National Australia Bank has become the second major bank (after ANZ) to axe its American Express companion cards.
NAB announced today that it will stop issuing AMEX cards on 13 November 2017, with all existing NAB-issued AMEX cards to cease working on 21 February 2018.
This affects customers who hold the following Visa and AMEX companion card products: NAB Qantas Rewards, NAB Qantas Rewards Premium, NAB Velocity Rewards and NAB Velocity Rewards Premium.
NAB blames the new credit card regulations that kicked in on 1 July for this change. Under the new laws, margins on bank-issued credit cards have been slashed, with bank-issued AMEX cards the hardest hit.
On 13 November, the Visa earn rates on the NAB Qantas Rewards Premium Card and the NAB Velocity Rewards Premium Card will also change, moving from 0.5 points per $1 (capped at $5,000 per month) to 1 point per $1.50 spent (i.e. 0.66 points per $1) with a $3000 monthly cap (after which you earn a measly 1 point per $3).
NAB customers will surely be disappointed that their AMEX cards are being shut down. If that’s you and you’re now looking for a new AMEX card (which is essential to get the most from your everyday spending), here are my top picks:
- for earning Qantas Points, the Qantas AMEX Ultimate Card gets you a high earn rate and comes with a $450 travel credit that fully offsets the annual fee.
- for earning Velocity Points, I love the AMEX Explorer Card or AMEX Velocity Platinum Card, both of which have great earn rates and a stack of other perks, including a free flight or travel credit.
Click the links above to read our reviews of these great cards, all of which offer bonus points for signing-up 🙂
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