The NAB Qantas Rewards Signature Card has a high annual fee, moderately high interest rate and very low balance transfer rate, and is aimed at those who travel frequently.
If you spend $3,000 on everyday purchases within 60 days of the account being opened, you will receive 90,000 bonus Qantas Points. That amount will allow you to travel to most places in the world. Plus, after 12 months, you can receive an additional 30,000 bonus Qantas Points, for 120,000 bonus Qantas Points in total.
The card’s rewards scheme lets you continue building your points balance by earning 1 Qantas Point per $1 spent up to $5,000, and then 0.5 Qantas Points per $1 spent between $5,001 and $20,000.
Also, if you already have a credit card in debt, you may be able to save money by transferring it to this card, with a 2% balance transfer fee and a 0% balance transfer rate for the first six months.
- 90,000 introductory Qantas Points + 30,000 bonus Qantas Points after 12 months
- Free travel insurances (if eligible)
- 0% balance transfer rate
- High annual fee
- Moderately high interest rate
- Points cap of $20,000 per month
Who is it good for?
This card is aimed at frequent travellers and those who want to build up the Qantas points through spending on purchases. Of course, you don’t get something for nothing, and the points rewards are balanced by a high annual fee and high interest on purchases. Also, your spending to earn points is capped at $20,000 each month.
Travellers will also like the range of complimentary travel insurances (provided you spend at least $500 on prepaid travel costs with the card before your trip), a 24/7 concierge service and access to a number of events before tickets go on sale to the public.
However, while it’s attractive to be able to earn all those points when you spend, there is the $20,000 cap each month and the interest is high if you don’t pay off your statement in full each month.
What RateCity says
The NAB Qantas Rewards Signature Card is designed to appeal to anyone who likes to accumulate and use Qantas bonus points. While there are conditions attached to earning the bonus 120,000 points, the travel insurances and a cap on monthly spending to earn points, for those people who can take advantage of the conditions, this card does offer an attractive way to earn points.
However, the annual fee and the interest rates on purchases and cash advances are high on the card, so while you’re spending to get points, remember to pay off your balance each month. There’s also a late payment fee if you don’t pay off at least the minimum repayment each month.
The balance transfer rate might help you reduce debt on your existing card, but after six months, any unpaid debt will revert to that high interest rate, so again it’s about managing your credit.
To apply for the NAB Qantas Rewards Signature Card you must be at least 18 years old and either a resident or citizen of Australia, although temporary residents are also eligible. You need to be earning a regular (or any) weekly income and not have applied for multiple credit cards recently. The application process is straightforward and can be done online or in person at a branch of the bank.
National Australia Bank is one of Australia’s big four banks providing finance products to customers, including credit cards, personal and home loans. Customers can stay in 24/7 contact with customer service representatives through the bank’s phone hotline and online services. Customers can also manage their own finances through the bank’s internet banking portal and mobile app. NAB originated in 1982 as the result of the merger of two financial institutions. It has since expanded rapidly across the globe.