarding the conditions and benefits etc available to me? They are Visa/AMEX linked, NAB, Velocity. I have found information about Platinum cards, but need to know that it applies to mine. Thanks
Hi Val. Best to speak to a representative of NAB. Thanks.