Georgia Rose
Athena Cocoves
The NAB Rewards Signature Credit Card — one of the bank’s two options for collecting uncapped NAB Rewards Points — has the highest NAB Rewards Points earning rate and is the only NAB rewards card with no international transaction fees.
Fees, interest rates and other details
| Feature | NAB Rewards Signature Credit Card |
|---|---|
| Annual fee | $24 per month ($0 if you spend at least $5,000 in a statement period). |
| Variable purchase rate | 20.99% per annum. |
| Variable cash advance rate | 21.74% per annum. |
| Balance transfer rate | 0% standard rate for the first 12 months, then 21.74% (variable cash advance rate). |
| Balance transfer fee | 3%. |
| International transaction fee | None. |
| Late payment fee | $15. |
| Minimum credit limit | $15,000. |
| Interest-free days on purchases | Up to 44 days interest-free (if you don’t pay the full closing balance by the due date, you’ll be charged interest from the day after the due date on everything you have purchased during the statement period, minus any payments you have made. Remember, this will not apply to cash advances.) |
| Additional cardholders | Free (applicants must be at least 16 years old). |
| Card network | Visa. |
| Intro offer | Earn 180,000 NAB Rewards bonus points in the first year: • 130,000 NAB Rewards Points when you spend at least $3,000 on eligible purchases in the first 60 days of card ownership. • Plus earn an extra 50,000 NAB Rewards Points if you keep the card for more than a year. |
| Rewards program | NAB Rewards Points. |
| Rewards details | • Earn 3 points per $1 spent with Webjet. • Earn 1.5 points per $1 spent on eligible purchases, up to $15,000 per month, then 0.5 points after the $15,000 has been reached. |
| Included insurance | • Travel insurance (domestic and international). • Rental vehicle excess in Australia. • Purchase protection. • Extended warranty. • Mobile phone insurance. |
| Benefits | • Automatic redemption available for Flybuys, Velocity or Accor Live Limitless (ALL). • Special offers with Visa Entertainment. • 24/7 access to NAB Concierge Service. • Compatible digital wallets: Google Pay, Apple Pay and Samsung Pay. • Compatible wearable devices: Apple Watch, Fitbit Pay and Garmin Pay. • Fraud protection with NAB Defense. • No foreign transaction fees. • Complimentary airport lounge access for delayed flights. Terms and conditions apply. • Ability to transfer points to partner programs — Flybuys, Velocity Frequent Flyer, ALL, KrisFlyer, Cathay Pacific and Airpoints. |
Basic overview
With the NAB Signature Credit Card, you can earn up to 3 NAB Reward Points for every $1 spent, and the number of points you can earn each month is not limited. The card’s monthly fee of $24 can be reversed if you spend at least $5,000 per billing period.
This travel rewards card also comes with a complimentary suite of insurance coverage and travel perks, like complimentary flight lounge passes for delayed flights.
You can transfer NAB Rewards Points to other rewards and loyalty programs, such as flybuys, Velocity Frequent Flyer, Accor Live Limitless (ALL), KrisFlyer, Cathay or Air New Zealand Airpoints programs, but you cannot use them to redeem Qantas points.
Understanding the monthly fee’s value
Over time the rewards and benefits of a credit card could potentially outweigh the monthly fee, depending on how you use the card. Here are a few ways you can ‘cover’ the $24 monthly cost:
- Spending at least $5,000 in a statement period to have the fee reversed.
- Redeeming at least 12,500 NAB Rewards Points for $50 cashback.
- Claiming the 180,000 bonus-point introductory offer — which, if exchanged for cashback, could cover the monthly fee for up to 29 months (assuming no restrictions apply).
Know the true cost of rewards
To earn credit card rewards, your account must be in good standing and you may need to meet spending minimums. It’s important to remember that in doing so, you may incur fees and interest charges in addition to the annual or monthly card fee. These costs may offset the overall value of the rewards you accumulate and potentially any ‘savings’ you make through an introductory offer or through redeeming points for other benefits. So, balancing your spending and account management to maximise benefits whilst mitigating costs is crucial.
Understanding the balance transfer offer
The NAB Rewards Signature Credit Card offers 0% interest on balance transfers for the first 12 months. This means you can move over an existing credit card balance and pay zero interest on your transferred balance for a year.
To retain the 0% interest rate on your balance transfer, you must make the interest-free days payment by the due date shown on your statement each month.
It’s also important to know that you won’t be able to transfer your balance from every card. For example, NAB cannot process balance transfers for cards from the following issuers:
- Bendigo Bank
- ING
- Great Southern Bank
- Heritage Bank
- Adelaide Bank
- credit unions
- AMEX cards.
Mind the revert rate
If you have a credit card balance on a card with a high interest rate, moving the balance to one with 0% interest could save you money — and give you time to pay down the balance. Keep in mind that the new card’s standard interest rate applies once the promotional period ends. So, ideally, you want to pay off the debt during the 0% interest period. It’s also important to consider the new card’s standard rate versus the interest rate you are paying on your current card, especially where you may not be able to pay the balance transfer off within the 0% interest rate period.
Offers and rewards
180,000 NAB Rewards Points may be available during the first year of ownership.
- Earn 130,000 bonus points when you spend at least $3,000 on eligible purchases in the first 60 days.
- Get an extra 50,000 bonus points if you keep the card for more than one year.
What’s the welcome offer worth?
The value of the welcome offer differs based on how points are redeemed. Here are a few examples of what you could get with 180,000 NAB Rewards Points:
- $880 in gift cards
- $720 in cashback
- Various merchandise and experiences, such as a hot air ballooning trip for two over Hunter Valley.
When transferred to another frequent flyer program, 180,000 NAB Rewards Points equals:
- 180,000 Flybuys points
- 90,000 Velocity Frequent Flyer points
- 30,000 Accor Live Limitless (ALL) points
- 60,000 Singapore Airline KrisFlyer Miles
- 60,000 Asia Miles (Cathay Membership Programme)
- 900 Airport Dollars (Air New Zealand Airports).
The above offers and the redeemable values of the points were current at the time of writing and are subject to change.
Beyond the constraints of your credit limit, there is no limit on the number of NAB Rewards Points using the Signature card. Here are a few examples of how purchases may earn you NAB Rewards:
3 NAB Rewards Points per $1 spent with Webjet.
1.5 NAB Rewards Points per $1 on all eligible purchases, up to $15,000 per statement period.
0.5 NAB Rewards Points per $1 on all eligible purchases after you spend $15,000 in a statement period.
You can redeem NAB Reward Points in the following ways:
- Cash back: 12,500 NAB Rewards Points equals $50 cashback.
- Travel with Webjet: You can redeem points for flights, selected hotels and holiday packages through the Webjet website.
- NAB Rewards Store: You can redeem points for merchandise, experiences, gift cards and charity donations through the Store.
- Frequent flyer miles: The value of your NAB Points will vary depending on what rewards program you transfer your points to. According to the NAB website, transferring 3,000 NAB Rewards Points can earn you:
- 3,000 Flybuys points
- 1,500 Velocity Points
- 500 Accor Live Limitless (ALL) points
- 1,000 KrisFlyer Miles
- 1,000 Asia Miles
- 15 Airpoints Dollars.
Eligibility
Who may be eligible?
To apply for the NAB Rewards Signature Credit Card, you must:
- be at least 18 years old
- receive a regular income
- be an Australian resident for tax purposes
- be an Australian or New Zealand citizen, an Australian permanent resident or a non-resident holding an acceptable visa.
Who might be suited to this card?
According to NAB’s Target Market Determination (TMD)[1], this product may be suitable for:
- a person who wants a credit card for everyday spending or large household purchases and to flexibly manage their monthly spending
- a person who wants to make the most out of their purchases by earning NAB Rewards Points at a higher earn rate and is likely to make purchases at a rate to achieve those points.
- a person who wants access to complimentary travel and purchase insurance.
- a person who wants to manage and reduce the interest on their card.
- a person who is willing to pay a higher annual fee and interest rate or get access to additional features and benefits.
- a person who is not likely to carry a substantial balance over an extended period.
Who might not be suited to this card?
NAB’s TMD also states that this product is not suitable for a person:
- wanting:
- a lower minimum credit limit
- a lower annual fee
- a lower interest rate
- a basic credit card without rewards points
- who is likely to carry a substantial balance over an extended period.
How to submit an application
To apply for the NAB Rewards Signature Credit Card online, click the ‘Apply now’ button and follow the prompts. New customers to NAB should have the following items handy to submit:
- identification, such as a driver’s license or passport
- employment details
- income, assets, debt and data about living expenses
- proof of income, such as payslips and bank statements.
The application takes roughly 15 minutes to complete. If your application is approved, your NAB Rewards Signature Credit Card will arrive in the mail within five business days.
» MORE: How to activate your new credit card
Customer satisfaction ratings
Note: Customer review websites can be insightful, but keep in mind that the reviews may not accurately reflect the average experience; for example, unhappy customers may be overrepresented in these reviews. Products also change over time, and reviews may reflect experiences with features and benefits that are no longer available. Nevertheless, these sites are just one way to learn more about the company and the products on offer before you make a decision.
As of this writing:
- Based on over 290 Trustpilot reviews, NAB scored: 1.8 out of 5 stars.
- Based on less than 10 ratings from Product Review, the NAB Rewards Signature Credit Card scored: 3 out of 5 stars.
NerdWallet does not endorse the above scores or reviews and provides them for illustrative purposes only.
Frequently asked questions
No strict minimum income requirements are advertised online for the NAB Rewards Signature Credit Card. However, applicants must receive regular income to apply. Each applicant must also meet NAB’s credit assessment criteria, which will be at the Bank’s sole discretion.
No. The NAB Rewards Signature Credit Card earns NAB Rewards Points, which you cannot redeem for Qantas points.
Article Sources
-
NAB, “Target Market Determination NAB Rewards Signature Card,” accessed June 27, 2024.
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