The NAB Rewards Platinum card is currently offering 60,000 bonus NAB Rewards points (equivalent to 30,000 Velocity points or 19,380 Asia Miles/KrisFlyer miles) with a minimum spend requirement of $1,000 within the 60 days of account opening and 0% p.a. for 6 months on Balance Transfer.
The card is linked to NAB’s own flexible points program called NAB Rewards and has Velocity, Asia Miles, KrisFlyer 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.
All the 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.
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 Asia Miles, Singapore Airlines KrisFlyer 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 and KrisFlyer at 1 NAB Rewards point = 0.33 Asia Miles/KrisFlyer miles or Air NZ Airpoints at 1 NAB Rewards point = 0.005 Airpoints.
However, this guide explains why you will get over 11% more KrisFlyer miles if you transfer to Velocity first instead of performing a direct conversion.
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||NAB Rewards Platinum Visa|
|Loyalty program||NAB Rewards|
|Points earned from spend||1 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 Cap||No points cap|
|Included insurances||7 complimentary insurances including overseas travel (PDS)|
|Overseas transaction fee||3% of the converted amount|
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/KrisFlyer 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 Program||Domestic Spend||Overseas Spend||Department & Hardware Stores|
|Velocity Points||0.5 point / $||1.5 point / $||1 point / $|
|Asia Miles||0.33 mile / $||0.99 mile / $||0.66 mile / $|
|Krisflyer Miles||0.33 mile / $||0.99 mile / $||0.66 mile / $|
|Air NZ Airpoints||0.005 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:
- Big W
- David Jones
- Mitre 10
- Total Tools
- 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 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 and KrisFlyer miles as transfer partners is a win – both these programs offer some excellent value redemptions for long-haul travel on Cathay Pacific, Qantas and other oneworld airlines for Asia Miles and on Singapore Airlines, Air New Zealand and other Star Alliance members for KrisFlyer. It’s a shame that the effective points earn rate for both these programs are 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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