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The right frequent flyer card depends on two things: which airline you fly, and how much you spend each month. The Australian market is split between Qantas Frequent Flyer and Virgin Velocity — and the best card for each program is different.
See current Qantas Frequent Flyer credit card earn rates:
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This comparison covers earn rates, annual fees, sign-up bonuses and real-world value. A card with a $450 annual fee only makes sense if your points earn justifies the cost.
📋 On this page:
Qantas Frequent Flyer Cards Ranked
| Card | Earn Rate (Qantas) | Annual Fee | Sign-Up Bonus |
|---|---|---|---|
| Amex Qantas Ultimate | 1.25 pts/$1 Qantas; 0.75 other | $450 | Up to 100,000 pts |
| ANZ Frequent Flyer Black | 1.0 pt/$1 Qantas | $425 | Up to 130,000 pts |
| NAB Qantas Rewards Premium | 0.66 pts/$1 | $250 | Up to 70,000 pts |
| Westpac Altitude Qantas | 0.5 pts/$1 | $250 | Up to 80,000 pts |
| CommBank Awards (Qantas) | 0.5 pts/$1 (after conversion) | $180 | Up to 80,000 pts |
The Amex Qantas Ultimate leads on raw earn rate — 1.25 points per dollar is unmatched. But Amex acceptance in Australia sits around 80% of merchants, meaning you will occasionally need a backup card. The $450 annual fee is effectively offset by the $450 Qantas travel credit, making the net cost $0 for anyone who flies Qantas at least once per year.
The Westpac Altitude Qantas Black earns less (1 pt/$1) but runs on Mastercard — accepted at 99%+ of Australian merchants. For people who want one card in their wallet without worrying about acceptance, Westpac is the pragmatic choice. The NAB Qantas Rewards Premium sits between the two on earn rate and offers Visa acceptance.
A domestic return economy flight costs approximately 16,000 Qantas points. At 1.25 pts/$1 (Amex), that is $12,800 in spending. At 1 pt/$1 (Westpac/NAB), it is $16,000. The real value gap appears on premium cabin redemptions — a business class international flight at 100,000+ points is where high earn rates compound significantly.
💡 Amex isn’t accepted everywhere in Australia. Many frequent flyers hold Amex as their primary card and a Visa/Mastercard as backup for smaller merchants.
Velocity (Virgin) Frequent Flyer Cards Ranked
- Westpac Altitude Black Velocity — 1.25 pts/$1 Velocity, $250/yr, up to 100,000 bonus pts
- ANZ Rewards Black (Velocity) — 3.0 Reward pts/$1 (convertible), $375/yr, up to 180,000 pts
- NAB Rewards Platinum (Velocity) — 2.0 Reward pts/$1 (convertible), $195/yr, up to 80,000 pts
How to Calculate If a Frequent Flyer Card Is Worth the Fee
The break-even analysis is straightforward:
The Westpac Altitude Black earns 1.25 Velocity points per dollar — the highest Velocity earn rate from any bank card. It also includes 2 Virgin Australia lounge passes per year and complimentary travel insurance. At $250/yr, it is $200 cheaper than the equivalent Qantas premium cards.
Velocity points are generally easier to redeem for domestic flights than Qantas points — Virgin has better seat availability on popular routes. A domestic return in economy costs approximately 15,600 Velocity points. The program also transfers to Singapore Airlines KrisFlyer for international premium cabin access.
- Take the annual fee — e.g. $450 for Amex Qantas Ultimate
- Subtract any included travel credits — Amex offers up to $450 in travel credits annually
- Net cost = $450 − $450 credits = $0 if credits are fully used
- Every point earned above that is pure upside
- If you can’t use the travel credits, the card costs you the full $450
✅ Frequent flyer points are worth approximately 0.6–1.5 cents each when redeemed for flights. A card earning 50,000 bonus points delivers $300–$750 in flight value depending on how you redeem.
Compare Velocity-earning cards directly on the Virgin site:
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Frequently Asked Questions
Qantas or Velocity — which points program is better? ▼
Qantas has more redemption options and more partner airlines. Velocity has better domestic availability and simpler redemption. For international premium cabin, Qantas has historically offered stronger options.
Do frequent flyer points expire in Australia? ▼
Qantas points expire after 18 months of account inactivity. Velocity points don’t expire as long as you earn or redeem at least once every 24 months.
Can I earn points on insurance and utility bills? ▼
Yes, with most cards — though rates may differ from standard purchase rates. Check your card’s earn rate schedule for specific merchant categories.
What’s the fastest way to earn enough points for a flight? ▼
Sign-up bonuses — 70,000 to 100,000 bonus points covers a domestic return business class flight. Check current offers in the full directory.
This article is for informational purposes only and does not constitute financial or legal advice. Credit card terms, rates and offers change frequently. Always verify current conditions directly with the issuing bank before applying.
