NAB has announced a series of changes to the earn rates on its family of credit cards. The changes, which affect earnings on the banks Velocity and Qantas credit cards, come into effect from 1 July 2017.
The changes are being brought about due to changes in interchange regulations that come into force mid year. These changes will reduce the amount of income the issuing banks receive when cardholders use their cards.
While the forces bringing about these changes affect all four of the big banks, they are all making different changes to their accounts. ANZ, for example, is removing the American Express card from its offerings altogether. While the others have not removed the American Express card, they are all adjusting the earn rates on the cards.
NAB Changes
In the case of NAB, the overall changes are as follows:
- Reduction in Earn Rate when using the American Express card
- Reduction in the maximum number of points that can be earned in a statement period.
;The following table shows the changes that are being made for the various cards. The changes noted come into effect from July 1, 2017
| Card | Points Cap | Visa or Mastercard |
American Express |
|---|---|---|---|
| NAB Qantas Rewards Card | Reduce from $20,000 to $3,000 per statement period | No Change
0.5 Points per dollar |
Reduce from 1 Point per dollar to 0.75 Points per dollar |
| NAB Qantas Rewards Premium Card | Reduce from $25,000 to $5,000 per statement period | No Change
0.5 Points per dollar |
Reduce from 1.5 Point per dollar to 1.0 Points per dollar |
| NAB Velocity Rewards Card | Reduce from $20,000 to $3,000 per statement period | No Change
0.5 Points per dollar |
Reduce from 1 Point per dollar to 0.75 Points per dollar |
| NAB Velocity Rewards Premium Card | Reduce from $25,000 to $5,000 per statement period | No Change
0.5 Points per dollar |
Reduce from 1.5 Point per dollar to 1.0 Points per dollar |
| NAB Qantas Business Card | Reduce from $100,000 to $50,000 per statement period | No Change
1 Point per $1.50 |
N/A |
| NAB Qantas Business Signature Card | Reduce from $100,000 to $50,000 per statement period | Reduce from 1 point per $1.25 to 1 point per $1.50 | N/A |
In the case of NAB, where there is an American Express card, it will conitnue to earn more points that the Visa or Mastercard. The additional earn on the American Express has, however, been substantiially reduced.
It is, however, some of the Point Caps that have been substantially reduced. Depending on your use of the cards, it is these changes that may have a greater effect.