NAB Velocity cards

[adamonline]

After NAB made their changes to the NAB Qantas Platinum Card it looks like they've turned their attention to the Velocity cards. A note with my statement outlined changes to the Velocity NAB Gold card to bring the points earn on the Amex card to $1 = 1.5 points. The earn rate on the Visa remains the same. Like the NAB Qantas Platinum Card there is a new points earning cap of $100,000 per statement cycle. They have also changed the name to NAB Velocity Rewards Premium.

No changes on the website as yet. The card changes take effect on Feb 25th.

 

[LiamR]

Received a similar notice on my statement regarding the red card. Interesting stuff, good news about the Amex, but more importantly I'm disappointed they didn't boost the Visa ratio, at least on the Gold card.

https://twitter.com/Li_Ras/status/298768401013297152/photo/1

 

[pangwen]

Nothing on the last statement for my Velocity Gold card (sent late January), unless it was on a separate brochure as I tend to throw those out.

EDIT: My statement cycle finishes on the 24th of each month, so it looks like I'll be one of the last people to switch over to the new rates..

 

[pangwen]

Well my card now report as the NAB VELOCITY REWARDS PREMIUM on the NAB online banking site. NAB's website also shows the new Qantas and Velocity (amongst other) cards.

I wonder if I should get them to send a new card out for me? The Platinum does look better than my current Gold...

 

[Demonoid]

So let me get this straight - new NAB Velocity "Premium" has a 1.5 point to the dollar conversion on the AMEX - and only $150? That is outstanding value, as a NAB choice package customer - I'd expect this to be included for free. Interestingly the Qantas Premium with similar amex point earn rate is a full $100 more at $250. Would have loved to have seen some bonus points - but looks like a 1% balance transfer for 12 months which is awesome for those carrying a hefty balance...

 

[pangwen]

So let me get this straight - new NAB Velocity "Premium" has a 1.5 point to the dollar conversion on the AMEX - and only $150? That is outstanding value, as a NAB choice package customer - I'd expect this to be included for free. Interestingly the Qantas Premium with similar amex point earn rate is a full $100 more at $250. Would have loved to have seen some bonus points - but looks like a 1% balance transfer for 12 months which is awesome for those carrying a hefty balance...

I believe the Velocity cards are no longer included as part of the choice package (it's been gone for over a year). When a friend applied for a loan in Sept 2011, they specifically said that the Velocity card is not available with the choice package. However, those who have already received a Velocity card under the scheme (I believe it's similar with the shareholder benefit) have so far been allowed to keep it for free. You may be able to request a product transfer to the Velocity card (choice package) from a Qantas one in store, but YMMV.

EDIT: Interestingly, the Choice Package seems to have changed to now say [TABLE="class: table01, width: 690"]
[TR]
[TH]No annual
credit card fee[/TH]
[TD]No annual card fee on all NAB credit cards (except NAB Low Rate and NAB Low Rate Premium cards).[/TD]
[/TR]
[/TABLE]
This should mean we are eligible for the NAB Qantas Premium card for free now? I'd say that's even better value. It used to be Qantas Gold only

 

[Demonoid]

This should mean we are eligible for the NAB Qantas Premium card for free now? I'd say that's even better value. It used to be Qantas Gold only

Seems that way. Regardless of choice package though, I still don't see how the Qantas premium is $100 more than velocity premium, with same point earn rate and insurances?

 

[LiamR]

The Nab Velocity Premium card is turning out to be quite a good little earner!

 

[SQ421]

Nothing on the last statement for my Velocity Gold card (sent late January), unless it was on a separate brochure as I tend to throw those out.

EDIT: My statement cycle finishes on the 24th of each month, so it looks like I'll be one of the last people to switch over to the new rates..

I don't get paper statements, and nothing was mentioned in the actual statement that I downloaded last month. Since my statement cycle is around the 27th/28th, and these changes apply to statements after 25th Feb, I'm hoping it means my statement generated on 27th/28th Feb gives me this earn rate!