We suspect the NAB Velocity is intentionally mediocre. The technique is not new: anyone who has ever looked at purchasing Foxtel will tell you the basic packages don't have the channels you want. The next step up is only slightly more expensive, but seems like much better value. The same is true of the NAB Velocity - for only a little bit more, you can get the NAB Velocity Gold, which is a better card.
The NAB Velocity's interest rate is 17.99%, which is slightly high for a mid-range card. The $65 annual fee is also a little expensive and you get 44 days interest free (which is better than nothing, but still a bit short of the usual 55 days). In summary, it has all the expenses of a gold card without the corresponding features.
It's worth noting that both the NAB Velocity and the NAB Velocity Gold come with two cards - a Visa and an American Express, which may come in handy for travellers nervous about acceptance. Both cards earn reward points and you get a single statement.
The real feature for this card though is the rewards program. When we recently compared more than twenty Australian reward programs we awarded Virgin Blue Velocity the Best Flights award for 2009. It requires only 6,900 points for a one-way economy airfare from Melbourne to Sydney.
Point redemption value is unfortunately only half the story: the earn rate of the card is also important and the NAB Velocity is a bit disappointing. You'll earn one point per two dollars spent on the Visa and one-and-a-half points per dollar spent on the American Express. The NAB Velocity Gold has a slightly better earn rate on the AMEX.
Velocity also offers a good range of shopping rewards, with redemptions available on vouchers, accommodation, car hire etc.
Other features include 3.99% for 6 months on balances transferred, a free additional card holder, emergency travel assistance (another plus for travellers) and purchase protection insurance.
In summary, if you're a traveller, the NAB Velocity is a good option, but you're probably better off paying the extra $85 and getting the NAB Velocity Gold with the included international travel insurance. For everyone else, you won't find a better travel rewards program, but you may find a card that offers a better earn rate.
