The NAB Rewards Platinum card is currently offering up to 80,000 bonus NAB Rewards Points (equivalent to 80,000 Flybuys points, 40,000 Velocity Points or 26,400 Asia Miles/KrisFlyer Miles) with a minimum spend requirement of $1,000 within the 60 days of account opening and 0% p.a. for 12 months on Balance Transfer with a 3% BT fee.

The signup bonus is split into two parts, with the first 60,000 Rewards Points to be received after spending $1,000 or more in the first 60 days from approval and an additional 20,000 Rewards Points after the annual fee for the second year is billed on your account.

The card is linked to NAB’s own flexible points program called NAB Rewards and has Velocity, Asia Miles, KrisFlyer, Flybuys 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 have another ‘flexible points program’ option in the market for the points collectors, and as an alternative 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.

In this guide we look at the NAB Platinum Rewards Visa – there are also the higher point-earning NAB Rewards Signature Visa and NAB Rewards Business Visa.

How you could use the bonus points from this card

All redemption figures above exclude any accompanying taxes, fees and charges. Points redemption price data is provided by a third-party. For an exact total redemption cost, please consult with the airline directly.

Disclaimer: These are example redemptions only and due to COVID-19 travel restrictions, some of these routes may not be currently available.

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 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 Point, to Asia Miles and KrisFlyer at 1 NAB Rewards Point = 0.33 Asia Miles/KrisFlyer Miles, to Flybuys at a rate of 1 NAB Rewards Point = 1 Flybuys point or Air NZ Airpoints at 1 NAB Rewards Point = 0.005 Airpoints.

The NAB Rewards Platinum Visa has a standard ongoing 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 insurances6 complimentary insurances including international travel (PDS)
Overseas transaction fee3% of the converted amount
Annual fee$195 p.a. ongoing

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, 1 Flybuys point 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 points / $1.5 points / $1 point / $
Asia Miles0.33 miles / $1 mile / $0.66 miles / $
Krisflyer Miles0.33 miles / $1 mile / $0.66 miles / $
Flybuys points1 points / $3 points / $2 points / $
Air NZ Airpoints0.005 points / $0.015 points / $0.010 points / $

There are no points caps applied to any of the NAB Rewards cards too.

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

The ability to earn bonus Rewards 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.

Travel & Purchase Insurances

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

  • International Travel Insurance
  • Interstate Flight Inconvenience Insurance
  • Transit Accident Insurance
  • Rental Vehicle Excess in Australia Insurance
  • Purchase Protection Insurance
  • Extended Warranty Insurance

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.

Apple Pay + Google Pay support with NAB

NAB cards support Apple Pay & Google 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.

NAB Apple Pay - Point Hacks

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.

Flybuys being a transfer partner offers you more flexibility by giving you the option to boost your Flybuys balance and take advantage of their extensive rewards catalogue, or use them to get money off at Coles and other partners.

The inclusion of Asia Miles and KrisFlyer miles as transfer partners is also 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.

Up to 80,000 bonus NAB Rewards Points plus $100 off your first-year annual fee with the NAB Rewards Platinum Visa was last modified: February 5th, 2022 by Daniel Sciberras