Qantas Points Earn Cards 2026: ANZ vs Amex vs NAB in Australia

Every Qantas-branded credit card in Australia claims the biggest sign-up bonus, the best earn rate, and the most exclusive lounge access. The billboards are loud; the annual fees are certain, and the points value only pays back if you actually redeem well. Before choosing a Qantas-earning card in 2026, match the card to how you spend and how often you fly Qantas.

The verdict

For Australian shoppers targeting Qantas Points in 2026, three cards dominate the direct-earn conversation and each solves a different problem. American Express Qantas Ultimate wins on domestic earn rate per dollar and on the strongest Qantas-aligned travel bundle: it earns 1.25 Qantas Points per $1 on everyday domestic spend and higher on Qantas, foreign, and selected category spend (American Express). ANZ Frequent Flyer Black wins on Visa-network acceptance for shoppers whose everyday merchants decline Amex, earning around 1 Qantas Point per $1 on eligible domestic spend up to a monthly cap (ANZ). NAB Qantas Rewards Signature wins on lower annual fee with respectable direct-earn Qantas points, sitting around $295 vs $425 to $450 on the two premium alternatives (NAB). The December 2025 American Express Membership Rewards devaluation from 1:1 to 2:1 across Qantas and Velocity transfers shifted the maths: direct Qantas-branded cards now beat Membership Rewards transfer for most Qantas-focused shoppers. The biggest mistake is collecting Qantas Points you never redeem; the annual fee is certain, the redemption value is not.

💡 Earn cashback on top of Qantas Points through ShopBack Takes 2 minutes to sign up. No promo codes needed.

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What has changed for Qantas-earning cards in 2026

The Qantas Points earn ecosystem in Australia looks materially different in mid-2026 than it did 18 months ago. Five shifts frame the choice:

• American Express Membership Rewards devaluation (December 2025) dropped the transfer ratio to Qantas Frequent Flyer from 1:1 to 2:1. Amex Platinum, Amex Explorer, Amex Business Explorer, and every other Membership Rewards card lost half its Qantas value overnight (American Express). Direct-earn Qantas cards (Amex Qantas Ultimate, ANZ Frequent Flyer, NAB Qantas Rewards, Westpac Altitude Qantas option, Qantas Premier family) were unaffected because points post directly as Qantas Points.
• Qantas Frequent Flyer redemption chart has held broadly stable through 2026 after the August 2025 5-to-20% devaluation on selected international premium cabin awards. Domestic Classic Flight Reward pricing has stayed flat.
• ANZ Frequent Flyer Black sign-up bonuses have run at the up-to-130,000-point staged tier across promotional windows through the first half of 2026 (ANZ); check the live offer.
• Amex Qantas Ultimate sign-up bonuses have run at the up-to-120,000-point tier plus a $450 travel credit in staged offers; verify the current promotion (American Express).
• NAB Qantas Rewards Signature has held the ~$295 annual fee, with sign-up bonuses running at the 90,000 to 100,000 point tier through promotional windows (NAB).
• Amex acceptance has broadened at large Australian retailers (Woolworths, Coles, most Westfield tenants, JB Hi-Fi, Myer, David Jones, Bunnings) but stayed patchy at small business, tradies, and cash-preferring merchants. The 2026 practical rule: assume Amex works everywhere large, treat Visa/Mastercard as backup for smaller merchants.
• Purchase interest rates remain around 20 to 22% p.a. across the direct-earn Qantas cards. Interest-free days only apply if you pay the full closing balance by the due date (ASIC MoneySmart).

The rule of thumb for Qantas card choice in 2026: pick the card whose earn structure fits how you already spend, and prefer direct-earn Qantas over Membership Rewards transfer routes for pure Qantas Points accumulation.

Save on card-eligible retailers: Amazon Australia · JB Hi-Fi · Myer · The Iconic

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Where each card wins

The three cards cover a wide price band (from around $295 on the lower-premium tier to around $450 on the top tier) and roughly comparable direct-earn Qantas Points structures at the headline level. The differences are at the earn caps, category multipliers, network acceptance, lounge inclusions, and complimentary insurance. All three carry purchase interest rates in the 20 to 22% p.a. range; confirm before applying.

American Express Qantas Ultimate is the strongest single card for Qantas-focused Australian shoppers if the majority of your spend is at Amex-accepting merchants. The card earns roughly 1.25 Qantas Points per $1 on everyday domestic spend, higher rates on foreign currency spend and Qantas-branded spend, and typically includes two Qantas Club lounge invitations per year, complimentary international travel insurance (subject to conditions and the PDS), and a $450 Qantas travel credit each year that offsets the annual fee at face value if you fly Qantas (American Express). The catch is Amex acceptance at smaller merchants and independent stores. If your everyday spend skews toward large retailers, Amex is dominant. If your spend skews toward tradies, small retailers, or businesses that decline Amex, the effective earn rate collapses because you end up paying with a backup card at 0 Qantas Points.

ANZ Frequent Flyer Black is issued on the Visa network, so acceptance is universal at any Australian merchant that accepts card payment. It earns 1 Qantas Point per $1 on eligible domestic purchases up to $7,500 per statement period, then 0.5 Points per $1 thereafter (ANZ). Total annual fee is around $425 ($375 card fee plus $50 program fee), and the card typically includes two complimentary Qantas Club invitations per year, international travel insurance (subject to policy terms), and access to ANZ Rewards Black-tier premium concierge. ANZ Frequent Flyer Black is the natural pairing for an Amex Qantas Ultimate: use Amex for large merchants and ANZ Visa for the rest. Sign-up bonuses have run up to 130,000 Qantas Points across staged spend conditions in promotional windows.

NAB Qantas Rewards Signature hits the middle: direct-earn Qantas at 1 Point per $1 on eligible domestic spend, with the lowest annual fee among the premium direct-earn Qantas cards at around $295 (NAB). Complimentary international travel insurance is included subject to activation, and the card is issued on the Visa network for universal acceptance. NAB also issues the entry-tier NAB Qantas Rewards Card (around $95 annual fee, lower earn rate and lower cap) for shoppers who want direct Qantas earn without a premium fee. Sign-up bonuses have run at 90,000 to 100,000 Qantas Points through promotional windows.

Outside the direct-earn tier, the picture shifts. Amex Platinum earns 2.25 Membership Rewards Points per $1 on most spend, but the 2:1 Qantas transfer following the December 2025 devaluation translates that to only 1.125 Qantas Points per $1 on transfer, comparable to Amex Qantas Ultimate's direct earn. The Membership Rewards route now competes rather than dominates. Westpac Altitude Black with the Qantas option earns Qantas Points directly at 0.5 Points per $1 on most purchases (up to 1.2 internationally), which is meaningfully below the three cards discussed here for pure Qantas-Points-per-dollar.

For pure cashback earning, none of the three Qantas-earn cards issues a cashback structure; they are points-first. The cashback layer comes from spending at ShopBack partner merchants, independent of which Qantas card you use.

Compare cashback on major AU retailers: Amazon Australia · Woolworths · Coles · Myer

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The numbers, card by card

Feature	Amex Qantas Ultimate	ANZ Frequent Flyer Black	NAB Qantas Rewards Signature
Annual fee (2026, indicative)	~$450	~$425 ($375 + $50 program fee)	~$295
Card network	American Express	Visa	Visa
Earn rate per $ (domestic everyday)	1.25 Qantas Points	1 to $7,500/stmt, then 0.5	1 Qantas Point
Earn rate per $ (Qantas spend)	2.25 Qantas Points	2 (on selected categories)	1.5 to 2
Earn rate per $ (foreign currency)	2.25 Qantas Points	1	1
Monthly / statement cap	Yes, verify with issuer	$7,500/stmt threshold	Yes, verify with issuer
Sign-up bonus (typical 2026, staged)	Up to 120,000 Qantas Points + travel credit	Up to 130,000 Qantas Points	90,000 to 100,000 Qantas Points
Complimentary Qantas Club invitations	Yes (2/yr, verify with issuer)	Yes (2/yr, verify with issuer)	No
International travel insurance	Yes, conditions apply	Yes, conditions apply	Yes, conditions apply
Complimentary Qantas travel credit	~$450/yr (offsets annual fee at face value)	No	No
Purchase interest rate	~22% p.a.	~20 to 22% p.a.	~20 to 22% p.a.
Foreign transaction fee	Yes (~3%, verify)	Yes (~3%, verify)	Yes (~3%, verify)
Best for	High-Amex-acceptance domestic spenders	Universal acceptance backup	Lower-fee direct Qantas earn
Worst for	Small-merchant heavy spenders	Amex-only travel bundle seekers	Premium-lounge chasers

(Fees, earn rates, sign-up bonuses, and interest rates are indicative and change; verify directly with each issuer before applying: American Express, ANZ, NAB.)

No single card wins on every dimension. Amex Qantas Ultimate wins on domestic earn rate and travel bundle. ANZ Frequent Flyer Black wins on network acceptance and sign-up bonus size. NAB Qantas Rewards Signature wins on annual fee among the direct-earn premium tier.

A durability note on complimentary travel insurance: all three cards exclude pre-existing conditions, require activation before travel, cap medical claims (often $2.5m to $5m), and typically only cover trips paid for on the card. Read the PDS before relying on the "free insurance" for a longer, higher-cost, or higher-risk trip.

Book travel and earn cashback: Booking.com · Agoda · Hotels.com · Trip.com

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Which card fits your situation

Use the Qantas Card Match Map before applying. Decide what you spend on and how you fly Qantas first, then pick the card that maximises value against that pattern.

Your situation	Best Qantas card	Why
Frequent Qantas international flyer (4+ long-haul/yr)	Amex Qantas Ultimate	Highest domestic + Qantas + FX earn, $450 travel credit offsets fee
Domestic Qantas flyer (mostly SYD-MEL, SYD-BNE)	NAB Qantas Rewards Signature	Enough Qantas earn for domestic redemptions at half the fee
Amex accepted at nearly all your merchants	Amex Qantas Ultimate	Card network is not a friction
Amex declined at ~30% of your merchants	ANZ Frequent Flyer Black	Visa acceptance keeps the earn rate real
Two-card strategy: primary + backup	Amex Ultimate + ANZ FF Black	Amex for large, ANZ for the rest
$30,000 to $50,000 annual spend, moderate	NAB Qantas Rewards Signature	Best fee-to-Qantas ratio in the premium tier
$80,000+ annual spend, heavy Amex use	Amex Qantas Ultimate	Higher earn cap and category multipliers pay back the fee
Sign-up bonus hunter (one-off)	ANZ Frequent Flyer Black	Largest typical 2026 bonus (up to 130k)
Business owner / ABN with Qantas focus	Amex Qantas Business Rewards	Business earn structure sits separately
Backup card for merchants declining Amex	ANZ Frequent Flyer Black	Visa network, direct Qantas earn
Annual-fee-allergic Qantas earner	NAB Qantas Rewards Card (entry)	~$95 fee, lower earn, still direct Qantas
Not sure you fly Qantas enough	Skip direct-earn, use ShopBack + no-fee card	The annual fee only pays back if you actually redeem

The biggest mistake is signing up for the biggest headline bonus, paying the annual fee, and never redeeming the points. Amex Qantas Ultimate sitting unused costs around $450 a year, ANZ Frequent Flyer Black around $425, and NAB Qantas Rewards Signature around $295. The card only pays back if you fly Qantas and redeem the points.

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What this means for your wallet

The Qantas Points economics in Australia in 2026 come down to three levers: earn rate per dollar, redemption value per point, and the annual fee drag. A typical direct-earn Qantas card returns roughly 0.5 to 1.5 cents per dollar in net redemption value (after annual fee, after taxes/fees on redemption). A well-used ShopBack cashback strategy on the same spend can return 2 to 8 cents per dollar at participating merchants, and stacks with the Qantas card regardless of network.

Concrete example one: a Brisbane household with $45,000 annual credit card spend, half at major retailers where Amex is accepted, half domestic non-Amex. Amex Qantas Ultimate on the first $22,500 at 1.25 Points per $1 = 28,125 Qantas Points; ANZ Frequent Flyer Black on the second $22,500 at 1 Point per $1 = 22,500 Qantas Points. Total: ~50,625 Qantas Points per year against combined annual fees of ~$875 (Amex $450, ANZ $425). Redeemed against a Sydney-to-Auckland Classic Flight Reward return (around 36,000 Points in economy) plus a Sydney-to-Melbourne one-way (9,200 Points), the year's earn covers both flights with change. Add ShopBack cashback layered on top when purchasing at Booking.com, Agoda, Myer, or JB Hi-Fi: another $300 to $600 a year.

Concrete example two: a single Perth shopper with $30,000 annual spend, mostly online retail and groceries. NAB Qantas Rewards Signature ($295 annual fee) at 1 Point per $1 on eligible spend = around 30,000 Qantas Points per year. Redeemed against a Perth-to-Sydney one-way Classic Flight Reward (around 12,000 Points economy) plus taxes/fees, the earn covers two domestic hops with change. ShopBack cashback on the online retail portion ($15,000): roughly $400 to $900 back. Net: $400 to $900 per year in cashback on top of the Qantas Points, against a $295 fee.

Concrete example three: a low-spend shopper, $18,000 annual spend, mostly small-ticket purchases. No direct-earn Qantas card is worth the annual fee at this level. Use a no-fee card, hold onto old Qantas Points if any, and concentrate the value on ShopBack cashback at participating merchants. Net cashback: $200 to $500 per year, with no annual fee to offset.

Across the three profiles, the common pattern: Qantas Points reward concentrated, predictable, Qantas-aligned travel. ShopBack rewards retailer-by-retailer cashback regardless of card. The two stack.

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When this does NOT apply

• You carry a balance: any Qantas Points earned are wiped out by the interest rate (20 to 22% p.a. on all three cards). Interest-free days only apply if you pay the full closing balance by the due date (ASIC MoneySmart). Pay in full or switch to a low-rate card.
• Your annual spend is under $20,000: the annual fee on every direct-earn Qantas premium card exceeds the point value at this spend level.
• You fly Virgin Australia primarily: pick a Velocity-earning card instead. Qantas Points do not transfer to Velocity.
• You fly Jetstar low-cost only: Classic Flight Reward availability on Jetstar is variable, and reward pricing on Jetstar tends to compare poorly with cash fares.
• You want zero foreign transaction fee: All three cards charge around 3% foreign transaction fee. Use a dedicated no-FX-fee card (Wise, ING Orange Everyday, Bankwest Breeze) for overseas spend.
• You already hold Amex Platinum: the December 2025 devaluation means Amex Platinum now transfers to Qantas at 2:1 (1.125 Qantas Points per $1 on general spend), directly comparable to Amex Qantas Ultimate's direct earn. Holding both usually double-pays a fee for similar earn.
• You are self-employed with an ABN: an Amex Business Explorer or NAB Business card can deduct the annual fee against business income; personal cards cannot. Run the maths against your tax situation.

Save on everyday spend categories: JB Hi-Fi · The Iconic · David Jones · Adore Beauty

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Frequently asked questions

Which credit card earns the most Qantas Points per dollar in Australia in 2026?

For everyday domestic spend, the American Express Qantas Ultimate card sits at the top of the direct-earn tier, earning 1.25 Qantas Points per $1 on domestic everyday spend and higher on selected categories (American Express). ANZ Frequent Flyer Black earns around 1 Qantas Point per $1 on eligible domestic spend up to the monthly cap. NAB Qantas Rewards Signature earns roughly 1 Point per $1 on domestic spend. Verify current earn rates with each issuer before applying.

Should I get an Amex Qantas card or an ANZ Qantas card in 2026?

Get the Amex Qantas Ultimate if the majority of your spend is at merchants that accept Amex. Get the ANZ Frequent Flyer Black if you spend regularly at smaller merchants where Amex acceptance is patchy: ANZ Frequent Flyer Black is issued on the Visa network. Many Australian points-focused shoppers hold both, using Amex as primary and ANZ as the Visa backup.

Did the December 2025 Amex devaluation kill the Amex Qantas Ultimate card?

No. The December 2025 devaluation applied to American Express Membership Rewards transfers to Qantas and Velocity, dropping the ratio from 1:1 to 2:1. The Amex Qantas Ultimate is a direct-earn Qantas card (points post as Qantas Points, not Membership Rewards), so the devaluation does not affect it.

What is the annual fee on the Amex Qantas Ultimate card in Australia?

The American Express Qantas Ultimate card annual fee is around $450, positioned in the premium tier alongside ANZ Frequent Flyer Black (around $425 total) and above NAB Qantas Rewards Signature (around $295). Fees change; verify current pricing directly with each issuer.

Can I earn cashback on top of Qantas Points through ShopBack in Australia?

Yes. ShopBack cashback pays on the merchant, not the card. Route the purchase through Booking.com, Agoda, JB Hi-Fi, Myer, or The Iconic, then pay with your Qantas-earning card. Both layers earn on the same transaction.

Are Qantas Points credit card sign-up bonuses worth chasing in 2026?

A 100,000 to 150,000 Qantas Point sign-up bonus is worth roughly $1,000 to $1,800 in flight value when redeemed against Classic Flight Reward international economy or premium economy on long-haul routes. The catch is the minimum spend condition (usually $3,000 to $6,000 in the first 60 to 90 days). If you would spend that amount anyway, the bonus is free money.

Does the ANZ Frequent Flyer Black include lounge access?

ANZ Frequent Flyer Black typically includes two complimentary Qantas Club lounge invitations per year for the primary cardholder. Lounge inclusions change; verify current terms with each issuer.

Which Qantas Points card has the lowest annual fee in 2026?

Among the direct-earn Qantas cards, NAB Qantas Rewards Signature typically sits at the lower end of the premium tier (around $295), while entry-tier options like NAB Qantas Rewards Card and Qantas Premier Everyday sit meaningfully lower (around $95 to $150).

How many Qantas Points do I need for a Sydney to Los Angeles reward flight?

As of 2026, a one-way Sydney to Los Angeles economy Classic Flight Reward on Qantas is in the region of 55,200 Qantas Points plus taxes, fees and carrier charges. Premium economy is around 96,600 points, business is around 108,400 points. Check the Qantas Classic Flight Reward pages for live award-chart pricing before booking.

Can I stack cashback with Qantas card sign-up bonus spend?

Yes. Route the qualifying spend through ShopBack partner merchants like Amazon Australia, JB Hi-Fi, and Coles. The purchases count toward the card's minimum spend condition for the sign-up bonus AND earn ShopBack cashback.

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Key takeaways

• Amex Qantas Ultimate wins on domestic earn (1.25 Qantas Points per $1) and Qantas travel bundle
• ANZ Frequent Flyer Black wins on Visa acceptance and largest typical sign-up bonus (up to 130k)
• NAB Qantas Rewards Signature wins on annual fee at ~$295 with respectable direct Qantas earn
• The December 2025 Amex Membership Rewards devaluation (1:1 to 2:1) makes direct-earn Qantas cards comparatively stronger than transfer cards
• Two-card strategy (Amex primary, ANZ Visa backup) is the standard 2026 setup for points-focused Australian shoppers
• ShopBack cashback on participating merchants stacks with any Qantas card
• A Qantas card you do not redeem is a $295 to $450 annual fee handed to the bank
• Carrying a balance wipes out all Qantas Points value (20 to 22% p.a. purchase rate)
• Sign-up bonus minimum-spend conditions must fit your normal spending; otherwise the bonus becomes a budget overrun
• Earn cashback on top of Qantas Points through ShopBack

💡 Stack ShopBack cashback at JB Hi-Fi, Booking.com, Agoda, and other AU retailers, whatever Qantas card you use No points to chase, no minimum redemption.

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Related articles

• Which Big 4 Card Actually Wins in 2026: Westpac vs CBA vs ANZ vs NAB
• The Amex to Airline Ratio Just Halved: Is Qantas Frequent Flyer Still the Better Australian Program in 2026?
• Qantas Frequent Flyer 5 to 20 Devaluation August 2025: What Changed for Australian Cardholders
• Mortgage Refinance vs Credit Card Consolidation in Australia 2026

Sources

• American Express Qantas Ultimate Card
• ANZ Frequent Flyer Black credit card
• NAB Qantas Rewards Signature Card
• Qantas Frequent Flyer earning
• ASIC MoneySmart: choosing a credit card

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Disclaimer

The views and recommendations expressed in this article are those of the author.

Credit card fees, points earn rates, sign-up bonuses, insurance terms, transfer partner ratios, and program conditions are subject to change. Eligibility criteria, minimum income requirements, and complementary insurance terms vary by issuer and product disclosure statement (PDS). Please verify current pricing, terms, and eligibility directly with the relevant issuer before applying.

Reward flight availability, Qantas Classic Flight Reward pricing, and taxes/fees on reward redemptions change; verify with Qantas before booking.

This article is intended for general informational purposes only and should not be considered financial product advice. Consider whether any product is appropriate for your personal financial situation, and consult a licensed financial adviser if needed.