NAB Credit Card Updates 1 October 2026

[anat0l]

Yeah, that's the thing...what are the alternatives? I fear it is going to be difficult to find a decent card going forward.

I think what will also be telling is to see how this affects signup bonuses. I mean, for all we know, the banks might just kill them off or significantly cut them down, e.g. half or more of what they are now.

Oddly, if you come from a country like Switzerland, signup bonuses on credit cards are incredibly rare. You'd be thinking what the hell are people losing their heads about.

 

[piec]

I consider credit card bonuses to be a way to claw back some of the surcharges I have to pay. If the surcharges disappear, I'll happily switch to debit card payments.

 

[NoName]

Got the Qantas Signature card a week ago for the 100k QF point bonus. Couldn’t care less about the earn rate as it will be closed in a few months anyway with no more than a few dollars more than $5k spent on it.

 

[Jacques Vert]

Correct re overseas fees; its my main overseas use card. But the introduction of an annual fee (ie no 'waiver' any more) is a big letdown.

Plus the removal of CX as a transfer partner; I may have to take a serious look at one of those US cards.

 

[Flyingwombat]

The extent of these changes is so significant that pro-rata refunds of the annual fee would probably be pursuable?

I haven't been personally notified of the main nab Qantas changes yet!

But I did get an email about my ex-Citi premier card that is now a nab MyCard Premier Qantas. Due to the reduction in points, I asked about a pro-rated fee rebate. I was told I had to close it first before they would ask the relevant team! I closed it last week and was told to wait 48 hours. A week has passed and nothing. I assume they won't offer anything as there is no incentive to do so now I have closed the account.

I have the AX Ultimate and the nab Qantas signature cards which I will keep for now... I'm back to being a student so I have no scope to get a new card anyway.

 

[FF98]

I think what wasnt mentioned in your post is the ratio of NAB points to Velocity is changing from 2:1 to 3:1 as well. Big hit

 

[Jacques Vert]

At least it looks like the transfer rate for NAB Rewards isn't changing (at least not yet).

 

[MELso]

At least it looks like the transfer rate for NAB Rewards isn't changing (at least not yet).

Oh yes it is, unfortunately. One of the examples here shows Velocity going from 2:1 to 3:1.

 

[kamchatsky]

Oh yes it is, unfortunately. One of the examples here shows Velocity going from 2:1 to 3:1.

Wow, that's very bad. I wonder if other Velocity cards would be the same fate.

What about Krisflyer conversions? It is already 3:1 now, would that change too?

It meant for the NAB Rewards Signature (or NAB Rewards Travel card), the earn is now 0.5 VA points for first $10K spend, rather than 0.75 VA points as I thought it would be.

With this new information, I may end up keeping my Virgin Money High Flyer card for now, and cancel this card. Decisions decisions ......

 

[MELso]

Wow, that's very bad. I wonder if other Velocity cards would be the same fate.

What about Krisflyer conversions? It is already 3:1 now, would that change too?

...

There's a lot we don't know about the post 1 October burn rates for NAB and MyCard cards. We can only hope KF stays at 3:1...

 

[Flyingwombat]

I haven't been personally notified of the main nab Qantas changes yet!

But I did get an email about my ex-Citi premier card that is now a nab MyCard Premier Qantas. Due to the reduction in points, I asked about a pro-rated fee rebate. I was told I had to close it first before they would ask the relevant team! I closed it last week and was told to wait 48 hours. A week has passed and nothing. I assume they won't offer anything as there is no incentive to do so now I have closed the account.

I have the AX Ultimate and the nab Qantas signature cards which I will keep for now... I'm back to being a student so I have no scope to get a new card anyway.

Happy to advise that I got a full refund of the $350 annual fee charged by MyCard - this was my second year of holding the card. My year was due to end in November. I had actually asked for a pro-rated refund but then had to jump up and down in a virtual sense as nothing was happening. I told them how long I had banked with nab and that I was thinking about closing all my accounts. I used the magic word, formal complaint, and just now the refund is showing. Good outcome!