Which NAB Credit Card to Choose?

Hi,

I have a home loan with NAB supposedly under nab choice package which has annual fee of $395. I wasn't aware of this until I got my annual notice to pay this. Didn't read the T&C's in detail since I was more than happy to get a loan as I had few of my applications rejected. And this one has interest rate of 1.98%.

Anyways, now one of the benefits of the package is that I get annual fee waived off for any NAB credit card (subject to application approval) .

I already have a Amex Qantas card, which had no joining offers at that time ( or maybe I didn't notice).
Based on the offers ongoing, should I apply for :

NAB Qantas Rewards Signature Card
110,000 bonus Qantas Points

90,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 20,000 bonus points when you keep your card for over 12 months.2

OR

NAB Rewards Signature Card
120,000 bonus NAB Rewards Points

90,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 30,000 bonus points when you keep your card for over 12 months.

Comments

  • +6

    Assuming that there is no annual fee applied to either card (because of your home loan)
    Let's analyze the value of 110K Qantas vs 120k NAB rewards

    110K Qantas Points
    QFF valuation is 0.8~1.2cpp, higher than 1.0cpp is rare unless you can find someone extremely desperate for points
    Actual cash value is $880 ~ $1320

    NAB rewards points valuation, 120k
    3:1 (NAB to Kris Flyer)
    40K Kris Flyer
    Valuation is normally around 1.5cpp for KF (varies only slightly due to desperation for expiring points)
    Actual cash value $600

    Second option to value the points is Celebration Swap card ($50 for 9620 pts)
    120k/12.47 x $50 = $623.70~ worth of gift cards (which normally can be bought at a small discount

    If I were you, NAB Qantas Signature for sure

  • +1

    Qantas points any day

    • I was planning to apply for the ANZ reward card, not sure If I should still go for Nab or can I do both?

      • +2

        Both, just not at the same time, spread out the spending.
        I've take out the NAB, complete your $3k or whatever spend then do the same with the ANZ (cancel the ANZ)

        • Cool Thanks, What do you suggest about the Amex discovery card which I have?
          Should I cancel it , dont get much other than the usual offers save $20 on $100 spend

          • +1

            @Ehty: It depends if you enjoy churning and the likelyhood of getting it again given you'll have the NAB card ongoing.

            AMEX is harder to churn in that it's an 18 months cool off.
            If you get value from the AMEX offers then retain it, as for me i enjoy the churning with my 18 months due in about a year.

  • +1

    Qff ftw

  • Qantas is the answer you’re looking for.

    …annual fee of $395. I wasn't aware of this until I got my annual notice to pay.

    Now, what I want to know is, how did you honestly sign documents for a home loan and miss this detail.

    • As I said, I was desperate for loan, and since this was my first time I didnt know what to look etc.
      But I reckon , everybody does have to pay annual fee similar to this in one way or another.

      • Yes, for the most part whether it’s a lower interest rate and fees or a higher rate and no fees it’s all the same for the bank haha.

  • I'm ex-NAB staff.

    Sounds like you signed up to the NAB Choice Package. You can always ask to have it removed and negotiate a similar rate without the package giving it to you automatically, however for a lot of people, the extras like an annual fee rewards credit card, no app/variation fees etc. made it worthwhile (At least when I used to write these loans 5 years ago anyway).

    • When I asked them they said rates will change and some changing fee also applies.
      But other than the credit card cant see any other offers

  • Check with NAB whether you can have both the upfront points offer AND the fee waiver. I remember reading the fine print for a Suncorp offer once, and if you chose to have their rewards card as part of your home loan package, then you weren't entitled to the upfront points offer, and vice versa. However nothing stopping you from signing up for the NAB card outside of the package, paying the first year's fee, getting your points, and then asking for the card to be put in your package so that future fees are waived.

  • Same here!

    Have you applied QFF signature card?

    Can bonus points and fee waive both apply?

    Thanks!

    • yes and Yes.!

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