Point Hacks Credit Card Guide

80,000 NAB Rewards points (transferrable to 40,000 Velocity Points) plus no first year annual fee with NAB Rewards Platinum Visa

NAB Rewards Platinum Visa - 80,000 NAB Rewards Points

The NAB Rewards Platinum Visa has 80,000 bonus points and $0 annual fee for the first year. NAB Rewards allows you to transfer points to Velocity, Asia Miles and Air NZ Airpoints, and offers bonus points for overseas spend and purchases at major department and hardware stores.

  • 80,000 bonus NAB Rewards points - transfers to 40,000 Velocity Points, or 26,666 Asia Miles
  • $0 annual fee for the first year
  • 1 NAB Rewards point earned per $1 spend on everyday purchases
  • 3 NAB Rewards points earned per $1 spend overseas and 2 NAB Rewards points in major department and hardware stores
  • NAB Rewards points can be transferred to Velocity Points, Asia Miles or Air NZ Airpoints
  • 7 complimentary insurances including overseas travel (PDS)
  • $0 for the first year ($195 p.a. ongoing)
  • Offer expires: 31st May 2017
  • Spend $2,500 on everyday purchases within the first 90 days to receive bonus points
  • Offer unavailable if closing/transferring from another NAB credit card account

Find out more or apply →

Point Hacks earn a maximum of $110 per applicant for this card. More about this →

A few weeks ago NAB launched three new Visa-only credit cards linked to their new rewards program, NAB Rewards, with all three cards running decent points bonuses – the Platinum card has 80,000 NAB Rewards points (equivalent to 40,000 Velocity points or 26,666 Asia Miles) and no annual fee in the first year.

NAB Rewards launched with Velocity, Asia Miles and Air NZ Airpoints as transfer partners. We’ll get into the value of these more later in the guide, but it’s great to see a new ‘flexible points program’ option launch to appeal to points collectors, and as an option for non American Express spend too.

Both of the new NAB Rewards cards offer bonus points for overseas spend and at major department and hardware stores, which could be a useful bonus category if you spend frequently in these areas.

In this guide we look at the NAB Platinum Rewards Visa – there’s also the lower fee NAB Rewards Visa and NAB Rewards Business Visa launching. More guides on these two cards will follow.

Digging into the details of the NAB Rewards Platinum Visa

The NAB Rewards Platinum Visa is linked to NAB Rewards, so let’s touch on the loyalty program first.

NAB Rewards is a flexible points program, which allows you to earn points in NAB’s own rewards points currency and you can then redeem for merchandise or partner program points by transferring them at a later date.

We love flexible points programs because they let you earn points now, but decide later on the best partner or redemption option for your needs at that time. This reduces lock-in and increases the number of ways you can use your points.

There is a risk that programs like NAB Rewards can devalue too – they are able to change their transfer rates to their partners. But generally, across most banks and bank rewards programs, these changes happen infrequently, and with notice to customers.

NAB Rewards partners with links to Velocity Frequent Flyer, Cathay Pacific’s Asia Miles and Air NZ Airpoints so you can transfer NAB Rewards points to Velocity at a rate of 1 NAB Rewards points = 0.5 Velocity point, to Asia Miles at 1 NAB Rewards point = 0.33 Asia Miles or Air NZ Airpoints at 1 NAB Rewards point = 0.005 Airpoints.

The NAB Rewards Platinum Visa has a standard annual fee of $195, which is in our opinion reasonable for a card offering insurance benefits and a relatively good points earn rate.

The card should appeal to those who want flexibility in the partners and redemption options offered by the NAB Rewards program, and who need a Visa to be able to ensure they are earning points for as many transactions as possible (outside of spending on an American Express which usually offer higher points earn rates).

Card Details

CardNAB Rewards Platinum Visa
Loyalty programNAB Rewards
Points earned from spend1 Rewards point per $1 on everyday spend
2 Rewards points per $1 spend in major department and hardware stores
3 Rewards points per $1 on overseas spend
Points CapNo points cap
Included insurances7 complimentary insurances including overseas travel (PDS)
Overseas transaction fee3% of the converted amount
Annual fee$195

Earning points with NAB Rewards Platinum Visa

The NAB Rewards Platinum Visa earns an acceptable 1 NAB Rewards point on all everyday spend, which can be converted to to 0.5 Velocity Points, 0.33 Asia Miles or 0.005 Airpoints.

This doesn’t compare all that well against its competitors but the bonus categories – where you’ll earn twice as many points – for major department and hardware stores (more on this later) could make the card more appealing.

You’ll also pick up triple points – so the equivalent of 1.5 Velocity points per dollar – on overseas spend, but with a 3% foreign transaction fee applied (as with many other credit cards).

Effective Frequent Flyer Program Point Earn Rates

Frequent Flyer ProgramDomestic SpendOverseas SpendDepartment & Hardware Stores
Velocity Points0.5 point / $1.5 point / $1 point / $
Asia Miles0.33 point / $0.99 point / $0.66 point / $
Air NZ Airpoints0.005 point / $0.015 point / $0.010 point / $

There are no points caps applied for any NAB Rewards card too.

NAB Rewards points bonuses for overseas spend, department and hardware stores

The ability to earn bonus points at department or hardware stores as a general bonus category is unique to NAB Rewards cards, with no other bank cards on the market offering this yet.

The list of included retailers for extra points are as follows:

  • Kmart
  • Target
  • Big W
  • Myer
  • David Jones
  • Bunnings
  • Mitre 10
  • Total Tools
  • Stratco
  • Home, Timber & Hardware

NAB Rewards points expire

One of the downsides to NAB’s new rewards program is the points expiry policy. This is outlined in the NAB Rewards PDS and states: Points in your points balance must be used to claim a reward within 36 months from the date the transaction which earned those points was processed to your rewards card account. Points that remain unused in your points balance after that period will be forfeited.

The points you earned into your NAB Rewards account first will be used first at the time of redemption, so you have three years from the date of earning the points to when they must be used.

This is a downside to the program for anyone who wants to earn large numbers of points and hold them for an extended period of time.

Travel & Purchase Insurances

The NAB Rewards Visa also offers a range of travel and purchase protection insurances, which are:

  • Overseas travel and medical insurance cover
  • Interstate flight insurance cover
  • Domestic hotel burglary insurance cover
  • Transport accident insurance cover
  • Extended warranty insurance cover
  • Purchase protection insurance cover
  • Price protection insurance cover

You’ll need to read the PDS yourself to assess its suitability for you.. The wide range of cover types is standard for a Visa at the Platinum level.

This guide references some of the benefits of insurance policies provided with this credit card.

You should read the PDS and obtain independent professional advice before obtaining this product.

Offer eligibility for existing cardholders

NAB Have also confirmed to us that any existing customer on a NAB direct earn card can opt to take out a new NAB Rewards card too and if they are approved and meet the minimum spend they will receive the bonus points. If you have questions or concerns about your specific circumstances as an existing NAB cardholder you should contact NAB directly to discuss and check your eligibility.

Summing up – NAB Rewards Platinum Visa

It’s worth remembering that NAB Rewards Platinum is a Visa offering only, which means lower points earned on spend, but wider acceptance with lower or no surcharges from retailers.

The effective earn rate of 0.5 Velocity Points per dollar, in our opinion, is acceptable in the current market, but not outstanding.

NAB Rewards could also be included in Velocity’s regular transfer bonus promotions to temporarily bump up the value of your NAB Rewards points.

The inclusion of Asia Miles as a transfer partner is a win – Asia Miles offers some excellent value redemptions for long-haul travel on Cathay Pacific, Qantas and other oneworld airlines. It’s a shame that the effective points earn rate is reduced compared to Velocity.

All up, the NAB Rewards Platinum Visa has a reasonable annual fee, reasonable points earn rates, and the appeal of a flexible points program for the reasons outlined above. It is likely to be worth considering for those who need to put spend on a Visa that earns ‘flexible’ points and who are also interested in non-frequent flyer program redemption options such as gift cards or exclusive AFL merchandise or experiences. It will be interesting to see how NAB develops the program and increases value of the Platinum Visa in coming months.

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Point Hacks Credit Card Information

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Comments Expand Comments

  1. richard

    when it says you are not eligible when closing from another NAB card how long is this exclusion period? (ie if you closed a nab card 3 months ago would you be eligible for bonus points on this card?)

    • Keith Author

      We heard back – we have been told there is no exclusion period for anyone who has recently closed a different NAB card. However, I note the offer terms state that anyone closing/transferring a card won’t receive the bonus, so I guess you’d have to close your account independently of, and before applying for the new card with NAB. Seems odd but there we go, if you have any more questions you’ll need to check with NAB directly on this.

    • Keith Author

      I heard back – NAB confirmed that any existing customer on a NAB direct earn card can opt to take out a new NAB Rewards card too and if they are approved and meet the minimum spend they will receive the bonus points.

    • Keith Author

      NAB don’t publicly state a minimum income requirement for their cards – our assumption is this is because they assess applications based on a number of factors so don’t want to rule people in or out based on income alone.

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