NAB Signature prorated annual fee refund

[sudoer]

Closed an NAB Signature card this week, about 8 months after opening it

I'd settled the balance prior to calling (doesn't seem possible to cancel online) and after closing the card, the rep was adamant I had a $98 refund owing. They took my BSB and account number - I was perplexed what it was but won't say no to a bank trying to give me money. Logged in today and found it was a prorated refund for the $295 annual fee.



I don't think I've ever had a prorated AF refund before - is this a normal thing for NAB? I had received a 100k sign-up bonus from this card 8 months prior.

 

[jboy90]

I’ve had the same approach when I closed my nab signature card earlier this year. Haven’t seen another credit card provider take this approach either!

 

[sudoer]

I’ve had the same approach when I closed my nab signature card earlier this year. Haven’t seen another credit card provider take this approach either!

Good to hear this is consistent, it certainly makes the NAB cards more appealing. If you're quick to hit the bonus, get the points and close the card, you could potentially get whatever the current Signature signup bonus is for $50-100...

 

[WLGFlyer]

Same for me as well, good on NAB. Think this is a result of the Royal Commission though (or rather NAB's interpretation of the findings).

 

[ramboflyer]

Wow, that is useful information. I'm due to get 30,000 reward points soon after renewing for the second year. I'll be happy to cancel soon after and get most of the $295 back.

 

[CatherineC]

Interestingly, seems NAB is also no longer interested in motivating a card holder to keep the card rather than cancel. Been a long time NAB customer with several accounts but nothing offered when I wanted to cancel 2 credit cards recently. Refunded the annual fee on cancellation but clearly won’t waive these fees moving forward.

 

[jc14]

Same here, I got a $245 refund after cancelling within 2 months. Good thing how NAB pays out the bonus points once minimum spend has been met.

 

[Lynda2475]

Wow, that is useful information. I'm due to get 30,000 reward points soon after renewing for the second year. I'll be happy to cancel soon after and get most of the $295 back.

You will I just did this recently (as posted on the other thread).

I got the NAB Signature Black in April 2021, as there was no annual fee in first year it was an easy 100k points.

I meant to cancel in March 2021, but there was a lot going on and I forgot so it auto-renewed in April and I only noticed when the 25k bonus points hit QFF on 1st May. At that point I stopped using the card and once the points for May spend had posted on 1st June, I cancelled the card.

Much to my surprise NAB refunded $362 of the $395 annual fee, meaning those 25k bonus points cost $33, not a bad earn rate.

 

[aleaf]

I recently saw an ad near my local grocery store for NAB cc which specified acct must remain open for 12 months. Can't recall if other ads also stated this - never paid attention. Wonder if this means the days of prorated refund are ending.

 

[Dr Ralph]

Those that have got the refund - did you call to cancel the account or do it online?

 

[sudoer]

Those that have got the refund - did you call to cancel the account or do it online?

I couldn't find a way to cancel online so I called.

 

[Dr Ralph]

I couldn't find a way to cancel online so I called.

It can be closed online. I've done it before via sending the following online message:

'Please close this account immediately.'

There also appears to be a chat link which I may try.

 

[Lynda2475]

I recently saw an ad near my local grocery store for NAB cc which specified acct must remain open for 12 months. Can't recall if other ads also stated this - never paid attention. Wonder if this means the days of prorated refund are ending.

I had (accidently) held the card for 14 months, the pro-rata refund was on the renewal fee, worked out very cheap for 30k bonus points.

Those that have got the refund - did you call to cancel the account or do it online?

I logged onto internet banking then closed mine online via the chat feature, all done very quickly. However due to the unexpected refund I did have to call up, to let them know where to send the refund (because didnt hold any other NAB accounts that they could credit)

 

[ramboflyer]

I logged onto internet banking then closed mine online via the chat feature, all done very quickly. However due to the unexpected refund I did have to call up, to let them know where to send the refund (because didnt hold any other NAB accounts that they could credit)

I'm in the same boat. Did you get the refund or is it still in the pipeline?

 

[Dr Ralph]

Just to update on my experience. I used online chat to close the account. Had to wait 15 mins for the chat to get through the queue. They were proactive about telling me there would be a pro-rata annual fee refund. Asked for my bank account details and said the money would be transfered overnight. Told me that they would send an account cancellation letter.

Couldn't be much easier.

And I get 100,00 QFF points for just $16.24 once the annual fee refund is processed!

 

[Lynda2475]

I'm in the same boat. Did you get the refund or is it still in the pipeline?

Still waiting, but the last statement showed the refund. Im hoping to see it in the next fews days as old statements cycle was 1st fo the month. I will report back

 

[Dave G]

Yep - My refund took about 2 weeks -but came through with the goods

 

[Lynda2475]

My refund came through yesterday.

 

[http_x92]

Seems like this is an easy process after all.

 

[aleaf]

oh @http_x92 , you are surely jinxing me. I've just reached my min spend.
Do points credit only after the next billing cycle has ended? Once I see the points, I'll close card. (and then try for next one)