NAB QF Rewards Signature card application questions

[Obi-run Kenobi]

Applied yesterday and have a reference number but I haven't received any email confirming my application like with most other banks. Is this common for NAB?

I've seen that some people are waiting many weeks to get approved for this one. Is that still the case?

UPDATE

Email received and conditionally approved 24h later. Guess I'm just impatient...

 

[deebens]

Received the first statement, but the points for the last few days transactions weren't included despite the transactions being on the statement.

This normal? It was just coles and k-mart.

 

[L1925]

How so? That's exactly how the promotion is advertised?

just deflating as I was waiting to hit the million QFF points in my phone app lol. not much else to chase in these COVID times

 

[Leigh744]

Have just had our NAB home loan opened earlier this week and am on the choice package which includes a credit card (needs to be applied for). Am looking at the Signature card, and was wondering how long should I wait from having the loan opened to applying for the card? Don't want to be knocked back for doing it too early.

 

[defurax]

Have just had our NAB home loan opened earlier this week and am on the choice package which includes a credit card (needs to be applied for). Am looking at the Signature card, and was wondering how long should I wait from having the loan opened to applying for the card? Don't want to be knocked back for doing it too early.

I waited two days and card was approved within 24 hours. I just followed up with a call a few weeks later to make sure I wouldn't be charged the $395 annual fee.

 

[firstclasser]

Have just had our NAB home loan opened earlier this week and am on the choice package which includes a credit card (needs to be applied for). Am looking at the Signature card, and was wondering how long should I wait from having the loan opened to applying for the card? Don't want to be knocked back for doing it too early.

I've recently got a HL with NAB too (fixed 2 years choice), but there was no mention of a CC.
I did however apply for the Qantas signature card so I can have everything with the one bank, however I might give them a call when I receive my card to see if I can get the fee waived.

 

[Leigh744]

I've recently got a HL with NAB too (fixed 2 years choice), but there was no mention of a CC.
I did however apply for the Qantas signature card so I can have everything with the one bank, however I might give them a call when I receive my card to see if I can get the fee waived.

Yeah it’s part of the $395 choice package. Applied for it last night and was conditionally approved.

 

[deebens]

Just an update on this one.

Just a little bit deflating, after spending the required $3k within a few weeks of receiving the card I received an email to say congratulations on getting the 100,000 points and they will be awarded on 17/09/2020. The email was received on about the 6th August so a 6 week wait to receive points.

email advised the extra 30,000 points (taking it to the advertised 130,000points) will be given on the 13th month of card membership. I can upload a screen shot if it assists anyone.

I received the same 6 week email on the weekend. Then the points posted 3 days later.

 

[sudoer]

Just noticed this card is now offering 75 SC as part of its sign up bonus.

NAB Qantas Rewards Signature Card

Apply online for a NAB Qantas Rewards Signature Credit Card. Earn bonus points and credit card rewards. Enjoy complimentary insurances and Visa Premium Access.

www.nab.com.au

I believe this is the first time we've seen NAB offer status credits?

 

[brettd]

Just noticed this card is now offering 75 SC as part of its sign up bonus.

NAB Qantas Rewards Signature Card

Apply online for a NAB Qantas Rewards Signature Credit Card. Earn bonus points and credit card rewards. Enjoy complimentary insurances and Visa Premium Access.

www.nab.com.au

I believe this is the first time we've seen NAB offer status credits?

First time I've seen it, not much point chasing SC's right now with the extensions but hopefully it counts to lifetime gold.

 

[sudoer]

not much point chasing SC's right now with the extensions

Agree it's better to hold off chasing SC until we know exactly what Qantas plans to do in terms of status support, however the SC promo runs until end November 2020 and we're likely to know by then.

hopefully it counts to lifetime gold.

According to T&C it doesn't: 'Bonus Status Credits will not contribute towards attaining or retaining Platinum One, any Platinum or Platinum One Bonus Rewards, Loyalty Bonuses, or Lifetime Status or any Qantas Status Accelerator.'

 

[kenvinhealey]

Does this appear to be about the best Credit Card deal going around at the moment? 130,000 pts 75 SC's. for $395 ($295net)

 

[sudoer]

It's 100k points in the first year for $295. The extra 30k points comes in the second year after another annual fee of $395.

I'd argue the Amex Ultimate is better value if you have any use for the Qantas travel credit.

 

[http_x92]

I think unlike ANZ/Westpac/St George/AMEX, NAB has never done heavily discounted annual fees. Maybe this will be a good option if all the other discounted first year annual fee cards with bonus points are used up and you need to wait 12-18 months.

Heck it might be worth it as your Visa companion for the first 12 months.

 

[mrmerc500]

Does this appear to be about the best Credit Card deal going around at the moment? 130,000 pts 75 SC's. for $395 ($295net)

The first year is what counts, so for 100k points & 75 SC, there is also Qantas Money offer although this is a Citi product & is + $96 extra in AF.

Westpac have 90k on offer with a $250 fee so depends on which works best for you, I don’t regret it.

 

[sudoer]

FWIW NAB appear to be averse to approving applications for this card if you have a few other cards open.

I applied for it about a month ago but they declined the Signature and tried to push me into the Plat product instead. That's with credit score in high 700s and ~125k base, but 5 open cards with total ~50k available credit. No kids, no mortgage, stable employment, reasonable savings and a good NAB CC history with no late payments. First time I've been declined in at least 3-4 years.

The 75 SC were enough to sway me into trying again for this card after getting rejected 6 months ago. I only had one CC open in my name, approved on the spot with illion score in high 500s.

I monitored my credit file over the past few months while cancelling cards and noted the moment my illion file was updated to show only 2 cards open (down from 3), my score jumped exactly 100 points. Maybe a coincidence, or maybe the illion algorithm is deliberately programmed that way. Could be useful info for anyone thinking to apply for this product.

 

[ChrisMars]

I monitored my credit file over the past few months while cancelling cards and noted the moment my illion file was updated to show only 2 cards open (down from 3), my score jumped exactly 100 points.

Do you have a feeling on how long it takes between cc closure and credit score update? I guess it depends a bit of which bank... Would be keen to get your datapoint as I am aboout to apply to NAB.

 

[sudoer]

Do you have a feeling on how long it takes between cc closure and credit score update? I guess it depends a bit of which bank... Would be keen to get your datapoint as I am aboout to apply to NAB.

3-4 weeks in my experience.

 

[wrldtrvllr]

Another data point rejection.

After a very long phone discussion seeking the qualified banker who rejected the application (not allowed to speak to them) I gathered these points:

1. They don't really look at credit scores.
2. They assess your capacity to service the credit card.
3. Multiple existing credit cards will kill your monthly cashflow as they assume you use the entire credit limit; doesn't matter if you have a history of never defaulting, always paying monthly full amount
4. They discount rental income; doesn't matter if there's been a history of regular payments like clockwork
5. They don't accept JobKeeper payments as income
6. They don't really care for your assets; you could have liquid assets that covers the credit limit 100x over and they don't care

You could be self-funded retiree with a property and share portfolio - good luck trying to get through their hoops.

 

[http_x92]

Looks like they are really staying still with the $295 first year AF, $395 thereafter with the 100K points deal. Hasn't changed much for a long time. Also with the higher credit limit (15K), it would take cancelling all but one of your 3-6K cards to get approved I think.