Velocity offers 200,000 points for new cardholders: but there's a catch
25 Feb 2026
Velocity is promoting one of its biggest-ever bonus points offer – 200,000 Velocity Points for new cardholders – but there’s a big catch.
This offer is available to new customers taking out NAB’s new line of credit cards, in particular, its MyCard Prestige. While the headline number is attention-grabbing, the hurdles to unlock it are steep.
To receive the first tranche of bonus points, cardholders must spend $12,000 within 90 days – that’s $4,000 per month. The initial 150,000 Velocity Points are awarded after meeting this requirement, with the remaining 50,000 points only transferred once the card has been open for 12 months.
That structure means cardholders will need to pay the $700 annual fee twice to receive the full bonus, reducing the net value of the offer.
Reading the fine print, eligible customers actually receive 400,000 MyCard sign-up points – 300,000 upfront and 100,000 after a year – which are automatically converted via auto-redemption into 200,000 Velocity Points.
Cardholders can also earn MyCard points on ongoing spending, which convert to Velocity Points at half the rate.
However, the barriers to entry make it clear this is not a mainstream card. Key considerations include:
- A minimum spend of $12,000 in three months to trigger the first bonus.
- A minimum credit limit of $20,000, which will likely exclude lower-income applicants who will most likely not pass the stress test the bank applies to their finances.
- A purchase rate of 22.49%, well above the national average of 18.52%, according to the RBA’s latest figures.
- An annual fee of $700.
For someone who regularly spends large amounts on their credit card, pays their balance off in full every month, and travels frequently, the offer could stack up. But for anyone carrying a debt, the high interest rate would quickly erode the value of the points.
Based on our calculations, 200,000 Velocity Points redeemed for economy flights between Sydney and Melbourne – including checked baggage, booked around three months in advance using the lowest points option available on the day and factoring in taxes – could deliver approximately $3,819 in value.
After subtracting two annual fees ($1,400), the net value falls to around $2,419.
While a 200,000-point bonus is significant, it is not entirely unique. MyCard’s former lender, Citi, has previously run the same sign-up offer.
Other high bonus offers currently in the market include products from Westpac, offering up to 180,000 Velocity Points on its Altitude Black Velocity card (over 15 months) with a $370 annual fee, along with competing Qantas-linked products from Westpac for 150,000 points. While these headline bonuses may be lower, so too are their annual fees.
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| Highest credit card bonus points offers | ||||
|---|---|---|---|---|
| Provider | Max sign up points | Fees | Purchase rate | Intl conversion |
| MyCard Prestige | 200,000 Velocity pts (over 13 mths) | $700 | 22.49% | 3.50% |
| Westpac Altitude Black Velocity | 180,000 Velocity pts (over 15 months) | $370 | 20.99% | 3.00% |
| Westpac Altitude Black Qantas | 150,000 Qantas pts (over 15 months) | $370 | 20.99% | 3.00% |
| Qantas Money Titanium | 150,000 Qantas pts | $1,200 | 20.99% | 3.00% |
| NAB Qantas Rewards Signature | 130,000 Qantas pts (over 13 months) | $420 | 20.99% | 3.50% |
| AMEX Velocity Escape Plus | 130,000 Velocity pts (over 13 months) | $95 | 23.99% | 3.00% |
| Westpac Altitude Velocity Platinum | 130,000 Velocity pts (over 16 months) | $175 | 20.99% | 3.00% |
| AMEX Velocity Platinum | 130,000 Velocity pts (over 16 months) | $295 | 20.99% | 3.00% |
Note: Fees include annual fee and rewards program fee, where applicable. Max bonus points include sign-up points and bonus points earned if all terms and conditions are met for each card.
The bottom line is that while 200,000 Velocity Points sounds compelling, this is a premium card built for high-earning, disciplined spenders. The hefty minimum spend, substantial annual fee, high interest rate and large minimum credit limit mean it won’t suit most households.
As always, credit card rewards only deliver real value if you avoid paying interest and are going to spend the money anyway.
This article was reviewed by our Group Manager, Corporate Affairs Belinda Williamson before it was updated, as part of our fact-checking process.
