The Nab Rewards Platinum card is offering a Point Hacks exclusive bonus of up to 70,000 Velocity Points * (auto-converted from 140,000 NAB Rewards Points) plus a reduced first-year annual fee of $95 (usually $195 p.a.) with a minimum spend requirement of $1,000 on eligible purchases within 60 days of account opening.
The signup bonus is split into two parts, with the first 60,000 Velocity Points * (auto-converted from 120,000 NAB Rewards Points) to be received after spending $1,000 or more on eligible purchases in the first 60 days from account opening and an additional 10,000 Velocity Points * (auto-converted from 20,000 NAB Rewards Points) after the annual fee for the second year is billed on your account.
New cardholders can also avail of 0% p.a. on balance transfers for 12 months. The Balance Transfer must be applied for during card application, and a 3% BT fee applies and minimum monthly repayments are required.*
Note that your account must be enrolled for auto-redemption to Velocity Frequent Flyer at the time of points allocation to be awarded the bonus Points.
To take advantage of this offer, make sure to click the red ‘FIND OUT MORE & APPLY’ button on the right side of this guide by 5 June 2023.
All the NAB Rewards cards offer bonus points for overseas spending and at major department and hardware stores, which could be a useful bonus category if you frequently spend in these areas.
Digging into the details of the NAB Rewards Platinum Card
The NAB Rewards Platinum Card is linked to NAB Rewards, so let’s touch on the loyalty program first.
NAB Rewards is a flexible points program that allows you to earn points in NAB’s own rewards points currency.
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.
However, when you take up this card through our link, your monthly points will be automatically converted to Velocity Points as part of this exclusive offer. Velocity Frequent Flyer is the program of choice for many Australian-based travellers. There are a few reasons for this. Firstly, Velocity Frequent Flyer is the loyalty program of Virgin Australia and the nation’s third-largest loyalty program with over 11 million members. But also because Velocity offers the highest transfer rate among NAB Reward’s airline partners.
Velocity Frequent Flyer offers NAB Card Members an extensive domestic and international flight network to earn and redeem their Velocity Points. And for those Card Members that also hold Velocity Frequent Flyern status, transferring your Rewards Points to Velocity makes a lot of sense. This is because using your Velocity Points to redeem Virgin Australia or partner airline flights will allow you to avail yourself of your status benefits when you travel.
Card Details
| Card | NAB Rewards Platinum Visa |
| Loyalty program | NAB Rewards |
| Points earned from spend | 1 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 Cap | No points cap |
| Included insurances | 6 complimentary insurances including international travel (NAB Card Insurance Policy Information Booklet) ^ |
| Overseas transaction fee | 3% of the converted amount |
| Mobile wallet | Apple Pay, Google Pay, Samsung Pay |
| Regular Annual fee | $195 p.a. ongoing |
Earning points with NAB Rewards Platinum Card
NAB Rewards members looking to transfer their Rewards Points to Velocity Points can do so at a rate of 1 NAB Reward Point = 0.5 Velocity Points. If you would like the convenience of having your NAB Rewards Points automatically credited to your Velocity account every month, then you can set up auto-transfer.
When you set up an auto-transfer, every 2 NAB Rewards Points will be converted to 1 Velocity Point. Note that the earning and redemption of Velocity Points and your Velocity membership are subject to the Velocity membership terms and conditions.
The transfer rates for other airline partners are as follows: 1 NAB Reward Point = 0.33 Asia Miles/KrisFlyer miles, 1 Flybuys Point and 0.005 Airpoints.
For a mid-tier card, these earning rates are standard for a non-Amex Card. As a sweetener, the Card offers bonus categories, where you can earn double points at major department and hardware stores. *
You can even pick up triple points when spending overseas, meaning 1.5 Velocity Points per dollar spent for those selecting Velocity as their transfer partner. However, you will incur a 3% foreign transaction fee. *
And don’t forget that NAB occasionally participates in Velocity’s regular transfer bonus promotions, which can help to boost your points earning potential.
Effective Frequent Flyer Program Point Earn Rates
| Frequent Flyer Program | Domestic Spend | Overseas Spend | Department & Hardware Stores |
|---|---|---|---|
| Velocity Points | 0.5 points / $ | 1.5 points / $ | 1 point / $ |
| Asia Miles | 0.33 miles / $ | 1 mile / $ | 0.66 miles / $ |
| KrisFlyer miles | 0.33 miles / $ | 1 mile / $ | 0.66 miles / $ |
| Flybuys points | 1 points / $ | 3 points / $ | 2 points / $ |
| Air NZ Airpoints | 0.005 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 spending, 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 is as follows:
- Kmart
- Target
- Big W
- Myer
- David Jones
- Bunnings
- Mitre 10
- Total Tools
- Stratco
- Home, Timber & Hardware
Travel & Purchase Insurances
The Nab Rewards Platinum Card also offers a range of complimentary 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 Policy Information Booklet for the T&Cs, and eligibility criteria to assess whether the Insurances are suitable for you. NAB recommends you obtain independent professional advice before deciding if this product is right for you.
Offer eligibility for existing cardholders
NAB has confirmed that any existing customers on a NAB direct-earn Qantas card, such as the NAB Qantas Rewards Signature and NAB Qantas Rewards Platinum, are eligible for this offer, subject to meeting the offer requirements.
The bonus points offer is not available to existing customers who have received or are entitled to receive NAB Rewards Bonus Points for a new personal NAB Rewards credit card or NAB Home Loan in the 18 months prior to the opening of a NAB Rewards Signature Card or NAB Rewards Platinum Card.
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 & Samsung 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.
Summing up: NAB Rewards Platinum Card
For those looking for a mid-tier that earns Velocity Points at a competitive rate, then this card may appeal to you. Especially given that there is a number of bonus spend categories that can further boost your Velocity Points earning potential. In addition, Velocity offers bonus transfer promotions that provide an added sweetener to your points-earning potential.
The option to transfer your points to a number of other airline partners is also a handy feature to have up your sleeve. Especially if you’re looking to top up your balance for a flight redemption when you are just short some points.
All up, the NAB Rewards Platinum Visa has a reasonable annual fee, and competitive earning rates, especially with Velocity Frequent Flyer and the appeal of a flexible points program.
* TERMS AND CONDITIONS
Point Hacks Exclusive Offer
Offer commences on Mon 8 May 2023 and ends on Mon 5 June 2023. To be eligible for the up to 140,000 NAB Rewards bonus points (which are automatically redeemed for 70,000 Velocity Points) offer, you must be a Velocity Frequent Flyer member, apply for a new personal NAB Rewards Platinum Credit Card before the offer ends, have your application approved, provide your Velocity Frequent Flyer membership number to NAB to enrol in Auto Redemption, spend $1,000 on everyday purchases using your new card within 60 days of opening your account and keep your card open for over 12 months. You’ll receive an email from NAB after your application has been approved with information on how to provide your Velocity Frequent Flyer membership number to NAB. The earning and redemption of Velocity Points and the Velocity membership is subject to the Velocity membership Terms and Conditions. NAB Rewards bonus points will be credited to your NAB Rewards points balance within three months of meeting the spend criteria, and will be automatically redeemed for Velocity Points within 10 days thereafter. The name of the cardholder must match the name on the Velocity membership number.
Points will be awarded on a tiered basis – You will be eligible to receive 120,000 NAB Rewards bonus points when you spend $1,000 on everyday purchases in the first 60 days of opening your account (credited to your NAB Rewards points balance within 3 months of meeting the spend criteria, and will be automatically redeemed for 60,000 Velocity Points within 10 days thereafter) and 20,000 NAB Rewards bonus points after you have had your card for over 12 months (credited to your NAB Rewards points balance within the 13th month and will be automatically redeemed for 10,000 Velocity Points within 10 days thereafter). The name of the cardholder must match the name on the Velocity membership number.. Offer limited to one total allocation of 140,000 NAB Rewards bonus points per Velocity account, per Offer Period.
Everyday purchases exclude transactions NAB decides are wholly or partly for gambling or gaming purposes. You must provide your Velocity Frequent Flyer membership number to NAB in order to have your NAB Rewards points automatically redeemed for Velocity Points. Each week the NAB Rewards Points that you’ve earned will be transferred to Velocity Points with 2 NAB Rewards Points = 1 Velocity Point.
Your NAB Rewards Platinum Credit Card must remain open and in good standing, and you must be enrolled in Auto Redemption to receive the Velocity Points.
This offer is not available to existing NAB Rewards Signature or NAB Rewards Platinum Credit Card customers or customers who have had a NAB Rewards Signature or NAB Rewards Platinum Credit Card within 18 months prior to applying for a new NAB Rewards Platinum Credit Card. Offer is not available when closing/transferring from another NAB credit card account or in conjunction with any other NAB credit card offer.
A reduced annual card fee of $95 will be charged when the card is opened and applies for the first 12 months. You will be charged the standard $195 annual card fee in the 13th month of your card account.
^ Complimentary insurance covers
If an eligible person wishes to claim any of these benefits, they will be bound by the eligibility criteria, terms, conditions, exclusions, limits and applicable sub-limits contained in the insurance information booklet.
AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631, trading as Allianz Global Assistance (AGA), under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz), has issued an insurance group policy to National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian credit licence 230686 (NAB) which allows eligible persons to claim under it as third-party beneficiaries. Access to the benefit of cover under the NAB card insurances is available to eligible NAB cardholders and other eligible third-party beneficiaries by operation of s48 of the Insurance Contracts Act 1984 (Cth). Any advice on insurance is general advice only and not based on any consideration of your objectives, financial situation or needs. You must check whether or not it is appropriate, in light of your own circumstances, to act on this advice. This insurance is underwritten by Allianz. NAB is not the product issuer or insurer and neither it nor any of its related bodies corporate guarantee any of the benefits under this cover. If an eligible person wishes to claim any of these benefits, they will be bound by the eligibility criteria, terms, conditions, limits and exclusions contained in the insurance information booklet.
For cardholders of Premium, Platinum and Signature tier cards (and certain other cards that are no longer for sale, as listed in the policy information booklet), there are six included insurance covers: international travel insurance, interstate flight inconvenience insurance, transit accident insurance, rental vehicle excess in Australia insurance, purchase protection insurance and extended warranty insurance. The eligibility criteria, terms, conditions, exclusions, limits and applicable sub-limits of the group policy are set out in the NAB Card Insurance Policy Information Booklet dated 30 June 2022 (PDF, 604KB) which may be amended from time to time. For insurable events that occurred prior to Thu 30 Jun 2022, the eligibility criteria, terms, conditions, exclusions, limits and applicable sub-limits of the group policy are set out In the NAB Card Insurance Policy Information Booklet dated 31 March 2021. © 2022 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
3 Earning NAB Reward Points
Points are earned and redeemed in accordance with the NAB Rewards Terms and Conditions (PDF, 309KB) available at rewards.nab.com.au. These terms describe the purchases not eligible to earn points. You must have an open and active NAB Rewards credit card account to earn points. Everyday purchases exclude transactions NAB decides are wholly or partly for gambling or gaming purposes.
4 How does Points Booster work?
Triple points: 1 NAB Rewards Point + 2 additional NAB Rewards Points (Bonus Points)
Overseas purchases – Purchases (in store and online) where the merchant, financial institution or entity processing the transaction is located outside Australia. International transaction fees continue to apply.
Webjet – Purchases made online with Webjet via NAB Rewards Store or on Webjet.com.au. Webjet Booking Terms and Conditions apply.
Double points: 1 NAB Rewards Point + 1 additional NAB Rewards Point (Bonus Points)
Use your card to shop in-store and online at your favourite major department stores and hardware stores; such as, Myer, David Jones, Bunnings, Mitre 10 and many more – the choice is yours.
Points Booster is subject to the NAB Rewards Terms and Conditions. Only eligible transactions under those terms and conditions earn points and bonus points. Points are credited to your points balance after the eligible transaction is credited to your NAB Rewards credit card account: for standard points within 10 business days of processing and for Bonus Points within 3 business days of the standard points being processed. Details are correct as at 15 February 2021 and are subject to change by NAB.
5 Balance transfer 12 month offer rate
After 12 months, any unpaid balance transfers will attract the variable cash advance rate (currently 21.74% p.a. as at 30 November 2022). The one-off balance transfer fee of 3% is calculated on the amount transferred and is charged to your NAB credit card account when your balance transfer is processed. Interest rates are subject to change. While you have an outstanding balance transfer, interest free days on purchases only applies if you pay the interest free days payment in full by the due date each month. Minimum monthly repayments must be made by the due date each month. Standard balance transfer rate and term may be varied or withdrawn at any time. In addition to this acquisition rate, which is available only at card application, other balance transfer offers may be available on your card from time to time. You can find out more information about the ongoing balance transfer rates of your card.
To process your balance transfer, we use your non-NAB card number to BPAY the balance transfer request. If your BPAY reference number for your non-NAB card isn’t your credit card number, we won’t be able to complete the balance transfer.
Apple, the Apple logo, Apple Pay, Apple Watch, Face ID, iPad, iPhone, Safari, and Touch ID are trademarks of Apple Inc., registered in the U.S and other countries.
Google Pay, Android, the Google Pay Logo, Google Play and the Google Play logo are trademarks of Google LLC.
Credit Card Terms and conditions available. Fees and charges are payable. Approval and credit limit is subject to NAB’s credit assessment criteria. Information, including interest rates and annual card fees subject to change. Correct as at 30 November 2022 and subject to change. Credit cards issued by National Australia Bank Limited. ©2023 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
This post first appeared on Point Hacks - The Best Frequent Flyer Deals & Offers In Australia., please read the originial post: here
