Westpac launches new American Express issued rewards cards

Westpac have launched a new range of American Express issued rewards credit cards, offering high frequent flyer earn rates, Australian Business Traveller has reported.

The new cards are Westpac branded but issued directly from American Express, and include a Black and Platinum card option, which allow cardholders to earn either Qantas or Altitude points.

Because the cards are issued directly through American Express, cardholders are able to snag the higher points returns that were once offered by Amex companion cards. It also means that while the points earned will be credited to the customers existing rewards account, the new cards have separate credit limits and those signing up will manage their card through American Express, not Westpac.

RELATED: Westpac drop Amex companion credit cards - CBA holds out, but for how long?

But before you get too excited about racking up a bunch of rewards, there’s one caveat - the cards are currently only available on an invite-only basis, for existing Westpac customers.

If you're one of the lucky customers to receive an invite, or if you’re waiting with baited breath until these cards become available to everyone else, here are the details of what’s on offer:

American Express Westpac Altitude Black

Annual fee: $0 in the first year, $199 each year after that

Qantas rewards option

Points earn: 2.25 Qantas points per $1 spent on Qantas purchases, 2 Qantas points per dollar spent overseas and 1.25 Qantas points per $1 spent on regular purchases at home. You’ll also earn 0.5 points per $1 on government spends (such as ATO payments) and points earning is uncapped

Bonus points: 15,000 to 20,000 bonus points (depending on your unique offer) when you apply by March 15 2018 and spend $3,000 on eligible purchases within three months of card approval

Altitude rewards option

Points earn: A whopping 5 Altitude points per $1 spent in overseas currencies, 3 Altitude points per $1 spent at home and 1 Altitude point per $1 spent on government charges

Bonus points: 30,000-40,000 bonus Altitude points (depending on your unique offer) when you apply by March 15 2018 and spend $3,000 within three months of card approval

American Express Westpac Altitude Platinum

Annual fee: $0 in the first year and $49 after that

Qantas rewards option

Points earn: 2 Qantas Points per $1 spent on Qantas products, 1.5 Qantas Points per $1 spent on overseas purchases, 1 Qantas Point per $1 spent in Australia and 0.5 points per $1 on government charges

Bonus points: 10,000 bonus Qantas points when you apply by March 15 and spend $3,000 on eligible purchases within 3 months

Altitude rewards option

Points earn: 3 Altitude points per $1 spent on overseas purchases, 2 Altitude points per $1 spent in Australia and 1 Altitude point per $1 spent with Australian government bodies

Bonus points: 20,000 bonus Altitude points (10,000 Velocity points) when you apply by March 15 and spend $3,000 within 3 months of being approved

Although at the moment only those who have received a special invitation code can apply for the new Westpac Amex cards, that doesn’t mean you have to miss out on earning a tonne of rewards with your plastic! Head over to our rewards credit card comparison tool to find the perfect match for you.