NAB launches new frequent flyer credit cards, NAB Rewards program

EXCLUSIVE | NAB is broadening its suite of frequent flyer rewards credit cards with three brand new products tied to an all-new ‘NAB Rewards’ loyalty program, with airline partners including Virgin Australia, Cathay Pacific and Air New Zealand.

Now open for application, the NAB Rewards Classic Card, NAB Rewards Platinum Card and NAB Rewards Business Platinum Card are all delivered as Visa credit cards – but notably, without a paired American Express card on the side in preparation for this year’s Reserve Bank credit card reforms.

Read: Aussie banks rethink credit card points, fees ahead of RBA reform

All three cards earn NAB Rewards points which can be manually converted into frequent flyer points as follows, with a minimum transfer amount of 3,000 NAB Rewards points at a time:

• 3 NAB Rewards points = 1.5 Virgin Australia Velocity points
• 3 NAB Rewards points = 1.0 Cathay Pacific Asia Miles
• 3 NAB Rewards points = $0.015 Air New Zealand Airpoints Dollars

There’s no limit to the number of points that can be earned or converted, although payments to the Australian Taxation Office earn no points at all, mirroring NAB’s other frequent flyer credit cards.

NAB Rewards Classic Card

Whip out a NAB Rewards Classic Visa and you’ll earn 2.25 NAB Rewards points per dollar on overseas transactions and with Webjet (excludes Jetstar, AirAsia and Scoot bookings), or 1.5 NAB Rewards points at major department and hardware stores including Myer, David Jones, Bunnings and more.

All other purchases within Australia reel in 0.75 NAB Rewards points per dollar spent, with a bonus 40,000 NAB Rewards points available to cardholders who apply by May 31 2017 and spend $1,500 on everyday transactions within the first 90 days.

Crunching the numbers, here’s how many frequent flyer points you’d earn per dollar spent:

• 1.125 Velocity points, 0.75 Asia Miles or $0.01125 in Airpoints Dollars on overseas transactions and with Webjet.
• 0.75 Velocity points, 0.5 Asia Miles or $0.0075 in Airpoints Dollars at hardware and department stores.
• 0.375 Velocity points, 0.25 Asia Miles or $0.00375 in Airpoints Dollars on all other spend within Australia.
• NAB’s welcome bonus is also equal to 20,000 Velocity points, 13,333 Asia Miles or $200 in Airpoints Dollars.

This card comes with no annual fee in the first year ($95 thereafter), complimentary purchase protection insurance, up to 44 days interest-free on purchases and a minimum credit limit of just $500.

NAB Rewards Platinum Card

Take out the higher-grade NAB Rewards Platinum Card to earn three NAB Rewards points per dollar spent abroad and with Webjet in Australia (excludes low-cost airline bookings, as above), two NAB Rewards points per dollar at department and hardware stores, and one point everywhere else.

New cardholders can also benefit from 80,000 bonus NAB Rewards points when applying by May 31 2017 and spending at least $2,500 on purchases within the first 90 days, and with no annual fee in the first year (usually $195).

Per dollar spent, that’s equal to:

• 1.5 Velocity points, 1.0 Asia Miles or $0.015 in Airpoints Dollars on overseas transactions and with Webjet.
• 1.0 Velocity points, 0.66 Asia Miles or $0.01 in Airpoints Dollars on hardware and department store charges.
• 0.5 Velocity points, 0.33 Asia Miles or $0.005 in Airpoints Dollars on all other spend within Australia.
• Those 80,000 NAB Rewards bonus points equal 40,000 Velocity points, 26,666 Asia Miles or $400 in Airpoints Dollars.

Complimentary insurances are in line with other NAB Platinum cards with overseas travel and medical, interstate flight, domestic hotel burglary, transport accident, extended warranty, purchase protection and price protection insurances all included aside a $6,000 minimum credit limit.

NAB Rewards Business Platinum Card

NAB’s Rewards Business Platinum Visa adopts the same earning and conversion rates as its personal Platinum cousin, but with a $5,000 minimum credit limit and a $175 annual fee (waived in the first year).

There’s also an offer of 80,000 NAB Rewards points for new customers, but given in return for a much higher spend of $15,000 on everyday business expenses within 90 days of opening the account.

Complimentary covers include NAB Commercial Cards Unauthorised Transaction Insurance and NAB Commercial Cards Transport Accident Insurance, but whichever personal or business card you choose, you’ll still encounter NAB’s 3% foreign transaction fee when spending abroad.

Chris C.

Chris is a a former contributor to Executive Traveller.