Changes to NAB Rewards Signature card: No forex fees + earn rate changes

[RooFlyer]

No bank does exchange rate conversion on credit cards. VISA and MC do the conversions

Yeah, sorry, bad wording on my part originally. All good.

 

[bernardblack]

I am looking at this as a replacement for the Coles Rewards MasterCard, being something with a decent miles conversion rate, and 0% FX. I have a NAB transaction account which was ported across from the Citi Plus, and as an existing customer I have a welcome offer slightly better than the public one:

130k on initial spend
50k on first anniversary
$195/yr for life ($16/mo under new structure)

vs

120k on initial spend
40k on first anniversary
$145 for first year reverting to $295/yr ($24/mo under new structure)

So: Does anyone have a sense as to whether there's likely to be a better welcome offer after the cutover on 12 June? Or am I better off locking it in now?

 

[Jacques Vert]

So: Does anyone have a sense as to whether there's likely to be a better welcome offer after the cutover on 12 June? Or am I better off locking it in now?

Who knows? I decided to take the offer that's on the table as I'm heading overseas in about 5 weeks.

 

[bernardblack]

I think I will likely do the same. I have about eight weeks but the current offer is pretty good.

 

[Happy Dude]

I am looking at this as a replacement for the Coles Rewards MasterCard, being something with a decent miles conversion rate, and 0% FX. I have a NAB transaction account which was ported across from the Citi Plus, and as an existing customer I have a welcome offer slightly better than the public one:

130k on initial spend
50k on first anniversary
$195/yr for life ($16/mo under new structure)

vs

120k on initial spend
40k on first anniversary
$145 for first year reverting to $295/yr ($24/mo under new structure)

So: Does anyone have a sense as to whether there's likely to be a better welcome offer after the cutover on 12 June? Or am I better off locking it in now?

I'm in the same boat but not sure where is this offer. Is it in the NAB app or email or somewhere else please?

 

[bernardblack]

I'm in the same boat but not sure where is this offer. Is it in the NAB app or email or somewhere else please?

For me, both: Once logged-in, navigate Products > Credit cards > NAB Rewards > NAB Rewards Signature, and the offer terms are shown there.

 

[bernardblack]

*Sorry, I meant both app and online banking.

 

[Jacques Vert]

I'm in the same boat but not sure where is this offer. Is it in the NAB app or email or somewhere else please?

For me, both: Once logged-in, navigate Products > Credit cards > NAB Rewards > NAB Rewards Signature, and the offer terms are shown there.

Yes; you need to be logged in to see the offer for existing customers.

 

[Jacques Vert]

So after jumping through numerous hoops I've finally been approved for the NAB Signature Rewards card and have cancelled my Coles Credit Card. It's a pity that NAB have reduced the earn on overseas spend as I'm heading to EUR in a couple of days; however, the 0% fee for overseas transactions is the main reason for applying for this card: to replace my Coles Credit Card which I have now cancelled.

So only 0.75 pts per $ to VA or 0.5 pts per $ to Kris or CX but better than nothing. On my previous trips o/s I used my Citibank Plus account for no overseas transaction fees but, of course, didn't receive any points. The NAB card gives me the zero overseas transaction fee (which is my main requirement) and throws in a few points as well.

Throw in the sign-on bonus and I'm a happy camper...at least for the next 6 months.

 

[Ansett Nostalgic]

Does the NAB card pay points on Bpay transactions?

 

[Jacques Vert]

No; from the T&Cs:

What transactions don’t earn Points?There are some transactions which can be madeusing your Card which won’t earn Points becausethey aren’t eligible. They are:
...
(k) for Personal Rewards Card Account,transactions where the Card is used to makepurchases through BPAY®;

 

[csgo]

can the nab points be converted to qantas points? all i could find it their site is for velocity

 

[Mattg]

can the nab points be converted to qantas points? all i could find it their site is for velocity

No, you need to get a co-brand Qantas card to earn Qantas points.

Here’s the list of airlines you can transfer NAB points to:

Overview of NAB Rewards Transfer Partners - Australian Frequent Flyer

You can transfer NAB Rewards points to 6 frequent flyer and loyalty programs, as listed below. Click on any airline logo to learn more about redeeming

www.australianfrequentflyer.com.au

 

[kamchatsky]

I've just received email from NAB today:

Thanks for banking with NAB. We’ve recently completed a review of our credit card fees. As a result, from 14 April 2025, the monthly credit card fee on your NAB Rewards Signature Credit Card will increase from $24 per month to $35 per month.

The monthly credit card fee will continue to be reversed if you spend $5,000 or more in a statement period5.

If you’re on a package that has your monthly card fee waived, it will continue to be waived. Fees may incur, when or if, your package ends. Please refer to the Terms and Conditions of your package for full details.

 

[mikedesign]

I've just received email from NAB today:

Thanks for banking with NAB. We’ve recently completed a review of our credit card fees. As a result, from 14 April 2025, the monthly credit card fee on your NAB Rewards Signature Credit Card will increase from $24 per month to $35 per month.

The monthly credit card fee will continue to be reversed if you spend $5,000 or more in a statement period5.

If you’re on a package that has your monthly card fee waived, it will continue to be waived. Fees may incur, when or if, your package ends. Please refer to the Terms and Conditions of your package for full details.

Looks like they're matching the fee with Commbank's Ultimate Awards Credit Card. Wonder if they'll follow Commbank and switch their other credit card products to monthly fees.