The NAB Qantas Gold credit card boasts a reputable rewards program, competitive interest rates and is packed with features. You usually get what you pay for and this gold card packs plenty of punch for what it costs you.

Benefit of the Card’s Best Features?

NAB’s Qantas Gold card offers a superb balance transfer deal. You enjoy a super low rate for a full 6 months, which can help you make some headway in getting your debt paid off. For example, shifting a balance of $2000 from an average card to NAB’s Qantas Gold Card can save you nearly $400 interest during the balance transfer period. That’s $400 you can put toward paying your debt down which is what you want to be doing as quickly as possible. Remember the balance transfer rate reverts back to the purchase rate 20.24% p.a. at the end of the introductory period.

If it’s points you’re interested in earning, this is a card worth your consideration. The Qantas Frequent Flyer rewards program is up there with the best and this particular card can earn you plenty of points on your everyday purchases. It has a good dollar-to-points earning ratio and because you actually get 2 cards on the account, a MasterCard and an AMEX card, and an extra cardholder at no extra cost, your points earning potential quickly scales up! The earn rate works out at 2QFF per $2 for the first $3,000 spent per month on the Amex card and 2 QFF points per $3 spent for the first $3,000 per month on the MasterCard. Points can be redeemed in a variety of ways including flights, vouchers, merchandise and more. Whatever points are earned do not expire, so you won’t have to worry about using them inside a certain period of time. This means you can save them up for larger, more fun rewards.

Security is not an issue with either your MasterCard (covered by MasterCard Secure Code) or your American Express Card (with online fraud protection).

So here’s perhaps the best feature of all! You get a whopping 7 insurances complimentary with the card! These include price protection insurance, interstate flight inconvenience insurance, transport accident insurance, domestic hotel burglary insurance, purchase protection insurance, extended warranty insurance and VIP lost card cover (complimentary for the first year). Just check the fine print and exclusions to make sure they’re going to benefit you.

Finally the card provides you with competitive rates (purchases are charged at 20.24% p.a. and cash advances at 21.74% p.a.) and everything else you’d expect on a gold card.

Are There Any Drawbacks?

The $145.50 p.a. annual fee on a gold card is always higher than a standard because you get more from the card, e.g. insurance. Just keep in mind that you’ll have to factor in the annual fee and decide whether the card will truly benefit you should you choose to apply. You want to make sure you’re getting more than the annual fee costs back by using the card to make it worth your while.

The card is limited to a higher income bracket because frankly, to benefit from it, you have to have a good income and be a reasonably high spender. If you’re not a high income earner, look elsewhere for that great deal. The NAB Qantas credit card would be a good start as the criteria for approval are lower and it still rewards you with QFF points.

Unfortunately points earning on the frequent flyer program is capped, but it is pretty high and shouldn’t be a limit to most people. Just make sure this isn’t going to be a hindrance to you. If you would regularly spend above the cap per month, then think about applying for the platinum version of this card to maximise the rewards you can earn. Also make sure you’re not fooled by seemingly good dollar-to-point earning ratios. Check the real value of a point by going online and seeing what you can actually get for your points, comparing it with other rewards programs.

Who Would be Suited?

This card is a catch for anyone earning over $50,000 who is after some great points earning potential to redeem for flights, products and merchandise. If you’re after security, convenience, complimentary insurances and special offers, this gold card may be the golden opportunity you’ve been waiting for.

Who is Eligible?

To be eligible for this credit card you need to be over 18, be an Australian resident, earn over $50,000 per year and have a good credit rating.