NAB Qantas Rewards Premium card

[Daver6]

Hi all,

I'm considering switching my banking to NAB and therefore this would become my standard card. The 1.5 QF FF points per $ on the Amex is what's likely to be used. Basically, need to replace the CBA Diamond Amex where the rate is dropping.

Just after peoples opinion on this card. Only limit I can see if points only earned on the first $50k spent per month (a none issue for me). Anything else I should be aware of?

Obviously there is every chance NAB will follow suite and drop the earn rate. Aside from that concern, I'm interested to hear opinions.

Thanks

 

[Colin 2905]

Other than the annual fee, I found it to be a good card when I had one, and I still find NAB easy enough to deal with.

You should ask yourself if you're likely to put enough through it to justify the annual fee. eg; If you were to value QFF points at 1.5¢ each, you'd need to put $33,333 through it per year to break even, compared with a card from Amex which offers 1ppd, but no annual fee.

Are you eligible for the current ANZ Qantas FF Black promo? I realise that you're considering switching your banking to NAB, but there's nothing stopping you from picking and choosing when it suits you.

 

[Daver6]

Annual fee would be waived as I'd be moving all my loans over too.

Very good point thought about perhaps going with the ANZ card card for the first year and then swapping over to the NAB. I do like the way you think

 

[Colin 2905]

Annual fee would be waived as I'd be moving all my loans over too.

Fair enough. Is that the deal where they'll give you a truckload of points if you're mortgaged to the eyeballs with them? (I got the mortgage monkey off my back six years ago, so I don't pay that much attention.)

 

[Isochronous]

Ask for some QFF points as a sweetener.

 

[Daver6]

Fair enough. Is that the deal where they'll give you a truckload of points if you're mortgaged to the eyeballs with them? (I got the mortgage monkey off my back six years ago, so I don't pay that much attention.)

Not to my knowledge. Tell me more about this deal? I can't seem to find anything online about it.

 

[Daver6]

Ask for some QFF points as a sweetener.

Good idea. Something like that would never have occurred to me. Are you aware of such requests being honoured? What would be a good number to ask for?

 

[ashleyn]

It's my card of choice, I have 500 NAB shares so get the annual fee waived.

 

[Pleb Status]

Hi all,

I'm considering switching my banking to NAB and therefore this would become my standard card. The 1.5 QF FF points per $ on the Amex is what's likely to be used. Basically, need to replace the CBA Diamond Amex where the rate is dropping.

Just after peoples opinion on this card. Only limit I can see if points only earned on the first $50k spent per month (a none issue for me). Anything else I should be aware of?

Obviously there is every chance NAB will follow suite and drop the earn rate. Aside from that concern, I'm interested to hear opinions.

Thanks

The card itself is not too bad but the NAB is the worst bank I have ever dealt with. They make the CBA look competent.

I cannot wait to ditch them but it will cost me ~$550 to move my banking elsewhere. Their home loans are particularly bad if you wish to avoid interest using an offset account etc.

 

[Daver6]

The card itself is not too bad but the NAB is the worst bank I have ever dealt with. They make the CBA look competent.

I cannot wait to ditch them but it will cost me ~$550 to move my banking elsewhere. Their home loans are particularly bad if you wish to avoid interest using an offset account etc.

Can you elaborate more on that last point please? This is certainly going to be something that's relevant to my situation.

 

[Pleb Status]

Can you elaborate more on that last point please? This is certainly going to be something that's relevant to my situation.

Nothing to do with the CC obviously.

The short version is when the NAB calculates the 'minimum monthly repayment' for the home loan, they do not take into account any money you have in the offset account (if you have a P&I loan).

The extreme is if your loan is 100% offset, you still have to make the same very large 'minimum monthly repayment' and therefore your principal then reduces at a very fast rate (well above what you need to do as most of the payment would have been for interest) which you cannot reclaim or redraw at a later date. This would not be a big issue if you are looking to pay off the loan quickly but if you have the loan for taxation reasons this is not what you want to occur.

The only solution is to go to an interest only loan, but the NAB charge a ~0.25% premium for this and it will cost you more interest on any amount owning.

In comparison, Bankwest includes the amount in your offset account when calculating your 'minimum monthly repayment', therefore reducing the monthly payment significantly to the principal amount owing only if the loan is 100% offset. The credit limit also only reduces by the minimum. The difference can be thousands of dollars a month the NAB forces you to pay on a P&I loan.

It has all to do with the possible taxation implications of making the property an investment property in the future.

 

[Daver6]

Thanks for the explanation. Really appreciate it

That won't be an issue for me as offset account with be for an owner occupied loan. I think the extra they charge is for investment loans, not because its interest only. That's pretty standard across the board these days.