NAB Platinum Visa Debit card – 0% foreign currency transaction fees

Using your credit card overseas can be a costly exercise. With most cards charging 3% of the converted amount you quickly lose out on the points benefits your card might be offering.

The NAB Platinum Visa Debit card has 0% foreign currency transaction fees on international purchases for both online shopping or when you’re overseas~.

NAB Visa Platinum Debit Card

If credit cards aren’t your thing or you’re a young traveller looking for a cost-effective way to spend your money overseas, the NAB Platinum Visa Debit card could be for you. The card comes with complimentary travel insurance* and since it’s a debit card, you’re only spending the money in your account.

What the card offers

  • No foreign currency transaction fee on international purchases (both online and in person)
  • 24/7 travel and lifestyle assistance through the NAB Concierge Service^
  • Complimentary insurances, including overseas travel and purchase protection*
  • Up to $10 cash back per month on contactless purchases# including Apple Pay and Google Pay
  • Link to a new or existing NAB Classic Banking account
  • Block lost or stolen cards while overseas in the NAB App**

1% Cash Back #

NAB Platinum Visa Debit cardholders may earn up to $10 cash back per month which would offset the monthly card fee of $10. To be eligible, contactless purchases must be made in Australian currency and processed and debited to your account by the last banking day of the month.

7 Complimentary Insurances *

  • Overseas travel insurance
  • Transport Accident insurance
  • Interstate flight inconvenience insurance
  • Domestic hotel burglary insurance
  • Purchase protection insurance
  • Extended warranty insurance
  • Price protection insurance

How to activate the travel insurance?

To qualify for the complimentary travel insurance simply use your NAB Platinum Visa Debit card to pay for transport, tours, and/or accommodation before you travel. The insurance is activated when you spend $500 or more. Your spouse and any dependent children travelling with you will also be covered.

As always, travel insurance is a highly personal thing so I would recommend you read the PDS here to see if the cover is suitable for your needs.

NAB Platinum Visa Debit card in conclusion 

Whilst there are other cards in the market (ING Direct, Macquarie Everyday Account, Citi Plus Account) that offer 0% foreign currency transaction fees, the NAB Platinum Visa Debit Card is unique because it also includes a range of insurance products. 

This means the card can potentially save you hundreds of dollars a year in travel insurance and purchase protection. This is a key feature to keep in mind if you don’t already use a premium credit card such as the NAB Signature Visa or you’re a younger traveller who doesn’t have access yet to the high-end travel credit cards on the market.

To learn more or apply visit: www.nab.com.au/personal/accounts/debit-cards/nab-platinum-visa-debit-card

NAB Terms & Conditions

~Platinum Visa Debit 

Terms and conditions https://www.nab.com.au/personal/help-and-guidance/terms-and-conditions-for-personal-products/personal-transaction-and-savings-products) and fees and charges (see https://www.nab.com.au/content/dam/nabrwd/documents/guides/banking/personal-banking-fees-and-charges-guide.pdf) apply.

* Complimentary insurances

AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 (trading as Allianz Global Assistance) under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 has issued an insurance group policy to National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian credit licence 230686 (NAB) which allows eligible NAB account holders and cardholders to claim under it as third party beneficiaries. Access to the benefit of cover under the NAB card insurances is provided to eligible NAB cardholders by operation of s48 of the Insurance Contracts Act 1984 (Cth).

Any advice on insurance is general advice only and not based on any consideration of your objectives, financial situation or needs. You must check whether or not it is appropriate, in light of your own circumstances, to act on this advice. The eligibility criteria, terms, conditions, limits and exclusions of the group policy are set out in the NAB Card Insurance Policy information booklet https://www.nab.com.au/content/dam/nabrwd/documents/policy/insurance/nab-card-insurance-policy-information.pdf and in the NAB Purchase Protection Insurance Policy Information Booklet https://www.nab.com.au/content/dam/nabrwd/documents/policy/insurance/nab-purchase-protection-insurance.pdf  which may be amended from time to time. NAB does not guarantee this insurance. 

^ Concierge service

This service is provided by Visa Worldwide Pte Ltd or International SOS (Australasia) Pty Ltd. To access the NAB concierge services call 1300 730 213, 24 hours a day, 7 days a week. See the NAB Concierge Service terms and conditions https://www.nab.com.au/content/dam/nabrwd/documents/terms-and-conditions/services/nab-concierge-services.pdf for full details.

# Cash back eligibility

To be eligible spend for cash back, contactless purchases must be made in AUD and processed and debited to your account by the last banking day of the month. Eligible spend is capped at $1,000 per month.

** The NAB Mobile Banking app is compatible with Android and iOS, minimum platform requirements apply. Apple, iPhone, iPad, Touch ID and the Apple logo are trademarks of Apple Inc., registered in the U.S and other countries. App Store is a service mark of Apple Inc. ©2018 Google LLC All rights reserved. Google and the Google logo are registered trademarks of Google LLC.

  • Visa Platinum Insurance
    (5)
  • 0% Overseas Transaction Fees
    (5)
  • Card Fee
    (2.5)

Platinum Visa Debit Card

NAB’s Platinum Visa Debit card offers a unique product for those who don’t like credit cards but value the added benefits of insurance and 0% foreign currency transaction fees.

Pros

  • Platinum insurance benefits
  • 0% foreign currency transaction fees on purchases
  • 1% cash back (to offset card fee)
  • Debit Card

Cons

  • $10 card fee (can be offset by the 1% cash back)
  • No points earned
Overall
4.2