NAB Velocity Rewards cards' future

[Melburnian1]

NAB Velocity Rewards is no longer offered for sale AFAIK, but I doubt I'm alone in still having one.

Given that Velocity Points will be worthless if VA does not emerge from administration (and may also be if it does), is NAB likely to make any offers to such cardholders to entice them to transfer to some other card in its stable?

 

[albyd]

I called NAB up earlier this week. Wouldn’t budge on any offers (in fairness I hardly use my NAB card). They wouldn’t even credit pro-rata annual fee on my Velocity card towards another card. I’ve decided to leave it for the time being before deciding whether to try to switch to a NAB rewards card or just the bog standard $30 AF card.

 

[jakeseven7]

I called NAB up earlier this week. Wouldn’t budge on any offers (in fairness I hardly use my NAB card). They wouldn’t even credit pro-rata annual fee on my Velocity card towards another card. I’ve decided to leave it for the time being before deciding whether to try to switch to a NAB rewards card or just the bog standard $30 AF card.

That is really disappointing! Other credit providers are moving people onto equivalent QF cards free of charge

 

[Thibault]

I called NAB up earlier this week. Wouldn’t budge on any offers (in fairness I hardly use my NAB card). They wouldn’t even credit pro-rata annual fee on my Velocity card towards another card. I’ve decided to leave it for the time being before deciding whether to try to switch to a NAB rewards card or just the bog standard $30 AF card.

I have the NAB platinum rewards card but I am not sure I will keep it next year. I was awaiting the NAB bonus to transfer to VA but now it's a bit useless for me.

 

[Melburnian1]

I have the NAB platinum rewards card but I am not sure I will keep it next year. I was awaiting the NAB bonus to transfer to VA but now it's a bit useless for me.

I rang the NAB call centre and was transferred to a gent in Consumer Direct (section) who could not have been more helpful.

He transferred my NAB Velocity Rewards Card to become a NAB Rewards one (although there may also be the option of other cards: look at its website).

The whole process took about 20 minutes. As my card renewal fee was due, he is apparently allowed to waive the fee difference for for one year only, but this may depend on how long one has been a customer.

All up I was very satisfied with this so perhaps AFFer albyd, if he increases usage of his NAB card, may wish to call NAB again.

 

[theblank]

NAB Velocity Rewards is no longer offered for sale AFAIK, but I doubt I'm alone in still having one.

It was retired as a product quite some time ago, not long after they launched NAB Rewards, so about 2 years ago or so

Given that Velocity Points will be worthless if VA does not emerge from administration (and may also be if it does), is NAB likely to make any offers to such cardholders to entice them to transfer to some other card in its stable?

It is absolutely not a given that Velocity Points will be worthless in any scenario.

If NAB decides to close the product they will probably do what they have done before with obsolete credit cards, simply transfer them to the closet product they have.

There will not likely be any enticement because it wont be a choice you will have. You will get a lovely marketing spiel enticing you to switch to make you feel good about yourself, but if you do nothing they will just transfer it anyway after giving the required notice. I would assume if the new products annual fee is higher, then they will likely give you the old rate for a year. It will just be simple a take it or leave it scenario, its only a lousy credit card product.

I have one of these cards, but with $0 annual fee due to Shareholders benefit, which has been grandfathered, so I have a bit of skin in this too.

 

[Tiki]

My annual fee is due to post next month and I don't know what to do about this card. Of course I don't want to pay the fee when the future of VA/Velocity is so uncertain. Last year they refused to waive the fee as I has done it the previous 2 years. I would rather have a QF card but if I do a product swap I won't get a sign up bonus. And I can't do a minimum spend on a new card in the next 3 months. Any suggestions?

 

[Melburnian1]

My annual fee is due to post next month and I don't know what to do about this card. Of course I don't want to pay the fee when the future of VA/Velocity is so uncertain. Last year they refused to waive the fee as I has done it the previous 2 years. I would rather have a QF card but if I do a product swap I won't get a sign up bonus. And I can't do a minimum spend on a new card in the next 3 months. Any suggestions?

When I swapped to NAB rewards in the last couple of weeks as above, the call centre staff member agreed to waive next year's fee (i.e. July 2021) for the new card, which is more expensive per annum than the Velocity Rewards card that I ditched.

Usually NAB's call centre staff are excellent. So why don't you call 13 22 65 and ask to change cards as I did? My new card arrived within three weekdays of my call, which is efficient.

 

[Tiki]

The annual fee posted and I called to cancel it. Much to my surprise, they credited the annual fee, So I will keep it another year but I wouldn't allow them to swap it to another product if they start doing that.

 

[Runamuck1628]

I must be one of the lucky ones. My annual fee is waived for the life of the card. The rep on phone waived it for me when I called up to cancel few years ago. Unless they stop velocity points transfer, good to have it as a backup.

 

[ben_caunt]

Looks like it’s at its end, got a letter to tell me they are swapping my card to the nab rewards platinum card in November with an auto transfer to velocity. Lower earn rate than what it gets currently. There is a 15 percent bonus for the first three months however.