Point Hacks Credit Card Guide

NAB Velocity Premium American Express & Visa Guide

NAB Velocity Premium American Express & Visa

NAB are offering 0% p.a. on balance transfers for 6 months with the NAB Velocity Premium Amex & Visa combo. Earns 1 point per $ spend on the American Express with a $150 annual fee.

  • 0% p.a. on balance transfers for 6 months
  • 1 Velocity points earned per $ spent on the Amex, 0.5 points per $ on the Visa
  • 7 complementary Insurances including overseas travel (PDS), concierge and other platinum card benefits
  • $150 p.a. annual fee
  • Balance Transfer must be applied for during card application, a 2% balance transfer BT fee applies
  • Offer unavailable if closing/transferring from another NAB credit card account

Find out more or apply →

Point Hacks earn a maximum of $90 per applicant for this card. More about this →

The NAB Velocity Premium joint American Express & Visa comes with a $150 annual fee and offers 1 Velocity point per $ earn rate on the American Express.

This guide also covers the NAB Velocity card – a sub $100 annual fee Amex and Visa combo aimed at lighter spenders.


Changes to the NAB Velocity Premium and Classic credit cards from November 13th

NAB have announced they will be removing the American Express companion accounts on all their frequent flyer rewards cards including the Velocity Premium and Classic accounts effective 13th November 2017.

This comes after the changes NAB announced earlier this year that took effect on July 1st, which we outlined in more detail here. This also means that starting mid-November, NAB will be offering Visa only accounts on all their rewards cards, with slightly higher earn rates but reduced points cap on both the Premium and Classic accounts.

In summary, NAB have:

  1. Removed the companion American Express from all accounts effective 13th November 2017
  2. Increased earn rates on their Qantas and Velocity Rewards cards range (except NAB Qantas Rewards Signature), up to a points cap ($3,000/month)
  3. Lowered initial points cap for both Qantas and Velocity Premium cards ($3,000 from $5,000 per statement period), but slightly increased the hard cap to $6,000 per statement period
  4. Existing cardholders will be able to use their American Express accounts until 20th February 2018

We have updated this guide to reflect details of the upcoming changes and will further update this as soon as they come into effect.


You can check out the full range of guides to earning and using Velocity points here.

Digging into the details of the NAB Velocity credit cards

The combined American Express and Visa approach can make for easy account administration – but there are higher earning independent Visa and Mastercard accounts out there.

Having said that, these dual card accounts have their place for those who want simplicity and know they will use the American Express for the majority of their spend. Just keep in mind that the recently announced changes means that the American Express account will only be valid until 20th February 2018.

Card Details

CardNAB Velocity Premium American Express and Visa
Loyalty programVelocity Frequent Flyer
Points earned from spend1 Velocity points per $ on the Amex (until 20th February 2018 for existing cardholders)

0.5 Velocity point per $ on the Visa (until 12th November)
Points cap (until 12th November)$5,000 per statement period
Visa Points earn and cap from spend (From 13th November 2017 onwards)0.66 points per $ up to $3,000 per statement period
0.33 points per $ from $3,000 to $6,000 statement period
Earns points at ATONo
Included insurancesInternational travel, purchase protection and extended warranty insurance (PDS)
Overseas transaction fee3% of the converted amount
Annual fee$150

The higher end NAB Velocity Premium American Express & Visa account is a good card to consider for Velocity point earn from a single paired American Express and Visa.

The Velocity earn rates on spend for the Amex is 1 Velocity points per $ until 20th February 2018 for existing cardholders but will no longer be available after that.

There’s also the usual range of travel, purchase protection and warranty type insurances offered with a Platinum card of this nature (Read the full PDS here), and a Platinum concierge – you can assess the value of these add-ons for your circumstances.

The current 0.5 Velocity point per $ earn rate on the Visa is not so great and doesn’t really improve much after the new earn rate of 0.67 Velocity point per $ takes effect in mid-November – given the Virgin Money Visa offers 1:1 earn rate, this is a bit paltry.

But the annual fee is low enough for this card making it a decent option for die-hard Velocity collectors.

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.

NAB Velocity American Express & Visa

NAB are offering 0% p.a. on balance transfers for 6 months with the $95 annual fee Velocity American Express and Visa account, with a 0.75 Velocity point per $ earn rate on the Amex.

  • 0% p.a. on balance transfers for 6 months
  • 0.75 Velocity point earned per $ spent on the Amex, 0.5 points per $ on the Visa
  • Complementary purchase protection insurance (PDS)
  • $95 p.a. annual fee
  • Balance Transfer must be applied for during card application, a 2% balance transfer BT fee applies
  • Offer unavailable if closing/transferring from another NAB credit card account

Find out more or apply →

Point Hacks earn a maximum of $90 per applicant for this card. More about this →

The standard NAB Velocity American Express & Visa account has a lower annual fee of $95. The earn rate on spend is also lower at 0.75 point per $ on the Amex until 20th February 2018, while the Visa earn rate will slightly increase in mid-November as mentioned above but there are no other benefits with the account.

Card Details

CardNAB Velocity American Express and Visa
Loyalty programVelocity Frequent Flyer
Points earned from spend0.75 Velocity point per $ spent on Amex (until 21st February 2018 for existing cardholders)

and 0.5 Velocity point per $ spent on Visa (until 12th November for existing cardholders)
Points cap until 12th November3,000 points per month
Visa Points earn and cap from spend (From 13th November 2017 onwards)0.66 points per $ up to $3,000 per statement period
0.33 points per $ from $3,000 to $6,000 statement period
Earns points at ATONo
Overseas transaction fee3% of the converted amount
Annual fee$95

The usual annual fee of $95 is decent for a frequent flyer combination Amex and Visa. The earn rate is bettered by some more expensive standalone American Express or Visa accounts but NAB’s entry-level combination account is otherwise competitive.

Summing up – NAB Velocity credit cards

If you’re in the hunt for Velocity points, and know you can put a lot of spend on the American Express, the Velocity Premium account is my pick of the two – the annual fee is not significantly higher and is usually offset by the larger signup bonus sometimes offered.

All up, the Premium may be a good card for Velocity Point collectors with a reasonable annual fee and decent earn rate on the American Express. Just keep in mind that the American Express account will no longer be available by 20th February 2018.

NAB Velocity Premium American Express & Visa Guide was last modified: October 19th, 2017 by Keith

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Comments Expand Comments

  1. Simon Ceglinski

    Given the recent drop in points and the lowered points cap, could i split the upcoming purchase of tickets (airline) so one purchase in on the 30th September and the other on the 1st of October (given the tickets will cost ~$5500 each) to maximize the points?

    • Splitting your purchase into two could work to maximise points earn but remember that the $5000 limit is based on statement period (different for each customer) as opposed to calendar month. You’d need to contact the bank to work out when your statement period is.

  2. kim

    Hi Keith,

    Thanks for extremely helpful information. So I decided to apply for NAB Velocity Platinum card via your link instead of directly applied. NAB pre-approved my card and requested my pay slips and payment summary after a bit confused about my first name and middle name. I received a SMS said my card was approved/opened and now received a letter said the card was closed. Their 1300 explained that it was declined but the pre-approved process just gone ahead ?. Do you or other have any idea about this confused process of NAB ? I believe that I have no mortgage and reasonable good income.

  3. Harriet

    Hi Keith. Thank you for your prompt response. Woodyren is indeed correct – there is no requirement to have not held the same account in the previous 12 months. I signed up at my local NAB branch today, was approved, and will be eligible for the 75,000 bonus points offer. Hopefully this helps anyone else in my position.

    Kind Regards,

    Harriet

    • Yes this is all true. I hit up the last 60k bonus and closed my account earlier in the year. I saw the new 75k sign up bonus and applied in mid August. I already have the points in my velocity account! Only took a couple of weeks between opening the account and getting the points (of course, I spent the $1500 rather quickly…). But from memory, last time (for the 60k bonus promotion) it took a lot longer for the points to come through – was the full 3 months after hitting the spending requirement – so seems a little inconsistent. But the points WILL come through!

  4. Harriet

    Hi Keith,

    Did Aden ever get back to you? I too cancelled my velocity card at the start of the year and was wondering if I could sign up and be eligible for the 75000 points bonus.

    Kind Regards,

    Harriet

    • I have heard a couple of people looking at this and in both cases they have contacted NAB first before taking the plunge, to be sure. Would suggest doing the same.

  5. David

    I thought I would just mention that I applied for the direct link 75K offer with the NAB Velocity Platinum card. They called me back and said I was only eligible for the lower card (NAB Velocity Rewards) however the 75k bonus for $1500 spend would stand.

    Hoping to confirm in writing, but if that works then the lower annual fee might be a small bonus for having a lower points earn as long as the 75,000 is credited. Just want to know if anyone else is in the same boat?

      • David

        Hi Alexandra,

        As an update, although they only approved me for the normal Velocity Rewards (NOT Platinum), because I applied through the direct link and confirmed by phone that I had screenshots of my application, they would give me a ‘bonus’ 55,000 on top of my 20,000. All’s well that ends well!

  6. I used the link, have received the card and have called NAB. The consultant looked up my record and verbally confirmed that I am eligible for the 75K bonus points so I have spent the minimum spend by paying for a cruise I has booked. I will now wait for possibly 3 billing cycles to see if I actually get the points. There was nothing in writing anywhere apart from the initial link where it mentioned the bonus points.

    • It’s a good offer. I am pretty sure it’s targeted in the sense that it’s not being promoted publicly, but if you have the link, anyone can apply. I am trying to confirm this before I comment on the offer. Should be able to update on this later this week.

  7. Nab now offering 75000 bonus points for this card. There is also no requirement to have not held a NAB CCard for 12 months to be eligible. If you have cancelled the previous NAB Velocity premium card after receiving the 60000 bonus points you can reapply and be eligible for the new 75K offer.

  8. Thanks Keith, much appreciated.
    The lounge access probably not so much of a worry if we lose that, i have redeemed the free flight which is later in the year so all booked and assume cancelling the card wont affect that. Talking to a few others they also suggested once getting the balance to zero, wait until the current statment points scrape over to velocity(something i didn’t really think about). So looks like i will be balancing to Zero, wait until points scrape to velocity, then cancel the card. Once thats done, apply for the NAB and would imagine that card would only take 5-6 days to arrive. Electricity bill just arrived so having the NAB Visa will be handy to get me going on the $1,500 minimum spend.

    Thanks again for suggestions Keith. Keep up the great work on the website!

  9. Hi Keith or anyone else that can assist,

    We signed up to the Amex Velocity Platinum card last August with the 120,000 points and what a great offer that was! As we are planning on booking late sepetmber/october for the September 2017 we want to accumulate as many points as possible. With the recent Velocity reshuffle of points needed its thrown a bit of a spanner into the mix on our anniversary Euro trip next September.

    Obviously with the NAB car available its an excellent opportunity to grab
    another 60,000 x 2.

    Would we be best cancelling existing velocity amex then applying for NAB? or do we just do a balance transfer across?

    As this is a bank offered amex and not direct through amex i assume we would be still eligible for the bonus 60,000 points?

    • I can’t advise you to go for this offer or not – your decision!
      Cancelling – you would lose the benefits (lounge access/flight) of the Velocity Amex if you cancel. Make sure you use them. Only NAB would know for sure if cancelling a card and reducing your available credit would impact your application with them.
      And yes, holding Velocity Platinum Amex would not impact your eligibility for bonus points with the NAB offer.

  10. Linda

    Does anyone know how long it actually takes to receive the 60,000 bonus points? I achieved the spend threshold within the first month (before my first statement was issued), have now paid the balance on that statement and still haven’t seen the points. NAB have said it’s an automated process that can take up to 4 months (per their T&Cs) – seems like an unnecessarily long time!

    • Josh Maisey

      Hi Linda,

      I too am in the same boat and contacted NAB. They also let me know that it’s an automated process, and typically it is near the very end of the 4 months where they are issued. There is no way to expedite the process either, apparently.

      I’ve also got a query in with the at the moment to confirm that it is definitely 4 months from the time of meeting the spend criteria, and not 4 months from the time the statement is issued. I’ll let you know if I hear back!

    • Josh

      Hi Linda, confirmed with NAB that it’s definitely 4 months from achieving the threshold, not from the first statement issue date. I will be able to let you know how long the points took to come through in about 4-5 weeks.

    • NAB’s requirements are variable, and not clear – often varying from customer to customer. That said they are usually more liberal in eligibility for bonus points than Amex at around 6 months. But check with them directly.

  11. Winston

    Hello Keith,

    I currently have an American Express Platinum Edge card and was interested in this signup deal of 60000 velocity points as we wish to use velocity points in the next year or two (We currently have 260000 Amex points).
    Correct me if I’m wrong but Amex points are valued around 2 cents per point so 60000 points would be worth around $1200. With the NAB card having an annual fee of $150 and a minimum spend of $1500 in 90 days earning 1.5 points using Amex, this seems like a good offer to take. Bearing in mind I earn 3 points when I use my Amex at supermarkets etc. What are your thoughts.

    • Hey Winston – I value Velocity points (which the NAB card collects only, not Amex Membership Rewards, just to be clear) lower at around 1.3/1.4c per point, something like that. We are unable to compare cards and card offers here on Point Hacks for legal reasons. The NAB Amex has a good Velocity earn rate though for general spend if you’re collecting Velocity points.

  12. Josh

    Has anyone had experience with NAB issuing Velocity points previously? I’m particularly interested in the time it takes to credit your account with the points, once you’ve reached the minimum spend ($1,500). The T&C’s state they’ll be credited within 4 months, but I’m wondering if it’s typically quicker than this – or does it actually take 4 months?

    • Bob

      I’m still waiting after 6 months. Will be contacting again today. They confirmed over the phone a couple months back that it would be credited, but that it would be 10 weeks after the 60k promotion had finished. That date passed a while back and still nothing.

  13. Aden

    Hi,

    I have a question about the eligibility of a ‘new’ customer. I previously held a NAB velocity platinum credit card and cancelled the card earlier this year. Would I still be able to apply for this card and receive the bonus point or is there a set period of time I need to wait before I become a new customer?

    Regards,

    Aden

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