National Australia Bank has finally responded to CommBanks popular World Debit Mastercard by making a nearly identical product. A new debit card clearly aimed at international travellers and online shoppers. They have partnered with Visa for the “NAB Platinum Visa Debit Card”
It is unique in that it offers a limited $10 per month cashback on contactless purchases. I am not a fan of this, and I will explain why later. Unlike CommBank it does not offer airport lounge access.
I was offered the card via a targeted Gmail campaign. Unlike CommBank there was no free six month offer. Like CommBank a monthly $10 fee applies.
This is part of the new trend of premium debit cards offering features that have traditionally only been available with credit cards.
I have not been able to get my hands on the card so will be interesting to see how much of the style guide they took from CommBank. They have orientated the card in portrait format, rather than the usual landscape. When combined with the two embossed dots CommBank is really good for older people, visually impaired and low light conditions when using with ATM’s, card readers etc. The yellow strip around the edge, makes it easy to find in your wallet.
In this post:
Pros of the NAB Platinum Visa Debit Card
The biggest benefit of the card is the removal of the 3% fee on international transactions. For years most banks have been exploiting travellers and international shoppers with a 3% transaction fee. Canny travellers have been able to avoid it by using inconvenient hacks. I have been caught out making purchases online in AUD only to find the bank (CommBank) deemed it international and whacked me with a fee.
You will need to spend over $4,000 per annum to offset this fee. This is good if you prefer a debit card for most of your purchases. However if you are doing most of your international purchases on a credit card to maximise points then you need to see if the other benefits stack up.
The NAB Platinum Visa Debit Card card offers seven types of insurance for both travelling and purchases, not normally available with debit cards. . However, as I have many other credit cards with the same offer, this is a marginal benefit.
For international travel you will need to “spend at least $500 on pre-paid transport, tours, and/or accommodation” Generally this type of insurance is quite useful as Pearl discovered with Westpac. Before making any decision read Myles insurance experience when he had a full hip replacement after a cycling accident in Spain.
A big plus on the insurance is that it covers you up to the age of 90. CommBank only goes to 80. I suspect they may attract a niche of passport toting geriatrics (with no pre-existing conditions) who have sniffed out this bargain insurance.
Importantly, this card gives you access to your own money. This is a big deal as you don’t need to transfer between banks to avoid international fees.
NAB also provide a concierge service with this card. I am not a fan of these types of services as I am capable of using Google search and booking engines.
Apple Pay, NAB Pay and Google Pay supported
Another plus is that the NAB Platinum Visa Debit Card supports Apple Pay , NAB Pay and (my favourite) Google Pay; these payment methods are so convenient as you never have to get your wallet out of your pocket. I assume these are treated as eligible for the 1% rebate however you do not get any frequent flyer points for these transactions.
Cons of the NAB Platinum Visa Debit Card
The $10 rebate is designed to make the $10 monthly fee palatable. However to get this you need to spend over $1k each month on contactless purchases. If you are an avid points chaser then you would need to divert points accruing purchases for this rebate.
The $500 minimum spend for international insurance is a hassle that also diverts purchases from accruing points.
Commbank World Debit Mastercard vs NAB Visa Platinum Debit Card
I think CommBank World Debit Mastercard wins out by a small margin. The overseas travel insurance with no minimum spend and access to two lounges when travelling overseas trump the contactless cash back in my mind.
Tip: If you really want a fee free card consider the NAB’s UBank debit card. Fee free without any unnecessary extras.
Tks Drew. Personally, this research would do my head in. Sooo appreciative of your efforts.