Credit card comparison

Best Rewards Credit Cards in Australia (2026)

Compare Australian rewards credit cards by headline points offer, annual fee, minimum spend, and practical trade-offs. 11 cards reviewed.

Offers checked: 1 September 2026

Top picks

ANZ

Frequent Flyer Black

Up to 80,000 Qantas Points

$425 p.a.

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NAB

Qantas Rewards Signature

Up to 130,000 Qantas Points + $250 cashback

$320 first year for existing NAB customers, otherwise $420; $420 p.a. ongoing

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Virgin Money

Velocity High Flyer

Up to 100,000 Velocity Points

$329 p.a.

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AMEX

American Express

Platinum Card

200,000 Membership Rewards points

$1,450 p.a.

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Jump to:Qantas Velocity Amex Rewards Bank Rewards

Qantas Frequent Flyer Cards

Qantas Points

ANZ

Frequent Flyer Black

Up to 80,000 Qantas Points

Annual fee

$425 p.a.

Min. spend

$6,000 in 3 months

Earn rate: 1 Qantas pt/$1 up to $7,500/statement, then 0.5 pts

Benefits: Complimentary overseas travel insurance, Visa Platinum card benefits

Best for / Watch out

Best for

Qantas collectors who can clear the balance monthly and meet the spend without forcing purchases.

Watch out

Bonus is now materially smaller, and previous ANZ Rewards or Frequent Flyer cardholders remain excluded for 24 months; purchase rate rises to 22.49% p.a. from 28 September 2026.

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Qantas Points

NAB

Qantas Rewards Signature

Up to 130,000 Qantas Points + $250 cashback

Annual fee

$320 first year for existing NAB customers, otherwise $420; $420 p.a. ongoing

Min. spend

$5,000 in 90 days

Earn rate: 1 Qantas pt/$1 up to $5,000/month, then 0.5 pts

Benefits: Domestic and international travel insurance, purchase protection

Best for / Watch out

Best for

People comparing Qantas points with a first-year cashback offset.

Watch out

Bonus points restricted for recent NAB Qantas cardholders; annual fee rises to $449 and purchase rate to 22.49% p.a. from 1 October 2026.

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Qantas Points

Qantas Money

Premier Platinum

Up to 80,000 Qantas Points

Annual fee

$349 first year, then $399 p.a.

Min. spend

$5,000 in 90 days

Earn rate: 1 Qantas pt/$1 on domestic spend up to $10,000/statement, then 0.5 pts

Benefits: Two Qantas Club lounge invitations per year, complimentary travel insurance

Best for / Watch out

Best for

Frequent Qantas flyers who want direct Qantas earn without a bank intermediary.

Watch out

Offer is smaller than before, and you need to have gone 24 months without earning Qantas Points from a credit card bonus.

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Velocity Frequent Flyer Cards

Velocity Points

Virgin Money

Velocity High Flyer

Up to 100,000 Velocity Points

Annual fee

$329 p.a.

Min. spend

$3,500 in each of first 2 months

Earn rate: 1 Velocity pt/$1 up to $8,000/statement, then 0.5 pts

Benefits: Two Virgin Australia lounge passes per year, international travel insurance

Best for / Watch out

Best for

Velocity collectors who fly Virgin Australia domestically.

Watch out

Bonus is staged across two $3,500 spend months, and the annual fee is higher than before; from 1 October 2026 the earn rate drops to 0.75 Velocity Points per $1 up to $5,000 per statement period, then 0.25 per $1.

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American Express Membership Rewards

Membership Rewards

American Express

Platinum Card

200,000 Membership Rewards points

Annual fee

$1,450 p.a.

Min. spend

$5,000 in 3 months

Earn rate: 2.25 pts/$1 on Amex, 1 pt/$1 other

Benefits: Centurion lounge access, $450 travel credit, Priority Pass, hotel elite status

Best for / Watch out

Best for

High-spend frequent travellers who will fully use the premium travel benefits.

Watch out

$1,450 fee only makes sense if you use the lounge access and travel credits.

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Membership Rewards

American Express

Explorer

Up to 125,000 Membership Rewards points

Annual fee

$395 p.a.

Min. spend

$4,000 in first 3 months, then $4,000 in year 2

Earn rate: 2 Membership Rewards pts/$1

Benefits: $400 annual travel credit, complimentary travel insurance, 2 lounge invitations

Best for / Watch out

Best for

Travel-focused users who can use the annual travel credit naturally.

Watch out

The full bonus is staged into the second year, and Amex acceptance and surcharges still vary by merchant.

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Bank Rewards Cards

Altitude Rewards

Westpac

Altitude Rewards Black

Up to 200,000 Altitude Rewards Points

Annual fee

$200 first year, then $295 p.a.

Min. spend

$12,000 per year (staged)

Earn rate: 3 pts/$1 on flights, 2 pts/$1 supermarkets, 1 pt/$1 other

Benefits: Domestic and international travel insurance, lounge access

Best for / Watch out

Best for

Flexible rewards users who prefer bank points over a single airline program.

Watch out

Headline bonus is staged across two years and requires ongoing spend.

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ANZ Rewards

ANZ

Rewards Black

Up to 180,000 ANZ Reward Points + $100 back

Annual fee

$375 p.a.

Min. spend

$5,000 in 3 months

Earn rate: 3 pts/$1 on Visa checkout, 1.5 pts/$1 other

Benefits: Overseas travel insurance, purchase protection, extended warranty

Best for / Watch out

Best for

Flexible rewards collectors not tied to a single airline program.

Watch out

The bonus is smaller than before and the final tranche requires keeping the card for over 15 months; purchase rate rises to 22.49% p.a. from 28 September 2026.

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NAB Rewards

NAB

Rewards Signature

Up to 110,000 NAB Rewards Points

Annual fee

$35 per month

Min. spend

$5,000 in 90 days for first bonus

Earn rate: 2 NAB pts/$1 on eligible purchases

Benefits: Complimentary purchase protection and extended warranty

Best for / Watch out

Best for

People who want uncapped NAB Rewards rather than airline-only points.

Watch out

NAB Rewards Points cannot be transferred to Qantas Points; monthly fee reverts to a $395 annual fee and the purchase rate rises to 22.49% p.a. from 1 October 2026.

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CBA

CommBank Awards

CommBank

Ultimate Awards

Up to $900 in travel credits

Annual fee

$35/month, $0 if you spend $4,000 in the statement period

Min. spend

$9,000 in 90 days

Earn rate: Up to 3 Awards pts/$1 or 1.2 Qantas pts/$1

Benefits: Travel insurance, no FX fee, two airport lounge visits each year

Best for / Watch out

Best for

CommBank customers who travel, spend enough to waive the monthly fee, and value bundled travel perks.

Watch out

Monthly fee only disappears if you hit the spend hurdle, and the headline credit is staged across 12+ months.

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Amplify Rewards

St.George

Amplify Signature

Up to 200,000 Amplify Points

Annual fee

$199 first year, then $295 p.a.

Min. spend

$12,000 in year 1, then $12,000 in year 2

Earn rate: 3 Amplify pts/$1 international, 2 pts/$1 everyday, 1 pt/$1 other

Benefits: Two Priority Pass lounge visits per year, complimentary travel insurance, concierge

Best for / Watch out

Best for

BankSA and St.George customers wanting flexible bank rewards.

Watch out

The full headline bonus is spread across two years and needs large ongoing spend.

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General information only

Credit card rewards can be outweighed by interest, fees, surcharges, and unnecessary spending. This page is general information only and does not constitute financial advice. Always read the product disclosure statement before applying. OpenFolio may receive a commission on approved applications via affiliate links.

Definitions

Sign-up bonus: A one-time reward (typically points, miles, or cashback) earned after meeting a minimum spend threshold within a specified period of opening a new credit card.
Minimum spend: The total amount you must charge to a new credit card within a set timeframe, usually 60 to 90 days, to trigger the sign-up bonus.
Annual fee: The yearly membership fee charged by the card issuer, deducted from your account regardless of how much you spend.
Exclusion period: The mandatory waiting period, typically 12 to 24 months, before a cardholder who has previously held or earned a bonus from a bank is eligible to earn that bonus again.
Credit card churning: The strategy of repeatedly applying for new credit cards solely to earn sign-up bonuses, then cancelling or downgrading before the next annual fee falls due.
Frequent flyer points: Loyalty currency earned on purchases that can be redeemed for flights, upgrades, or other rewards through an airline program such as Qantas Points or Velocity Points.

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