Changes to NAB Rewards Signature card: No forex fees + earn rate changes

[Mattg]

NAB is making the following changes to its NAB Rewards Signature credit card from 12 June 2024:

• $24 monthly fee instead of $295 annual fee (adds up to $288/year) - this monthly fee is waived if you spend $5,000 or more during the month
• No international transaction fee
• Points booster on Webjet purchases changing from 3x to 2x points, no more Points boosters on purchases in major department & hardware stores or on international transactions
• Change to earn standard earn rate: instead of the current 1.25 NAB Rewards points per $1 spent you'll earn 1.5 points up to $15,000 then 0.5 points per $1 thereafter
• Addition of a "delayed flight lounge pass"

We’re changing NAB Rewards Signature

Learn about the improvements and new features that have been made to the NAB Rewards product range. Compare with the old NAB Rewards offering today.

www.nab.com.au

 

[RooFlyer]

For international FX, I guess NAB charges the standard VISA rate (for their visa cards)? I think 2.3%? Anything else now?

 

[mikedesign]

If you apply as an NAB customer through the app, you get a reduced annual card fee (from $295 to $195) for the life of the card. Should it be assumed the fee will stay at $195 after 12 June and will that mean the 3pc Int’l transaction fee is retained?

 

[kpc]

No mention of any changes to the NAB Qantas Signature card...or have I missed it somewhere?

 

[levelnine]

As I mentioned in another thread, great news for churners.

 

[SCM]

This is crazy - no fees, no forex fees, free insurance, more points per spend???

I think bye bye amex, this is going to be my new main card now!

 

[mikedesign]

If you apply as an NAB customer through the app, you get a reduced annual card fee (from $295 to $195) for the life of the card. Should it be assumed the fee will stay at $195 after 12 June and will that mean the 3pc Int’l transaction fee is retained?

Found the answer, T&Cs no.1:

'If your annual card fee is a different amount, we’ll continue to charge the same amount, but it will be calculated and charged to your account monthly. The monthly fee waiver will still apply.'

 

[b3LKMZAYN9]

good news overall, but I guess no luck for "NAB Qantas Rewards Signature" this time? really want to get rid of the 3% foreign currency fee.

 

[andyrb]

Do these changes apply to the Signature card with Velocity too? Or just the plain Signature card.

The NAB website is a mess and I can't work it out.

 

[SYD]

Do these changes apply to the Signature card with Velocity too? Or just the plain Signature card.

The NAB website is a mess and I can't work it out.

It's specifically the "NAB Rewards" Signature card. Unfortunately, no change to the QF (and I would assume VA) points earning cards. That would have been too good! My NAB QF Signature card is gratis with my mortgage package but charges 3%. I also used to get fee free ATM access, but that was enhanced away under my package.

But my companion NAB Platinum Debit card is international fee free but not points earning. I actually usually use 28 MC or ING/UBank DCs for foreign transactions (and the last two for ATM withdrawals - I dare not use the NAB Debit card in an ATM now).

 

[theblank]

• $24 monthly fee instead of $295 annual fee (adds up to $288/year) - this monthly fee is waived if you spend $5,000 or more during the month
• No international transaction fee

these 2 factors make it interesting for the upcoming conversion of Citibank Credit cards to NAB, personally i have the Cit Signature equivalent and Free for Life (FFL), as do a lot of others.

and its about bloody time NAB came to the party with a no international fee credit card.... again!

 

[SYD]

For international FX, I guess NAB charges the standard VISA rate (for their visa cards)? I think 2.3%? Anything else now?

That's almost the standard 3% international transaction fee. The NAB and other VISA debit cards that I have are something like 0.5% fee lurking in the final amount.

 

[b3LKMZAYN9]

It's specifically the "NAB Rewards" Signature card. Unfortunately, no change to the QF (and I would assume VA) points earning cards. That would have been too good! My NAB QF Signature card is gratis with my mortgage package but charges 3%. I also used to get fee free ATM access, but that was enhanced away under my package.

But my companion NAB Platinum Debit card is international fee free but not points earning. I actually usually use 28 MC or ING/UBank DCs for foreign transactions (and the last two for ATM withdrawals - I dare not use the NAB Debit card in an ATM now).

just a small question from my side, is your "NAB Platinum Debit" a fee-free one that comes from the loan package or you still pay for it like <=$10 per month?

 

[SYD]

just a small question from my side, is your "NAB Platinum Debit" a fee-free one that comes from the loan package or you still pay for it like <=$10 per month?

Part of the package also!

 

[Cynicor]

For international FX, I guess NAB charges the standard VISA rate (for their visa cards)? I think 2.3%? Anything else now?

Nope; it will be pretty much mid market rate/spot rate. Generally within about 0.3%.

Post automatically merged: Apr 19, 2024

That's almost the standard 3% international transaction fee. The NAB and other VISA debit cards that I have are something like 0.5% fee lurking in the final amount.

Yeah, this is what the card will be. They don’t set the conversion rates. I’m not sure why so many on this site still don’t understand that.
Foreign exchange fee free cards are the best deal you can get!

 

[RooFlyer]

Nope; it will be pretty much mid market rate/spot rate. Generally within about 0.3%.

Not sure I understand what you are saying. If I put a purchase of US$100 on my card overseas, are you saying I'll be charged 100 x ~USD:A$ spot in A$ ?

 

[Cynicor]

Not sure I understand what you are saying. If I put a purchase of US$100 on my card overseas, are you saying I'll be charged 100 x ~USD:A$ spot in A$ ?

Yes. Pretty much. Within 0.3-0.5%.
You can literally look at the rates on the visa site

 

[RooFlyer]

Yes. Pretty much. Within 0.3-0.5%.
You can literally look at the rates on the visa site

Thanks. I did - obviously mis-read it!

 

[Cynicor]

Post automatically merged: Apr 19, 2024

Remember by default the visa site build in 2% as your bank fee. Now in Aus most banks are 3-3.5%.
But this nab card you need to change it to 0 to see.

 

[theblank]

Thanks. I did - obviously mis-read it!

No bank does exchange rate conversion on credit cards. VISA and MC do the conversions.

The only difference is the fee australian banks add on, ranging from 0% to 3.4%, and is a seperate line charge on your statement.

It has always been that way, except before about year 2000, the fee was hidden in the transaction. Someone advocated for for full disclosures by banks on fees, so they seperately listed the fee, and put the fee % up.

I would be lying if i said what the fee used to be, but it was definitely not 3%.

I know because on return from overseas holidays in 90's and checked against historical rates (being a bank johnmy i had the info). Credit cards were much much cheaper than Travellers cheques, which were about 3% above spot