Upcoming personal credit card changes: From 18 April 2024, there are changes to NAB’s personal credit cards and some updates to the terms and conditions. Personal credit card changes | Effective 18 April 2024 – NAB.
NAB is offering up to 160,000 bonus Rewards Points plus a reduced annual fee of $145 for the first year ($295 p.a. ongoing) for new cardholders of the NAB Rewards Signature Card. It is the highest points-earning card in the NAB Rewards line-up.
The card also offers 0% p.a. interest on balance transfers for 12 months (with a 3% BT fee), and the highest earn rate amongst the NAB Rewards-linked credit cards.
The signup bonus is split into two parts, with the first 120,000 Rewards Points to be received after spending $3,000 or more in the first 60 days from account opening and an additional 40,000 Rewards Points after the annual fee for the second year is billed on your account.
In this guide we look at the NAB Signature Rewards Visa – the other cards in the NAB Rewards line up are the NAB Rewards Platinum and NAB Rewards Business Visa.
As with the other NAB Rewards cards, the NAB Rewards Signature offers uncapped 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.
NAB Rewards has Velocity Frequent Flyer, KrisFlyer, Asia Miles, Flybuys and Air NZ Airpoints as transfer partners, with the first three programs being very useful for those collecting and redeeming points in Australia.
The current bonus of up to 160,000 NAB Rewards Points is equivalent to 160,000 Flybuys points, 80,000 Velocity points or ~53,000 KrisFlyer/Asia Miles when transferred.
Digging into the details of the NAB Rewards Signature Visa
The NAB Rewards Signature Card is linked to NAB Rewards, which as a flexible points program, that allows you to earn points in NAB’s own rewards points currency which you can then redeem for merchandise or partner program points by transferring them at a later date.
Card Details
| Card | NAB Rewards Signature Card |
| Loyalty Program | NAB Rewards |
| Points earned from spend | 1.25 Rewards Points per $1 on everyday spend 2.50 Rewards Points per $1 in major department stores and hardware stores 3.75 Rewards Points per $1 on overseas spend |
| Points cap | uncapped |
| Earns points at ATO | No |
| Overseas transaction fee | 3% of the converted amount |
| Mobile wallet | Apple Pay, Google Pay |
| Annual fee | $295 p.a. ongoing |
We love flexible points programs because you earn points today, but let you decide at a later time on the best partner or redemption option for your needs. This reduces program 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 Velocity Frequent Flyer, Cathay Pacific Asia Miles, Singapore Airlines KrisFlyer, Flybuys and Air NZ Airpoints so you can transfer NAB Rewards Points to Velocity at a rate of 1 NAB Rewards Point = 0.5 Velocity Points, to Asia Miles and KrisFlyer at 1 NAB Rewards Point = 0.33 Asia Miles/KrisFlyer miles, to Flybuys at 1 NAB Rewards Point = 1 Flybuys point or to Air NZ Airpoints at 1 NAB Rewards Point = 0.005 Airpoints.
Earning points with NAB Rewards Signature Visa
The NAB Rewards Signature Card earns 1.25 NAB Rewards Point on all eligible everyday spend, which can be converted to 0.625 Velocity Points, 0.41 Asia Miles/KrisFlyer miles, 1.25 Flybuys points or 0.00625 Airpoints.
When looking at competing cards at similar fee levels, these points earn rates are not compelling. However, if you spend heavily in the bonus categories (major department and hardware stores) – where you’ll earn twice as many points – that could make the card more appealing.
You’ll also pick up triple points – so the equivalent of 1.87 Velocity Points per dollar – on overseas spend, but with an applicable 3% foreign transaction fee.
Effective Frequent Flyer Program Point Earn Rates
| Frequent Flyer Program | Domestic Spend | Overseas Spend | Department & Hardware Stores |
|---|---|---|---|
| Velocity Points | 0.625 points / $ | 1.87 points / $ | 1.25 points / $ |
| Asia Miles | 0.41 miles / $ | 1.23 miles / $ | 0.82 miles / $ |
| Krisflyer Miles | 0.41 miles / $ | 1.23 miles / $ | 0.82 miles / $ |
| Flybuys points | 1.25 points / $ | 3.75 points / $ | 2.5 points / $ |
| Air NZ Airpoints | 0.00625 points / $ | 0.01875 points / $ | 0.0125 points / $ |
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 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.
Visa Signature Benefits
Visa offers a range of benefits for their Platinum, Signature and Prestige branded cards. They change relatively frequently but include some additional hotel amenities or upgrades if you book through Visa, concierge services and discounts on other travel booking options.
Offer eligibility for existing cardholders
NAB has 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.
Apple Pay + Google Pay support with NAB
NAB cards support Apple Pay, Google Pay & Samsung Pay, meaning you can use their cards on your smartphone for easier payments. Find out more in our guides for each of the compatible services.
Summing up – NAB Rewards Signature Visa
The key appeal of the NAB Rewards Signature Card is the ability to earn bonus points with the department and hardware stores bonus category.
It is worth noting that the card also includes some features such as a Concierge Service, Visa Premium Access, and adding an additional cardholder at no extra cost but lacks a number of benefits that are found in competing premium cards.
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