Replacing your NAB Velocity Card

This is an important update that the NAB Velocity Credit Card is changing, and we’ll be replacing it with a NAB Rewards Platinum Credit Card.

What else is changing

Changes for the cardholder(s) include:

• Your additional cardholder will receive a new card with a different card number, expiry date and CVV. Having different card details for your additional cardholder makes it easier for you to:
  • Identify which cardholder has made which transactions on your statements, in the NAB app or in NAB Internet Banking.
  • Temporarily block, unblock or replace lost or stolen cards in the NAB app or in NAB Internet Banking without needing to cancel both cards if only one’s gone missing.
  • Set up recurring payments on the additional card.
• Currently, under your NAB Velocity Credit Card you and your additional cardholder are eligible to earn Velocity points. Under the NAB Rewards Platinum Credit Card, you and your additional cardholder will be eligible to earn NAB Rewards Points.
• As you hold other NAB credit cards, which may also be set up to have points transferred, we haven’t linked your Velocity account with your new card. 
• You can only choose one loyalty partner to redeem your NAB Rewards Points, across all NAB Rewards cards.
• With your NAB Rewards Platinum Credit Cards, your NAB Rewards Points will be uncapped.
• You’ll both now have access to the NAB Concierge service 24/7
• You’ll also both have access to the following complimentary insurances :
  • Extended Warranty Insurance
  • Rental vehicle excess in Australia Insurance
  • International Travel Insurance
  • Domestic Travel Insurance

For full details of your complimentary insurance cover, please read our NAB Card Insurance Policy Information Booklet dated 1 July 2025.

What’s staying the same

For the primary cardholder:

• Your new card will have the same card number, expiry date, CVV, credit limit and daily transaction limits.
• Any linked accounts – like your transactions or savings account – will stay linked.
• Any existing direct debits, recurring or automatic payments will continue unless you change them.

For both cardholders:

• Your credit card terms and conditions remain the same
• The annual card fee and interest rates  remains unchanged.
• You will still receive up to 44 days interest free on purchases .
• You’ll both have the same NAB Credit Card Cover arrangements you have on your account now (if applicable) .
• Complimentary Purchase Protection Insurance .

NAB Rewards Points and redemption

• All rewards points earned on your NAB Rewards Platinum Credit Card will be NAB Rewards Points . There’s no limit to the number of NAB Rewards Points you can earn each month.
• You’ll earn 1 NAB Rewards Point on everyday purchases, 1.5 NAB Rewards Points at eligible grocery stores, and 2 NAB Rewards Points at Webjet, per $1 spent .
• Your Velocity Points will no longer be listed on your NAB credit card statement. The primary cardholder will receive a new monthly NAB Rewards Statement, which will include the total NAB Rewards Points earned. 
• You can automatically convert your NAB Rewards Points to Velocity Points (or another loyalty program), by setting up a monthly transfer in the NAB Rewards Store. This is called auto redemption .
• If you already have a NAB Rewards card and your NAB Rewards Points are set to auto redeem to a loyalty partner program, your new NAB Rewards card will continue to auto redeem to the same program. To change this, follow these steps in NAB Internet Banking, or the NAB App:
  1. Select Cards and click NAB Rewards Store.
  2. Click the person icon and select Profile.
  3. Select ‘find out more’ in Automatic Redemptions.
  4. Choose your loyalty partner and set up auto redemption.
  5. Enter your details and submit.

What you need to know

You’ll be notified via SMS when the new cards are being sent. At this time, you will also see the new card details in the NAB app and NAB Internet Banking . If either of you use Apple Pay or Google Pay, you’ll receive another SMS when the new card/s can be added to your digital wallet/s. 

Please ensure the new cards are signed when received. 

Changes to our agreement with you

The following changes will happen 60 days after we send you both the NAB Rewards Platinum Credit Cards, or when you first use the NAB Rewards Platinum Credit Cards, whichever is first:

1. Your NAB Velocity cards will be deactivated and can no longer be used, and the NAB Velocity Terms & Conditions dated 18 April 2024 will no longer apply.
2. The rewards terms and conditions applicable to both NAB Rewards Platinum Credit Cards will be the NAB Rewards Terms and Conditions available at nab.com.au/nabrewardstc (PDF, 740KB), opens in new window, and you will be eligible to earn NAB Rewards Points.
3. The following terms and conditions will apply to your enrolment in auto redemptions:

• 0.5 Velocity Point will be earned for every 1 NAB Rewards Point redeemed. All Velocity Points redemptions with Velocity are subject to availability and are subject to the Velocity Terms & Conditions. The earning and redemption of NAB Rewards Points is subject to the NAB Rewards Terms and Conditions.
• To redeem NAB Rewards Points for Velocity Points, individuals must be a Velocity member. The redemption of NAB Rewards Points will be administered solely by NAB Rewards and can take up to 10 business days to transfer into the Velocity membership account. Once NAB Rewards Points have been redeemed for Velocity Points, they are governed by the Velocity Terms & Conditions and cannot be reversed.

Complimentary insurance changes in May 2026

From 15 May 2026 onwards, there will be additional complimentary insurance changes:

• We’re adding complimentary Mobile Phone insurance*, so you’ll be covered against accidental damage and theft, if you pay your monthly mobile phone bill using your NAB credit card. If the monthly payment on your card is missed, your complimentary Mobile Phone insurance cover will be suspended on the first day of the following month. Terms, conditions and exclusions apply. See the Policy for full details at nab.com.au/mobilephoneinsurance.
• Travel Insurances will be removed so you’ll no longer be eligible for complimentary International, Domestic Travel insurance and Rental Vehicle Excess Insurance in Australia . This means you’ll need to make your own alternative insurance arrangements to be covered on or after 15 May 2026.

There will be no changes to Extended Warranty and Purchase Protection complimentary insurances, and you’ll continue to be covered for this.

We’ll communicate further details of these changes, along with the new Insurance Policy Information booklet dated 15 May 2026, closer to the time. In the meantime, for details of these insurance changes, please read the summary of changes.