Westpac Altitude Black vs ANZ Rewards Black vs CBA Ultimate Awards in 2026: Which Premium Card Fits Your Airline

Updated: October 2026.

The RBA is lowering interchange caps on Visa and Mastercard credit cards, which has historically rewritten premium card earn rates with a 6 to 12 month lag, so pick your card, then shop through ShopBack before you pay, where ShopBack Cashback works like a discount, only easier than a promo code. That makes now a sensible window to pick one of the three cards on its current sign-up bonus and start the spend threshold before Black Friday on 27 November. The decision this guide helps with is two-fold: which card matches your airline, and which retailers to push the threshold through.

The verdict

For an Australian applicant looking at a premium rewards credit card while current earn rates last, three cards sit at the top of the shortlist: Westpac Altitude Black (issued by American Express, transfer partners include Velocity and KrisFlyer), ANZ Rewards Black (Visa, largest recurring sign-up bonus at up to 180,000 ANZ Reward Points, converting to Velocity at 2-to-1), and CBA Ultimate Awards (Mastercard, tight CommBank app integration, 3 points per AUD on international transactions up to 10,000 AUD per statement period).

The single most useful decision anchor is transfer partner alignment. If your travel loyalty is Velocity or you fly Cathay and Asian carriers regularly, ANZ Rewards Black wins on sign-up bonus. If you spend a lot overseas or already bank with CBA, CBA Ultimate Awards is the easiest fit. If you want Qantas Points, a Qantas-branded card is the direct route, because Velocity points cannot be moved into Qantas Frequent Flyer.

The RBA cap timing matters because historical precedent (the 2017 interchange changes) shows earn rates typically drop 6 to 12 months after such cap changes take effect. Signing up before issuers reprice locks in the current earn rate on the sign-up cycle for the terms specified in the individual card's PDS. Verify with the issuer.

Go through ShopBack before you pay so part of the cost comes back: https://www.shopback.com.au/signup Two-minute signup. Free to join.

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Which retailer to put your sign-up spend through: Amazon Australia vs David Jones vs Flight Centre vs Booking.com

Whichever card you choose, you still have to spend 4,000 to 6,000 AUD in 3 months to unlock the bonus. The honest answer on where to put that spend depends on what you were going to buy anyway in October and November, because manufactured spend risks clawback.

Pick	Best for	When it is cheapest	Cashback path
Amazon Australia	Spreading the threshold across household essentials, tech and gifts you would buy regardless	Black Friday to Cyber Monday in late November, plus the pre-Christmas sales	Go through ShopBack to Amazon Australia
David Jones	Clearing a large chunk of the threshold in one department store order (beauty, fashion, homewares)	Click Frenzy, expected around 10 to 12 November, and Black Friday week from 23 November	Go through ShopBack to David Jones
Flight Centre	Hitting the threshold in a single international booking	Shoulder-season fares booked 10 to 16 weeks out, before the December school holiday repricing	Go through ShopBack to Flight Centre
Booking.com	Prepaying a hotel stay you already have planned, with free cancellation as a safety net	Mobile and member rates on weekday stays, booked 6 to 10 weeks ahead	Go through ShopBack to Booking.com

Use ShopBack to compare Amazon Australia, David Jones, Flight Centre and Booking.com on the day you make each threshold purchase, then buy from whichever has the sharper price.

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What the RBA interchange cap actually does

The Reserve Bank of Australia's ongoing review of retail payments regulation adjusts the maximum interchange fee that card networks (Visa, Mastercard) can charge Australian merchants per transaction. Interchange fees flow back to issuing banks as revenue and help fund credit card rewards programs, alongside annual fees and interest on revolving balances.

When interchange caps tighten, issuing banks see revenue compression on card transactions. Historically, Australian banks have recovered margin through a combination of the following actions:

• Reduced earn rate per dollar spent on the affected card
• Reduced conversion ratios to airline partners (for example moving from 2-to-1 to 2.5-to-1 or 3-to-1)
• Increased annual fees
• Removed or capped premium benefits (lounge visits, insurance riders)
• Tighter monthly earn caps
• Restructured the earn multiplier by merchant category

The 2017 Australian interchange fee changes provide the most useful precedent: within 6 to 12 months of the new caps taking effect, several major issuers reduced earn rates on their premium products or restructured to steer customers toward newer product lines.

The RBA's review of merchant card payment costs and surcharging sets out its case for lower caps. Lower interchange revenue for issuers has historically meant leaner rewards programs on premium cards.

The practical implication: signing up before issuers reprice locks in the current earn rate and current sign-up bonus. Both metrics have historically deteriorated after major cap changes. If you are within 12 months of applying anyway, applying earlier is generally the better choice on expected value.

Two caveats worth surfacing. First, terms and conditions on Australian credit cards typically allow the issuer to change earn rates, fees, and benefits with 30 to 90 days' notice, so a locked-in rate is not permanent. Second, the specifics of the new caps may differ from the 2017 precedent; the RBA's review notes vary by product category. Read the issuer's PDS carefully.

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Card by card, the specifics

Westpac Altitude Black

Westpac Altitude Black is Westpac Banking Corporation's top rewards credit card. Westpac's Altitude cards are now issued by American Express, and points feed an Altitude Rewards balance.

Sign-up bonus. Recurring Altitude Black sign-up bonus campaigns typically offer 100,000 to 150,000 Altitude points on spend targets of 4,000 to 6,000 AUD within the first 3 months. Peak-cycle campaigns have run higher; check the current published Westpac offer.

Transfer partners. Velocity at 2-to-1, Singapore Airlines KrisFlyer at 2-to-1, Cathay Asia Miles at variable ratio, plus retail partner redemptions and gift card exchanges. If you want to move points to Qantas Frequent Flyer, check Westpac's current transfer terms before you apply.

Included benefits. Complimentary domestic and international travel insurance covering trip cancellation, medical, and baggage. Purchase protection. Extended warranty on select items. Concierge service.

Best for. Australian applicants who are happy to use an American Express card day to day and want Velocity or KrisFlyer transfers.

ANZ Rewards Black

ANZ Rewards Black is ANZ Banking Group's flagship rewards Visa card, feeding the ANZ Rewards points program.

Structure. Single Visa product. Points earn on eligible Visa transactions.

Sign-up bonus. Recurring campaigns have offered 150,000 to 180,000 ANZ Rewards points on spend targets typically 5,000 to 6,000 AUD within 3 months. 180,000 ANZ Reward Points converts to 90,000 Velocity Points at 2 ANZ Reward Points to 1 Velocity Point.

Earn rate. 2 ANZ Reward Points per AUD on eligible spend, up to 5,000 AUD per statement period.

Transfer partners. Velocity at 2-to-1, KrisFlyer at 3-to-1, Cathay Pacific Asia Miles at variable ratio, Air New Zealand Airpoints Dollars at published rate. Point conversion to gift cards and Amazon shopping credit available at lower efficiency.

Annual fee. 375 AUD ongoing. Sometimes waived in year one on introductory campaigns.

Included benefits. Complimentary international travel insurance, purchase protection, extended warranty. Priority Pass with 2 to 4 lounge visits per year. No lounge visits on the card directly; access is bundled through Priority Pass.

Best for. Australian applicants with Velocity Frequent Flyer as their primary loyalty or Cathay Pacific Asia Miles alignment. Strong choice for applicants who value the largest recurring sign-up bonus in Velocity terms. Universal Visa acceptance simplifies daily use.

CBA Ultimate Awards

CommBank's premium rewards card is Ultimate Awards, so that is the CBA card compared here. It is Commonwealth Bank of Australia's flagship rewards Mastercard and earns CommBank Awards points.

Structure. Single Mastercard. Tight integration with the CommBank app for real-time point tracking and redemption.

Sign-up bonus. Recurring campaigns typically offer 80,000 to 100,000 CommBank Awards points on spend targets of 4,000 to 5,000 AUD within 3 months. Smaller headline than ANZ but with lower spend threshold in some campaign windows. Verify the current published CBA offer.

Earn rate. 3 CommBank Awards points per AUD on international transactions, up to 10,000 AUD per statement period. Domestic spend earns 2 points per AUD at major supermarkets, department stores and petrol, and 1 point per AUD elsewhere.

Transfer partners. Velocity at 2-to-1 (Ultimate tier), Cathay Asia Miles, Singapore KrisFlyer, Emirates Skywards. Retail and gift card redemptions available.

Annual fee. 35 AUD a month (420 AUD a year), waived in months you meet a minimum monthly spend.

Included benefits. Complimentary international travel insurance, extended warranty, purchase protection. CommBank Yello integration for Cashback offers within the app on selected merchants.

Best for. Existing CBA customers who value app integration and Velocity or Asia Miles alignment, and anyone who spends regularly overseas.

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Head to head on 10,000 AUD monthly spend

ShopBack Cashback on the online share of that 10,000 AUD is earned separately from whichever card you choose; the table below covers card-side points only. Assume: 6,000 AUD monthly domestic spend, 4,000 AUD international spend (a common profile for a household with one international trip per quarter). Points multipliers and conversion ratios are illustrative; verify each PDS at application.

Metric	Westpac Altitude Black	ANZ Rewards Black	CBA Ultimate Awards
Card network	American Express	Visa	Mastercard
Earn rate	Not covered here	2 pts/AUD, up to 5,000 AUD per statement period	3 pts/AUD international (up to 10,000 AUD per statement period); 2 pts/AUD at major supermarkets, department stores and petrol; 1 pt/AUD elsewhere
Points on the 10,000 AUD example	Not covered here	10,000 ANZ Reward Points on the first 5,000 AUD	18,000 to 24,000 CommBank Awards
Velocity equivalent of that	Not covered here	5,000 Velocity	9,000 to 12,000 Velocity
Annual fee	Not covered here	375 AUD	420 AUD a year (35 AUD a month, waivable with a minimum monthly spend)
Sign-up bonus (peak campaign)	100,000 to 150,000 Altitude	150,000 to 180,000 ANZ Reward Points	80,000 to 100,000 CommBank
Sign-up bonus in Velocity equivalent	50,000 to 75,000	75,000 to 90,000	40,000 to 50,000

CBA Ultimate Awards earns the most points on the international share of the spend, at 3 per AUD up to 10,000 AUD per statement period. ANZ Rewards Black wins on total sign-up bonus when converted to Velocity, but its 2 points per AUD stops at 5,000 AUD per statement period.

The realistic sequence for most applicants: pick the card whose transfer partner matches your primary airline. The earn-rate differences are meaningful but secondary to redemption alignment. Velocity points cannot be moved into Qantas Frequent Flyer, so they only help if you fly Virgin Australia or its partners.

Qantas Frequent Flyer and Velocity both compete hard for the same 5,000-to-15,000 AUD monthly spend cohort these three premium cards target.

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Personas: who each card fits

The Sydney-Perth business traveller with Velocity Gold status (annual spend 60,000 to 120,000 AUD). ANZ Rewards Black. Largest sign-up bonus in Velocity equivalent (up to 90,000 Velocity Points), universal Visa acceptance. A CBA Ultimate Awards card alongside it earns 3 points per AUD on the international leg of business trips.

The Melbourne-based Qantas Platinum flyer (annual spend 40,000 to 80,000 AUD). A direct Qantas-branded premium card, which earns Qantas Points without a transfer step. None of these three is built around Qantas.

The CBA-loyal capital city professional (annual spend 45,000 to 75,000 AUD, banking single-provider). CBA Ultimate Awards. App integration matters if you already use CommBank Yello, PayID, and Osko for daily payments. The monthly fee is waived in months you meet the minimum spend, which suits households that put most of their spend on one card.

The two-card optimiser looking for maximum sign-up bonus in year one. Sequential applications across ANZ Rewards Black in month 1 and Westpac Altitude Black in month 4 or 5. Complete both spend thresholds, harvest both bonuses (up to about 165,000 Velocity Points equivalent combined) and pay two annual fees. Requires organised spend management and comfort holding two premium cards.

The first-time premium card applicant testing the waters (annual spend 30,000 to 45,000 AUD). ANZ Rewards Black or CBA Ultimate Awards, because Visa and Mastercard are accepted almost everywhere. Westpac Altitude Black is issued by American Express, so it works best alongside a Visa or Mastercard backup.

The Cathay Pacific and Asian-carrier loyal traveller. ANZ Rewards Black. Cathay Asia Miles transfer partnership is the strongest of the three cards on Asian carrier alignment.

The international-spend heavy shopper (over 30 percent of annual spend on international purchases). CBA Ultimate Awards at 3 points per AUD on international transactions, up to 10,000 AUD per statement period.

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Amex vs Visa or Mastercard, does it still matter in 2026?

ShopBack Cashback via ShopBack Australia is card-network agnostic: Cashback tracks on eligible online orders whether you pay with Amex, Visa, or Mastercard at checkout. American Express acceptance in Australia has expanded significantly since 2020. Major supermarkets (Coles, Woolworths, IGA), fuel chains (BP, Shell, 7-Eleven fuel), department stores (Myer, David Jones), Australia Post, Big W, Bunnings, Kmart, Target, and the vast majority of online retailers accept Amex. Restaurants in capital cities accept Amex broadly, though some independent cafes and smaller regional operators still surcharge or refuse.

The remaining Amex acceptance gaps in 2026:

• Some small independent cafes and restaurants regional Australia
• Some tradies (electricians, plumbers) who prefer bank transfer or EFTPOS
• Older EFTPOS terminals at rural retailers
• Some medical practices and specialist clinics
• Some council payments and Australian government fee payments (though Service NSW and equivalent state services do accept Amex online)

For the three cards being compared, the acceptance question resolves as follows:

• Westpac Altitude Black. Issued by American Express, so acceptance follows Amex. Carry a Visa or Mastercard as backup for the gaps above.
• ANZ Rewards Black. Visa only. Universal acceptance. No hedging needed.
• CBA Ultimate Awards. Mastercard only. Same as above.

If you do not want to think about acceptance at all, ANZ Rewards Black or CBA Ultimate Awards is operationally simpler.

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When this does NOT apply

• Your annual card spend is under 20,000 AUD. The annual fee (375 AUD a year on ANZ Rewards Black, 420 AUD on CBA Ultimate Awards) is a meaningful percentage of the value you can earn. A no-annual-fee rewards card, with ShopBack used before you pay at partner stores, is likely to net more value.
• You revolve a balance. Premium credit card interest rates run 19 to 22 percent per annum. If you are not paying the full balance every month, the interest cost obliterates all rewards value. Consolidate to a low-rate personal loan or a balance transfer product first, then reconsider a premium rewards card after clearing the balance.
• You do not travel internationally. Point-transfer partnerships to airlines are the highest-value redemption path. Domestic-only travellers gain some value through economy redemptions and gift card redemptions, but the effective cents-per-point drops meaningfully. Consider a domestic-focused card, with ShopBack Cashback on your online spend, instead.
• You do not qualify for the minimum income threshold (typically 75,000 to 90,000 AUD sole or 100,000 AUD household). Applying and being rejected leaves a credit enquiry on your credit report (enquiries are generally listed for five years in Australia) and does not deliver the bonus.
• You cannot meet the sign-up spend threshold (5,000 to 6,000 AUD within 3 months) without artificially inflating your spending. Manufactured spend risks issuer account closure and clawback of bonus points. Only apply if the spend target aligns with your genuine 3-month spend baseline.
• You are already holding 3-plus active premium cards. Additional card applications can be rejected on issuer risk models, and the annual fees stack up faster than the incremental rewards yield.
• You need the credit line for genuine credit purposes rather than points harvesting. Premium rewards cards have moderate credit limits (typically 5,000 to 20,000 AUD approved based on income). If you need a 30,000-plus AUD limit for a genuine business or personal purpose, a different product structure is more appropriate.
• You are close to a home loan application. Lenders count each credit card limit in the serviceability calculation, so a new card can reduce your home loan borrowing capacity (the effect varies by lender). Defer premium card sign-ups until after loan settlement if you are within 6 months of applying for a mortgage.

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How ShopBack Cashback works with these cards

ShopBack Australia works with thousands of stores, including Adore Beauty, Sephora Australia, Priceline Pharmacy, David Jones, Myer, THE ICONIC, Amazon Australia, eBay Australia, Flight Centre and Booking.com. Cashback is paid in AUD to your ShopBack wallet, separately from any credit card rewards earned on the same transaction.

For a 400 AUD purchase at Adore Beauty using ANZ Rewards Black:

• Adore Beauty Cashback via ShopBack: check the live rate on the store's ShopBack page
• ANZ Reward Points earned: 800 at 2 pts/AUD (within the 5,000 AUD statement cap), convertible to 400 Velocity at 2-to-1
• Total return: Cashback plus points value plus any promotional bonuses

For a 1,200 AUD Flight Centre booking using CBA Ultimate Awards:

• Flight Centre Cashback via ShopBack: check the live rate on the store's ShopBack page
• CommBank Awards points earned: 1,200 at 1 pt/AUD (an Australian purchase, so the domestic rate applies), convertible to 600 Velocity at 2-to-1
• Total return: Cashback plus point value

Whatever you spend online at ShopBack partner stores, going through ShopBack before you pay brings part of that spend back as Cashback with no change to how you pay by card. Sign up at shopback.com.au/signup and it takes two minutes.

Get paid to shop with ShopBack Australia: https://www.shopback.com.au/signup Two-minute signup. Free to join.

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Timing sequence from application to points

Week 1. Compare current published sign-up bonus offers across Westpac Altitude Black, ANZ Rewards Black, and CBA Ultimate Awards. Bonus offers refresh frequently, so check each issuer's site on the day you apply.

Weeks 1 to 3. Complete the application. Wait for card approval (5 to 10 business days on average, sometimes longer if income verification is required). The card usually arrives 3 to 7 business days after approval.

Months 1 to 3. Meet the sign-up spend threshold (4,000 to 6,000 AUD within 3 months from account opening) with spend you had planned anyway. Track progress in the issuer app to confirm you hit the target.

About 4 to 8 weeks after the threshold. Sign-up bonus points typically post in this window. Watch for the point posting event.

Once points post. Transfer to your preferred airline account before closing or restructuring the card. Points held in the issuer's rewards account carry more risk (product changes, forfeiture on closure) than points held in your frequent flyer account.

Year 2 decision. Reassess whether the annual fee is justified against year 2 earn. If lower interchange caps have led to reduced earn rates, as happened after 2017, and if there is no year-2 fee waiver, closing the card and rotating to a fresh sign-up on a different issuer is often the higher-yield strategy.

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Where Cashback fits

Going through ShopBack is the step after you have chosen the card and the retailer, not a reason to pick either. Decide between Westpac Altitude Black, ANZ Rewards Black and CBA Ultimate Awards on transfer partner alignment first, decide where each threshold purchase is cheapest second, then open Amazon Australia, David Jones, Flight Centre or Booking.com from its ShopBack page and finish the order in the same visit.

The purchases that sit around a premium card are ShopBack merchants too. The trip you redeem the points on usually has a paid hotel or activity booking through Agoda, Expedia or Klook, the beauty and fashion spend that fills a Black Friday threshold sits with Myer and THE ICONIC, and the travel tech for the trip comes from JB Hi-Fi. Check ShopBack before each of those, not just the big order.

One caution. ShopBack Cashback is paid by ShopBack and is separate from your card. Card points multipliers, issuer bonus categories, retailer loyalty points and store credit follow each issuer's and retailer's own terms, so check those. The live Cashback rate is shown on each store's ShopBack page on the day.

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Frequently asked questions

What changes when the RBA's lower interchange caps come into effect?

The Reserve Bank of Australia's review of retail payments regulation lowers the interchange fee caps that apply to Visa and Mastercard consumer credit cards, reducing the revenue issuing banks receive per transaction. American Express is regulated separately. When caps tighten, banks have historically recovered margin through reduced points earn rates, higher annual fees, or removed benefits; after the 2017 interchange changes, many premium cards dropped their earn rates within 6 to 12 months. Signing up while current terms last can lock in the current earn rate for the sign-up cycle, as set out in the individual card's PDS. Read your issuer's PDS carefully, as conditions vary.

Which of the three has the largest sign-up bonus?

ANZ Rewards Black has historically offered the largest recurring bonus, at up to 180,000 ANZ Reward Points on 5,000 to 6,000 AUD spend within 3 months, converting to 90,000 Velocity at 2-to-1. Westpac Altitude Black peaks at around 150,000 Altitude points, converting to 75,000 Velocity at 2-to-1. CBA Ultimate Awards typically peaks around 100,000 CommBank Awards. Verify the current published offer on each issuer's website before applying, as headline offers change weekly.

How does the earn rate compare on 10,000 AUD monthly spend split 60 percent domestic and 40 percent international?

ANZ Rewards Black earns 2 points per AUD up to 5,000 AUD per statement period, so 10,000 ANZ Reward Points on the first 5,000 AUD (5,000 Velocity at 2-to-1). CBA Ultimate Awards earns 3 points per AUD on the 4,000 AUD of international spend (12,000 points) and 1 to 2 points per AUD on the 6,000 AUD of domestic spend, so 18,000 to 24,000 CommBank Awards points (9,000 to 12,000 Velocity at 2-to-1). International-heavy spend favours CBA.

What is the annual-fee-to-benefit math for each card?

Westpac Altitude Black includes complimentary travel insurance (worth 300 to 600 AUD if separately purchased). ANZ Rewards Black is 375 AUD a year including international travel insurance and Priority Pass. CBA Ultimate Awards is 35 AUD a month (420 AUD a year, waived in months you meet a minimum spend) including travel insurance, extended warranty and purchase protection. If you claim insurance and use lounge visits, the fee can pay for itself. If not, treat the fee as your cost of earning points.

Amex vs Visa or Mastercard acceptance in 2026, does it still matter?

Yes but less than five years ago. Amex acceptance covers major supermarkets, most petrol chains, department stores, Australia Post, most restaurants in capital cities, and most online retailers. Gaps: some independent cafes, some tradies, some regional retailers. Westpac Altitude Black is issued by American Express, so carry a Visa or Mastercard as backup. ANZ's Visa and CBA's Mastercard are universally accepted.

What are the point transfer partners for each card and which offers the best redemption value?

Westpac Altitude transfers to Velocity at 2-to-1 and KrisFlyer at 2-to-1. ANZ Rewards transfers to Velocity at 2-to-1, KrisFlyer at 3-to-1, Cathay Asia Miles at variable ratio, Air NZ Airpoints. CBA Ultimate Awards transfers to Velocity at 2-to-1, Cathay Asia Miles, KrisFlyer, Emirates Skywards. Best for Velocity: any of the three at 2-to-1, with ANZ offering the largest sign-up bonus. Best for Qantas-loyal travellers: a Qantas-branded card, since Velocity points cannot move into Qantas. Best for Asia trips: ANZ to Cathay Asia Miles.

Which card is best for a first-time premium card applicant in 2026?

ANZ Rewards Black or CBA Ultimate Awards is the softest landing, because Visa and Mastercard are accepted almost everywhere. ANZ suits you if you can meet the spend target confidently; CBA suits existing CBA customers valuing app integration. Westpac Altitude Black is issued by American Express, so it works best with a Visa or Mastercard backup. Minimum income typically 75,000 to 90,000 AUD sole or 100,000 AUD household; verify current threshold in each PDS.

Is it worth taking a premium card if my annual spend is only 30,000 AUD?

Borderline. At 30,000 AUD annual spend, ANZ Rewards Black earns about 60,000 ANZ Reward Points (30,000 Velocity at 2-to-1) for a 375 AUD fee, about 1.25 cents of fee per Velocity point. Velocity domestic economy redemptions run 1 to 1.5 cents per point value, so outside the sign-up bonus it is roughly break-even. Sign-up bonus accelerates payback significantly in year one. Below 20,000 AUD spend, a no-annual-fee rewards card with ShopBack Cashback typically wins. Above 50,000 AUD, premium cards clearly beat Cashback alone.

What happens to my accumulated points if I cancel the card before redemption?

Transfer points to your frequent flyer account before card closure. Points held in the issuer's rewards account at closure are typically forfeited within 30 days. Safe sequence: transfer all points, wait for the transfer to post (24 to 72 hours), then close the card. Never close first. If unsure, call the issuer's rewards line and confirm transfer posting before closure paperwork.

How does ShopBack Cashback interact with premium credit card rewards in Australia?

ShopBack Cashback and credit card points are separate. Cashback is paid by ShopBack to your ShopBack wallet in AUD, while card points are earned by the card issuer under its own terms. On a 500 AUD purchase at a ShopBack partner store using a card that earns 2 points per AUD, you would earn Cashback on the eligible amount (check the live rate on the store's ShopBack page) and the card would earn points as its terms allow. ShopBack works at stores such as Adore Beauty, Sephora Australia, Priceline Pharmacy, David Jones, Amazon Australia, Flight Centre and Booking.com. Start from the store's ShopBack page, the ShopBack app, or the ShopBack Chrome extension before you pay.

How is ShopBack Cashback taxed?

Cashback on personal purchases is generally treated as a rebate on the price you paid rather than as income. Your own situation may differ, for example if the purchase is a business expense, so check with a registered tax agent if you are unsure.

Should I put my premium card sign-up spend through Amazon Australia, David Jones or Flight Centre in October and November 2026?

Put it wherever you were already going to spend, because manufactured spend risks bonus clawback. Amazon Australia suits spreading a 4,000 to 6,000 AUD threshold across gift, tech and household orders in the lead-up to Black Friday. David Jones suits one large order in Click Frenzy or Black Friday week. Flight Centre suits a single international booking that clears the threshold in one hit. Go through ShopBack before you pay and the Cashback tracks to your ShopBack account.

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Key takeaways

• Lower RBA interchange caps have historically triggered earn-rate reductions within 6 to 12 months of taking effect
• ANZ Rewards Black offers the largest recurring sign-up bonus (up to 180,000 ANZ Reward Points, 90,000 Velocity equivalent)
• CBA Ultimate Awards earns 3 points per AUD on international transactions, up to 10,000 AUD per statement period
• Velocity points cannot be moved into Qantas Frequent Flyer, so match the card to the airline you fly
• Choose based on transfer partner alignment first; earn rate differences are secondary
• Westpac Altitude cards are now issued by American Express; Amex acceptance in Australia is broad, but a Visa or Mastercard backup covers the gaps
• Annual fees can pay for themselves if you use the included travel insurance
• Never close a card before transferring accumulated points to your frequent flyer account
• Below 20,000 AUD annual spend, a no-annual-fee rewards card with ShopBack Cashback typically outperforms premium cards
• Going through ShopBack before you pay brings part of your partner spend back as Cashback, separate from card rewards

Turn everyday spend into Cashback at ShopBack: https://www.shopback.com.au/signup Two-minute signup. Free to join.

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About ShopBack

ShopBack is a shopping and rewards platform founded in Singapore in 2014. Members earn Cashback at thousands of retailers by starting their shop at ShopBack; Cashback is paid in AUD to a member wallet and can be withdrawn to a linked bank account. Sign up at shopback.com.au/signup; it takes two minutes.

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Disclaimer

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

This article is general information only and does not constitute financial or credit advice. Credit card terms, earn rates, sign-up bonuses, transfer partner ratios, annual fees, insurance benefits, and minimum income thresholds change frequently. Consider your personal financial situation and read each issuer's Product Disclosure Statement and Target Market Determination before applying. Consult a licensed financial adviser for advice tailored to your circumstances. Credit is subject to approval by the issuer; conditions apply.