NAB have announced upcoming changes to the earn rates of their airline branded, frequent flyer point earning credit card range, but are keeping their existing system of companion American Express cards, with AusBT picking up the changes yesterday.
Points earn rates will reduce on spend on these American Express companion cards however, and there are also some new points caps being applied to these accounts. The new NAB Rewards Visa range is unaffected – and all these changes will take effect from 1st July 2017.
Update: As of 11 February 2018, NAB have discontinued the NAB Velocity Premium and Classic cards. 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.
In summary, NAB have:
- Lowered earn rates on companion American Express accounts
- Lowered points cap across all Qantas and Velocity point earning cards
- Retained existing earn rates across all companion Visa accounts
- Lowered earn rates on Visa Business Cards
Personal Cards
| Card | Old Earn Rates | Changes in Earn Rates | New Earn Rates / Points Caps | ||
|---|---|---|---|---|---|
| American Express | Visa | American Express | Visa | ||
| NAB Qantas Rewards Premium | 1.5 Qantas Points per $ capped at $25,000 per statement period | 0.5 Qantas Point per $ capped at $25,000 per statement period | -0.5 point on the Amex, reduced points cap | 1 Qantas Point per $ capped at $5,000 per statement period | 0.5 Qantas Point per $ capped at $5,000 per statement period |
| NAB Qantas Rewards | 1 Qantas Point per $ capped at $20,000 per statement period | 0.5 Qantas Point per $ capped at $20,000 per statement period | -0.25 point on the Amex, reduced points cap | 0.75 Qantas Point per $ capped at $3,000 per statement period | 0.5 Qantas Point per $ capped at $3,000 per statement period |
| NAB Velocity Rewards Premium | 1.5 Velocity Points per $ capped at $20,000 per statement period | 0.5 Velocity Point per $ capped at $20,000 per statement period | -0.5 point on the Amex, reduced points cap | 1 Velocity Point per $ capped at $5,000 per statement period | 0.5 Velocity Point per $ capped at $5,000 per statement period |
| NAB Velocity Rewards | 1 Velocity Points per $ capped at $20,000 per statement period | 0.5 Velicity Point per $ capped at $20,000 per statement period | -0.25 point on the Amex, reduced points cap | 0.75 Velocity Point per $ capped at $3,000 per statement period | 0.5 Velocity Point per $ capped at $3,000 per statement period |
Business Cards
| Card | Old Earn Rates | Changes in Earn Rates | New Earn Rates / Points Caps |
|---|---|---|---|
| NAB Qantas Business Signature Card | 0.80 Qantas point per $ | -0.13 Qantas point per $ | 0.67 Qantas point per $ capped at 50,000 per statement period |
| NAB Qantas Business Card | 0.67 Qantas point per $ | same earn rate but reduced cap | 0.67 Qantas point per $ spent capped at 50,000 per card per statement period |
Summing Up
The earn rates changes are not overly dramatic, with the NAB Qantas Premium and NAB Velocity Premium cards still retaining 1 Qantas Point and 1 Velocity Point per dollar, respectively, for spend on the American Express.
What will hurt higher credit card spenders though is the large reduction in the points cap – on all their cards – with no additional points earned if you go over the cap. It means cardholders need to be vigilant, especially if considering paying a credit card payment surcharge, about using their cards when they know they will be earning points.
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