Earlier in 2017, NAB launched new Visa-only credit cards linked to their new rewards program, NAB Rewards, and the NAB Rewards Signature Visa is the highest points-earning card in the NAB Rewards line-up.
The card is currently offering 90,000 bonus NAB Rewards points (equivalent to 45,000 Velocity points or 29,700 KrisFlyer/Asia Miles) with a minimum spend of $2,500 minimum spend requirement within 60 days of account opening and 0% p.a. for 6 months on balance transfer.
NAB Rewards has Velocity, KrisFlyer, Asia Miles, and Air NZ Airpoints as transfer partners, with the first three programs being very useful for those collecting and redeeming points in Australia.
As with the other NAB Rewards cards, the NAB Rewards Signature also 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.
How you could use the bonus points from this card
All redemption figures shown are examples only and exclude accompanying taxes and fees. Points redemption price data is provided by a third-party, so inaccuracies may be present. Please check with the airline directly for a complete and accurate total redemption cost.
Digging into the details of the NAB Rewards Signature Visa
The NAB Rewards Signature Visa is linked to NAB Rewards, which as a flexible points program, 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.
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 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.
|Card||NAB Rewards Signature Visa|
|Loyalty Program||NAB Rewards|
|Points earned from spend||1.25 Rewards points per $1 on everyday spend|
2.5 Rewards points per $1 in major department stores and hardware stores
3.75 Rewards points per $1 on overseas spend
|Earns points at ATO||No|
|Insurance included||7 complimentary insurances including overseas travel (PDS)|
|Overseas transaction fee||3% of the converted amount|
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.
Earning points with NAB Rewards Signature Visa
The NAB Rewards Signature Visa earns 1.25 NAB Rewards point on all everyday spend, which can be converted to 0.625 Velocity Points, 0.41 Asia Miles/KrisFlyer Miles 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 point / $||1.87 point / $||1.25 point / $|
|Asia Miles||0.41 mile / $||1.23 miles / $||0.82 mile / $|
|Krisflyer Miles||0.41 mile / $||1.23 miles / $||0.82 mile / $|
|Air NZ Airpoints||0.00625 point / $||0.01875 point / $||0.0125 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 Signature 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
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 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.
Summing up – NAB Rewards Signature Visa
The key appeal of the NAB Rewards Signature Visa is the ability to earn bonus points with the department and hardware stores bonus category. Otherwise the points earn rates are adequate, but not market-leading.
It’s also surprising to see no additional features or card benefits for the NAB Rewards Signature Visa outside of earning points, access to a concierge service, the usual range of insurances that come with premium credit cards, and standard Signature Visa benefits which are available across other Signature Visas too.
Many cards at this fee level offer lounge passes or other travel benefits and they are lacking from the NAB Rewards Signature Visa – it depends on whether you’d value benefits like these, or not, as to whether that matters to you.
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