Best Frequent Flyer Credit Cards in Australia: Qantas vs Velocity

If you fly Qantas and pay in full, the American Express Qantas Ultimate earns the most points on everyday spending: 1.25 Qantas Points per A$1 until you reach 100,000 points in a calendar year, plus a A$450 Qantas Travel Credit that can offset its A$450 fee. On Visa or Mastercard, ANZ Frequent Flyer Black and Qantas Premier Platinum lead. The right card depends on three things: the airline you fly, how much you put on the card each month, and whether you will use the travel credit and lounge invitations that justify a premium fee.

Which credit card earns the most Qantas Points in Australia?

The American Express Qantas Ultimate has the highest everyday earn rate among the cards we track: 1.25 points per A$1, 2.25 per A$1 on eligible Qantas products and services, and 0.5 per A$1 at government bodies. The rate falls to 1 point per A$1 once you have earned 100,000 points in a calendar year, which at 1.25 points per dollar takes about A$80,000 of spending. The catch is acceptance: Amex is not taken everywhere in Australia, so most holders also carry a Visa or Mastercard.

Among Visa and Mastercard cards, ANZ Frequent Flyer Black earns 1 point per A$1 up to A$7,500 per statement period and 0.5 above that. Qantas Premier Platinum earns 1 point per A$1 on domestic spend up to A$10,000 per statement period, 0.5 above that, and 1.5 per A$1 on international spend.

Should you collect Qantas Points, Velocity Points or bank points?

Collect the points of the airline you actually fly, unless you need the flexibility of a bank programme. Direct-earn cards credit points straight to your Qantas Frequent Flyer or Velocity account. Bank programmes such as Westpac Altitude Rewards and CommBank Awards give you bank points that you transfer to airline partners later, usually at a ratio that lowers the effective earn rate.

A card that advertises "3 points per dollar" is not necessarily better than one earning 1 Qantas Point per dollar. Convert everything to airline points, using the transfer ratio in the bank's rewards terms, before you compare.

How do the main frequent flyer cards compare in 2026?

The figures below come from each issuer's website in September 2026. Welcome bonuses change often, so they are left out.

Two changes are coming. ANZ says that from 28 October 2026, spending above A$50,000 in a statement period on Frequent Flyer Black will earn no points, and its purchase rate rises to 22.49% p.a. from 28 September 2026. CommBank says the spend-based waiver of the A$35 monthly fee on Ultimate Awards ends from the first statement issued on or after 1 January 2027, which makes it a A$420-a-year card for everyone.

How much do you need to spend for a frequent flyer card to pay off?

You need to spend enough that your points are worth more than the fee, after caps. Here is a worked example with assumptions you can swap for your own.

Assumptions: you spend A$4,000 a month (A$48,000 a year) in Australia on eligible purchases, pay in full every month and value a Qantas Point at 1.5 cents. That value is an assumption, not a fixed rate: points usually go further on Classic Reward flights than on gift cards or shopping. Welcome bonuses are ignored.

1. Amex Qantas Ultimate: 48,000 × 1.25 = 60,000 points, worth A$900. If you use the A$450 travel credit on a Qantas flight you would have booked anyway, the net fee is A$0 and you are A$900 ahead.
2. Qantas Premier Platinum: A$4,000 a month is under the A$10,000 cap, so 48,000 points, worth A$720. Less the A$399 fee, you are A$321 ahead (A$371 in year one at A$349).
3. ANZ Frequent Flyer Black: under the A$7,500 cap, so 48,000 points, worth A$720. Less A$425, you are A$295 ahead.
4. Westpac Altitude Qantas Black: if half your spend is in everyday categories (0.8) and half elsewhere (0.5), you earn 48,000 × 0.65 = 31,200 points, worth A$468. Less A$370 in fees, you are A$98 ahead.

The break-even point is the fee divided by the value of the points you earn per dollar. At 1 point per A$1 and 1.5 cents a point, a A$399 fee needs A$26,600 of spending a year, about A$2,217 a month, before you are ahead. Spend less than that and a no annual fee card is usually better value. Our guide to what a point is worth shows how to value your own redemptions.

What is the best Velocity credit card?

For Virgin Australia flyers, the American Express Velocity Platinum is the main direct-earn option. It costs A$440 a year and earns 1.25 Velocity Points per A$1, 2.25 on eligible Virgin Australia purchases and 0.5 at government bodies. It also includes a complimentary domestic economy return flight each year between selected cities, Virgin Australia domestic lounge access once enrolled, and two guest lounge passes. Westpac Altitude Black can instead be set up to earn Velocity Points, for the same A$75 rewards option fee as the Qantas version.

Velocity Points expire after 24 months with no earning or redemption, and Qantas Points expire after 18 months without earn or use activity. A card that earns every month keeps either balance alive.

How do you choose a frequent flyer credit card?

1. Confirm you pay the full closing balance every month. Purchase rates on these cards run from 20.99% to 23.99% p.a., and interest on a carried balance wipes out the points.
2. Pick the programme you will redeem with, then compare only cards that earn it, or bank points that transfer to it.
3. Estimate your monthly card spending and check it against each card's cap or step-down.
4. Work out the net value: points multiplied by your value per point, minus the annual fee and any rewards fee.
5. Add only the perks you will use, such as a travel credit you can spend on a real booking or lounge invitations.
6. Check acceptance. If most of your spending is where Amex is not taken, a Visa or Mastercard wins whatever the earn rate.
7. Check the minimum credit limit. ANZ Frequent Flyer Black starts at A$15,000, and under responsible lending rules the lender must be satisfied you could repay the whole limit within three years.

Who should not get a frequent flyer card?

• Anyone who carries a balance. A A$3,000 balance at 20.99% p.a. costs about A$630 a year in interest, more than the net value of the points on most cards in the example above.
• Lower spenders. Below roughly A$2,000 a month, the fee usually outweighs the points unless the perks matter to you.
• People who will not redeem for flights. Points are usually worth less on merchandise and gift cards, so the maths above stops working.
• Frequent overseas spenders. Most of these cards charge a 3% international transaction fee. CommBank Ultimate Awards is the exception here, with no international transaction fee.

Compare every card on our Australia credit cards hub, or read the full pages for the Amex Qantas Ultimate, ANZ Frequent Flyer Black, Qantas Premier Platinum, Westpac Altitude Black and CommBank Ultimate Awards.