NAB‘s Velocity Gold credit card is a heady mix of rewards, low rates and fees. This is a premium card for frequent flyers looking to earn and redeem points with the Velocity Rewards program.

Frequent Flyer Points

As is the case with many other deals for frequent flyers, the Velocity NAB Gold credit card comes with two cards linked to the same account so that you can maximise the number of Velocity Rewards points earned. The earn rate for the American Express version is 2 points for $2 while eligible purchases with the Visa branded card will be rewarded at the rate of 1 point per $2. There is no cap and no expiry date on the Velocity points you earn, although most of your spending will likely be with the Visa card and therefore rewarded at the lower rate simply because Amex isn’t accepted as widely. The option, however, is there.

Other Rewards

The Velocity NAB Gold credit card gives you access to other rewards, benefits and perks apart from earning Velocity Rewards points. Thanks to American Express, you’ll be able to shop from stores in the UK and UK that don’t typically deliver to Australia using globaleshop. Cardholders also get access to many exclusive deals and promotions on a range of services and products through the American Express Network and Selects programs. Visa Entertainment also gives cardholders access to various shows, movies and events.

Pros

Earning Velocity Rewards points is clearly the main attraction of this card. The fact that there is no points capping or expiry on points is a bonus. Furthermore, you can redeem your Velocity points for much more than just flights.

Earning Velocity Reward points and getting access to select members-only deals sounds good, but there is more to the Velocity NAB Gold credit card that that. As you get with other NAB card offers, this card also comes with a suite of insurance policies. The headline insurance policy is for overseas travel insurance that is activated upon spending $500 or more on travel with your card. It covers you for cancellations and missed connections, lost luggage and travel documents up to $20,000, medical expenses incurred and more.

Other complimentary insurance coverage includes flight inconvenience insurance for domestic flights in Australia, cover for up to $2,500 of stolen goods in a burglary at hotels and motels in Australia and travel accident insurance. You’ll get purchase protection, price protection, extended warranty and a travel accident insurance policy.

On to rates, and specifically balance transfers. Many deals we review do not have very good balance transfer offers, and some simply don’t offer any balance transfers at all. Currently with the Velocity NAB Gold credit card there is a good deal on balance transfers. At 4.99% p.a. for 6 months, this card can save you a lot of money in interest as well as help you earn travel rewards.

The $150 p.a. annual is more expensive than other Velocity-linked cards, but it is cheaper than that of many other cards we’ve reviewed. Other rates such as the 20.24% p.a. purchase rate and 21.74% p.a. cash advance rate are in line with other similar cards.

Cons

The Velocity NAB Gold credit card’s earning ratio is actually not the best. For example, the American Express Velocity Platinum credit card rewards spend at a rate of 1.5 Velocity points per dollar (although its annual fee is significantly higher). Also, the higher rate only applies to the Amex version of the card, which is accepted at fewer locations so you’ll be forced to rely more on the lower rate Visa card. In its favour though, any points you do earn with the Velocity NAB Gold credit card will not expire and as there is no cap, there’s no limit on how many you can accumulate.

Eligibility

To get your hands on a Velocity NAB Gold card you’ll need to be at least 18 years old and be a permanent resident or citizen of Australia. You’ll need a good credit rating and a $50,000 minimum income.

Is This Card Right For You?

There are other cards linked with the Velocity Rewards program, some with a slightly better earnings rate. However, if you want more than rewards and like the additional complimentary insurance, then this offer is well worth further investigation. If you’ve made your mind up and would like to be a cardholder, start your application above.