NAB 250,000 Velocity Points for home loan, has anyone received?

tim_geo on 20/05/2016 - 00:48
Last edited 20/05/2016 - 00:49

Just wondering if anyone has taken up the Nab 250,000 points offer and received the points?

I applied in October, loan settled early December but still no points in May. Chasing the issue they claim they gave me $1500 cash back so I'm not eligible for the points. (On reviewing the settlement series of transactions there is a $1500 item, so may be true).

Isn't this bait and switch? I must have been one of the first to apply for this offer and specifically said I'm interested because of the 250,000 points. Makes me curious how many they have brushed off with $1500 rather than what they advertised.

Getting very angry the flights I wanted to redeem are now starting to disappear getting sold out.

Financial

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National Australia Bank Group (NAB)
National Australia Bank Group (NAB)

Comments

  • holdenmg on 20/05/2016 - 02:28
    +1

    http://www.nab.com.au/sites/personal/home-loans/nab-velocity…
    Important Information
    TERMS AND CONDITIONS

    "The offer is not available in conjunction with any other offer including NAB Credit Card bonus Velocity Points offers or NAB/ NAB Broker cash back offers."

    I don't see it as bait and switch as the Terms and Conditions explicitly state that successful applicants receiving a cash back offer are ineligible, i.e. you don't get both.

    I'd say if you applied for and accepted a cash back it negates the offer.

    There would have also at the time of application (or by now) been paperwork where you would have declared your Velocity Number and also a check that you satisfy the criteria of:

    Apply for a new NAB home loan of $250,000 or more between X DATE and Y DATE, be approved, and draw down by nominated date.[1]

    Within 30 days following Home Loan drawdown;
    One Home Loan applicant must be a primary cardholder of a NAB Velocity Rewards Card or NAB Velocity Rewards Premium Card (each an "eligible card")
    You must make an everyday purchase using the eligible card [2]

    Within 30 days following Home Loan drawdown, the primary cardholder of an eligible card must;
    Hold a personal NAB Transaction account; and
    Make a salary or equivalent income credit to that NAB Transaction account.

    Also:
    http://www.smh.com.au/business/banking-and-finance/nab-offer…

    "It's a very competitive market," said NAB general manager of consumer lending, Angus Gilfillan. "I think customers will value this more than a cash-back."

    • This very strongly suggests there was a choice to be made or (s)elected from and that it is either (but not both).
  • tim_geo on 20/05/2016 - 07:09

    But I chose the points responding to the ad, they still gave me the cashback. This is the switch bit?

    Anyway the cashback has been reversed a month ago because I told them I want points, still waiting.

    • holdenmg on 20/05/2016 - 08:49

      OK, well have you got any copies of Loan Application paperwork that says your Loan Application was in conjunction with the Velocity Offer that asked you to indicate your Velocity Card Number?

      • tim_geo on 20/05/2016 - 10:44

        Ok thanks, I get the angle you're coming from. I haven't quite thought about it that way. Luckily I have collected my evidence to demonstrate I clearly asked for the points, and the bank indicated on multiple occasions that it's coming.

        The banks response is somewhat similar to yours, that I have been given something else so I am not entitled to ask for what was advertised and promised. You articulate it a bit better than them tough.

        Anyway I think I have a pretty strong case, have kept a copy of their advertisement with terms and conditions. Thinking of taking this to the financial ombudsman now, very angry grrr. Not at you, a bit of a rant, but the frustration of the whole process.

        • holdenmg on 20/05/2016 - 11:55

          No worries, I'm on your side. :+)

          Maybe they are just slack…

  • cvas on 20/05/2016 - 10:22
    +2

    I think you have every right to be annoyed. They can't use a promo to lure you in, then not make good on their part and just substitute it with whatever they feel like giving you at the time.

  • cocomelon on 20/05/2016 - 10:51
    +1

    still waiting mine, due next month. banks has so many departments and they dont talk to one another.
    the first month i refinanced with them they messed up my fixed and my investment property interest rate at much higher rate. so no surprised with your case.

  • Vodafail on 28/05/2016 - 14:46

    When you sign up there is a preference for $1500 or 250k points, if you didnt select anything they will pick $1500 for you because it is much cheaper than the 250k points

  • cocomelon on 22/06/2016 - 22:20

    hi OP, have you got your points?

    • tim_geo on 23/06/2016 - 00:48

      Hi ishe, yes I have, they delivered eventually.

      • cocomelon on 06/07/2016 - 16:06
        +1

        got mine too :)

  • zed264 on 02/11/2017 - 11:06

    Sorry for reply to an old post, but did you need to contact NAB? If so, which department did you speak to?

    • MadgeH on 02/11/2017 - 22:04

      Hi zed264

      Are you querying the current 350k NAB rewards points offer? If so, you will need to buy something on the card to "activate" the points system.

      It should be automated but as we know, the banks at times can drop the ball with certain things.

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