NAB Rewards Signature Card

What do you want this card for?
Save money
Earn points
My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
NAB Rewards Signature Card
NAB Rewards Signature Card
90,000 points when you spend $4,000 in 60 days of account opening.
Earn triple points when travelling overseas or overseas purchases made here in Australia.
Earn double points on purchases made in major department and hardware stores.
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NAB Rewards
NAB Rewards
1.25 pts
per $1 spent
90,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

90,000 points when you spend $4,000 in 60 days of account opening.
0% p.a. for 6 months on balance transfers. (2% balance transfer fee applies). Reverts to cash advance rate.
Earn triple points when travelling overseas or overseas purchases made here in Australia.
Earn double points on purchases made in major department and hardware stores.
Seven complimentary insurances when you make an eligible purchase.
Fast 60 second instant approval process.
After the promotional period, the fallback is the cash advance rate. Which is a high 21.74% p.a.
$295 p.a. annual fee.

*NAB may vary or end this offer at any time.

Our review

Our review of the NAB Rewards Signature CardReviewed by Yvonne Taylor

Signature. It’s the new black.

When your black, or platinum or premium card no longer gives you the rewards and privileges you’ve come to expect, it’s time to take a serious look at the NAB Rewards Signature Card. A Visa Signature card is the new benchmark for top-of-the-range cards in the real world – that is, outside the narrow market for ‘by invitation only’ cards, or those with a stratospheric annual fee. A Signature card says you’ve made your mark and expect to reap the rewards, and the NAB Rewards Signature Card’s long list of benefits will not disappoint.

90,000 NAB Rewards bonus points almost guarantees an early redemption

This is a rewards credit card, offering both regular and bonus points in the NAB Rewards loyalty program. It’s a relatively new program, so the chances are that new cardholders won’t already have any points. So you’ll really welcome the 90,000 bonus points that will come your way for spending $4,000 in the first 60 days – a kickstart indeed. Here are some examples of how you could redeem those 90,000 points when your card is still shiny and new:

  • $450 worth of retail gift cards, with 3,460 points left over
  • Almost enough for $500 to spend at Webjet (96,150 points)
  • Convert to 45,000 Velocity points, or 30,000 Singapore Airlines KrisFlyer Miles, or 30,000 Cathay Pacific Asia Miles, or 450 Air New Zealand Airpoints Dollars
  • A PlayStation VR headset
  • 10 Village/Event Gold Class movie tickets

Ongoing points can be doubled and even tripled

The tiered points earning rate is a little complex, but in a good way, because it means you can earn more points by directing your spending (or just make your everyday purchases and still watch the points roll in). The details are:

  • 1.25 points per dollar for everyday spending
  • 2.5 points per dollar for spending in major department and hardware stores (i.e. Myer, David Jones, Bunnings, Mitre 10 and more)
  • 3.75 points per dollar for spending with Webjet
  • 3.75 points per dollar* for spending when overseas
  • 3.75 points per dollar* for spending with overseas-based websites (even if the charge is in Australian dollars)

The triple points on overseas transactions goes some way towards compensating for the 3 percent fee levied on these transactions. Most cards charge a fee of 2-3 percent for overseas transactions, but very few offer extra points for overseas purchases.

There’s no cap on the number of points you can earn in a month or a year, which is great news when compared with the points caps and thresholds NAB has placed on its Qantas and Velocity rewards cards.

Points expire within three years of being earned if not redeemed, so don’t hang on to them for too long.

Lots of great ways to spend your points

The wide range of ways to redeem your points has already been mentioned, but here’s a comprehensive list:

  • Retail gift cards
  • Movie tickets and other entertainment experiences
  • Conversion to frequent flyer points with Virgin Australia, Air New Zealand, Singapore Airlines and Cathay Pacific
  • Travel with Webjet
  • Merchandise from an online catalogue: technology, homewares, fashion, toys, sporting goods, and more
  • Accor Plus hotel membership, including one complimentary night’s stay per year
  • Cashback into your NAB bank account or credit card account
  • Charity donations

Most redemptions have a ‘Points + Pay’ option, where you can choose to pay the balance in cash if you don’t have quite enough points.

Seven complimentary insurance policies to protect your purchases and lifestyle

You’ll want to use your NAB card whenever you pay for travel, accommodation and any major items for yourself or your home, because your purchases and travel will then be protected by this extensive suite of complimentary insurance policies:

  • Overseas travel cover: emergency medical expenses, lost or stolen luggage and documents, unavoidable trip cancellation, car rental insurance excess, and more, for cardholders and their immediate family travelling with them.
  • Interstate flight inconvenience: similar cover to overseas travel, but for a shorter period and without the emergency medical expenses.
  • Transport accident insurance: compensation for serious accidents while travelling.
  • Domestic hotel burglary insurance: cover for any possessions stolen from a locked hotel room in Australia.
  • Purchase protection cover: new items purchased with the card are covered against loss, theft or accidental damage for 90 days.
  • Extended warranty insurance: doubles the manufacturer’s warranty, up to a maximum of 12 months’ extra cover.
  • Price protection insurance: potential for price difference reimbursement if you see a recently-purchased item advertised at a lower price.

Zero-interest balance transfer if you can use it

This isn’t a battler’s card, so the standard interest rates are as high as you would expect: 19.99 percent p.a. for purchases and 21.74 percent p.a. for cash advances. Most rewards card users will already be aware that these cards are only cost effective if all interest charges are avoided by making prompt and full repayments and avoiding cash advances.

But you might just want to transfer your balance from your old card if you’ve recently made a major purchase on it, because you’ll pay no interest for six months on the transferred balance. You could save heaps in interest cost, even though the savings will be slightly reduced by the 2 percent upfront balance transfer fee.

Remember though, that you’ll lose the normal interest-free days on purchases while you have an unpaid balance transfer. This means that you’ll have to pay interest from the transaction date on those purchases you need to make in order to score the bonus points. So think hard about whether you really need that balance transfer.

Interest-free days a little disappointing

You’ll get up to 44 days interest free each month with this card (postponed for six months if you have a balance transfer), which isn’t as generous as the many cards which have up to 55 days. But this shorter period applies to the vast majority of NAB cards. What it means is that your repayment cash will spend 132 fewer days each year working for you in your savings or mortgage offset account, when compared with a 55-day card. On an average $4,000 monthly balance, that could cost you $43 a year in savings interest or $57 in mortgage interest.

Goodbye queues, hello premium service

A premium card like this one comes with a premium concierge service as a matter of course. Whether you’re at home or away, you can let someone else plan and book your trips, dining and entertainment, 24/7. In emergency situations, your concierge can even arrange for an interpreter and medical or legal services.

You’ll also benefit from Visa Premium Access – that’s a step up from plain old Visa Entertainment – to get your hands on the hottest tickets before the general public gets a look-in, as well as enjoying other privileges and discounts.

Digital account control and enhanced security

Boost your card’s security and functionality with the NAB Mobile Banking app, and, if you have an Android phone, NAB Pay for Android. You’re already automatically protected against fraudulent transactions by NAB Defence, and for online transactions by Verified by Visa’s additional identity confirmation system. But if you download the apps you can also:

  • Pay with your phone and leave your card at home (or pay with your phone even before your new plastic card arrives)
  • Log into your account with fingerprint One Touch ID
  • Block and unblock your card temporarily if you lose it, or immediately if it’s stolen
  • Block and unblock features like payWave, online transactions and overseas transactions

It all comes down to the cost

It’s pretty clear that this is an attractive package with lots of appealing features, so the cost is going to be the decider. The annual fee is $295 – quite a big commitment, even though the bonus points more than cover it in the first year. But the insurance policies alone could be worth around $1,370 per year; and annual card spending of $45,400 would offset the annual fee completely with points earned, even if you only achieve a rate of 1.25 points per dollar (and it’s likely to be more) and redeem your points for retail gift cards (which don’t always deliver the best return).

A glance at the competition

At this annual fee level, you could also choose from the following premium rewards cards:

  • American Express David Jones Platinum Credit Card
  • ANZ Frequent Flyer Platinum Credit Card
  • Bankwest More World Mastercard
  • Emirates Citi World MasterCard
  • Westpac Altitude Black Credit Card

A top-tier card for the financially astute

The cost commitment for a Signature card ensures it isn’t for the average cardholder. It’s for the financially-astute bigger spender, probably a regular overseas traveller who doesn’t want to be limited to a single airline’s loyalty program. For this person, the NAB Rewards Signature Card provides a very worthwhile points earning rate, redemption flexibility and a suite of benefits providing measurable value.

The basics

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Any
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
NAB Rewards
Temporary residents
Yes

Cardholders

Additional cardholders
1
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$15,000
Maximum credit limit
$55,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 44 days on purchases
Minimum repayment
N/A

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months2%90% of credit limit21.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
90% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the NAB Rewards Signature Card at the promotional balance transfer rate from:

  • NAB

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months2%90% of credit limit 21.74% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.81% 21.74% p.a.
Purchases 1.67% 19.99% p.a.

Fees

Annual fee
$295 p.a.
Cash advance fee
whichever is greater, $2.50 or 2%
Dishonour fee
$5
Duplicate statement fee
$7
Foreign exchange fee
3%
Late payment fee
$15
Over limit fee
$0
Overseas ATM balance fee
$1
Overseas ATM withdrawal fee
$5
Overseas emergency card replacement fee
$0
Transaction verification fee
$5

Rewards & points

Rewards program basics

First purchase bonus
90,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
NAB Rewards
Spend required for bonus points
$4,000 in 60 days

Earning points with this card

Frequent flyer points
N/A
Overseas earn rate
Same as standard earn rate
Points cap per month
N/A
Points cap per year
N/A
Points earned on ATO payments
N/A
Reward points
1.25 pts per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular any weekly income
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Temporary residents are eligible
Age Pension, Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are acceptable.
Austudy, Carer's Allowance, Child Support Payments, Family Tax Benefits and Parenting Payments and Foster Care Allowance are acceptable.
Joint applications are not allowed
Youth Allowance is not acceptable.
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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