Frequent flyer Credit Cards in AU: Review of the Best Credit Cards for Earning Travel Points in Australia

If you’re a regular traveller, either for business or pleasure, you’ve probably signed up for an airline's frequent flyer program. Collecting travel points for future travel can potentially reduce or eliminate the cost of flights for your next trip, and may help your money go further.

One option to boost your points balance is to link your airline loyalty program membership with a credit card that helps you with earning travel points. In this guide, we’ll compare some of the leading options in this market, looking at fees, charges and points earning rates so you can make the most informed choice.

We'll also talk about the costs of using your credit cards internationally, and introduce Wise: which is not a credit card, but can help save by offering foreign currency transactions at the mid-market exchange rate.

Table of contents
Understanding credit card point earn rates Best frequent flyer credit cards in Australia What to keep in mind when choosing a frequent flyer credit card The Hidden Cost of Using Credit Cards Internationally Foreign Transaction Fees on Credit Cards Currency Conversion Markups on Exchange Rate Meet Wise: A Smarter Way to Spend Internationally

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Understanding credit card point earn rates

No matter which frequent flyer credit card you opt for, the earning rates for spend vs. miles accrual are likely to differ.

Additionally, depending on the card type chosen, not all purchases will count or be eligible for points and some may offer higher earn rates or lower based on where the spending occurred.

However, as a general indication or example, you might expect to earn between 0.5 to 1.25 points or more per dollar spent.

Here are some of the top frequent flyer credit cards in Australia

The following is a comparison of 6 available frequent flyer credit cards within Australia.

Please note all fees are listed in Australian Dollars and all information is accurate as of 23 November 2023.

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1. Qantas American Express Ultimate Credit Card

The Qantas American Express Ultimate Credit Card is an option worth considering for those who prefer to travel with Qantas and would like some added travel benefits alongside frequent flyer points.

This frequent flyer credit card at a glance

Information on the fees and charges associated with this card are outlined below.

Card	Qantas American Express Ultimate Credit Card¹
Fees²	- Annual fee of $450 - Currency conversion fee is 3% of the converted amount
Points	- Earn 1.25 Qantas points per $1 spent on eligible purchases - Earn 2.25 Qantas points per $1 on eligible Qantas products and services
Exchange rate used	Variable, based on customary industry sources³
P.A. Interest rate	23.99%
Credit limit	- Minimum limit $3000 maximum limit determined on application

As seen on 24 November 2023

Pros and cons

Here are a few pros and cons to consider about this card.

Pros	Cons
Uncapped Qantas Reward points Higher points per dollar spent compared with competing cards Complimentary travel insurance Some lounge access benefits	Reward points are not available on all purchases High annual fee High-interest rate

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2. CommBank Smart Awards Credit Card

Also able to be linked to Qantas’ frequent flyer program, this option, backed by Commonwealth Bank allows you to opt in for either Qantas points or their Award Points Program.

For this article, only the Qantas Award points option is covered in the below table.

This frequent flyer credit card at a glance

Information on the fees and charges associated with this card are outlined below.

Card	CommBank Smart Awards Credit Card⁴
Fees	- $19 monthly fee, waived if $2000 is spent during the statement period - $60 annual fee to opt into the Qantas Points program - No international transaction or currency conversion fee on purchases - $4 or 3% of the transaction amount on cash advances, whichever is greater
Points	- Points boost offer, earn 0.8 Qantas points on the highest eligible purchase per statement period up to a maximum of 400 points - 0.6 Qantas points on eligible spend for grocery, fuel, dining, utilities and shopping up to $5000 per statement period - 0.4 Qantas points for all other purchases up to $5000 per statement period - 0.2 Qantas points awarded on all spend over $5000 per statement period
Exchange rate used	Variable, based on Mastercard foreign exchange rate on day translation is processed⁵
P.A. Interest rate	20.99% on purchases 21.99% on cash advances
Credit limit	- Minimum limit $3000 maximum limit determined on application

As seen on 24 November 2023

Pros and cons

Here are a few pros and cons to consider about this card.

Pros	Cons
Potential to avoid card fees if minimum spend is met Uncapped points earning each statement period Lounge access to over 1,300 participating airport lounges worldwide Complimentary travel insurance	Reward points are not available on all purchases High-interest rate Relatively low point earning rate per $1 compared with some alternatives

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3. NAB Qantas Rewards Premium Credit Card

Often running several bonus points offers for new applicants, the NAB Qantas Rewards Premium Credit Card also rewards Qantas Frequent Flyers for their everyday spending.

This frequent flyer credit card at a glance

Information on the fees and charges associated with this card are outlined below.

Card	NAB Qantas Rewards Premium Credit Card⁶
Fees	- Annual fee of $250 (reduced to $150 for the first year) - Currency conversion fee is 3% of the transaction amount plus a $5 withdrawal fee⁷
Points	- Earn 1 Qantas point per $1.50 up to $3000 on everyday purchases each statement period - Earn 1 Qantas point per $3 spent for the next $3000 per statement period - Earn 1 bonus point per dollar on eligible Qantas services
Exchange rate used	Variable based on Visa currency conversion rates⁷
P.A. Interest rate	19.99% variable rate on purchases 21.74% variable rate on cash advances
Credit limit	- Minimum limit $3000 maximum limit determined on application

As seen on 24 November 2023

Pros and cons

Here are a few pros and cons to consider about this card.

Pros	Cons
Higher points earn rate per dollar than some competing cards Complimentary travel insurance Access to NAB’s concierge service Offers high sign-up points bonus for eligible applicants	Points capped at $6000 per statement period Higher annual fee and lower points accrual per dollar than some options, including those with NAB High-interest rates

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4. ANZ Rewards Black Credit Card

With uncapped Qantas points earning potential and a free initial membership to the Qantas Frequent Flyer Program, the ANZ Rewards Black Credit Card may be worth a look for both new and existing Qantas members.⁸

This frequent flyer credit card at a glance

Information on the fees and charges associated with this card are outlined below.

Card	ANZ Rewards Black Credit Card⁸
Fees	- Annual fee of $425 comprising of a $370 card fee and a $55 Qantas reward fee - 3% of any international transaction plus $4 for cash advances⁹
Points	- Earn 1 Qantas point per $1 spent up to $7500 per statement on eligible purchases - Earn 0.5 Qantas points per $1 spent over $7500 per statement on eligible purchases
Exchange rate used	Variable based on Visa currency conversion rates¹⁰
P.A. Interest rate	20.49% on purchases 21.99% on cash advances
Credit limit	- Minimum limit $15,000, maximum limit determined on application

As seen on 24 November 2023

Pros and cons

Here are a few pros and cons to consider about this card.

Pros	Cons
Uncapped points on eligible purchases Annual Qantas lounge benefit Complimentary insurances Complimentary sign-up to Qantas, worth $99.50 if not already a member	Reward points are not available on all purchases High minimum limit which is expected to be mostly cleared each month High annual fee High-interest rate

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5. St. George Amplify Qantas Platinum Credit Card

Featuring a lower annual fee than some competing frequent flyer credit cards, the St. George Amplify Qantas Platinum Credit Card also offers a flat-rate points-earning system.

This frequent flyer credit card at a glance

Information on the fees and charges associated with this card are outlined below.

Card	St. George Amplify Qantas Platinum Credit Card¹¹
Fees	- Annual fee of $199 comprised of a $124 card fee and a $75 Qantas Rewards fee - Currency conversion fee is 3% of the AUD equivalent amount - 3% of any cash advance amount
Points	- Earn 0.5 Qantas points per dollar on eligible purchases up to $100,000 annually
Exchange rate used	Variable based on Visa currency conversion rates¹²
P.A. Interest rate	19.49% variable rate on purchases 21.49% variable rate on cash advances
Credit limit	- Minimum limit $6000 maximum limit determined on application

As seen on 24 November 2023

Pros and cons

Here are a few pros and cons to consider about this card.

Pros	Cons
Lower annual fee than many competing cards Potential to earn a large Qantas points boost on sign-up when eligible Complimentary domestic travel insurance	Reward points are not available on all purchases Points are capped annually once the maximum spending limit reached High-interest rates

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6. Westpac Altitude Qantas Platinum Credit Card

Rounding out our top 6 is the Westpac Altitude Qantas Platinum Credit Card which also allows you to earn points for a linked Qantas frequent flyer account.

This frequent flyer credit card at a glance

Information on the fees and charges associated with this card are outlined below.

Card	Westpac Altitude Qantas Platinum Credit Card¹³
Fees	- Annual fee of $175 plus $75 annual Qantas Rewards program fee - Foreign transaction fee is 3% of the converted amount - 3% fee on cash advances
Points	- Earn 0.5 Qantas points per $1 spent in eligible purchases up to $100,000 per year
Exchange rate used	Variable rate set by Mastercard¹⁴
P.A. Interest rate	19.99% variable rate on purchases 21.49% variable cash advance rate
Credit limit	- Minimum limit $6000 maximum limit determined on application

As seen on 24 November 2023

Pros and cons

Here are a few pros and cons to consider about this card.

Pros	Cons
Potential to earn bonus points on sign-up and with preferred partners Reduced card fee in first year for new or existing Westpac customers Complimentary travel insurance	Reward points are not available on all purchases High-interest rates Capped points earning annually

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What to keep in mind when choosing a frequent flyer credit card

Selecting the right credit card depends on your individual needs and spending habits. Consider these factors:

• Your Travel Goals: Are you loyal to a particular airline (Qantas or Virgin Australia)? Or do you prefer flexibility and want to transfer points to multiple programs?
• Your Spending Habits: How much do you typically spend on your credit card each month? High spenders may benefit more from premium cards with higher earn rates and annual fees.
• Annual Fee: Can you justify the annual fee based on the points you expect to earn and the value of other benefits like lounge access and travel credits?
• Bonus Offers: Compare sign-up bonus offers, but be sure to factor in the minimum spend requirement to qualify for the bonus.
  Other Card Features: Look for perks that align with your travel style, such as travel insurance, complimentary flights, or airport lounge access.

Also, many airlines restrict awards seats to certain routes and a limited number of seats per flight, which may make them harder to use. Be sure so weigh up all fees, charges and interest rates and whether these costs negate the potential savings on points flights.

The Hidden Cost of Using Credit Cards Internationally: Are Points Worth It?

While earning travel points on your credit card is great for domestic spending, using them overseas can be a different story. Depending on your use case, the points you earn might not offset the extra costs you've incurred from:

Foreign Transaction Fees on Credit Cards

Many credit cards providers charge a foreign transaction fee, typically around 3% of the transaction amount. This fee applies to any purchase made in a foreign currency or processed outside of Australia, even if it's online.

Unfavourable Exchange Rates (Currency Conversion Markups)

Credit card providers often apply a hidden markup to the mid-market exchange rate - the one you usually see on Google. This markup can be an additional cost top of the foreign transaction fee, effectively meaning you're paying more for your purchases than you realise.

So for your international spending, it could be worth it to consider an altenative such as Wise that offers foreign currency transactions at the mid-market exchange rates.

Meet Wise: A Smarter Way to Spend Internationally

Wise is neither a credit card, nor offers earning travel points as a reward program. But if you frequently travel or make purchases in foreign currencies, a Wise Card can help you save for spending overseas. That's because Wise always uses the mid-market exchange rate for currency conversions - and low, transparent Fees without any hidden markups.

Get started with Wise 🚀

Plus you can hold 40+ currencies in your Wise account, and generate virtual cards for added security when shopping online — especially with international merchants.

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Earn Points Wisely, Spend Smarter

Earning travel points with the right credit card can be a fantastic way to unlock free flights and travel experiences. By carefully considering your spending habits, travel goals, and the fees associated with each card, you can choose the best option to maximise your rewards.

However, when it comes to international spending, be aware of the hidden costs of foreign transaction fees and unfavourable exchange rates. For frequent travellers and those making purchases in foreign currencies, Wise offers a transparent and cost-effective alternative, ensuring you get the most out of your money abroad.

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Sources:

1. American Express – Card Overview
2. American Express – Fees & Charges
3. American Express – Exchange Rates pg. 17
4. CommBank – Card Overview
5. CommBank – Exchange Rate
6. NAB – Card Overview
7. NAB – Overseas Fees & Exchange Rates
8. ANZ – Card Overview
9. ANZ – Overseas Fees pgs. 17 & 18
10. ANZ – Exchange Rates pgs. 26 & 27
11. St. George – Card Overview
12. St. George – Exchange Rates
13. Westpac – Card Overview
14. Westpac – Exchange Rates pg. 10

Sources verified on 24 November 2023.