NAB enhances™ points earn on their cards

[Mr Pumblechook]

Called NAB to 'discuss my options given the upcoming changes to points earn and the possibility of waiving the annual fee' and told there are no upcoming changes

 

[Virgin Bart]

Called NAB to 'discuss my options given the upcoming changes to points earn and the possibility of waiving the annual fee' and told there are no upcoming changes

This enrages me....

 

[Pleb Status]

Called NAB to 'discuss my options given the upcoming changes to points earn and the possibility of waiving the annual fee' and told there are no upcoming changes 

A similar response when I called this afternoon. I had to direct the CSR to the NAB website so they could 'learn' about the upcoming changes...

 

[burmans]

A similar response when I called this afternoon. I had to direct the CSR to the NAB website so they could 'learn' about the upcoming changes...

Well to be fair, banks usually try to align training with when they think it is most relevant. The banks have given notice now because that's what they required to do but the actual change itself doesn't happen until July 1.

I think we are in the minority here, if we were to map the number of calls received on this my experience would suggest 95+ percent of their customers won't even read and be aware of the changes until they happen, indeed I'd go so far as to suggest the major spike in calls will occur after customers receive their first statement post July 1 and notice the drop in earn rate (assuming that they do notice), unless prompted some people may take months to notice.

 

[theblank]

IMO right now is the worst time to be trying to cancel this card or fishing for deals Not only will many staff not be up to date with briefings, as they wont get told in advance, and probably have a 1000 email to read but the bank has had no time to see the impact of customers cancelling.

It it was me, I would wait as long as possible. Let all the kneejerkers cancel first, and create the situation where the retention team managment need to sharpen their skils and their offers. Also be aware NAB staff dont accept cancellation requests or make offers, they refer closure requests to a retention dept. From memory they will call you back rather than transfer the call.

 

[burmans]

Let all the kneejerkers cancel first, and create the situation where the retention team managment need to sharpen their skils and their offers. Also be aware NAB staff dont accept cancellation requests or make offers, they refer closure requests to a retention dept. From memory they will call you back rather than transfer the call.

This!!! I have no knowledge of NAB but have with other banks, as noted here Customer Service Reps have little to no power to actually offer you anything of value (and as such don't need much training), you need to get to the retention team to get offered anything and to get there you need to be serious about your intent to cancel. Calling to "discuss your options" and it's very unlikely you'll get someone who actually understands what you are even talking about.

 

[Demonoid]

I was thinking about cancelling my NAB premium cards today and get a premium card directly from AMEX, but I then realised that AMEX cards don't offer travel insurance to the additional cardholder. So with NAB for $250/year SWMBO and I both have travel insurance even if we don't travel together. Just that for me is worth the annual fee. So I think my solution is I will keep the NAB premium cards to buy flights/hotel up to 5K and then move to a basic free QF/AMEX card to get points over 5K/month.

I have the NAB Choice package with all my lending though them which means fee free credit card - so will keep it just for free travel insurance, which you only need to spend $500 to qualify. Recent Choice magazine article showed NAB Travel insurance (through QBE) to be the best. Other might also consider ANZ which I believe only needs $250 travel spend to qualify.

In any case, will be definitely be getting the AMEX Explorer once my 18 months exclusion period is up. A HSBC/Macquarie/Citibank card with 1 Qantas point per dollar on the VISA, with the AMEX Explorer giving you 1.5 Velocity per dollar is the perfect combination for me.

 

[Demonoid]

All these changes should indicate to people that the best way to earn points is to churn cards.

Couldn't agree more. My wife and I churn a new card every 3-6 months which means we've got at least quarter of a million points coming in every year

 

[docjames]

Wow $3000 cap on points earn is awful.

 

[steved]

I will cancel my card it was a good card for the annual fee but not any more

 

[Melburnian1]

I am in two minds: the credit card insurance offered by NAB seems very good, but the forthcoming points reduction is the opposite (although competitors are no better.)

I don't see how those of us with co-branded NAB AMEX cards could churn through AMEX: wouldn't the sign on bonus be refused in every case?

 

[albyd]

If by churning you mean applying for an Amex direct card, there will be no problems with getting sign up points as long as you don't currently (or last 18 months) have an Amex direct card. Having a bank issued Amex only won't be an impediment to receiving Amex's sign ups.

 

[nitsujay]

Correct me if I'm wrong, after 1st July the Amex card will still earn 1 VFF/$1 for government/utility/telco spend? compared to the common 0.5/$1 with other providers?

This, combined with the 7 insurances, may be this card's saving grace.

 

[ChrisFlyer]

Correct me if I'm wrong, after 1st July the Amex card will still earn 1 VFF/$1 for government/utility/telco spend? compared to the common 0.5/$1 with other providers?

This, combined with the 7 insurances, may be this card's saving grace.

Yes, still 1/$1 in those categories but no points at all on ATO payments (still earns points at Australia Post etc and on other government transactions).

However, AMEX has recently been updating its own cards to remove the lower earn rates on utility/insurance/telco spend, so you could also be earning 1/$1 uncapped on the Velocity Escape card which has no annual fee, or 1.5/$1 on those (and all other non-government spend) via the AMEX Velocity Platinum or Explorer cards.

Same deal for AMEX's Qantas Discovery (1/$1 on all but government with no annual fee, Qantas Premium (1.25/$1 on all but government) and Qantas Ultimate (1.5/$1 on all but government).

Other AMEX cards like the Platinum Edge, Platinum Charge and David Jones cards still have the lower earn rates in place for utility payments etc.

 

[MarcB]

Bump...

As 1 July approaches, I've been considering my options regarding replacing my current NAB card. Looking at the T&Cs, I'm actually thinking the date on which my points earn will change is likely to be BEFORE 1 July. The T&Cs state: These new earn rates and caps will apply to eligible purchases that appear on your statements issued on or after 1 July 2017. Those bolded/underlined words have me thinking that the points earn will drop based on your statement date not 1 July. ie. if your statement is issued on the 20th of the month, then every purchase after 21 June will attract the lower rate because they will appear on a statement issued after 1 July (in that case the statement issued 20 July). What do others think?

 

[theblank]

then every purchase after 21 June will attract the lower rate because they will appear on a statement issued after 1 July (in that case the statement issued 20 July). What do others think?

It makes sense. NAB issues the rewards points once a month when statement is issue, and not daily, like some others.

 

[d00dz]

Lucky! My June statement end date is 26th.

I'm smashed out 25k this month.

5k cap a month is terrible, will be cancelling the card soon after

 

[Melburnian1]

Bump...

As 1 July approaches, I've been considering my options regarding replacing my current NAB card. Looking at the T&Cs, I'm actually thinking the date on which my points earn will change is likely to be BEFORE 1 July. The T&Cs state: These new earn rates and caps will apply to eligible purchases that appear on your statements issued on or after 1 July 2017. Those bolded/underlined words have me thinking that the points earn will drop based on your statement date not 1 July. ie. if your statement is issued on the 20th of the month, then every purchase after 21 June will attract the lower rate because they will appear on a statement issued after 1 July (in that case the statement issued 20 July). What do others think?

MarcB, I felt the same, although admittedly it is ambiguous.

I rang the call centre more than a week ago, and after the staff member went to check - I had to explain it twice before he (sort of) understood - he came back to me and stated that the lower points earn would only apply to transactions posted (i.e appearing) on the statement on or after 1 July 2017.

My humble suggestion is that you should examine your statement when it comes in the post, as mine does, or by email and see if NAB is true to its word.

I agree that the new points cap for many cards of A$5000/ month in spending (A$3000 for some) is unwarranted!

 

[Pleb Status]

Cancelled my Velocity Premium today with no real attempt to maintain my business. Not much could be done as I get the card for free anyway.

 

[get me outta here]

Now on my 4th card over about last 13 months. Called late Fri arvo to cancel. We agreed that I'd stay on getting a new QF Plat free for the 1st year plus 50K QF points. NAB called at 1100 today (Mon), and said it was approved and that the card is in the mail. I have a soft spot for NAB.