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!

 

[Jacques Vert]

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

Bugger! Somehow I missed that bit as I haven't been officially notified yet. Hard to believe they haven't said what, if anything, is happening to the transfer rate for other programs (other than a general note that "if we haven't said something's changing then it's staying the same").

If they are going to increase customer's points balances to make up for this change, as shown in the link you posted, that suggests that all partners will either have their transfer rates adjusted OR they will be dropped as partners.

 

[Melburnian1]

@kamchatsky , many thanks as I'd not looked at the NAB site to see these changes.

I have a so-called Platinum Visa card but am considering changing to a soon-to-be Travel card (which has a higher annual fee).

How reassuring do you find it that international travel insurance will still be available from 1 October 2026 with the latter card?

I wonder if a few months after that, NAB will abolish that valuable benefit to add to previous 'enhancements'?