When we reviewed the
NAB Velocity, we suggested it was intentionally mediocre. The technique isn't uncommon: where there are a range of cards offered by the same vendor, the more expensive cards offer disproportionately more value. As a consumer, it's easy to convince yourself that paying more for a Gold or Platinum option is worthwhile.
That's exactly how NAB have structured their Velocity range. While the Velocity is an OK mid-range card, for an extra $85 you can get this card, the Velocity Gold, which includes all the good features like travel insurance and a higher reward points earn rate.
Many of the features from the standard Velocity remain the same on the Gold. The interest rate (both purchases and cash) is still 17.99%, which is not low, but is more palatable than it seems on the standard card, given the broader range of features.
The interest free period is 44 days, which is still a bit short and the balance transfer offer is 3.99% for six months, which isn't brilliant but might be a nice sweetener if you have an existing balance.
Purchase protection insurance, emergency travel assistance and a free additional cardholder are also still included.
As mentioned earlier, the annual fee is $85 higher ($150 instead of $65 on the standard card). That might seem like a lot, but it buys you international travel insurance, which can cost upward of $500 to purchase separately.
Like the standard Velocity, this card is all about its rewards program. When we recently compared twenty-two Australian reward programs, Velocity was named Best Flights Rewards Program for 2009. A one-way economy airfare from Melbourne to Sydney requires only 6,900 points.
Like the Velocity standard, the Gold comes with two cards - an American Express and a Visa. While the earn rate on the Visa remains unchanged (one point per two dollars spent), the rate on the American Express is lifted to one point per dollar spent. It's easy to see how quickly you might accumulate flight rewards at that rate.
The verdict: With international travel insurance, two cards, emergency travel assistance, the best flights-based rewards program we've seen and a good earn rate, the NAB Velocity Gold will be popular with travellers.
If you're not interested in the rewards program, there are better mid-range cards offering lower rates or reward programs with broader redemption options.
