NAB QF Rewards Signature card application questions

[desafinado74]

Hello guys,

I am interested in applying for the NAB Qantas Rewards Signature credit card.
I noticed that NAB does not state the minimum income requirements for this card.
How do banks normally assess the application if they don't state the minimum income requirements ?

And can you cancel a NAB card online or do you have to call them up to cancel ?

Thank you.

 

[Dr Ralph]

And can you cancel a NAB card online or do you have to call them up to cancel ?

Online chat is available to cancel.

 

[sudoer]

How do banks normally assess the application if they don't state the minimum income requirements ?

Income is only a small part of the picture. Your monthly costs, existing debts inc mortgage, other open lines of credit, recent credit file enquiries and even length of time with employer are some of the many factors that are assessed.

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.

Going to close a few cards and try again in a month or two.. NAB are the only bank with a decent offer I'm not serving a bonus exclusion period with

 

[desafinado74]

Income is only a small part of the picture. Your monthly costs, existing debts inc mortgage, other open lines of credit, recent credit file enquiries and even length of time with employer are some of the many factors that are assessed.

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.

Going to close a few cards and try again in a month or two.. NAB are the only bank with a decent offer I'm not serving a bonus exclusion period with

Thanks guys for the replies.
Wow, that is pretty harsh for NAB to reject you !

I currently have three other cards with a total credit limit of just under 40k. The last time I applied for a card was back in early January. Apart from my income, my circumstances are similar to yours.

Anyway I hope you lucky 2nd time round I will also apply, purely for the QF bonus points.

 

[sudoer]

For the best chance of approval I'd recommend dropping the credit limits on the three cards as much as you can, or better yet closing one or two before applying.

Given the general volatility of so many industries right now I reckon NAB are just being overly cautious.

 

[timmy1234]

I recently got approved. I had 3 cards opened of which I closed one in the morning I opened. However, I am on high 600 rating (Credit card churning), House paid, Good Income, no -ve in payments, got approved.
Waiting for my Westpac Bonus points to hit my account since I have to wait 90days after making the eligible spend. They are the slowest.

 

[markus2578]

I applied a few weeks ago, and was finally approved last week. I have 3 open credit cards with total available over $60k... (was 4 until a month ago) but it was def a struggle to get them to approve, went back and forth for a few weeks. I had recently closed a St George CC but my credit file was still showing it as open. Had to jump through many hoops to get them to believe me.

Wasnt sure if they would even approve, as i had closed a NAB card maybe 18 months ago (after i received the last bonus points ) But seems they are keen for business!

Credit score is high 700's and income around 150k

 

[Deleted member 71772]

Some providers seem to focus more on the individual applicant's income and assets rather than looking at a couple's combined situation and that could be good or bad depending on whose name the card will be in and which partner has most of the income and assets.

 

[Dr Ralph]

Some providers seem to focus more on the individual applicant's income and assets rather than looking at a couple's combined situation

In my experience 95% of credit card providers do this. Amex is the notable exception.

 

[sudoer]

Some providers seem to focus more on the individual applicant's income and assets rather than looking at a couple's combined situation and that could be good or bad depending on whose name the card will be in and which partner has most of the income and assets.

The only provider I can recall asking for my partner's income recently is Amex - the rest seem to only ask for individual details.

Edit: beaten!

 

[travelbee26]

I applied a few weeks ago, and was finally approved last week. I have 3 open credit cards with total available over $60k... (was 4 until a month ago) but it was def a struggle to get them to approve, went back and forth for a few weeks. I had recently closed a St George CC but my credit file was still showing it as open. Had to jump through many hoops to get them to believe me.

Wasnt sure if they would even approve, as i had closed a NAB card maybe 18 months ago (after i received the last bonus points ) But seems they are keen for business!

Credit score is high 700's and income around 150k

Which credit file company do you use to look up your credit rating?

 

[desafinado74]

Lots of great replies here
I was tossing up between this and the Qantas Premier Mastercard. But i did not have a good experience with Citi back in January (It was a headache dealing with them, and in the end got rejected for the Virgin Money Platinum card ) so, i am a bit wary in dealing with Citi run credit cards nowadays.

 

[sudoer]

Which credit file company do you use to look up your credit rating?

Wisrcredit has a great interface for checking both Experian and Equifax (previously Veda) scores

 

[travelbee26]

Wisrcredit has a great interface for checking both Experian and Equifax (previously Veda) scores

thanks...

 

[markus2578]

Which credit file company do you use to look up your credit rating?

Use a couple of them, Credit Simple. Get Credit Score and Credit Savvy

Range from 650 to 850 - depending on which one i check

Post automatically merged: May 20, 2020

Wisrcredit has a great interface for checking both Experian and Equifax (previously Veda) scores

Just signed up - this one is great! thanks for the tip

 

[ramboflyer]

Things have changed I know, but I've had the NAB card a couple of times in the past 5 years and easily the easiest approval considering the big bonus points and I'v been retired for nearly 6 years!

 

[Dr Ralph]

Things have changed I know, but I've had the NAB card a couple of times in the past 5 years and easily the easiest approval considering the big bonus points and I'v been retired for nearly 6 years!

Easier than AMEX???

 

[sudoer]

I actually found the NAB application process to be one of the more convoluted ones. I felt they asked for far more information than most banks, and the form is split over about 8 separate pages/sections which is annoying as you can't gauge how long it'll take until you actually do it.

The form also kept erroring out for me (there's a separate thread on this) so I ended up filling it out 3 times before it successfully submitted.

 

[Deleted member 71772]

Easier than AMEX???

The one thing I don't like about the Amex which made the application more difficult than for other cards is that they don't understand Australian Account Based Pensions.

 

[wxxnxs]

I got this card with my homeloan package. But despite I got approved by its homeloan and it didn't mean NAB would automactially approve the card, NAB adviesd me to close all of my other credit cards before approve, and asked me send the closure letter to them as approval.