NAB Velocity Rewards Premium Card – Details and Application

Information verified correct on September 27th, 2016
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The NAB Velocity Rewards Premium Card offers 20,000 bonus Velocity Points, complimentary insurances, rewards through the Velocity Rewards program and low interest rates with a low annual fee.

The NAB Velocity Rewards Premium Card is a unique credit card that is available to Australian consumers.

Receive 20,000 bonus Velocity Points when you apply by 2 October 2016, are approved and make an everyday purchase within the first 90 days of opening your account. With both a NAB Visa and AMEX in your wallet, that requirement won’t be hard for most frequent-spenders to meet.

250,000 Velocity Points Offer (Expires 31 December 2016)

Receive 250,000 Bonus Velocity Points when you also apply for a NAB Home Loan and NAB transaction account.

Product NameNAB Velocity Rewards Premium Card
Rewards ProgramVelocity Rewards
Balance transfer rate (p.a.)0% p.a. for 15 months with a one off 2% balance transfer fee
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (19.99% p.a.)
Purchase rate (p.a.)0% p.a. for 15 months (reverts to 19.99% p.a.)
Offer end date2 October 2016
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
Minimum Monthly Repayment2% or $25 which ever is greater
Card TypeAmerican Express/Visa
Late Payment Fee$9
Foreign Currency Conversion Fee (VISA)3% of transaction value
Foreign Currency Conversion Fee (AMEX)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.
Minimum Repayment2% or $25 which ever is greater
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)3% of transaction value
Foreign Currency Conversion Fee (AMEX)3% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Fee
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Pros
  • This card comes with a 20,000 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-up20,000
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 Expiry36 months

NAB Velocity Rewards Premium Card review

The National Australia Bank (NAB) provide two cards for your rewards account. A Visa Velocity credit card that gives you 0.5 points for every dollar charged, and an American Express that awards you 1.5 point on each dollar. The combined spending total for both cards can be up to $20,000 for each statement period before your points are capped.

More than just a rewards card, the NAB Velocity Rewards Premium offers a competitive interest rate on purchases and an interest-free period of up to 44 days. Take advantage of the balance transfer offer of 0% p.a. for 15 months. Plus, since this is a traveller’s rewards program, you are also entitled to a host of complimentary insurances for your holidays in Australia and abroad.

Benefits of the NAB Velocity Rewards Premium Card

  • Rewards program. Earn Velocity Frequent Flyer points to redeem flights and rewards with Virgin Australia and its partners. If you’re not planning a trip this year, you can use your points for everyday reward such as shopping or entertainment. You can join the Velocity Frequent Flyer program for free, and points will not expire as long as you earn or redeem them at least once every 24 months.
  • Complimentary insurance. When you use one of your NAB cards to purchase at least $500 of your prepaid travel expenses, you will qualify for overseas travel insurance which covers you for just about any event that could go wrong on a holiday. You also receive interstate flight inconvenience insurance, transport accident insurance, and domestic hotel burglary insurance. There are also insurance covers for your purchases including purchase protection insurance, extended warranty insurance and price protection insurance.
  • Interest-free days. You won’t be charged any interest on a purchase for up to 44 days, given that you are able to pay the balance in full.
  • Balance transfer and purchase rate offer. If you apply by 2 October 2016, you can enjoy a 0% p.a. interest for 15 months on both balance transfers and purchases with a one off 2% balance transfer fee. Also, after the promotional period ends, the introductory rate changes to the standard purchase rate of 19.99% p.a.
  • Bonus points. Apply by 2 October 2016, be approved and spend on everyday purchases within 90 days of activation with your NAB Velocity Rewards Premium Card to get a total of 20,000 bonus points. Expect the bonus points to be added to your account within 3 months of meeting the spend criteria. (Note: This offer is not available in conjunction with the NAB Home Loans Velocity 250,000 Velocity Frequent Flyer offer.)
    About the how to join Velocity for free

Features of the NAB Velocity Rewards Premium Card

  • Annual fee. There will be a $150 charge to your card account for every year that it is active.
  • Cash advance fee. When you make a withdrawal using your Rewards Premium Visa or American Express card, you will be charged 21.74% p.a. You should note that American Express will not be accepted for a cash advance at non-NAB branches, and that using an ATM that is not in the NAB or rediATM network may also incur additional charges.
  • International fees. If you make a purchase which requires currency to be converted to the Australian dollar (AUD) your account will be charged 3% of the AUD amount.
  • Visa credit card. Visa cards empower you to make purchases at millions of locations around the world. You also have the benefit of making contactless purchases with Paywave when you are buying in store.
  • American Express. An American Express card gives you access to exclusive benefits such as VIP seating at many Australian events and deals on luxury hotels and rental cars.
  • Purchase rate. Purchases made with the card are charged at an interest rate of 0% p.a. for 15 months (reverts to 19.99% p.a.).
  • Cash advance rate. You will pay 21.74% p.a. interest on any cash withdrawals you make.
  • Late payment fee. The late payment fee is $9.
  • Duplicate statement fee. The duplicate statement fee is $7.
  • Other features. This card is available in two cards, American Express or Visa credit card. Enjoy Platinum Concierge Service with a personal assistant 24/7 through our NAB Service Centre

How to apply for the NAB Velocity Rewards Premium Card

If the NAB Velocity Rewards Premium Card has all you need to meet your spending and reward needs, then you can begin the application process by filling out an online application form. This should take about 15 minutes, but before starting check that you are eligible for this card.

Eligibility criteria

  • All applicants must be at least 18 years for NAB to grant you approval for this card.
  • NAB requires that only those with credit in good standing can open this account.
  • This credit card offer is available to Australian residents and those in the country with certain visas.

Required documents

  • An email address is required so that NAB may contact you.
  •  This includes your wages and monthly debt obligations.
  • You will be asked to provide the name, address and phone number of your current employer.
  • A list of what you own and how much you owe in other credit products such as loans and credit cards
  • Your Australian driver’s license number
  • The name of your accountant and their contact number

Once your application has been submitted, you should receive an email from NAB within 60 seconds that contains a reference number. This number will allow you to track the progress of your application. Once your application has been approved, it will then need to be verified after which your cards will be mailed to you within five business days.

Frequently asked questions

How do I become a Velocity member once I get my card?

You can sign up to the Velocity program for free on the Virgin website. Then you only need to contact NAB with your membership number to link the two accounts.

How can I earn extra points with Velocity?

The Velocity Frequent Flyer Rewards Program is Virgin Australia’s frequent flyer scheme that allows customers to earn Velocity Points whenever they fly with the airline or any of its international partners. Not only can customers earn points, but they also can take advantage of the many flights offered, including one-stop flights to Europe, flights to the Americas, Asia, the Middle East and more. Members of the Velocity Frequent Flyer Program can also earn points all over the world by using the program’s network of partners, including hotels, car hire companies, travel assistance, insurance companies and more. Additionally, customers using a credit card that is linked to the Velocity program will be able to earn double the points, because they will be earning points by using their cards as well as with program partners.

What other criteria needs to be met in order to receive my bonus points?

To receive the 20,000 bonus points offer, you must apply online for a new NAB Velocity Rewards Premium Card by 2 October 2016, be approved, and spend  on everyday purchases within 90 days of opening your account. You will receive the bonus points within 3 months of meeting the spend criteria. This offer is not available in conjunction with the NAB Home Loans Velocity 250,000 Velocity Frequent Flyer offer. 

What types of purchases are not eligible?

Transactions that are not considered an eligible purchase include cash advances, traveller cheque purchases and interest charges.

Are you limited to the number of points you can earn in a year?

There is a spend cap to earn points of 20,000, but this is per statement period not yearly.
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88 Responses to NAB Velocity Rewards Premium Card – Details and Application

  1. Default Gravatar
    Barry | June 6, 2016

    Does the free travel insurance apply to travel within Australia?

  2. Default Gravatar
    Nate | June 1, 2016

    250,000 Velocity Points Offer

    With the new home loan 250,000 points offer, does it have an expiry date and are you able to travel business class?

    • Staff
      Anndy | June 2, 2016

      Hi Nate,

      Thanks for your comment.

      The 250,000 Velocity Points offer ends on July 31, 2016.

      Velocity points don’t expire as long as you earn or redeem points within 36 months.

      Yes, you can redeem your Velocity points for business class seats, depending on availability. You can also use them for flight upgrades.

      Cheers,
      Anndy

  3. Default Gravatar
    Mr | April 27, 2016

    Hello

    If I continue to use my card and NOT the points, will the points expire after 36months?

    Is there a cost for a second card and is it annually or one off?

    Do I need to bank with NAB to take advantage of the points?

    Thank you.

    • Staff
      May | April 27, 2016

      Hi Mr. G,

      Thanks for your inquiry.

      Yes, with NAB Velocity Rewards Premium Card, the unused points will expire after 36 months. Also, obtaining a second card for this account is not possible and this offer is not available when closing/transferring from another NAB credit card account or in conjunction with any other NAB offers.

      As for earning the points, you just need to use your card on eligible purchases and banking with NAB is not a requirement. You can also get the bonus points by spending up to $1,500 on everyday purchases within 90 days of activation with your card.

      Hope this answers your question.

      Cheers,
      May

    • Default Gravatar
      Mr | April 27, 2016

      Hi May,

      Can you please re-check your answer regarding expiry, its states on other sites for the exact same card “Never as long as you keep your account active”….active to me means, as long as I use the CARD the points won’t expire.

      Thank you.

    • Staff
      May | April 27, 2016

      Hi Mr. G,

      Thanks for getting back and I’d like to apologise if I wasn’t clear with my answer on Velocity points’ expiration the first time.

      As your NAB Velocity Rewards Platinum card is linked to the Velocity Frequent Flyer program, the Velocity points you earned with your NAB Platinum credit card are governed by the T&C of Velocity Frequent Flyer program.

      As such, while you are using/keeping your credit card active and as you are earning Velocity Points with your card, it is a must that you also use or redeem your earned points so they will not expire. In the Velocity Frequent Flyer T&C, it states that:

      “Prior to 1 June 2016, a Member’s Points will expire 36 months after the date of last account activity which includes redeeming points.”

      For your reference, I have sent the link to the T&C of Velocity Frequent Flyer to your email.

      Hope this clarifies my previous message on Velocity points’ expiration.

      Cheers,
      May

  4. Default Gravatar
    Tony | March 8, 2016

    I cannot find the specific details on the type of cover offered in travel insurance from the nab website, only the link to purchase protection.

    Could you please give a direct link or provide some details on the extent of cover?

    • Staff
      Ysa | March 8, 2016

      Hi Tony,

      Thanks for coming through finder.com.au.
      For a full outline of NAB Card Insurance, please refer to the link I’ve sent to your email.

      Cheers,
      Ysa

  5. Default Gravatar
    travis | February 22, 2016

    Once I start using my NAB Velocity card how often are points credited to my Velocity account?

    • Staff
      Sally | February 23, 2016

      Hi Travis,

      Thanks for your question.

      If you meet the eligible spend, you’ll receive the bonus points within four months of making the purchase. For regular purchases, you should receive the points in your Velocity account at the end of every statement period.

      I hope this has helped.

      Cheers,

      Sally

  6. Default Gravatar
    Michael | February 21, 2016

    Is the online payment of annual car registration using the VISA card eligible for the bonus points and regular points offers?

    • Staff
      Jonathan | February 22, 2016

      Hi Michael, thanks for your inquiry!

      Since the annual car registration payment qualifies as a government fee/ charge, this payment would not qualify for bonus points or regular points offers. Everyday purchases involve the payment for a good or service and exclude cash advance transactions e.g. cash withdrawals and interest charges.

      Cheers,

      Jonathan

  7. Default Gravatar
    Jodie | February 18, 2016

    I applied for and have received my NAB credit card which attracts the 60000 velocity points. I’ve made the minimum spend to receive the points. How long does it take for the bonus points to be transferred to my velocity account?

    • Staff
      Debbie | February 19, 2016

      Hi Jodie,

      Thanks for your inquiry.

      Points will be credited to your account within 4 months after you have met the spending requirement.

      To learn more how to earn Velocity Frequent Flyer Points, kindly check this page.

      I hope this helps.

      Cheers,
      Debbie

  8. Default Gravatar
    Brad | February 15, 2016

    Hello

    Are current AmEx card holders eligible for the 30,000/60,000 bonus points offered with the NAB Rewards/Premium Rewards cards? I have found that I am ineligible for bonus FF points offers to join some other AmEx only cards.

    regards

    Brad

    • Staff
      Jonathan | February 16, 2016

      Hi Brad, thanks for your inquiry!

      Since AMEX is a separate credit card issuer to NAB you are eligible to apply for this bonus points offer.

      Cheers,

      Jonathan

  9. Default Gravatar
    James | February 11, 2016

    Can I get a supplementary NAB Velocity rewards premium card for my partner linked to to a primary card and if so is the secondary annual card fee as well as the $150 card fee.

    • Staff
      Sally | February 12, 2016

      Hi James,

      Thanks for your question.

      Yes, you can add an additional cardholder to the account. You can only add one additional cardholder and they must be over 16. There isn’t a secondary annual fee or card fee to add a supplementary cardholder.

      I hope this has helped.

      Cheers,

      Sally

  10. Default Gravatar
    Chris | February 9, 2016

    Hi,

    From 1st April 2016, Virgin will introduce their new velocity points system, where a customer will earn 0.66 for every $1 AUD they spend instead of the current 1 point per dollar spent.

    Will all credit cards that use velocity points be affected and use this new points system?

    Thanks and regards,
    Chris

    • Staff
      Jonathan | February 9, 2016

      Hi Chris, thanks for your inquiry!

      Only Virgin Money credit cards are affected by this change. Please refer to the link I have sent to your email for the full details and changes in rewards earnings.

      Cheers,

      Jonathan

    • Default Gravatar
      | February 9, 2016

      Hi Jonathan,

      Thanks for the quick reply. Much appreciated!

    • Staff
      Jonathan | February 9, 2016

      No worries Chris! Hope you have enjoyed using our comparison service today.

Credit Cards Comparison

Rates last updated September 27th, 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
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 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

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.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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