Qantas Amex vs Velocity Amex vs NAB Qantas: AU Co-Brand Cards 2026

Short verdict: If you fly Qantas even occasionally and can use an Amex, the Qantas American Express Ultimate is the highest-earn card in Australia with its $450 travel credit offsetting the $450 annual fee. If your travel is Virgin Australia domestic-heavy, the Velocity Platinum Amex's complimentary return flight plus lounge access delivers the biggest annual dollar value. If you need Visa acceptance for merchants that don't take Amex, NAB Qantas Rewards Signature is the strongest Qantas-earning Visa alternative in 2026. Most points-savvy Australians pair one Amex with one Visa rather than pick one card.

Before you apply, start any travel spend at ShopBack Travel to see current cashback offers on flight, hotel, and car rental partners. If you're new to ShopBack, it's a cashback and rewards platform that pays you back on purchases from 2,000+ Australian retailers including Qantas Hotels, Booking.com, Agoda, Wotif, Hertz, and Trip.com. Sign up at shopback.com.au/signup, activate cashback via ShopBack before checkout at your travel merchant, and cashback tracks on top of the Qantas Points or Velocity Points you earn on your co-brand card.

Why the three-card comparison is the right frame

Australia's frequent flyer credit card market in 2026 has more than 50 products across Qantas Frequent Flyer, Velocity Frequent Flyer, and flexible programs like Amex Membership Rewards and ANZ Rewards. Most of them earn either Qantas Points or Velocity Points at similar rates. The three cards in this comparison are the ones most Australian frequent flyers actually short-list because they cover the three structural choices you have to make: which airline program to earn into, which payment network to use, and how much annual fee you're willing to pay for lounge and travel bundle value.

The Qantas American Express family (Ultimate, Premium, Discovery) is the highest-earn path into Qantas Points on Amex. The Velocity Platinum Amex is the highest-earn path into Velocity Points on Amex with the strongest domestic travel bundle. NAB Qantas Rewards Signature is the strongest Qantas-earning Visa for people who need merchant acceptance beyond Amex. Everything else in the market (ANZ Frequent Flyer Black, Westpac Altitude, Bendigo Bank Qantas products) is a variation on one of these three shapes.

Activate cashback via ShopBack before checkout at qualifying travel merchants to earn cashback alongside the points your co-brand card earns.

Qantas American Express Ultimate: highest earn, best travel credit

The Qantas American Express Ultimate Card carries a $450 annual fee and delivers a $450 annual Qantas Travel Credit that effectively offsets it if you fly Qantas at least once a year. This is the structural feature that makes the card the default recommendation for Qantas-loyal Australians in 2026.

The earn rates are among the highest in the Australian market: up to 1.25 Qantas Points per $1 on everyday purchases (this drops to 1 point per $1 after the first 100,000 points per Card Member year), and up to 2.25 Qantas Points per $1 on eligible Qantas products and services. Government spend earns at a reduced rate. The current welcome bonus runs up to 120,000 bonus Qantas Points across two tranches (70,000 after $5,000 spend in the first three months, plus an additional 50,000 after a further $5,000 spend in the first three months of the second Card Member year).

The $450 Qantas Travel Credit is redeemable on a single Qantas-marketed (QF-coded) flight booked through American Express Travel, valid for 365 days per Card Member year, and does not roll over. That structural feature is important: if you don't fly Qantas at least once a year, the credit is harder to use and the effective annual fee climbs.

Ancillary benefits include two Qantas Club complimentary lounge invitations after eligible Qantas spend each Card Member year, complimentary travel insurance on eligible trips, and access to American Express Offers.

Where the Ultimate is weaker: American Express acceptance is not universal, so you need a Visa or Mastercard backup for the 10 to 15 percent of Australian merchants who don't take Amex. And if you're a low-volume everyday spender who wouldn't hit the 100,000-point cap on the higher earn tier, the $249 Qantas Amex Premium is a more efficient annual-fee choice.

Compare Qantas travel spend with ShopBack. Book Qantas Hotels or partner travel via ShopBack partners to earn cashback on top of your Qantas Points earn on the Ultimate.

Qantas American Express Premium: mid-tier alternative

The Qantas American Express Premium Card sits between the Ultimate and the Discovery in the Amex-Qantas family. Its $249 annual fee is materially lower than the Ultimate's $450, but it does not come with a travel credit, so the fee is a genuine annual outlay rather than an offset.

Earn rates are lower: 1 Qantas Point per $1 on most eligible spend, 2 Qantas Points per $1 on eligible Qantas products, and 0.5 Qantas Points per $1 on government spend. The current welcome offer is 20,000 bonus Qantas Points after spending $3,000 in the first three months. Card members receive two Qantas Club complimentary lounge invitations after eligible Qantas spend each Card Member year.

The Premium is the right pick if you want Qantas Amex earn structure but you don't fly Qantas often enough to make the Ultimate's $450 travel credit reliably usable. It's also a common downgrade path for former Ultimate holders whose flying patterns have shifted.

For Qantas-oriented Australians who don't want any annual fee at all, the Qantas American Express Discovery Card is the entry point: $0 annual fee, 0.75 Qantas Points per $1 on everyday purchases, 1.75 Qantas Points per $1 on eligible Qantas products, and 0.5 points per $1 on government spend. The Discovery was highly commended for Best No Annual Fee Rewards Credit Card in the 2026 Finder Awards. It's a good long-hold card for a portfolio because there's no fee pressure to justify.

Velocity Platinum American Express: best domestic bundle

The American Express Velocity Platinum Card is the highest-earn Amex path into Velocity Points, with a $440 annual fee. Earn rates are 1.25 Velocity Points per $1 on general spend and 2.25 Velocity Points per $1 on Virgin Australia purchases. Government spend earns 0.5 points per $1. The current welcome bonus runs up to 50,000 bonus Velocity Points after meeting spend requirements.

The structural feature that makes this card compelling is the domestic travel bundle: a complimentary Virgin Australia domestic return flight each Card Member year (subject to fare and route conditions), Virgin Australia domestic lounge access every time you fly, and two guest lounge passes. For an Australian who flies Virgin domestically two or three times a year, the return flight benefit alone often exceeds the $440 annual fee in dollar-equivalent value.

Point valuation matters here. Australian points blogs including CCAU and Point Hacks in 2026 value Velocity Points slightly higher than Qantas Points on a cents-per-point basis, particularly for Virgin Australia domestic economy and business redemptions. That valuation gap widened after Qantas increased Classic Reward pricing by 15 to 20 percent in August 2025. The Velocity Platinum Amex is the most direct way to earn into that program at scale on everyday spend.

Where the Velocity Platinum is weaker: Amex acceptance limitations apply. And if you don't fly Virgin Australia at all, the return flight benefit is harder to convert to value.

Compare hotels via ShopBack Travel Planner before booking to see cashback offers alongside your award chart research on Velocity or Qantas redemptions.

Book Virgin-aligned travel via ShopBack. Start at ShopBack Travel to see current cashback offers on hotels and car rental that pair with your Virgin flights.

NAB Qantas Rewards Signature: the Visa alternative

NAB Qantas Rewards Signature is the strongest Qantas-earning Visa in Australia in 2026. It carries a $420 annual fee (with a $100 first-year reduction for existing NAB customers) and earns 1 Qantas Point per $1 on everyday purchases up to $5,000 in monthly spend on the Visa card (until 30 September 2026), then 0.5 Qantas Points per $1 on spend from $5,001 to $20,000 monthly. Eligible Qantas spend earns 1 bonus point per $1 on top.

The current welcome offer runs up to 130,000 bonus Qantas Points plus $250 cashback across two tranches (100,000 points plus the cashback after $5,000 spend in the first 90 days, plus an additional 30,000 points after keeping the account open for over 12 months). The offer window ends 30 September 2026.

The case for NAB Qantas Rewards Signature is not the earn rate on its own, which is lower than the Qantas Amex Ultimate. The case is Visa acceptance: NAB Qantas Rewards Signature works everywhere in Australia, including small cafes, farmers markets, and international merchants that don't take American Express. That means you can run all your everyday spend through it without carrying a second card as a backup.

The most efficient portfolio for many Australian frequent flyers is one Amex (either Qantas Ultimate or Velocity Platinum, depending on airline) for Amex-accepted merchants and one Qantas-earning Visa (NAB Qantas Rewards Signature) for merchants that don't take Amex. Both earn into Qantas Points, or into Qantas plus Velocity if you split the Amex to Velocity.

Where NAB Qantas Rewards Signature is weaker: the earn cap structure means high-volume spenders lose earn efficiency above $5,000 monthly. And Visa cards don't offer the Amex Offers merchant credits that Amex holders use to reduce effective annual fees.

Get cashback on retail spend through ShopBack. Activate cashback via ShopBack before checkout at supermarket, fashion, and electronics partners, then pay with your NAB Qantas Rewards Signature Visa to layer Qantas Points on top.

Activate cashback with your NAB card. Start at ShopBack Australia to see current cashback offers before you swipe.

How to pick between the three cards

The framing that works for most Australian frequent flyers in 2026 is not which of the three is best, but which two you should hold together.

Fly Qantas often, don't mind Amex: Qantas American Express Ultimate as primary (for the $450 travel credit and top-tier earn) plus a low-fee Visa (any $0 or low-fee Qantas-earning or general Visa) as the Amex-not-accepted backup. Total fee outlay is around $450 net of the travel credit.

Fly Virgin Australia domestically: American Express Velocity Platinum as primary (for the domestic return flight and lounge access) plus NAB Qantas Rewards Signature or a general Visa for Amex-not-accepted spend. Total fee outlay is around $440 plus $420 minus the Virgin flight value.

Fly Qantas, don't want Amex: NAB Qantas Rewards Signature as primary. Lose some earn efficiency versus the Amex Ultimate, gain Visa acceptance everywhere. Total fee outlay is $420 (or $320 first year for existing NAB customers).

Fly rarely, want Qantas Points for occasional redemption: Qantas American Express Discovery ($0 annual fee) as a long-hold portfolio card. Earn slowly but never pay a fee.

Fly a lot, spend a lot on Qantas: Consider both the Qantas Amex Ultimate and NAB Qantas Rewards Signature. Both earn Qantas Points, they cover complementary merchant categories, and welcome bonuses across both give you a substantial one-time points injection.

Where cashback fits alongside points

ShopBack's role in a co-brand card portfolio is complementary rather than substitutive. Cashback doesn't compete with points. It layers on top of them. When you activate cashback via ShopBack before checkout at a travel or retail merchant, then pay with your co-brand card, you earn both the cashback (paid to your ShopBack account) and the Qantas or Velocity Points on your card statement.

Travel is the highest-value stacking opportunity because hotel and car rental cashback rates are typically higher than retail categories, and the same booking often earns miles on the airline side too. Compare hotels via ShopBack Travel Planner before booking to see the full mechanic. Book flights via ShopBack partners (for example, on Qantas Hotels or Trip.com) to earn cashback that stacks with the points your Amex or Visa earns.

Points valuation and program direction in 2026

Australian points bloggers value Velocity Points slightly higher than Qantas Points in mid-2026 (roughly 2.9 cents per Velocity point versus 2.5 cents per Qantas point on a trimmed-mean domestic and short-haul international basket). The gap widened after Qantas Classic Reward price increases in August 2025.

That said, Qantas Frequent Flyer still wins on partner reach (Emirates, Cathay Pacific, Japan Airlines, and the broader oneworld network), status reciprocity through oneworld tiers, and route coverage on long-haul international. Velocity wins on cheaper domestic Virgin Australia rewards, faster status earn, and competitive earn on Australian credit cards.

For a working card decision in 2026: don't optimise for cents per point on paper. Optimise for the airline you actually fly and the everyday spend structure you actually run. A $450 travel credit you use every year is worth more than 5,000 Velocity Points you never redeem, and vice versa.

Insurance, purchase protection, and other benefits

All three cards include complimentary travel insurance when you charge eligible portions of a trip to the card. Coverage limits, geographic scope, and exclusions vary. Read the Product Disclosure Statement for the specific card before you rely on it as your primary travel insurance.

Purchase protection and extended warranty vary by card and tier. Qantas Amex Ultimate and Velocity Platinum Amex both offer stronger purchase protection than the mid-tier or no-fee versions. NAB Qantas Rewards Signature's Visa-network benefits are separate from the Amex versions and worth checking on nab.com.au before treating the card as insurance-substitute.

None of these three cards is an appropriate substitute for standalone travel insurance if you're taking a high-value trip, travelling with pre-existing medical conditions, or heading to a high-risk destination. Read the terms.

Other cardholder benefits worth checking before you apply: complimentary Wi-Fi credits or airport transfer credits at select premium hotel partners, foreign transaction fee treatment (Amex applies a foreign currency conversion fee on non-AUD spend, and NAB Qantas Rewards Signature has its own overseas fee schedule), and additional cardholder rules (some cards let you add up to four supplementary Card Members at no extra cost, others charge per additional card). These smaller items rarely swing the decision on their own, but they matter if your annual travel spend is concentrated in international bookings.

Also worth noting: annual fee refund policies. If you cancel a card mid-year, some issuers pro-rata refund the annual fee and some don't. If you're not confident you'll use the card for a full 12 months, ask the issuer directly before applying and get the answer in writing.

When to apply and when to wait

Welcome bonuses on all three cards have moved materially in the last 18 months as Australian issuers compete for premium card holders. The Qantas Amex Ultimate at up to 120,000 bonus points, NAB Qantas Rewards Signature at up to 130,000 bonus points, and Velocity Platinum Amex at up to 50,000 bonus points are all near their historical high watermarks for the products in question.

If you're within an 18-month exclusion window from a prior American Express Card in the relevant product family, you may not be eligible for the welcome bonus. Read the offer terms before you apply. If you're not sure, call the issuer.

Application timing: apply before major spend windows (a holiday, a home appliance replacement, an EOFY tax-deductible purchase) so the first-three-months spend requirement is easier to hit organically. Don't manufacture spend just to hit a welcome bonus threshold. The interest and fees on manufactured spend usually erase the bonus value.

Frequently asked questions

Which co-brand card earns the most Qantas Points per dollar in Australia? The Qantas American Express Ultimate Card leads at up to 1.25 Qantas Points per $1 on everyday purchases (dropping to 1 point per $1 after the first 100,000 points annually) and up to 2.25 Qantas Points per $1 on eligible Qantas products. Its $450 annual fee is offset by a $450 annual Qantas Travel Credit. The Qantas Amex Premium is the mid-tier at 1 point per $1 for a $249 annual fee. NAB Qantas Rewards Signature earns 1 Qantas Point per $1 up to $5,000 in monthly spend on its Visa (until 30 September 2026), then 0.5 points per $1 up to $20,000.

What is the annual fee on the Velocity Platinum American Express Card? The American Express Velocity Platinum Card has a $440 annual fee. It earns 1.25 Velocity Points per $1 on general spend and 2.25 Velocity Points per $1 on Virgin Australia purchases. Standout benefits include a complimentary Virgin Australia domestic return flight each year, domestic Virgin Australia lounge access when you fly, and two guest lounge passes. Government spend earns 0.5 points per $1.

How does the NAB Qantas Rewards Signature card compare to the Amex versions? NAB Qantas Rewards Signature is a Visa, so it's accepted at merchants that don't take American Express (small cafes, some independent retailers, some international sites). It carries a $420 annual fee and earns 1 Qantas Point per $1 up to $5,000 monthly spend (until 30 September 2026), then 0.5 points per $1 from $5,001 to $20,000. The current welcome offer runs up to 130,000 bonus Qantas Points plus $250 cashback after meeting spend requirements. Existing NAB customers may receive a $100 first-year fee reduction.

When does a Velocity Amex Platinum beat a Qantas Amex Ultimate for Australian travellers? If your travel is Virgin Australia domestic-heavy (Sydney, Melbourne, Brisbane, Perth, Adelaide, Gold Coast, Cairns), the Velocity Platinum Amex's return domestic flight benefit plus lounge access is usually a bigger annual dollar value than Qantas's $450 travel credit for someone who rarely flies Qantas. If your travel skews Qantas or oneworld international (Emirates, Cathay Pacific, Japan Airlines), Qantas Amex Ultimate wins on transferable earn plus Qantas Club invites plus the travel credit that is broadly usable on Qantas fares.

Do I still earn Qantas Points if I book flights via a third-party site? Yes, as long as you enter your Qantas Frequent Flyer number in the booking and the fare class is eligible. Booking via qantas.com or an authorised travel agent is the safest path for both status credits and points. Some deep-discount online travel agency fares earn reduced points or zero points, so check the fare rules before booking. Activate cashback via ShopBack before checkout at qualifying travel merchants to stack cashback on top of your points earn.

Are American Express cards accepted everywhere in Australia? American Express acceptance in Australia is high at supermarkets (Coles, Woolworths), petrol (BP, Shell, Ampol), major online retailers, department stores, and airlines. Acceptance is lower at small cafes, some independent restaurants, farmers markets, and some overseas merchants. Most Amex holders in Australia keep a Visa or Mastercard as a backup for the 10 to 15 percent of merchants who don't take Amex. That's part of the case for pairing an Amex earn card with a NAB Qantas Rewards Signature Visa.

Should I use ShopBack alongside my co-brand card to earn both cashback and points? Yes. Stack: activate cashback via ShopBack before checkout at eligible retailers, pay with your co-brand card to earn miles on the same transaction. This layers cashback on top of Qantas or Velocity Points at no extra cost. Start at shopback.com.au/travel to see current cashback offers at flight, hotel, and car rental partners before you book. For everyday spend, activate cashback via ShopBack at supermarket, fashion, and electronics partners before checkout.

Is the $450 Qantas Travel Credit on the Amex Ultimate worth it? If you take at least one Qantas domestic or short-haul international flight per year, yes: the $450 credit effectively offsets the $450 annual fee. The credit is valid for 365 days per Card Member year, doesn't roll over, and applies to a single QF-coded flight booked through American Express Travel. If you rarely fly Qantas, the credit is harder to use and the case for downgrading to the $249 Qantas Amex Premium is stronger.

Can I hold multiple co-brand cards at once to double-dip welcome bonuses? You can hold a Qantas Amex, a Velocity Amex, and a NAB Qantas Visa concurrently, but American Express has an 18-month rule that excludes returning cardholders from many welcome bonuses if they've held a card in the same product family recently. Read the offer terms before applying. A common strategy is to hold one Amex (either Qantas or Velocity) plus a Visa backup, rotate every 18 to 24 months if the churn suits your credit profile, and never carry a revolving balance.

Where can I check the current welcome bonus on the Qantas American Express Ultimate in 2026? Verify the current offer directly at americanexpress.com/en-au. The 2026 offer runs up to 120,000 bonus Qantas Points: 70,000 when you apply by 17 November 2026, are approved, and spend $5,000 on eligible purchases in the first three months, plus an additional 50,000 when you spend a further $5,000 in the first three months of your second Card Member year. Welcome offers change frequently, so treat any third-party recap (including this article) as a starting point, not the source of truth.

Ready to earn on your next trip? Compare and stack

The three-card co-brand market in Australia is competitive enough that most points-savvy Australians get more value from picking the right pair of cards for their travel pattern than from optimising within a single card. Start at ShopBack Travel for current cashback offers on hotels, flights, and car rental. Layer cashback on top of the Qantas or Velocity Points your co-brand card earns.

Card features, annual fees, welcome offers, and program rules change. Verify current terms directly with American Express Australia, NAB, and Velocity Frequent Flyer before applying. Cashback rates, merchant terms, and promo windows also change. Verify the current rate on shopback.com.au/{merchant-slug} before purchasing. ShopBack receives a commission when readers complete purchases through a cashback link. This commission does not vary by editorial coverage.

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