I always book using my NAB Velocity card (everything I pay for goes on the CC which adds to my Velocity points). I've never had to claim except once when I took out additonal, high risk, travel insurance because I was doing, or should I say intended to do, a motorcycle tour of NZ and had an accident on the first day.🙁
You are correct, only have to pay minimum of $500. I also pay an annual card fee of $150.
The only reason I got the NAB card, about 25 years ago was because it was the only CC at the time which awarded Flybuys on purchases. I did not have any accounts with the NAB and have managed to get the limit up to $15,000 so that I could pay for travel in full if need be. I also pay it off in full each month.