NAB Rewards Platinum 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 Rewards Platinum Credit Card

Allowing you to earn NAB Rewards on your credit card spending, the NAB Rewards Platinum Credit Card is a rewards card packed with extras and some very enticing introductory offers as well. If you apply today, you can earn 80,000 bonus NAB Rewards Points - 60,000 bonus Points when you spend $1,000 on everyday purchases within the first 60 days of account opening and 20,000 bonus Points when you keep your card open for over 12 months (worth $390 in gift cards). Plus benefit from 0% p.a. on balance transfers for 12 months.

What we love...

What do we love? It’s hard to go past that bonus points offer. If you apply for the NAB Rewards Platinum Credit Card today, you can take home 80,000 bonus NAB Rewards Points - 60,000 bonus Points when you spend $1,000 on everyday purchases within the first 60 days of account opening and 20,000 bonus Points when you keep your card open for over 12 months (worth $390 in gift cards). So, what does 80,000 NAB Rewards Points actually give you?

The NAB Rewards Program offers plenty of diversity. Having teamed up with Air New Zealand’s Airpoints, Cathay Pacific’s Asia Miles, Singapore Airlines’ Kris Flyer, and Virgin’s Velocity Frequent Flyer, NAB Rewards lets members transfer points to their chosen frequent flyer programs. So if you want to earn Airpoints Dollars, that 80,000 Points bonus would equate to $400 to spend on Air New Zealand flights.

Alongside a host of frequent flyer redemption options, NAB Rewards also lets members redeem points within the NAB Rewards Store. You can redeem your NAB Rewards Points for a wide range of gift cards, vouchers, homewares, technology, products and travel with Webjet. And that bonus? 80,000 NAB Rewards Points could give you $390 in gift cards. Point calculations are accurate but may be subject to change without notice.

As for everyday earning on the NAB Rewards Program, there is an earn structure you’ll need to get your head around:

• Earn 1 NAB Rewards Point for every $1 spent on everyday purchases
• Earn double points on purchases made in major department and hardware stores (including Myer, David Jones, Kmart, Target, Bunnings and Mitre 10),
• Earn triple points with Webjet when travelling overseas or on overseas purchases made in Australia.

In terms of points redemption on frequent flyer programs, here’s how that stacks up:

• 3,000 NAB Rewards Points equals 15 Airpoints Dollars
• 3,000 NAB Rewards Points equals 1,000 Asia Miles
• 3,000 NAB Rewards Points equals 1,000 KrisFlyer Miles
• 3,000 NAB Rewards Points equals 1,500 Velocity Frequent Flyer Points

What’s not so great...

Now for the not-so-fun stuff. If you choose to take advantage of the 0% p.a. balance transfer offer, be aware that there is a 3% balance transfer fee and any transferred balance left unpaid at the end of the six month introductory period will revert to the card’s cash advance rate.

In terms of interest in general, both the card’s purchase rate and cash advance rate are relatively high, so try to avoid carrying a balance whenever possible. The card also has a fairly significant standard annual fee of $195, but as long as you find value in the card, then the annual fee should pay for itself.

Why should you choose this card?

If you want to earn rewards on your credit card spending – and you’re not bothered about earning on the Qantas program – then the NAB Rewards Platinum Credit Card could be a fantastic option. NAB seems to have put a lot of work into the NAB Rewards Program, allowing members to choose between three very popular frequent flyer options, and a well-stocked NAB Rewards Store.

You'll also enjoy a reduced annual card fee of $95 for the first year, saving you $100. Plus, you can choose to add one additional cardholder at no extra cost, allowing you to earn points faster. And, if you have existing credit card debt, you can take advantage of the card’s balance transfer offer of 0% p.a. on balance transfers for 12 months.

In terms of extras, you can benefit from the assistance of the NAB Concierge Service, advanced ticket sales with Visa Front Line access and a full suite of complimentary insurance covers:

• International travel insurances for trips up to 90 days
• Purchase protection insurance
• Extended warranty insurance

Overall Rating

An excellent rewards card, the NAB Rewards Platinum Credit Card is perfect for cardholders looking to earn points on the NAB Rewards Program while enjoying an array of extras, plus 80,000 bonus NAB Rewards Points and 0% p.a. on balance transfers for 12 months.