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Qantas Frequent Flyer
$450
90,000
1.25 points up to 100,000 points/year, then
1 point uncapped
Earn up to 90,000 bonus Qantas Points - that’s 70,000 bonus Qantas Points when you apply online by 13 January 2026, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. Plus, an additional 20,000 bonus Qantas Points when you spend min $1 on your Card within 90 days of paying your second year annual Card fee. T&Cs apply. New Amex Card Members only.
Earn up to 90,000 bonus Qantas Points - that’s 70,000 bonus Qantas Points when you apply online by 13 January 2026, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. Plus, an additional 20,000 bonus Qantas Points when you spend min $1 on your Card within 90 days of paying your second year annual Card fee. T&Cs apply. New Amex Card Members only.
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Membership Rewards
$108
40,000
1 point uncapped
Receive 40,000 Bonus Membership Rewards® Points when you apply online by 27 January 2026, are approved, and spend $3,000 on eligible purchases on your new American Express Essential® Rewards Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Receive 40,000 Bonus Membership Rewards® Points when you apply online by 27 January 2026, are approved, and spend $3,000 on eligible purchases on your new American Express Essential® Rewards Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
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flybuys
$0
No current offer
0.5 points up to $5,000/month
No annual fee for the life of the card plus collect 1 Flybuys point per $2 on eligible purchases up to $5,000 in each Statement Period (T&Cs apply). Get access to complimentary travel insurance. Apple Pay, Samsung Pay and Google Pay compatible. Up to 44 days interest free on purchases when you pay your account in full by the monthly due date.
No annual fee for the life of the card plus collect 1 Flybuys point per $2 on eligible purchases up to $5,000 in each Statement Period (T&Cs apply). Get access to complimentary travel insurance. Apple Pay, Samsung Pay and Google Pay compatible. Up to 44 days interest free on purchases when you pay your account in full by the monthly due date.
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Velocity Frequent Flyer
$440
60,000
1.25 points uncapped
Receive 60,000 bonus Velocity Points1 when you apply online by 12 August 2025, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Receive 60,000 bonus Velocity Points1 when you apply online by 12 August 2025, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
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Velocity Frequent Flyer
$95
20,000
1 point up to 12,000 points/year, then
0.75 points uncapped
Receive 20,000 bonus Velocity Points1 when you apply online by 9 September 2025, are approved, and spend $1,000 on eligible purchases on your new American Express Velocity Escape Plus Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Receive 20,000 bonus Velocity Points1 when you apply online by 9 September 2025, are approved, and spend $1,000 on eligible purchases on your new American Express Velocity Escape Plus Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
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Membership Rewards
$395
100,000
2 points uncapped
Receive 100,000 Bonus Membership Rewards® Points when you apply online by 2 December 2025, are approved, and spend $4,000 on eligible purchases on your new American Express Explorer® Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Receive 100,000 Bonus Membership Rewards® Points when you apply online by 2 December 2025, are approved, and spend $4,000 on eligible purchases on your new American Express Explorer® Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
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A rewards credit card is a type of card that earns you a bonus when you spend at eligible retailers. You’ll find that most rewards credit cards earn you points or cashback.
Rewards points can typically be redeemed on flights and accommodation, gift cards or used to purchase items at a rewards store.
Other rewards credit cards might offer cashback on a portion of your purchases each month, or allow you to redeem points for money back in your account.
Rewards credit cards can be particularly appealing for people planning travel, as points earned from programs such as Qantas Frequent Flyer and Velocity Frequent Flyer can offer more value when used on flights and hotels rather than at a rewards store.
Rewards credit cards usually come with an annual fee, and it tends to be much higher than the annual fees you’ll find attached to other types of credit cards. These cards will also typically come with higher interest rates than regular credit cards.
| Average purchase rate in the Mozo database | Best purchase rate in the Mozo database* | |
|---|---|---|
| Rewards credit cards | 20.61% p.a. | 13.05% p.a. |
| Standard credit cards | 17.60% p.a. | 7.49% p.a. |
*Source: Mozo database as at 1 May, 2025. Leading purchase rates available on credit cards with or without rewards programs, excluding 0% interest cards, introductory offers and charge cards.
According to our finance expert, Rachel Wastell, there’s been a significant devaluation in rewards credit card offerings over the past 10 years, according to analysis by Mozo.
There are a few drivers that have caused the earning potential of rewards credit cards to drop over the last decade.
“Banks are restructuring rewards point offers, splitting the delivery of these points over several months and introducing minimum spending thresholds, which is reducing the value of these cards,” Wastell says.
Most rewards credit cards will be connected to a particular rewards program. Here’s an overview of the different types:
Many providers have credit cards that are connected to airline frequent flyer programs – Qantas Frequent Flyer and Velocity Frequent Flyer are the two big ones in Australia. The points you earn can be used on flights, seat upgrades, hotels, car hire, a rewards store and more.
A general rewards program is typically the provider’s own. The most well-known are arguably American Express Membership Rewards and Citi Rewards, but there are other programs available from CommBank, Westpac and others. Points earned with these programs can usually be transferred to partner frequent flyer programs, used for shopping at a rewards store or converted into cashback.
Coles offers credit cards that are connected to Flybuys. Flybuys points can be used to get money off at selected retailers, redeemed at a rewards store or transferred to Velocity Frequent Flyer points.
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Check out more of the best credit cards in Australia, including the top picks every month by the Mozo editors.
With so many choices available, you might feel a little overwhelmed when trying to decide which rewards credit card is right for you – here are some aspects to consider:
Weigh the rewards offered by each card. For example, are free or discounted flights something you are likely to take advantage of? Or, would the ability to redeem points on your groceries be more practical? Working out how you’ll use your points is key to choosing the right card.
There’s not much benefit in earning rewards if their value is offset by an annual fee, or you keep getting stung by a high interest rate. We suggest finding a card that is within your budget, and one where fees don’t outweigh the benefits earned.
Some premium rewards credit cards come with minimum income requirements to be eligible. If you don’t fall into the right income bracket, not only will your application be rejected, but it’s unlikely to fit your budget to begin with.
Rewards credit cards can come with perks such as airport lounge access, complimentary travel insurance and the ability to access insurance benefits on items you’ve purchased with the card. Make sure to consider any perks when you’re choosing between cards.
A rewards credit card generally has an annual fee and a higher interest rate than other credit cards on the market, so for a rewards card to be worth it, the monetary value of the benefits needs to outweigh the costs of keeping it.
+ You frequently use the card, particularly for big purchases, to get the highest points-earning potential.
+ You can afford to pay it off each month to avoid paying interest.
+ You actively make use of your rewards points.
+ The rewards you use outweigh the annual fees.
- You occasionally or rarely use the card.
- You make infrequent small purchases with the card.
- You don’t actively use your rewards points.
- The annual fees outweigh the monetary value of the rewards.
Some rewards credit cards offer extra perks on top of points or cashback – here are some examples.
Airport lounge access is available with some premium rewards credit cards. The lounges you can access vary depending on the provider, and some cards will limit the amount of times you can visit each year, while others won’t. Keep in mind that credit cards with airport lounge access may come with high annual fees.
Rewards credit cards can offer complimentary travel insurance when you pay for your pre-travel expenses on the card, such as booking flights. Depending on the card, you may be able to get insurance for both domestic and international travel.
Every card has different eligibility criteria, so review it carefully. Some will require you to book your flight with your card while others will only require you to have spent up to a set amount.
Some credit cards include other insurance benefits on items purchased with the card. This can include extended warranty for a set period of time, or purchase protection for lost, stolen or damaged items bought with your card (for a certain amount of days after purchase).
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Some rewards credit cards will have a cap on the amount of points you can earn in a month or over the course of a year. If you want to maximise your points earning potential, be wary of rewards cards that put a small cap on the amount you can earn.
Yes, some rewards programs do set an expiry date on when you need to use your points by. It tends to be more common with airline frequent flyer programs than general credit card programs, so be sure to check the terms.
This refers to the earn rate of rewards points for every dollar you spend, because not all points are created equal. The standard points per dollar spent equation is one point per $1 spent, but some cards will have higher or lower earnings per dollar spent.
The redemption rate refers to the value of a rewards point when you want to use it to pay for flights, accommodation or at a rewards store. For example, one Amex point might be more valuable than three points earned with ANZ, CommBank, NAB or Westpac.
You could find that there is a big difference between what 50,000 points will get you on one card compared to what 50,000 points can get you with another.
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