NAB Qantas Rewards Premium Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The NAB Qantas Rewards Premium Credit Card

With up to 70,000 bonus Qantas Points, reduced annual fee for the first year, plus, 0% p.a. on balance transfers for 12 months there is certainly a lot to love about the NAB Qantas Rewards Premium Credit Card. As a cardholder, you can also enjoy a decent earn rate on everyday spending, a full suite of complimentary insurance covers, Visa Front Line access and the service of a personal Platinum Concierge.

Point calculations are accurate as of 12 January 2024 but may be subject to change without notice. All routes may have additional taxes and charges. Check on the official NAB page for the updated calculations.

What we love...

One of the most enticing aspects of the NAB Qantas Rewards Premium Credit Card has to be its bonus points offer. With up to 70,000 bonus Qantas Points available to new cardholders, all you have to do is spend $2,000 on eligible purchases within the first 60 days of opening the account to receive the $60,000 bonus points. To get the additional 10,000 bonus points, simply keep your card open for at least 12 months. Your bonus points will be credited to your account within three months of meeting the spend criteria and within your 13th month.

What will 70,000 Qantas Points actually get you? With 25,200 Qantas Points, you could fly from Sydney to Phuket or, you could head to the Qantas Store to pick up a De'Longhi Lattisima One coffee machine, or a Samsonite City Rhythm Spinner suitcase for less than your 70,000 Qantas Points bonus.

In terms of introductory offers, the NAB Qantas Rewards Premium Credit Card has yet more to offer. New cardholders can enjoy a reduced annual fee for the first year from $250 to $150 - that's $100 in savings.

If you want to pay down existing credit card debt, you could take advantage of 0% p.a. on balance transfers for 12 months. This could help you save on interest, while you work on clearing that debt.

As a rewards card, the NAB Qantas Rewards Premium Credit Card is pretty straightforward. You will earn 1 Qantas Point per $1.50 on the first $3,000 of each statement period, 1 Qantas Point per $3 on the next $3000, to be capped at $6,000. You can also benefit from complimentary Qantas Frequent Flyer membership if you’re not already a member, saving you $99.50.

Plus, you can earn additional points when using your card to make purchases directly with Qantas. You will earn 1 additional Bonus Point for every $1 spent in Australia on Qantas flights booked directly through qantas.com, Qantas Contact Centres and selected travel agents.

What’s not so great...

While there is a lot to love about the NAB Qantas Rewards Premium Credit Card, there's plenty you need to be aware of. If you sign up for the balance transfer offer, you will pay a 3% balance transfer fee and if you don’t pay off your transferred balance, it will revert to the card’s variable cash advance rate at the end of the 12-month intro period.

In terms of interest, this card has a relatively high variable purchase rate and cash advance rate so it’s best not to carry a balance month to month. There is also a substantial annual fee to cover each year but this should only become an issue if you’re not able to afford it or you’re not getting your money’s worth.

One way to find out if a card offers value is to think about what it offers. For some cardholders, this card’s tiered points system and points capping will simply not offer the value they need. For others, the card’s rewards system and additional features will more than make up for the higher annual fee.

Why should you choose this card?

If you want a rewards card that earns Qantas Points on everyday spending, the NAB Qantas Rewards Premium Credit Card could be ideal. Although the annual fee is large, you can choose to add one additional cardholder at no extra charge to help you earn points faster.

As for additional features, you will have access to a personal concierge service and advance ticket reservations with Visa Front Line access. Plus, you can benefit from some extra peace of mind with the following complimentary insurance covers:

• International travel insurance for trips up to 90 days (including COVID-19 coverage effective 30 June 2022, T&Cs apply)
• Purchase protection insurance
• Extended warranty insurance

Overall Rating

An excellent rewards card, the NAB Qantas Rewards Premium Credit Card allows you to earn Qantas Points on everyday spending while benefiting from extras such as up to 70,000 bonus Qantas Points, reduced annual fee for the first year, and 0% p.a. on balance transfers for 12 months. Plus, complimentary insurances, a Platinum Concierge and Visa Front Line access.