NAB have decided to discontinue both their Velocity Premium and Velocity Classic Visa cards starting 11 February, 2018. For those looking to earn Velocity points on spend, NAB’s own flexible Rewards Program offers the option to transfer points directly into Velocity frequently flyer.

We left this guide up for reference as existing cardholders will still be able to use their card until expiry.

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 NAB Velocity card range has a Premium and standard Classic account, with the Premium Visa at $150 annual fee, and Classic at $95.

The higher end NAB Velocity Premium Visa earns 0.66 Velocity point per $1 up to $3,000, and 0.33 Velocity point per $1 from $3,001 to $6,000 per statement period. The classic earns 0.5 Velocity point per $1 up to a maximum of $3,000 per statement period.

Card Details

CardNAB Velocity Premium Visa
Points earn and cap from spend0.66 points per $ up to $3,000 per statement period
0.33 points per $ from $3,000 to $6,000 statement period
Overseas transaction fee3% of the converted amount
Points cap$6,000 per statement period
Annual fee$150
Included insurancesInternational travel, purchase protection and extended warranty insurance (PDS)
Earns points at ATONo
Loyalty programVelocity Frequent Flyer

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 0.66 Velocity point per $ earn rate is not so great – 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.

[adrotate banner=”52″]

The standard NAB Velocity Visa account has a lower annual fee of $95. The earn rate on spend is also lower at 0.5 point per $ on spend up to a maximum of $3,000 per statement period and there are no other benefits with the account.

Card Details

CardNAB Velocity American Express and Visa
Loyalty programVelocity Frequent Flyer
Visa Points earn and cap from spend0.66 points per $ up to $3,000 per statement period
0.33 points per $ from $3,001 to $6,000 statement period
Points cap until 12th November3,000 points per month
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 Visa accounts but NAB’s entry-level card is otherwise competitive.

Summing up – NAB Velocity credit cards

If you’re in the hunt for Velocity points, then 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.

NAB Velocity Premium and Classic Visa Guide was last modified: November 20th, 2018 by Keith