NAB releases new Platinum Visa Debit Card

National Australia Bank (NAB) is now accepting applications for its new Platinum Visa Debit Card which offers a bevvy of features normally associated with credit cards.

nab bank

The Platinum card boasts the following:

  • NAB’s concierge service, which entails 24/7 assistance with booking flights, reserving seats at restaurants, booking hotel rooms, and much more
  • 1% cash back on contactless purchases, up to a maximum $10 a month
  • Overseas travel insurance when you spend at least $500 of your holiday costs in advance of your trip, along with other complimentary insurances such as purchase and price protections
  • 0% foreign currency conversion fee on purchases when you shop online or overseas

The card does come with a $10 monthly fee to cover the costs of the benefits outlined above, but depending on how much you spend via contactless payments you could make that all back.

To apply, customers need to be 18 years or older with a new or existing NAB everyday account.

Canstar Group Manager, Research & Ratings Mitch Watson said the product could be a good alternative for those who don’t want to use a credit card, but did note that $10 a month is higher than most transaction account fees currently in the market.

“This product is similar to a former product, NAB Gold, that was discontinued in 2012,” Mr Watson said.

“With a 1% cashback on contactless purchases – capped at $1000 net spend per month, so a $10 maximum reward – consumers have the opportunity to offset the monthly fee, provided they do most of the transactions on the card.

“As a benefit of using your transaction account, the consumer would gain access to features like NAB’s concierge service, a range of complimentary insurances, and no foreign currency fee on international purchases – features that many premium credit cards come with, but usually with an annual fee attached.”

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