NAB has confirmed an update to the rewards programs across its credit‑card range from 1 October 2026. These changes follow similar adjustments to its MyCard program last week. These changes are tied to the Reserve Bank of Australia’s interchange reforms, which reduce the fees banks receive from each card transaction. That’s the same fees that help fund credit‑card rewards programs.
For travellers, this means two things: •
- Points will be harder to earn. As NAB revises earn rates across its cards, you’ll need to spend more to earn the same rewards value. •
- Redemptions will cost more, making gift cards or point transfers more expensive in points terms.
Because NAB also operates MyCard, the adjustments closely mirror those announced across the MyCard portfolio. If you rely on NAB cards to build points for travel, expect slower points accumulation and higher redemption thresholds across the board.
Reward redemptions becoming more expensive
Let’s start with the redemptions part of the equation. In the variation notice, NAB said that more points will be required for redemptions from October 2026. Some examples given by NAB are
- Gift cards
- A $100 gift card will increase from 20,410 → 35,000 points (a 71% increase)
- Velocity Frequent Flyer transfers
- Today, you need top transfer 3,000 NAB Rewards points to earn 1,500 Velocity Points. From 1 October 2026, you will need 4,500 NAB rewards Points. That’s a change from a 2:1 ratio to a 3:1 ratio. In other words, you’ll need 50% more points.
As with MyCard, NAB will be making an adjustment to current points balances. This is to ensure that the value of the current points balance is roughly maintained. This one‑off adjustment points balances is expected to occur by the end of November.
NAB give the following example of how this will work:
- Jessica has a NAB Rewards Platinum Card with 20,000 points on 1 October 2026
- She will receive a one-off points increase of +13,200 points
- Her new points balance will be 33,200 points so that her points hold a similar value after the change
NAB Credit Cards earning rate changes
Of course, to redeem rewards, you need to earn points first. And here, MyCard is rolling out a series of changes that affects each of its cards differently. Keep in mind when reading this that while you’ll still have opportunities to earn one or two points per dollar, those points won’t have as much value.
NAB Rewards Changes
NAB Rewards Platinum
The NAB Rewards Platinum card is being renames as the NAB Rewards card. The current earn rate on the card is as follows:
| Total spent on eligible purchases per statement cycle* | Points earn rate |
|---|---|
| Everyday purchases – uncapped | 1 point per $1 |
What’s changing from 1 October 2026
The new earn rates will be as follows:
| Total spent on eligible purchases per statement cycle* | Points earn rate |
|---|---|
| For the first $5,000 ($0 to $5,000) | 1.25 point per $1 |
| From $5,001, uncapped | 0.5 point per $1 |
It is noticeable for the first $5,000 of spend each month, the number of points earned is increasing. However, this needs to be balanced against the fact that each point will be less valuable.
As an example, let’s say you wanted to earn 1,500 Velocity Points. At present, you need 3,000 NAB Rewards points, which requires a spend of $3000. From 1 October, you will need 4,500 NAB Rewards Points. However, those 4,500 NAB Rewards Points will require $3,600 in spending.
NAB Rewards Signature Card
As with the Platinum card, the NAB Rewards Signature Card is getting a new name. From 1 October, it will be known as the NAB Rewards Travel Card. The current earn rates are
| Total spent on eligible purchases per statement cycle* | Points earn rate |
|---|---|
| For the first $15,000 ($0 to $15,000) | 1.5 NAB Rewards Points per $1 |
| From $15,001, uncapped | 0.5 NAB Rewards Points per $1 |
In addition, there are boosters where you earn points
- 1.5 NAB Rewards Points for every $1 spend in eligible grocery stores
- 2 NAB Rewards Points on purchases made online with Webjet via NAB Rewards Store or on Webjet.com.au
What’s changing from 1 October 2026
From 1 October 2026, the following earn rates will apply
| Total spent on eligible purchases per statement cycle* | Points earn rate |
|---|---|
| For the first $10,000 ($0 to $10,000) | 1.5 point per $1 |
| From $10,001, uncapped | 0.5 point per $1 |
The following boosters will be available:
- Earn 1 additional NAB Rewards Point for every $1 spend on eligible Grocery, Petrol, Public Transport and Travel transactions (uncapped)
While those categories look to have expanded, the additional points available through Webjet will be no more.
NAB Qantas Rewards changes
There will also be changes being made to the number of Qantas Points that are earned by spend on the Qantas versions of the card.
NAB Qantas Rewards Premium Card
The current earn rates on the Premium Cards are:
| Total spent on eligible purchases per statement cycle | Points Earn Rate |
|---|---|
| For the first $3,000 ($0 to $3,000) | 1 point per $1.50 |
| For the next $3,000 ($3,001 to $6,000)* *Points are capped at $6,000 spend per statement period | 1 point per $3 |
What’s changing from 1 October 2026
| Total spent on eligible purchases per statement cycle | Earn rate from 1 October 2026 |
|---|---|
| For the first $3,000 ($0 to $3,000) | 1 point per $2 |
| For the next $3,000 ($3,001 to $6,000)* *Points are capped at $6,000 spend per statement period | 1 point per $4 |
NAB Qantas Rewards Signature Card
The current earn rates on the Signature Cards are:
| Total spent on eligible purchases per statement cycle | Points earn rate |
|---|---|
| For the first $5,000 ($0 to $5,000) | 1 point per $1 |
| From $5,001 to $20,000* *Points are capped at $20,000 spend per statement period | 0.5 point per $1 |
What’s changing from 1 October 2026
The new earn rates will be
| Total spent on eligible purchases per statement cycle | Points earn rate |
|---|---|
| For the first $3,000 ($0 to $3,000) | 0.75 point per $1 |
| From $3,001 to $15,000* *Points are capped at $15,000 spend per statement period. | 0.25 point per $1 |
As a booster, you can earn 0.5 bonus point for every $1 you spend (uncapped) on International Spend.
For the first $3,000 of spend each month, this represents a reduction of 25% in the number of points earned each month.
Final Words
From October 2026, banks will earn substantially less interchange revenue on every consumer credit card transaction. Historically, this revenue has supported:
- Generous points earn rates
- Large sign‑up bonuses
- High‑value redemption options
As I mentioned earlier this year, with that funding reduced, issuers across Australia are reassessing how their rewards programs operate. This can be seen with the latest round of cuts by NAB.
While we have seen the changes NAB are making across its portfolio, and white label products, other financial institutions are yet to flag their moves.
