Rookie question, but if I have just closed a Suncorp credit card (which I believe is part of NAB) which earned me 70k QANTAS points am I ineligible to apply for a Virgin credit card (which I believe is also part of NAB) in an attempt to earn 70k Velocity points as they are both NAB?
I think you should be fine. Double check the T&C to be sure. It used to be Citi (now NAB) that managed a whole bunch of credit cards under a non-financial provider brand (e.g. Woolworths, Coles, Virgin, Qantas). You are still eligible to signup bonuses of the different products (cards) if you held a Citi brand card.