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A frequent flyer credit card earns airline points on your spending, either straight into your Qantas Frequent Flyer or Velocity account (a direct earn card) or into the bank's own rewards program, which you then convert to airline points. Whether one is worth having comes down to three numbers: the points you'd actually earn on your normal spending, what those points are worth in the way you'd use them, and the annual fee.
This guide explains how each kind of card earns, the caps and fees that shrink the headline rate, which issuers the airline programs themselves list as partners, and a simple break-even method you can apply to any card. We don't rank cards. If you carry a balance, stop here: interest on a rewards card will cost more than the points are worth.
By Better Rate Mate Editorial Team · Last reviewed
There are two ways a card turns spending into airline points, and the difference matters more than the headline earn rate.
A direct earn card credits points to your frequent flyer account automatically. Qantas's own comparison page, checked on 28 September 2026, listed 29 personal and business cards that earn Qantas Points directly, from American Express, ANZ, Westpac, St.George, Bank of Melbourne, BankSA, NAB, Bankwest, Qantas Money, Bendigo Bank, BankVic, BOQ Specialist and Unity Bank. Velocity's page said you earn Velocity Points automatically with American Express, Virgin Money, Westpac and BOQ Specialist.
A bank rewards card earns the bank's own points, which you convert, usually at a set ratio and sometimes in minimum blocks. Velocity's page listed ANZ, NAB and MyCard cards that can do this automatically through Auto Transfer. The trade-off is flexibility against simplicity: bank points can often go to more than one airline, but the conversion ratio is where a big-sounding earn rate can shrink.
| Direct earn card | Bank rewards program | |
|---|---|---|
| Where points land | Your Qantas or Velocity account | The bank's program, then converted |
| Headline earn rate | Stated in airline points per $1 | Stated in bank points per $1, so compare after the conversion ratio |
| Choice of airline | One program | Often several airline and retail partners |
| Extra costs to check | Some cards charge a separate fee to opt in to earning airline points | Conversion fees or minimum transfer blocks, depending on the program |
| When points expire | Under the airline's rules (Qantas: no activity in 18 months) | Under the bank program's rules until converted |
Earn rates are advertised as "up to" a figure for a reason. On Qantas's comparison page on 28 September 2026 the direct earn cards advertised headline rates from 0.5 to 1.25 points per $1, but the rate you actually get depends on what you buy and how much.
Look for these in the card's terms:
Both programs let you use points on flights with the airline and its partners, upgrades, hotels and shopping, and both value points very differently depending on how you redeem. The practical differences are which airline you actually fly, which partner airlines you want access to, and how easily you can find reward seats on your routes.
Qantas publishes a fixed points price for Classic Flight Rewards by distance zone and cabin, and increased those prices for bookings made from 5 August 2025 (about 15% more for Economy). Our guide to how much Qantas Points are worth sets out the current table and how to value a redemption. Qantas Points don't expire as long as you earn or use points at least once every 18 months.
Choose the program first, then the card. A card that earns well in a program you'll never redeem in is worth nothing to you.
Frequent flyer cards usually carry higher annual fees and higher purchase rates than basic cards. The only way to know if one is worth it for you is to do the sum with your own numbers. Here is the method, with round hypothetical figures to show the working.
It suits someone who pays the full closing balance every month, puts most of their regular spending on the card, and will redeem with that airline. It doesn't suit anyone who carries a balance: Moneysmart points out that rewards cards can cost more, especially if you don't pay the full balance each month. If that's you, a low rate card or a balance transfer will save more than any points program earns. For cash rather than points, see rewards vs cashback cards.
On 28 September 2026 Qantas's own comparison page listed direct earn cards from American Express, ANZ, Westpac, St.George, Bank of Melbourne, BankSA, NAB, Bankwest, Qantas Money, Bendigo Bank, BankVic, BOQ Specialist and Unity Bank. Other banks' rewards programs let you convert points to Qantas instead. The list changes, so check the card's terms.
It depends on your spending, since caps and tiers change what you earn. Work out the points you'd earn on your own monthly spend after caps, value them the way you'd redeem, and subtract every fee. The card with the biggest bonus is not always the one that earns you the most after year one.
Velocity's own page, checked 28 September 2026, said cards from American Express, Virgin Money, Westpac and BOQ Specialist earn Velocity Points directly, and ANZ, NAB and MyCard cards can convert rewards points automatically with Auto Transfer.
Only if you pay the balance in full every month and the value of the points you'd actually use is more than the annual fee and any points fee. Use the break-even method on this page with your own numbers.
Qantas Points don't expire as long as you earn or use points at least once every 18 months. Points in a bank's own program follow that program's rules until you convert them.
Generally no. Cash advances, balance transfers, interest and fees are usually excluded from earning points. Check the card's rewards terms for the full list.
We don't list cards or quote issuers' rates, fees or earn rates: they change often and we don't have a live product feed. Average rates are the RBA's published figures for the month shown. Before you apply, read the card's key facts sheet and Target Market Determination, which set out its actual rates, fees and interest-free days.
Card types, fees, interest-free days and credit limits, explained in one place in ourguide to comparing credit cards. When you're ready, tell us how you use a card and we'll match you on rate and fees.
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