Is it just us, or are reward programs becoming more complicated? Allow us to (attempt to) explain the NAB Qantas Gold reward point earn rate structure:
The NAB Qantas Gold comes with two cards: an American Express and your choice of a Visa or MasterCard.
For the first $3,000 you spend each month, you'll earn one point per dollar spent on the Amex and two points per three dollars spent on the Visa or MasterCard. For the next $7,000 ($3,001 to $10,000), you'll earn one point per two dollars spent on the Amex and one point per three dollars spent on the Visa or MasterCard. Points are redeemed from the Amex first.
After $10,000 per month, you receive no additional points, with the exception of bonus points which you earn at the rate of one point per dollar spent on selected Qantas products and services, including eligible Qantas flights.
Still with us?
Even Rain Man couldn't keep track of how many reward points he was accumulating each month. The structure is so complicated, it borders upon obfuscation.
It also means we can't really compare it to other cards. On the one hand, the one point per dollar spent is a good rate, but it's only for the first $3,000 and only on the American Express, which often incurs a surcharge when used. It really depends on how much you're spending each month: anything less than $750 a week and the earn rate is good, anything more and there may be better cards for you.
If you manage to get your head around the rewards program, the card comes with some good features: overseas travel insurance, extended warranty protection, purchase security and emergency travel assistance.
The interest free period is 44 days (if you pay your account in full each month), which is a little short. The balance transfer deal is also quite modest: 6.99% for six months.
The purchase rate is about average (17.99%), but the cash rate is a lot lower than most cards (17.99%). While this is a bonus, it shouldn't really be a consideration, as getting cash out on a credit card is an almost universally bad idea.
The annual fee is $145.50, which apart from being an odd amount (why not round it down 50 cents?), is average for this range of included features.
The verdict: you may need to consult your accountant to determine whether this rewards program is appropriate to your spending and repayment behaviours. Like most mid-range travel cards, the NAB Qantas Gold is really only worth the money if you intend to travel and utilise the travel insurance and rewards program. You may also want to check out Westpac's new
Singapore Airlines Gold, which is almost identical to this card, but the reward points go toward your KrisFlyer account.
