How to compare credit cards in Australia

Australian credit-card points reach a frequent flyer account by three routes: a bank's own rewards currency, an airline co-brand card that earns the airline currency directly, and a card whose bank points can be converted into an airline currency. [5] [7] [8] The annual fee, earn rate, bonus conditions and transfer rules differ by product, so the comparison has to start with the programme and the specific card rather than with a single market-wide ranking. [5] [7]

Facts checked: 18 October 2026

Australian credit cards
Categories	Earning, cards
Market	Australia-issued consumer cards
Programmes covered	NAB Rewards, Qantas Frequent Flyer, Velocity Frequent Flyer
Data source	Official programme pages

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Key takeaways

The NAB Rewards cards listed on 18 October 2026 had annual fees of $195 or $395, minimum credit limits of $3,000 or $6,000 and a 22.49% p.a. variable purchase rate, depending on the card. [5]
NAB Rewards Points can be transferred to Velocity, flybuys, ALL Accor, KrisFlyer and Koru, but NAB says Qantas Frequent Flyer is excluded and NAB Rewards Points cannot be used to redeem Qantas Points. [5]
From 8 December 2026 Qantas will let members earn up to 140 Status Credits a Membership Year from Qantas Points across ten categories, including credit cards, but transferred or converted card rewards and card bonus points are excluded. [8]
Velocity gives an extra Base Point per $1 on eligible Virgin Australia domestic and short-haul bookings made from 2 April 2025 to members who earned Points from an eligible Velocity Points earning credit card in the previous 12 months. [7] [10]

Three routes to a points balance

NAB's page treats its NAB Rewards cards as a bank programme separate from its NAB Qantas Rewards cards. [5] NAB Rewards Points can be used in the NAB Rewards Store or moved to partner programmes, and the page states that they cannot be used to redeem Qantas Points. [5] The partner list for automatic or manual redemption includes Velocity, flybuys, ALL Accor, KrisFlyer and Koru, while Qantas Frequent Flyer is excluded. [5] On the two cards marketed with Velocity, the published conversion is 3 NAB Rewards Points to 1 Velocity Point. [5]

Qantas's credit-card route is different: from 8 December 2026 it will count Qantas Points earned in ten categories, including credit cards, toward Status Credits on the ground. [8] The credit-card category covers all Qantas Points earning credit cards, but excludes credit or charge card rewards points transferred or converted into Qantas Points, and bonus points from any Qantas Points earning credit cards. [8]

Velocity's route is a flying earn rate rather than a transfer: for eligible Virgin Australia domestic and short-haul international bookings made on or after 2 April 2025, the published rate for all other members is 4 Points per $1, and eligible cardholders earn one additional Base Point per $1. [7] The member must have earned Points from spending with an eligible Velocity Points earning credit card in the 12 months before flying, and the card does not need to be active at the time of flying. [7] [10] The published list includes American Express Velocity cards, Bank of Queensland Velocity cards, Westpac Altitude Mastercard Platinum and Black, and Virgin Money Virgin Australia Velocity cards. [7]

Fees, rates and minimum limits

On 18 October 2026 NAB listed two Travel cards at a $395 annual card fee and a $6,000 minimum credit limit, and two standard Rewards cards at $195 and $3,000. [5] All four showed a 22.49% p.a. variable purchase rate. [5] The Travel cards advertised up to 2.5 NAB Rewards Points per $1 and the standard cards up to 2, with uncapped earn. [5] NAB says interest, fees, charges and earn rates are subject to change, and approval and credit limit depend on its credit assessment. [5] Existing NAB customers can reduce the NAB Rewards Card annual fee from $195 to $95 in the first year if they apply through Internet Banking, the NAB app or a banker. [5]

Sign-up bonuses and eligibility traps

NAB's Travel Card offer advertised up to 180,000 bonus NAB Rewards Points: 120,000 after approval and $5,000 spent in the first 90 days, and 60,000 for keeping the card over 12 months. [5] Its standard Rewards Card offer advertised up to 100,000: 80,000 after $3,000 spent in the first 90 days, and 20,000 after 12 months. [5] Those two offers exclude customers who currently hold, have held or are transferring from any personal NAB Rewards Credit Card in the last 24 months. [5] The Velocity variants advertised up to 90,000 and 80,000 bonus Velocity Points, were open to new cardholders only, commenced on 1 October 2026 and end on withdrawal. [5] NAB says it may vary or end an offer at any time and that minimum monthly repayments are required. [5]

Earning, transferring and expiry

NAB Rewards Points expire three years after they were earned. [5] Velocity Points typically have a 24-month expiry determined by activity: the expiry date is the later of 24 months after the most recent Long Term Activity or one month after the most recent Short Term Activity. [10] Long Term Activity includes earning, redeeming or transferring Points with Velocity or a partner, excluding family transfers and Family Pooling, receiving Points from a Virgin Australia Business Flyer member, or buying Points with Points Booster; Short Term Activity includes earning in a Family Pool as a beneficiary, receiving a Family Member transfer or an inheritance. [10] Virgin Australia flight Points are usually allocated within 2-3 days, while other partner Points can take up to 8-10 weeks, and missing-Points claims are due within 180 days for Virgin Australia and airline partners and 90 days for other partners, with a six-month deadline for Link Airways. [10] Velocity Reward Seats start from 5,900 Points, are subject to availability and do not earn Points. [7] Status Credits earned from eligible partner transactions expire 12 months from the activity date, while Status Credits in a Forever Gold balance do not expire. [10] Velocity says Points have no cash value and cannot be converted to cash. [10] Velocity terms also warn that a partner may change the number of partner points required to transfer to Velocity. [10]

Exceptions and limits

The NAB 24-month exclusion on bonus points is stated for the NAB Rewards Travel Card and NAB Rewards Card offers, while the Velocity variants are described as new-cardholder offers. [5]
Qantas will not award any Status Credits on the ground until 8 December 2026, when the feature launches. [8] Eligible activity from the Membership Year in progress on 8 December 2026 counts, and members whose Membership Year ends before that date have eligible points in their next Membership Year counted instead. [8] All Qantas Frequent Flyer members are eligible, but location may limit the ways to earn Points and therefore the full 140 Status Credits. [8] The Status Credits count toward Lifetime Status but not toward Loyalty Bonus, Platinum Bonus Reward, Platinum One Bonus Reward or Status Accelerator/Challenge requirements. [8] Qantas may change which points activity is eligible at any time. [8]
The Velocity extra Base Point cannot be earned on Virgin Australia marketed flights operated by a partner airline, and Velocity reserves the right to update the eligible card list. [7] [10]
Reward Seats are limited, may not be available at lead-in prices or on all flights, and taxes, fees and carrier charges are payable in addition. [7]
NAB may vary or end offers and its rates can change, and the card terms and conditions govern fees and charges. [5]

Sources

Sources checked on 18 October 2026. It covers only NAB Rewards, Qantas Frequent Flyer and Velocity Frequent Flyer material named below; cards issued by American Express, ANZ, CommBank and Westpac as principal issuers, business cards, charge cards and other programmes are not covered. This page is not financial advice.

NAB Rewards credit cards, checked 18 October 2026
Virgin Australia flying and Status with Velocity, checked 18 October 2026
Qantas Status Credits on the ground, checked 18 October 2026
Velocity membership terms and conditions, checked 18 October 2026