How to Apply for Your NAB Rewards Platinum Credit Card

The NAB Rewards Platinum Credit Card is a premium credit card offering tailored for those who want to maximize their rewards while enjoying a range of exclusive perks. It combines a flexible points program with access to valuable benefits, including travel insurance, concierge services, and more.

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In this guide, we’ll delve into its benefits, application process, and more to help you determine whether it fits your financial needs and lifestyle.

Benefits of the NAB Rewards Platinum Credit Card

• Bonus Points Offer: One of the key attractions of the NAB Rewards Platinum Credit Card is the attractive bonus points offer. New customers can earn up to 100,000 NAB Rewards Points. This includes 80,000 points when spending $1,000 on everyday purchases within the first 60 days of account opening and an additional 20,000 points after holding the card for over 12 months. This can translate to $480 in gift cards or other rewards.
• Earning NAB Rewards Points: The card allows you to earn up to 2 points per dollar spent, depending on where you shop. You earn 1 point for every $1 spent on everyday purchases, 1.5 points per $1 at eligible grocery stores, and 2 points per $1 on purchases made through Webjet via the NAB Rewards Store.
• Automatic Redemption: NAB Rewards Points can be automatically redeemed for a range of rewards, including Flybuys, Velocity Frequent Flyer, and Accor Live Limitless (ALL) points. You can also redeem your points for cashback, gift cards from popular retailers like Coles, Woolworths, and JB Hi-Fi, or travel bookings with Webjet.
• Travel and Lifestyle Perks: As a Platinum cardholder, you’ll receive access to the Visa Premium Access program, which offers hundreds of discounts and privileges. Additionally, the card provides access to NAB Concierge Service, available 24/7 to assist with travel arrangements, restaurant reservations, and more.
• Comprehensive Insurance Coverage: The NAB Rewards Platinum Credit Card offers five complimentary insurance covers, including international and domestic travel insurance, rental vehicle excess insurance, purchase protection insurance, and extended warranty insurance. This makes it a suitable option for frequent travelers and those who want peace of mind on their purchases.

Pre-requisites for the NAB Rewards Platinum Credit Card

To apply for the NAB Rewards Platinum Credit Card, you must meet several eligibility requirements:

• Be at least 18 years old.
• Have a regular income.
• Be an Australian resident for tax purposes.
• Be an Australian or New Zealand citizen, permanent resident, or hold a valid Temporary Residency Visa.

Additionally, applicants must have a minimum credit limit of $6,000, and the card is subject to approval based on your creditworthiness.

NAB Rewards Platinum Credit Card Pros and Cons

As with any credit card, there are both advantages and disadvantages to consider before applying for the NAB Rewards Platinum Credit Card.

Pros

• Attractive Bonus Points: With up to 100,000 bonus points available, new customers can quickly earn significant rewards.
• Earning Flexibility: Earn up to 2 points per dollar on various purchases, with no cap on points accumulation.
• Comprehensive Travel Benefits: Access to international and domestic travel insurance, plus rental vehicle excess coverage.
• Access to Concierge Service: The card’s concierge service can assist with a variety of tasks, from travel arrangements to lifestyle management.
• Automatic Redemption: Easily redeem your points for various rewards like cashback, travel bookings, and gift cards.

Cons

• Higher Annual Fee: The annual fee of $195 may be higher than some other cards in the NAB range, though it can be reduced to $95 in the first year for existing customers.
• Higher Interest Rates: The purchase rate of 20.99% p.a. and cash advance rate of 21.74% p.a. are relatively high compared to lower-rate options within the NAB credit card family.
• Limited Frequent Flyer Program Options: While you can transfer points to programs like Velocity and KrisFlyer, you cannot use them for Qantas Frequent Flyer miles.
• No Points for Cash Advances: You will not earn points for cash advances, gambling transactions, or payments made from your credit card to another account.

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About National Australia Bank (NAB)

NAB is one of the largest financial institutions in Australia, offering a range of banking services, including savings accounts, mortgages, insurance, and credit cards. Known for its customer-centric approach, NAB consistently offers competitive products designed to meet the needs of various customers, from everyday banking to premium services like the NAB Rewards Platinum Credit Card.

The bank is also well-regarded for its extensive branch network and user-friendly online banking options. NAB’s commitment to customer service extends to its 24/7 support and additional services like NAB Concierge and Visa Premium Access.

Who is the NAB Rewards Platinum Credit Card for?

This card is ideal for individuals who want to earn rewards for their everyday spending while enjoying premium benefits. It suits those who travel frequently, as it offers comprehensive travel insurance and the ability to redeem rewards for flights and hotel stays.

It’s also great for those who prefer flexibility in their rewards, with options to redeem points for gift cards, cashback, or travel bookings.

The NAB Rewards Platinum Credit Card is best for individuals who spend regularly on their card, as the higher the spend, the more points they can accumulate.

If you’re someone who values access to exclusive lifestyle perks like concierge services and premium discounts, this card will be a good match.

Step-by-Step Guide to Applying for the NAB Rewards Platinum Credit Card

Applying for the NAB Rewards Platinum Credit Card is a straightforward process. Here’s a step-by-step guide:

1. Check Eligibility: Ensure you meet the minimum age, income, and residency requirements listed earlier.
2. Gather Documents: You will need proof of identity (driver’s license, passport, etc.) and proof of income (payslips or bank statements).
3. Submit an Application: You can apply online through NAB’s website or visit a branch. The online application will require personal details, employment information, and financial history.
4. Wait for Approval: NAB will review your application and perform a credit check. If approved, you’ll receive your card in the mail.
5. Activate Your Card: Once you receive your card, activate it via NAB’s online banking portal or mobile app.

NAB Rewards Platinum Credit Card Rates and Fees

Here’s an overview of the rates and fees associated with the NAB Rewards Platinum Credit Card:

• Annual Fee: $195 (Reduced to $95 for the first year for existing customers).
• Purchase Interest Rate: 20.99% p.a.
• Balance Transfer Rate: 0% p.a. for the first 12 months (with a 3% fee).
• Cash Advance Interest Rate: 21.74% p.a.
• Interest-Free Days: Up to 44 days on purchases, provided the full balance is paid by the due date.

It’s important to note that if you carry a balance from month to month, the high purchase and cash advance interest rates may apply, which can add up quickly. Ensure you can manage repayments effectively to avoid interest charges.

Conclusion

The NAB Rewards Platinum Credit Card offers a wealth of benefits, including an attractive points program, comprehensive travel insurance, and access to exclusive services like concierge support.

Its high annual fee and interest rates may be a consideration for some, but the rewards, perks, and flexibility make it an excellent option for those who value premium services and are looking to earn rewards on their everyday purchases.

With a variety of redemption options, including travel, cashback, and gift cards, it’s a great choice for people who want to make the most of their spending. If you’re a frequent traveler or someone who enjoys luxury perks, the NAB Rewards Platinum Credit Card could be the perfect fit.

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