NAB has 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 frequent 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 | NAB Velocity Premium Visa |
| Points earn and cap from spend | 0.66 points per $ up to $3,000 per statement period 0.33 points per $ from $3,000 to $6,000 statement period |
| Overseas transaction fee | 3% of the converted amount |
| Points cap | $6,000 per statement period |
| Annual fee | $150 |
| Included insurances | International travel, purchase protection and extended warranty insurance (PDS) |
| Earns points at ATO | No |
| Loyalty program | Velocity 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.
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 | NAB Velocity American Express and Visa |
| Loyalty program | Velocity Frequent Flyer |
| Visa Points earn and cap from spend | 0.66 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 November | 3,000 points per month |
| Earns points at ATO | No |
| Overseas transaction fee | 3% 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.
Applied pending approval 🙂
I notice it doesn’t appear anywhere on the website but the ANZ FF black card no annual fee in the 1st year offer seems to be black…pretty low key though as not even ANZ staff knew about it when I called up. I completed the process and all seems to be good.
http://www.anz.com.au/personal/credit-cards/offers/ibfrequentflyerblack/
Cheers
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.
Kind Regards,
Harriet
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
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?
I saw that offer too and I am about to apply now. Fingers crossed!
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!
When you use the NAB website it only offers 20000 bonus points.
Keith do you have any info on this?
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!
Thanks
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?
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.
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!
Cheers
Josh
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.
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