NAB Signature prorated annual fee refund

[maverick1]

got the card on 28th Jun, spent 3k within first few days. First statement generated on 06th July and came with the 100k signup bonus. Canceled the card the next day and got the entire fee of A$295back.

 

[get me outta here]

Suspect lots of people have decided a pro rata refund is a great deal because it’s two weeks since I applied and a week since I submitted a follow-up document and have heard nothing. Anyone else find they are taking a long time to make a decision?

 

[larrymull]

How long does it take for the points to hit your account? I have used up my $3K spend a week or so ago and paid it off too. Just thinking NAB might be screwing me around as I previously had a Citi card that went to NAB, that I cancelled and a non earning NAB CC that I cancelled before even applying for the NAB Rewards.

Post automatically merged: Sep 9, 2022

Suspect lots of people have decided a pro rata refund is a great deal because it’s two weeks since I applied and a week since I submitted a follow-up document and have heard nothing. Anyone else find they are taking a long time to make a decision?

Best to call them I think.

 

[sudoer]

Suspect lots of people have decided a pro rata refund is a great deal because it’s two weeks since I applied and a week since I submitted a follow-up document and have heard nothing. Anyone else find they are taking a long time to make a decision?

A friend recently applied, it took about a week for NAB to approve his application.

How long does it take for the points to hit your account? I have used up my $3K spend a week or so ago and paid it off too. Just thinking NAB might be screwing me around as I previously had a Citi card that went to NAB, that I cancelled and a non earning NAB CC that I cancelled before even applying for the NAB Rewards.

For me, the points have consistently posted within 1-2 days after the next statement date, once the min spend has been completed. Has a statement been generated since you hit the min spend? and was all your spend 'eligible'?

 

[larrymull]

A friend recently applied, it took about a week for NAB to approve his application.



For me, the points have consistently posted within 1-2 days after the next statement date, once the min spend has been completed. Has a statement been generated since you hit the min spend? and was all your spend 'eligible'?

It has but it only posted 05-Sep-2022 NAB QANTAS CARD +2,868, so I am guessing it didn't hit the 3K from NAB's point of view. I have spent over $3,800 including the annual fee. I will give it until next statement and see. Thanks.

 

[Kangol]

It has but it only posted 05-Sep-2022 NAB QANTAS CARD +2,868, so I am guessing it didn't hit the 3K from NAB's point of view. I have spent over $3,800 including the annual fee. I will give it until next statement and see. Thanks.

I always call to check that they have my QFF number attached whenever I get a new card.
If you haven't done that, best to do it ASAP.
There is no downside and only an upside to checking.

 

[get me outta here]

Yes I have called frequently but although I have his direct line he never picks up the phone and never responds to messages so I’ve stopped doing that. It’s annoying as I have to pay my house insurance and this would be useful for the bonus.

Best to call them I think.

 

[sudoer]

It has but it only posted 05-Sep-2022 NAB QANTAS CARD +2,868, so I am guessing it didn't hit the 3K from NAB's point of view.

That sounds like a fair assessment. How many transactions were processed in the 1-2 days just prior to your statement date? It's possible they hadn't settled by the time your statement was generated. If all the spend was >2 days before statement date, then it's probable there was some ineligible spend in there, which is defined here.

The most likely culprit is government/ATO spend - if you've paid a rates bill or similar, it might be deemed ineligible.

I have spent over $3,800 including the annual fee.

The annual fee definitely doesn't count towards min spend.

Given you've had at least $2868 recognised as eligible so far, I'd throw a couple hundred more on the card this month if you can, just to be sure.

 

[larrymull]

I always call to check that they have my QFF number attached whenever I get a new card.
If you haven't done that, best to do it ASAP.
There is no downside and only an upside to checking.

True, however the points for the months spend posted on my QFF account which was 2868 so they do have my number.

Post automatically merged: Sep 9, 2022

That sounds like a fair assessment. How many transactions were processed in the 1-2 days just prior to your statement date? It's possible they hadn't settled by the time your statement was generated. If all the spend was >2 days before statement date, then it's probable there was some ineligible spend in there, which is defined here.

The most likely culprit is government/ATO spend - if you've paid a rates bill or similar, it might be deemed ineligible.



The annual fee definitely doesn't count towards min spend.

Given you've had at least $2868 recognised as eligible so far, I'd throw a couple hundred more on the card this month if you can, just to be sure.

I have already done that as I'd cancelled all my other cards. Thanks for your input, it is reassuring. On another note, I am finding the BankSA, St George, Bank of Melb (Amplify) to be a very painful process to get a CC.

 

[Kangol]

True, however the points for the months spend posted on my QFF account which was 2868 so they do have my number.

Whoops, I read "points" as any points, not "bonus points".

 

[larrymull]

They must have been reading our forum - just received this email,

Your Bonus Qantas Points will appear in your Qantas Frequent Flyer account by 14/10/2022 as long as we have your correct Qantas Frequent Flyer details.

Looking forward to cancelling this card.

 

[AFF Editor]

NAB appears to have changed its policy so that pro-rata annual fee refunds are no longer given when cancelling a card less than 12 months after opening it.

It was good while it lasted, but this is not all that surprising!

NAB Ends Pro-Rata Credit Card Annual Fee Refunds

NAB has changed its policy of giving a pro-rata refund of the annual fee to customers who cancel their credit card within the first year.

www.australianfrequentflyer.com.au

 

[levelnine]

It was good while it lasted, but this is not all that surprising!

Alas!

My guess is that it ended due to knowledge of this 'hack' becoming widespread — I've seen it discussed many times on OzBargain & Facebook — and thus it started to cost the bank real money.

 

[Virgin Bart]

Scraped in (accidentally) by a day!

 

[Lynda2475]

However it seems you can still get the renewal bonus for the second year, then cancel and get prorated refund of remainder of that years fee, so can still be good value.

 

[levelnine]

However it seems you can still get the renewal bonus for the second year, then cancel and get prorated refund of remainder of that years fee, so can still be good value.

There's no way I would take that risk. If a NAB agent reads the policy as precluding pro-rata refunds of any annual fee (including the second year AF), you've just 'purchased' 30K QFF for $295 — terrible value. And you've delayed your ability to get another NAB sign-up bonus by 12 months. If your credit card earn primarily comes from sign-up bonuses, it is generally not worth holding on to a card after you have received the sign-up bonus.

 

[sudoer]

And you've delayed your ability to get another NAB sign-up bonus by 12 months.

This is the clincher IMO. Given there's only so many banks and cards that one can feasibly churn in a year, you're nearly always better off cancelling and signing up again 12 months later rather than waiting on the 2nd year bonus.

Depending on your circumstances, keeping a 15k limit just to collect 30k points in a years time open may also weaken your credit worthiness when trying to open other cards.

The only time it makes sense to keep a card open is to workhorse your usual debits and larger purchases.. but these high AF Visa/MC cards with limited monthly points caps are usually not the best option. Either an Amex or something like the StG Signature with 10% birthday bonus and 250k annual points cap would be a better option for long-term holding/high spend... imo

 

[Dr Ralph]

NAB appears to have changed its policy so that pro-rata annual fee refunds are no longer given when cancelling a card less than 12 months after opening it.

It was good while it lasted, but this is not all that surprising!

NAB Ends Pro-Rata Credit Card Annual Fee Refunds

NAB has changed its policy of giving a pro-rata refund of the annual fee to customers who cancel their credit card within the first year.

www.australianfrequentflyer.com.au

A policy may have changed, but how is this playing out in practice?

Post automatically merged: Dec 5, 2022

Given there's only so many banks and cards that one can feasibly churn in a year,

Why can't you churn every card available?

Post automatically merged: Dec 5, 2022

keeping a 15k limit

I only ever take the minimum limit. Often $6K. The lower the limit you take, the more card you can have open at one time. It's not uncommon for churners to have 4 cards open at one time.

 

[oz_mark]

The comms I saw said that the pro-rata refund would no longer be 'automatically' applied. Seems there's still scope....

 

[sudoer]

Why can't you churn every card available?

You can, my point was more that there are a limited number of issuers offering lucrative SUBs, especially in the past 6 months where offers have decreased somewhat.

The NAB Signature tends to be one of the better & more consistent SUBs (don't think it's ever been below 90k QFF) so keeping the card open just for the 2nd year bonus would be doing yourself a disservice

I only ever take the minimum limit. Often $6K. The lower the limit you take, the more card you can have open at one time. It's not uncommon for churners to have 4 cards open at one time.

Yes I'm well aware of this and have multiple cards open myself. My point was that the min limit on the NAB Black card is 15k so holding the card to collect the 2nd year 30k SUB may also impact the credit assessment when signing up for other cards.