How many of you still keep NAB cards?

[wxxnxs]

I have been kept NAB standard velocity card for 5 years, however I did not spend much during last 2.5 years due to its poor earning ratio. Called up today to ask if it's possible to switch to the gold level & get annual fee waived, answer from them is NO. Em..., it seems odd for NAB, previously they always been kind of annual fee, it believe maybe they have already gained enough market. Anyway, I finally cancelled my card, although I could get fee waived but it's really pointless to keep an extra card which I don't use. Next step, I might swich all of my savings from NAB to another, I got 2 gold banking accounts & 3 isavers, I think that's too many.

 

[pangwen]

I still have mine - recently got mine switched from the Qantas gold to the Velocity Gold (still free due to home loan package). If it wasn't free, I'd probably switch away too.

 

[wxxnxs]

I still have mine - recently got mine switched from the Qantas gold to the Velocity Gold (still free due to home loan package). If it wasn't free, I'd probably switch away too.

If you have home loan package, obviously it is free, that's what you pay for $395/PA. I don't have any load with NAB only bank accounts, however I do find NAB credit cards do not competitive at all in the market.

 

[medhead]

The NAB package, and probably other bank packages, are the best thing. I/we currently run 4 savings accounts, a gold/platinum one visa, 3 mortgage accounts, and an isaver. We'll load up on another isaver in a month when the term deposit runs out. I also need to get a second "free" card in SWMBO's name. We're not paying $10 per month for a gold package for the savings accounts, or 3x mortgage account fees or the annual CC fee. So it is certainly possible to get value for money from the annual fee, which can also be tax deductible. It was even better before the RBA saved me from hidden ATM fees, as all ATM fees were part of the package as well.

Until the recent advent of 1point per $ EDR and etc. cards, the gold NAB visa (with amex) had one of the better earn rates at 2 points per $3. Getting it free as part of a package makes it a good backup card. I'm considering getting the Gold velocity card for the same reason, as a back up to amex.

On the point of having too many accounts, I don't think that is possible as each account needs to have a purpose to it. In my case I have separate accounts for various investments, my personal accounts, SWMBO's personal accounts and joint accounts. I could put these all together but then that puts things like tax deductibility of interest of investments at risk and at the very least creates a calculation nightmare for apportioning the interest into personal and investment related.

 

[wxxnxs]

The NAB package, and probably other bank packages, are the best thing. I/we currently run 4 savings accounts, a gold/platinum one visa, 3 mortgage accounts, and an isaver. We'll load up on another isaver in a month when the term deposit runs out. I also need to get a second "free" card in SWMBO's name. We're not paying $10 per month for a gold package for the savings accounts, or 3x mortgage account fees or the annual CC fee. So it is certainly possible to get value for money from the annual fee, which can also be tax deductible. It was even better before the RBA saved me from hidden ATM fees, as all ATM fees were part of the package as well.

Until the recent advent of 1point per $ EDR and etc. cards, the gold NAB visa (with amex) had one of the better earn rates at 2 points per $3. Getting it free as part of a package makes it a good backup card. I'm considering getting the Gold velocity card for the same reason, as a back up to amex.

On the point of having too many accounts, I don't think that is possible as each account needs to have a purpose to it. In my case I have separate accounts for various investments, my personal accounts, SWMBO's personal accounts and joint accounts. I could put these all together but then that puts things like tax deductibility of interest of investments at risk and at the very least creates a calculation nightmare for apportioning the interest into personal and investment related.

As I mentioned, if you have loan package with it, then all problems solved because free credit card is part of it. The reason I cancel the card is because annual fee is not worth it, due to it poor earning ratio & I don't use it anyway, so no point to keep a useless card. I'm having a classic banking, gold banking & 3 isaver accounts, will close all of them to reconcile with my other credit card issuer.

 

[Speedbird001]

I have been kept NAB standard velocity card for 5 years, however I did not spend much during last 2.5 years due to its poor earning ratio. Called up today to ask if it's possible to switch to the gold level & get annual fee waived, answer from them is NO. Em..., it seems odd for NAB, previously they always been kind of annual fee, it believe maybe they have already gained enough market. Anyway, I finally cancelled my card, although I could get fee waived but it's really pointless to keep an extra card which I don't use. Next step, I might swich all of my savings from NAB to another, I got 2 gold banking accounts & 3 isavers, I think that's too many.

Yes, similar. I only held it for one year (QF Platinum Amex/MC) because I put a lot of spend through (incl company expenses) and they wouldn't come to [any] the party, such as points or fee. So, goodbye...

 

[wxxnxs]

Yes, similar. I only held it for one year (QF Platinum Amex/MC) because I put a lot of spend through (incl company expenses) and they wouldn't come to [any] the party, such as points or fee. So, goodbye...

Did you get enough points when you held the card, if you did then it's worth of it, but with $295 fee per annum, not a bargain. I found another good thing with NAB is quite efficient, I requested to cancel my card, and it only took 1 min to complete, no questions asked why cancel. BTW, all NAB credit card departments who can make decisions are now in India call centre, which means not many chances to bargain with fees.

 

[Speedbird001]

Did you get enough points when you held the card, if you did then it's worth of it, but with $295 fee per annum, not a bargain. I found another good thing with NAB is quite efficient, I requested to cancel my card, and it only took 1 min to complete, no questions asked why cancel. BTW, all NAB credit card departments who can make decisions are now in India call centre, which means not many chances to bargain with fees.

Yes, justified the fee (remembering the sign-on bonus of whatever it was ?30,000). The issue with CC companies 'cancelling' cards is they tend not to really - they just close the account but keep the credit contract in place. The advantage of this is that you and they can resume the relationship with another card, for instance. The disadvantage is that the credit limits remain against your name so when you go seeking credit from another credit provider they see that you have $xx_x worth of credit limits from CCs and take this into account when determining whether/and if so how much to lend you. Best bet - tell them this and they'll terminate the credit contract not just the card account itself.

 

[wxxnxs]

Y The issue with CC companies 'cancelling' cards is they tend not to really - they just close the account but keep the credit contract in place. The advantage of this is that you and they can resume the relationship with another card, for instance. The disadvantage is that the credit limits remain against your name so when you go seeking credit from another credit provider they see that you have $xx_x worth of credit limits from CCs and take this into account when determining whether/and if so how much to lend you. Best bet - tell them this and they'll terminate the credit contract not just the card account itself.

Oh no, are you serious? Do you mean NAB still keeps my name under relationship with that card and my credit limited will be on my file? It doesn't make any sense, so based on your comments, if now I decide to reverse my decision, I can ask NAB to re-active my card without doing another application?

 

[Speedbird001]

Oh no, are you serious? Do you mean NAB still keeps my name under relationship with that card and my credit limited will be on my file? It doesn't make any sense, so based on your comments, if now I decide to reverse my decision, I can ask NAB to re-active my card without doing another application?

no financial advice, etc.

 

[LiamR]

I actually just signed up for the NAB Velocity credit card as my first credit card. They waved the annual fee, and since I use Visa/Amex for most of my payment these days. I just pay the bill off in full every month and keep the points.

Essentially, I'm getting points for paying with this card instead of my regular debit card for no fee and no interest. May be a poor points earning ratio but it's better than what I was doing before with no increase in cost.

 

[JohnK]

NAB Velocity card?

I have an NAB credit card but not Velocity. It is still useful as it has balance transfers at 4.99% with a decent credit limit.

 

[fantasy86dj]

I still keep my NAB card - I have had it for years though, I just charge my car expenses through it

 

[shifty]

I love my nab cards. online you can see transactions live even if they are just a hold/request on your account, not a completed transaction. Handy when you are trying to work out your balances and travel transactions etc. unlike other banks where your total balance is accurate but you can't see what is making it up until 5 days later.

 

[pangwen]

I've still got my nab cards, but I have got to say, their staff training could do with a bit of polishing up. I've had no end of troubles since I tried to get the Qantas premium card in February. Here's a brief approximate timeline:

Early Feb (soon after nab converts to the Standard/Premium naming system): I go into a Sydney branch of nab (not naming which one for now) to try to transfer my existing Velocity Premium (Choice Package) cards to the Qantas Premium (Choice Package) cards. I am told that yes, the choice package can apply to these cards, but I'll need to cancel my existing Velocity cards and apply for the Qantas cards. I was a little puzzled by that, since I did a simple product transfer to the Velocity cards previously, but since they said they could handle it in store, I went along with it. At the end of this session, they had zeroed my Velocity card balance and apparently closed the account, and also applied for my new cards.

A couple of days later: I check online banking, and lo and behold, my new card account has appeared. Bad news - it looks like it's not the Qantas premium card, but rather than NAB premium card (another product). I call up the person at the branch who sorted it for me, and she at first said it's the same product, then when I press further, she apologises and promises to fix it up by doing a product transfer. She goes away a little bit (presumably to talk to the manager) and then returns saying that she can't do the transfer until the cards arrive and I activate them. She also tells me that my Velocity cards haven't actually been cancelled yet (can't remember exactly why - I think the person who was cancelling the cards didn't understand what to do and just zeroed the balance by transferring funds from my savings account and didn't follow through with the cancellation).

At this point, I ask why we couldn't just do a product transfer from my Velocity card (which is what I asked for initially??!). After a few moments, she agrees, and applies for the transfer and cancels my new NAB premium card.

Mid-late Feb: My NAB premium cards arrive. I cut them up.

Late Feb: My NAB Qantas premium cards arrive. I activate them. Not trusting the Sydney branch staff, I went into my normal branch in Qld, and asked them to check whether the card was linked to my choice package. It wasn't . I got them to link it in, and thought that was the end of it.

Fast forward to mid April: I notice a charge on my card titled "Annual Fee". Funny - I thought it was linked to the Choice Package?! I called up (I was overseas at this point), and they said to wait a week and the system would detect that it was linked and reverse the charge.

Mid-late April (a week afterwards): Nothing had happened, so I called again. Now they said that it was because I had a promo (1.9%p.a. balance transfer or something). That was new to me, as I didn't actually do a balance transfer at the opening of the account? They advised that they needed to remove the promo and then that should be that.

A few days later, I called again, and now they said I need to do a product transfer to the non-promo product! I was getting pretty frustrated at this point, so I told them that wasn't on (I need my cards while overseas). Finally, they got someone on who reversed the annual fee, and it finally appeared on my account a couple of days ago.

I'm not holding my breath, but I have a sneaky suspicion that I need to go through this rigmarole next year too

 

[adampenrith]

We still have them, in fact we just upgraded to the Platinum offer.

We credit to Velocity, and put all our spend on first the Amex and if somewhere does not take Amex we use the Visa.

Love the fact that its all one account now- rather than two separate accounts.

Pay the balance in full each month.

Currently 360L points which will do very nicely for the two of us to go to the UK next year J class all the way.

 

[fantasy86dj]

As of next weekend I am going to be closing off my NAB platinum as I find that I am not getting value for money out of it anymore. I am going to just have my AMEX green charge and my Citibank ReadyCredit.

It appears that the staff at NAB are getting worse and worse.

 

[robd]

I recently got an Amex Plat Edge, so I'll be cutting up my NAB Platinum (ahem.... I mean Premium) before the end of the renewal period.