Accelerate your Velocity Points and enjoy the extra privileges of a gold card with the Velocity Gold credit card from NAB. Special benefits for gold cardholders include complimentary overseas travel insurance, and VIP lost card cover. Velocity is the award winning loyalty program of Virgin Australia, V Australia, Pacific Blue & Polynesian Blue, so the choice of where you can go is quite extensive.

Benefit of the Card’s Best Features?

Velocity is a reputable rewards program, with good earn rates and points can be redeemed for anything from flights, to accommodation, to entertainment, gift vouchers, shopping or car hire – you name it, you can probably redeem it for your points.

As a gold card you naturally expect your card to have some extra perks and the Velocity NAB Gold card is no exception. For starters you get 2 cards on the one account – a Visa and an American Express. That means you can enjoy the simplicity of one account and one monthly statement, but benefit from the two cards. You can earn points on both as you do your daily spending and can earn extra anytime you use your Amex. The American Express card has a higher earn rate than the Visa. Purchases made using the Amex card are rewarded at the rate of 2 Velocity Rewards points per $2 spent and on the Visa card it drops to a rate of 1 point per $2. You’ll also enjoy the fact that points aren’t capped and don’t expire.

Both offer security features or fraud protection. Amex gives you special offers on retail, dining, travel and entertainment and Visa will keep you protected with 24 hour emergency travel assistance. You can also add an additional cardholder at no extra cost, which is an easy way to boost your spending and earn more rewards.

Additionally, as a NAB Velocity Gold cardholder, you get 7 complimentary insurances including overseas travel insurance, interstate flight inconvenience insurance, transport accident insurance, domestic hotel burglary insurance, purchase protection insurance, extended warranty insurance, price protection insurance and complimentary VIP lost card cover for the first 12 months.

The balance transfer rate and period is highly competitive, especially if you make use of the introductory offer. You could save yourself a packet and get your debt paid down faster. For example, if you have a $1,000 balance to transfer and you’re currently paying about 20% p.a interest on it, imagine what you’d save paying 4.99% p.a. for 6 months! You’re looking at a very significant saving, meaning you can put that toward paying your debt down instead of getting nowhere! Interest rates on purchases and cash advances are also competitive with the broader market at 20.24% p.a. and 21.74% p.a. respectively.

Are There Any Drawbacks?

Not many at all. The minimum income ($50,000) for this card is on the higher end so it’s not available to just anyone. Always make sure you’re eligible! Also make sure you compare the actual value of points with other rewards programs and earn rates by looking at the actual dollar value of what you’re getting for your points.

Who Would be Suited?

This card would suit the higher earning regular traveller who will make the most of the complimentary insurances and spend enough to really add up some points.

Who is Eligible?

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