Westpac Altitude vs ANZ Rewards vs CBA Awards vs NAB Rewards AU 2026

Choosing a rewards credit card in Australia used to mean picking Qantas or Velocity and moving on. In 2026 it is a program-level decision. The four Big 4 flagship rewards products (Westpac Altitude, ANZ Rewards Black, CBA Awards, and NAB Rewards Platinum) each run on a different points currency with a different transfer partner network, a different monthly earn cap, and a different fee structure. Two cards that earn "1 point per $1" can produce very different net returns once you push the points into a real Velocity or Qantas booking.

This is the program-level companion to our Big 4 credit card head-to-head, focused on how the points behave once you earn them.

The verdict

For Australian shoppers picking a rewards program in 2026, the answer is not which bank you already use; it is which airline or hotel currency you actually redeem into. CBA Awards is the most flexible currency with the widest published transfer partner set and periodic Velocity bonuses; the entry Awards card sits at a low $8 per month and the Ultimate Awards tier is fee-waived at $4,000 per statement spend (CommBank, CommBank). ANZ Rewards Black wins on sign-up bonus volume (up to 180,000 points in promotional windows) and Asia Miles alignment (ANZ). NAB Rewards Platinum is the cheapest fee-to-earn ratio at $195 flat with no monthly cap and six named transfer partners including Velocity, Air New Zealand Airpoints, KrisFlyer, and Asia Miles (NAB). Westpac Altitude Rewards Black shares the highest headline points-per-dollar with CommBank Ultimate on the standard option (up to 3 on international, 2 on the everyday category) while the Qantas option is the only Big 4 card that earns Qantas Points directly (Westpac, Westpac). Pick by transfer partner first, cap structure second, annual fee third.

Before you apply, search ShopBack for the card issuer. If a live offer is listed, go through ShopBack before you submit the application so it is tracked, and compare it with the issuer's own sign-up bonus. If no offer is listed, apply direct.

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Westpac Altitude: the raw earn rate winner

Westpac Altitude Black is the only Big 4 product sold as two parallel programs on the same physical card: Altitude Rewards (the flexible in-house currency, transfers to Velocity among others) and Altitude Qantas (direct Qantas Point earn, no transfer step needed). You pick one at application, and switching later is possible but administratively slow.

Altitude Rewards option. $295 annual card fee, $0 rewards program fee (Westpac). Earn rate is up to 3 Altitude points per $1 on international spend, 2 points per $1 on the everyday category, and 1 point per $1 on other purchases, dropping to 0.5 points per $1 once you spend more than $10,000 in a statement cycle. The 3-points international rate matches CommBank Ultimate's top rate as the highest headline earn in the Big 4 2026 line-up.

Altitude Qantas option. $295 card fee plus a $75 Rewards Program fee ($370 total) (Westpac). Qantas Points earn is 0.5 per $1 on most purchases, 0.8 on the everyday spend category, and 1.2 on international spend, dropping to 0.25 after the $10,000 statement threshold. The card includes 2 complimentary Qantas Club lounge passes each year (subject to registration and eligible-spend conditions), which is the strongest lounge benefit in the Big 4 personal rewards portfolio.

Redemption sweet-spot. Altitude Points redeem best when transferred to Velocity Frequent Flyer for a Singapore Airlines KrisFlyer premium cabin booking (Velocity to KrisFlyer is 1.55 to 1). Qantas Points on the Qantas option redeem best on Qantas Classic Reward domestic business, premium economy on Emirates code-share long-haul, or Oneworld partner business class when award seats open.

Who it fits. High-earner Qantas flyer with $75,000+ minimum income eligibility and international spend that exceeds domestic. Watch the $10,000 statement threshold. The multi-tier cap punishes anyone who pushes large one-off purchases (renovations, a business trip put on personal card) through in a single month.

ANZ Rewards Black: the sign-up bonus and travel-insurance bundle

ANZ Rewards Black earns 2 ANZ Reward Points per $1 up to and including $5,000 per statement period, then 1 point per $1 thereafter (ANZ). The annual fee is $375 in total ($320 card fee plus a $55 Rewards Program Service Fee). The $5,000 monthly cap is the tightest in the Big 4 premium tier and matters most for high-earner households.

Transfer partners. Velocity Frequent Flyer, Cathay Asia Miles, and Singapore Airlines KrisFlyer at competitive published ratios. ANZ does not publish a Qantas partner on ANZ Rewards Black, so Qantas-aligned flyers should look at Westpac Altitude Qantas or the dedicated Qantas Premier Titanium instead.

Sign-up bonus. ANZ Rewards Black consistently runs the largest headline bonus in the Big 4: up to 180,000 ANZ Reward Points across staged spend and tenure conditions in promotional periods (ANZ). The bonus is typically split across two tranches, with a second-year tenure requirement to earn the full amount.

Sibling product. ANZ also runs the ANZ Rewards Travel Adventures card (Visa credit, positioned for the travel-insurance-first buyer). The Travel Adventures card earns at a lower rate but includes stronger travel-specific benefits (ANZ); for pure Rewards accumulation the Black is the primary Big 4 pick.

Who it fits. Sign-up bonus hunters who can complete the minimum spend without pattern change. Cathay Pacific or Singapore Airlines aligned flyers. Anyone who wants the ANZ travel insurance inclusion (subject to activation and PDS terms) as a soft benefit alongside the earn.

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CBA Awards and Ultimate: the flexibility play

CommBank runs two tiers of the Awards program on the same underlying currency.

CommBank Awards (entry). $8 per month ($96 per year), 1 Awards point per $1 spent up to and including $2,000 per statement period, then 0.5 points per $1 thereafter (CommBank). The Qantas Points opt-in is available on this card too.

CommBank Ultimate Awards. $35 per month, waived entirely if you spend at least $4,000 in a statement period (CommBank). Earn rate is up to 3 Awards points per $1 up to and including $10,000 per statement period, and includes a suite of premium travel benefits. The fee-waiver structure makes Ultimate effectively free for the household that already runs $48,000+ annual card spend through one card.

Transfer partners. Velocity Frequent Flyer at a competitive published ratio (and CBA runs periodic transfer bonuses, typically 15% to 25% at Christmas, EOFY, and mid-year windows). Cathay Asia Miles. Singapore Airlines KrisFlyer. Qantas Points via a paid opt-in ($90 per year on the Ultimate tier).

Redemption sweet-spot. Awards points are most efficient transferred to Velocity during a transfer bonus, then routed to KrisFlyer for premium cabin availability. The in-house Awards store redemption (gift cards, travel booking) sits at a mediocre 0.5 to 0.7 cents per point; treat the store as a last-resort exit ramp, not the plan.

Who it fits. Existing CommBank primary banking customers (the Yello tier and package fee waivers compound with card benefits). Anyone who spends $4,000+ per statement and wants a $35/month card that is functionally $0 net. Velocity-aligned flyers who value the periodic transfer bonuses.

NAB Rewards Platinum: the cheapest fee-to-earn ratio

NAB Rewards Platinum earns 1 NAB Rewards Point per $1 on everyday purchases, 1.5 points per $1 at eligible grocery stores, and 2 points per $1 on Webjet purchases, with no monthly earn cap (NAB). Annual fee is a flat $195 with no separate rewards program fee. The no-cap structure is unique in the Big 4 flagship tier and matters most for spenders who occasionally run large amounts through the card.

Transfer partners (all at a 3,000 NAB Rewards Points block). Velocity Frequent Flyer (1,500 points, effectively 2 to 1). Air New Zealand Airpoints (15 Australian Airpoints Dollars). Accor Live Limitless (500 ALL Reward points). Singapore Airlines KrisFlyer (1,000 miles, effectively 3 to 1). Cathay Membership Programme Asia Miles (1,000 miles, 3 to 1). Flybuys (3,000 Flybuys points, 1 to 1) (NAB). The 3-to-1 airline transfer ratios are the least favourable in the Big 4; the offset is the low annual fee and the no-cap earn.

Sign-up bonus. The current listed offer is 80,000 bonus points after $3,000 spend in 90 days, plus 20,000 more points after 12 months (100,000 total). Existing NAB customers additionally get a $100 first-year card fee discount (NAB).

Sibling product. NAB also issues the dedicated Qantas Premier Titanium on a separate Qantas-branded rail; that card earns Qantas Points directly at higher rates and sits outside the NAB Rewards program. If your spend is Qantas-first, Qantas Premier or Westpac Altitude Qantas are the better picks than NAB Rewards Platinum.

Who it fits. Moderate-to-heavy spenders in the $30,000 to $80,000 annual range who want to avoid the premium tier's $370+ fees. Households that grocery-shop heavily at eligible supermarkets (1.5x earn adds up quickly). Anyone who needs a transfer partner outside Qantas.

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Program specs side by side

Program	Westpac Altitude Rewards	Westpac Altitude Qantas	ANZ Rewards Black	CBA Awards / Ultimate	NAB Rewards Platinum
Currency	Altitude Points	Qantas Points (direct)	ANZ Reward Points	Awards Points	NAB Rewards Points
Base earn (per $1)	1	0.5	2 (to $5k/stmt), then 1	1 (entry) / up to 3 (Ultimate)	1
Everyday category earn	2	0.8	Same as base	Same as base	1.5 (eligible groceries)
International earn	3 (to threshold)	1.2	2	Up to 3 (Ultimate)	1
Monthly earn threshold	$10k/stmt, drop to 0.5	$10k/stmt, drop to 0.25	$5k/stmt, drop to 1	$2k (entry) / $10k (Ultimate)	No cap
Annual fee	$295	$370 ($295 + $75)	$375 ($320 + $55)	$96 (entry) / $420 (Ultimate, waivable)	$195
Velocity transfer	Yes	Indirect	Yes	Yes	Yes (2 to 1)
Qantas transfer	Indirect	Direct earn	No direct partner	Opt-in ($90/yr on Ultimate)	No (Qantas Premier separate)
KrisFlyer transfer	Yes	Indirect	Yes	Yes	Yes (3 to 1)
Asia Miles transfer	Yes	Indirect	Yes	Yes	Yes (3 to 1)
Air NZ Airpoints	No	No	No	No	Yes
Accor ALL	No	No	No	Limited	Yes
Sign-up bonus (typical 2026)	Up to 150k Altitude	Up to 150k Qantas	Up to 180k ANZ	Promotional, transfer-bonus led	80k + 20k tenure (100k)
Purchase interest rate	20.99% p.a.	20.99% p.a.	20.99% p.a.	20.99% p.a.	20.99% p.a.
Interest-free days	Up to 45	Up to 45	Up to 44	Up to 44	Up to 44
Foreign transaction fee	~3% (verify)	~3% (verify)	~3% (verify)	~3% (verify)	~3% (verify)
Lounge benefit	None	2 Qantas Club passes/yr	Limited	Tier-dependent	None
Minimum income	$75,000	$75,000	Not published	Not published	Not published

(Fees, earn rates, sign-up bonuses, and transfer ratios are indicative and change frequently. Verify directly with each bank before applying: Westpac Altitude Rewards, Westpac Altitude Qantas, ANZ Rewards Black, CommBank Awards, CommBank Ultimate, NAB Rewards Platinum.)

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What a point is actually worth

The single most under-discussed number in Australian rewards is redemption value. A "1 point per $1" earn rate is meaningless without knowing what the point is worth on exit. The most widely cited independent valuations sit at approximately: 1.6 cents per Qantas Point, 1.7 cents per Velocity Point, 2.1 cents per Cathay Asia Mile, and 1.5 cents per Singapore Airlines KrisFlyer mile (Point Hacks, December 2025 basket-method valuations). Bank points (Altitude, Awards, ANZ Reward Points, NAB Rewards Points) do not have standalone published cent-per-point valuations because their real value depends on which airline or hotel currency you transfer into.

Two implications matter for card choice:

Cathay Asia Miles has the highest published cent-per-point value of any major partner most Big 4 cards transfer into. Anyone with realistic Cathay Pacific redemption plans (Australia to Hong Kong, Hong Kong to Europe, Hong Kong to Japan) gets meaningfully better value from an ANZ Rewards Black or CBA Awards transfer than from a Velocity or Qantas exit. Cathay's rewards seat availability is separate concern; the point value assumes seats open.

Velocity has overtaken Qantas as the more valuable frequent flyer currency since Qantas's August 2025 Classic Reward pricing and carrier charge increases. This affects the calculus on whether the Westpac Altitude Qantas option is worth the $75 annual Rewards Program fee. If your redemption plan is short-haul domestic on Qantas Classic Reward availability, the direct-earn Qantas option still wins. If your plan is longer-haul or premium cabin, transferring to Velocity via Altitude Rewards or ANZ Rewards Black often nets more value per dollar spent.

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Where the annual fee actually pays back

The framing "is the annual fee worth it" only works once you set the redemption benchmark. A card returns $0 in real value until you actually redeem. Two concrete stack examples:

Example one: NAB Rewards Platinum on $40,000 annual spend, half groceries, half everyday. Groceries at 1.5 points per $1 on $20,000 = 30,000 points; everyday at 1 point per $1 on $20,000 = 20,000 points. Add the 100,000-point sign-up bonus in year one. Total year-one earn: ~150,000 NAB Rewards Points. Transfer to Velocity at 2 to 1 = 75,000 Velocity Points. At Point Hacks' 1.7 cents per Velocity Point basket-method valuation, that is roughly $1,275 in redemption value against the $195 annual fee. Year two without the bonus: ~50,000 NAB points transferred to 25,000 Velocity, roughly $425 value against $195 fee. The card clears the fee bar in both years for a moderate-spend household.

Example two: Westpac Altitude Rewards Black on $80,000 annual spend, one-third international. That is about $6,700 per statement, under the $10,000 threshold, so the full rates apply. International at 3 points per $1 on about $26,700 = about 80,000 points; domestic at 2 points per $1 on the everyday category and 1 on other purchases, so roughly 55,000 to 80,000 points on the remaining $53,300. Net earn runs about 135,000 to 160,000 Altitude Points a year. What that is worth depends on Westpac's current Altitude-to-Velocity transfer ratio, so check it before you count on a dollar figure. The value rises further when a redemption sweet-spot (KrisFlyer business class) is used instead of a straight economy conversion.

Example three: ANZ Rewards Black on $30,000 annual spend. That is about $2,500 per statement, under the $5,000 threshold, so every dollar earns 2 points: about 60,000 ANZ Reward Points a year, plus the up-to-180,000-point sign-up bonus in year one. Point Hacks does not publish a standalone ANZ Reward Point valuation, and the dollar value depends on ANZ's current transfer ratio into Velocity or another partner, so check it before you rely on a figure. Year one comfortably clears the $375 fee; year two depends on redeeming into a higher-value partner. This card is a year-one hero and a year-two consideration depending on how much you spend.

The pattern across all three: the year-one economics are almost always positive; the year-two economics depend entirely on whether you keep hitting the earn cap and redeem into higher-value partners. If a card sits unused after the bonus is spent, the year-two fee is a gift to the bank.

The transfer-partner-first framework

Pick the program in this order:

1. Which airline are you loyal to? Qantas (Westpac Altitude Qantas or Qantas Premier Titanium via NAB); Virgin Australia (CBA Awards or ANZ Rewards Black for Velocity transfers); Singapore Airlines (any of the four for KrisFlyer via 3-to-1 to 3-block ratios); Cathay Pacific (ANZ Rewards Black or CBA Awards for Asia Miles); Air New Zealand (NAB Rewards Platinum is the only Big 4 with a published Airpoints partner).
2. What is your monthly spend pattern? Consistent under $5,000 favours ANZ Rewards Black; consistent under $10,000 favours Westpac Altitude Black or CommBank Ultimate; high-and-lumpy favours NAB Rewards Platinum (no cap).
3. How annual-fee sensitive are you? Flat $195 (NAB) is the lowest fixed fee in the premium tier; $8/month (CommBank Awards entry) is lower nominally but earns half the points; ANZ and Westpac land at $370 to $375 with premium benefits.
4. Are you optimising for the sign-up bonus in year one only, or the ongoing earn in year two onward? Year-one shoppers accept a higher annual fee if the bonus more than clears it (ANZ Rewards Black at 180,000 bonus points is the reigning year-one champion). Year-two-onward shoppers pick the card with the best cap-vs-earn combination for their spend level and drop the card when the value fades.

Once the program is chosen, go through ShopBack before you pay: it pays on the merchant transaction regardless of card, so both the card points and the merchant cashback earn on the same purchase at participating retailers. No promo codes; the click-through is what counts.

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When these programs are NOT the right pick

• You carry a balance. Every rewards benefit is wiped out by the 20.99% p.a. purchase rate on all four flagship rewards cards (Westpac, NAB). Interest-free days only apply if you pay the full closing balance by the due date (ASIC MoneySmart). Pick a low-rate card, not a rewards card.
• Your annual spend is under $20,000. The annual fee on every Big 4 premium rewards card exceeds the expected point value at this spend level. Use a no-fee card or the entry CommBank Awards at $8/month with a modest earn expectation.
• You never actually redeem. Points that sit in an account are worth zero. If the last time you flew business on a partner was 2018, the card's value is theoretical. Either commit to a redemption plan or downgrade.
• You cross-shop Amex. After the December 2025 Amex Membership Rewards devaluation (1:1 to 2:1 across Qantas and Velocity), Amex Platinum plus a Big 4 backup can still work, but the Amex earn rate is now closer to the Big 4 flagship tier. Run the maths on both stacks before assuming Amex-plus-Big-4 is automatically superior.
• You want a pure cashback product. None of the Big 4 issues a competitive high-cashback card in 2026. Bankwest Easy, Coles No Annual Fee, and dedicated challenger cashback cards win here. Go through ShopBack before you pay on retail spend, whichever card you use, so part of the cost comes back.
• You need a card with no foreign transaction fee. All Big 4 charge approximately 3% on non-AUD transactions. Use a dedicated no-foreign-fee travel card (Wise debit, ING Orange Everyday, Bankwest Breeze on offer) for overseas spend and reserve the Big 4 card for domestic earn.

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Frequently asked questions

Which Big 4 Australian rewards program has the best earn rate per dollar in 2026?

On a raw points-per-dollar basis, CommBank Ultimate Awards and Westpac Altitude Rewards Black share the top headline rate: Ultimate earns up to 3 Awards points per $1 (to $10,000 per statement) and Altitude Rewards Black earns up to 3 Altitude points per $1 on international spend and 2 on the everyday category, dropping to 0.5 after $10,000 in a statement cycle. ANZ Rewards Black earns 2 ANZ Reward Points per $1 to $5,000 per statement, then 1. NAB Rewards Platinum earns 1 to 2 points per $1 with no monthly cap, so heavy spenders keep earning past where the others taper. Raw earn is only half the story; transfer partner and redemption value matter more. Before you apply, search ShopBack for the card issuer; if a live offer is listed, go through ShopBack before you submit the application, and if not, apply direct.

Which Big 4 program offers the best Velocity Frequent Flyer transfer partner?

CBA Awards and ANZ Rewards Black both transfer to Velocity at competitive published ratios and run periodic transfer bonuses (typically 15% to 25%). NAB Rewards transfers at 2 NAB Rewards Points to 1 Velocity Point. Westpac Altitude Rewards transfers to Velocity via the Altitude Rewards option. For Virgin Australia flyers, CBA Awards Ultimate or ANZ Rewards Black are usually the strongest Big 4 picks; watch for the promotional transfer bonuses and time large transfers to those windows.

Which Big 4 program is best for Qantas Frequent Flyer points in Australia?

Westpac Altitude Black with the Qantas option earns Qantas Points directly at 0.5 points per $1 on most purchases, 0.8 on the everyday spend category, and 1.2 on international spend, dropping to 0.25 after $10,000 in a statement cycle (Westpac). The Qantas option carries a $75 Rewards Program fee in addition to the $295 card fee and includes 2 complimentary Qantas Club lounge passes each year subject to conditions. CBA Ultimate Awards offers a Qantas Points opt-in for an additional $90 per year. For pure Qantas alignment outside the Big 4 personal card portfolio, the Qantas Premier Titanium (issued by NAB on a Qantas-branded rail) is a separate consideration.

What are the transfer partners on NAB Rewards Points?

NAB Rewards Points transfer at a 3,000-point block to: Velocity Frequent Flyer (1,500 points), Air New Zealand Airpoints (15 Australian Airpoints Dollars), Accor Live Limitless (500 ALL Reward points), Singapore Airlines KrisFlyer (1,000 miles), Cathay Asia Miles (1,000 miles), and Flybuys (3,000 Flybuys points) (NAB). The 3,000-to-1,500 Velocity ratio effectively means 2 NAB Rewards Points per 1 Velocity Point. The 3,000-to-500 Accor ratio is the least efficient of the airline partners; the airline transfers (Velocity, KrisFlyer, Asia Miles) generally return more cents per point at reasonable redemption tiers.

What are Australian frequent flyer points actually worth in 2026?

Point Hacks Australia's most recent published valuations (based on the December 2025 update at Australian Frequent Flyer) sit at approximately 1.6 cents per point for Qantas Frequent Flyer, 1.7 cents per point for Velocity, 2.1 cents per mile for Cathay Asia Miles, and 1.5 cents per mile for Singapore Airlines KrisFlyer (Point Hacks). These are basket-method averages; individual redemptions range from 0.4 cents per point on gift cards to 3 to 4 cents per point on international business class. Bank points (Altitude, ANZ Reward Points, Awards, NAB Rewards) do not have standalone published cent-per-point valuations because their value depends on which airline or hotel currency you transfer into.

How large are Big 4 rewards credit card sign-up bonuses in 2026?

ANZ Rewards Black continues to run the largest headline bonus, up to 180,000 ANZ Reward Points across staged spend and tenure conditions in promotional windows (ANZ). NAB Rewards Platinum's current publicly listed offer is 80,000 bonus points after $3,000 spend in 90 days, plus 20,000 points after 12 months (100,000 total) (NAB). CBA runs periodic transfer bonuses to Velocity rather than large one-off sign-up bonuses on the entry Awards card. Westpac Altitude Black's Qantas option has historically run sign-up bonuses up to 150,000 Qantas points on staged spend. Offers change every quarter; verify the current promotion directly with each issuer before applying.

Do Big 4 rewards credit cards charge a foreign transaction fee on overseas spend?

Yes. All four Big 4 flagship rewards cards charge a foreign transaction fee (approximately 3% on non-AUD transactions; confirm the current rate with each issuer). The premium tiers do earn higher points on international spend (Westpac Altitude Rewards up to 3 points per $1 internationally, ANZ Rewards Black 2 points per $1 across all eligible spend, CommBank Ultimate up to 3), so the fee is partly offset by rewards. For high-frequency overseas spend, a dedicated no-foreign-fee travel card (Wise debit, ING Orange Everyday, Bankwest Breeze on offer) plus a Big 4 rewards card for domestic is usually the cheaper combined stack.

How do the Big 4 rewards program annual fees compare in 2026?

Ranked by all-in annual fee: NAB Rewards Platinum is $195 flat with no separate program fee (NAB); Westpac Altitude Rewards Black is $295 total on the Altitude Rewards option and $370 on the Qantas option (with the $75 program fee) (Westpac); ANZ Rewards Black is $375 total ($320 card fee plus $55 Rewards Program Service Fee) (ANZ); CommBank Awards entry sits at $8 per month ($96/year), and CommBank Ultimate Awards is $35 per month waived if you spend $4,000 or more per statement period (CommBank). The lowest fee is not always the best value; pair the fee with expected earn.

Can I earn ShopBack cashback and Big 4 rewards program points on the same purchase in Australia?

Yes. ShopBack cashback is paid on the merchant transaction, not on the card, so any Big 4 rewards credit card (Westpac Altitude, ANZ Rewards, CBA Awards, NAB Rewards Platinum) still earns its native points on the same purchase. Click through to a ShopBack partner such as Amazon Australia, JB Hi-Fi, Woolworths, or Booking.com, complete the purchase in one session, and pay with your rewards card. The two rewards streams earn on the same transaction; check the current published cashback rate on each merchant page before checkout.

Which Big 4 rewards program has the best redemption sweet-spot in 2026?

The strongest reliable sweet-spot across all four Big 4 currencies is a transfer to Velocity Frequent Flyer for a Singapore Airlines KrisFlyer redemption in business class (Velocity transfers to KrisFlyer 1.55 to 1). This works out of CBA Awards, ANZ Rewards Black, and NAB Rewards Platinum (via the Velocity transfer step). Direct Qantas earn via Westpac Altitude Qantas Black is competitive for Qantas Classic Reward domestic business and premium economy where availability opens. Redemption sweet-spots move; check point-focused Australian sources (Point Hacks, Australian Frequent Flyer) close to booking date.

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Key takeaways

• Pick the program by transfer partner first (which airline you actually redeem into), monthly earn cap second, annual fee third
• Westpac Altitude Rewards Black shares the highest headline points-per-dollar with CommBank Ultimate (up to 3 on international, 2 on the everyday category)
• Westpac Altitude Qantas is the only Big 4 personal card with direct Qantas Points earn plus 2 complimentary Qantas Club passes/year
• ANZ Rewards Black offers the largest sign-up bonus in the Big 4 (up to 180,000 points) and pairs strongly with Cathay Asia Miles
• CBA Awards runs the widest published transfer partner set and periodic Velocity transfer bonuses (typically 15% to 25%)
• CommBank Ultimate Awards' $35/month fee is fully waivable at $4,000 per statement spend, making it effectively free for high spenders
• NAB Rewards Platinum is the only Big 4 flagship card with no monthly earn cap plus Air New Zealand Airpoints as a transfer partner
• The December 2025 Amex Membership Rewards devaluation (1:1 to 2:1 on Qantas and Velocity) has narrowed the Amex vs Big 4 gap
• Point Hacks' 2026 basket valuations (Qantas 1.6c, Velocity 1.7c, Asia Miles 2.1c, KrisFlyer 1.5c) favour Cathay redemptions where seats open
• Going through ShopBack before you pay at participating Australian retailers brings part of the cost back, and any card still earns its own rewards points

Compare ShopBack cashback across JB Hi-Fi, Amazon Australia, Woolworths and other AU merchants Works with any credit card. No promo codes needed.

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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, transfer partner ratios, monthly caps, and program terms are subject to change. Eligibility criteria, minimum income requirements, and complimentary travel insurance terms vary by issuer and product disclosure statement (PDS). Point valuations cited from third-party sources (Point Hacks Australia, Australian Frequent Flyer) are basket-method averages and individual redemption value varies significantly by route and cabin. Please verify current pricing, terms, and eligibility directly with the relevant bank or issuer before applying.

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.

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