Qantas Amex vs ANZ Black vs Westpac Altitude vs CBA Ultimate AU 2026

The 2026 Australian premium travel credit card market has narrowed but sharpened, so compare the cards, then book your travel through ShopBack before you pay, where ShopBack Cashback works like a discount, only easier than a promo code. American Express Platinum Charge remains the top of the pile at A$1,750 annual fee. Below that, the A$370 to A$450 tier has consolidated into four cards worth serious consideration: Qantas American Express Ultimate, ANZ Rewards Black, Westpac Altitude Black on the Qantas option, and Commonwealth Bank's Ultimate Awards (which replaces the discontinued CBA Diamond product). NAB Rewards Signature sits below this tier at a lower fee point.

This is the tier where the annual fee stops being a rounding error and starts requiring intentional benefit consumption. If you don't use the sign-up bonus and don't use the ongoing benefits (travel credit, lounge invitations, complimentary insurance), the A$370 to A$450 annual fee is a straight loss. If you do use them, one of these four is the strongest travel earn card in Australia at their respective price points.

This piece walks through each of the four head to head, then verdicts by traveller persona.

Verdict up front

For most Australian travel-focused card seekers in 2026:

• Best direct Qantas Points earn: Qantas American Express Ultimate. 1.25 points per A$1 on most eligible spend, 2 points on Qantas direct spend, plus A$450 annual travel credit that effectively offsets the annual fee.
• Best flexible-points transfer stack: ANZ Rewards Black. Transfers to Velocity (2:1), KrisFlyer (3:1 typical), Etihad Guest (2:1), Emirates Skywards, Cathay Asia Miles. Includes Priority Pass membership.
• Best bank-issued Qantas card (Amex-averse): Westpac Altitude Black with the Qantas option. Direct Qantas earn on Mastercard/Visa rail.
• Best complimentary insurance and lounge pass benefit: CBA Ultimate Awards (replaces CBA Diamond). Strong medical cover cap and Airport Lounge Pass benefit.
• Best if you already have Amex Platinum Charge: none of these; you're above this tier already.

Booking hotels around your points-redemption flights at Booking.com, Agoda or Trip.com? Go through shopback.com.au before you pay so part of the cost comes back, and check the live rate on the store's ShopBack page on the day.

What ShopBack does around a travel credit card

ShopBack is a free Cashback app and website. Going through ShopBack is a step before you pay: open Booking.com, Agoda or Trip.com from ShopBack, book the hotel, then pay with your travel card, which earns its own points under your card issuer's terms. Sign up at shopback.com.au, install the Chrome extension, and go through ShopBack to the merchant before you pay. Cashback pending appears in a few days and confirms after the retailer clears the sale.

The current Cashback is shown on each store's ShopBack page before you book.

Card by card

Qantas American Express Ultimate

Positioning: Amex's flagship Qantas-branded card in Australia. Annual fee A$450. Direct earn 1.25 Qantas Points per A$1 on most eligible spend, 2 Qantas Points per A$1 on Qantas direct spend, 0.5 to 1 Qantas Points per A$1 on select categories (government, utilities capped).

Benefits:

• A$450 annual Qantas travel credit (must be redeemed on qantas.com within 12 months of anniversary)
• 2 Qantas Club invitations per year
• Complimentary international travel insurance (medical, cancellation, lost baggage, rental car excess)
• Amex Offers (retailer-specific statement credits)
• Sign-up bonus typically 100,000-150,000 Qantas Points subject to minimum spend

Watch-outs: Amex is not universally accepted in Australia (some smaller merchants surcharge or refuse). Amex surcharge rules apply. Break-even: use the A$450 travel credit each year (effectively cancels the fee) plus one lounge invitation.

ANZ Rewards Black

Positioning: ANZ's flexible-points premium card. Annual fee A$375 (subject to review). Direct earn 1.5 ANZ Rewards Points per A$1 on most eligible spend, 0.75 ANZ Rewards Points per A$1 on select categories.

Transfer partners:

• Velocity Frequent Flyer 2:1 (2 ANZ Rewards = 1 Velocity Point)
• KrisFlyer typically 3:1
• Etihad Guest 2:1
• Emirates Skywards 2:1
• Cathay Pacific Asia Miles 2:1 or 3:1 depending on promo
• Hilton Honors 1:1 or 2:1 depending on promo

Benefits:

• Priority Pass membership (check ANZ's card page for how many lounge visits are included)
• Complimentary international travel insurance
• Complimentary purchase security and extended warranty
• Sign-up bonus typically 150,000-200,000 ANZ Rewards Points (equivalent to 75,000-100,000 Velocity Points after 2:1 transfer)

Watch-outs: 1.5 ANZ Rewards Points per A$1 at 2:1 transfer yields 0.75 Velocity Points per A$1. Effective direct-to-airline earn is below Qantas Amex Ultimate at 1.25 Qantas Points per A$1. The trade-off is transfer flexibility across 6+ programs.

Westpac Altitude Black with Qantas option

Positioning: Westpac's flagship rewards card on Mastercard rail with an optional direct Qantas Points earn feature. Card fee A$295, plus A$75 annual Qantas Rewards Program option fee if you elect direct Qantas earn, total A$370.

Direct earn (Qantas option):

• 0.5 to 0.75 Qantas Points per A$1 on domestic spend
• Up to 1.2 Qantas Points per A$1 on international spend (subject to promo caps)

Benefits:

• Complimentary airport lounge passes (check Westpac's card page for the current number)
• Complimentary international travel insurance
• Purchase security
• Sign-up bonus typically 100,000-120,000 Qantas Points on the Qantas option

Alternative: without the Qantas option, Altitude Black earns Altitude Points transferable to Velocity, KrisFlyer, Cathay Asia Miles, Hilton Honors, and Singapore Airlines KrisFlyer at various ratios.

Watch-outs: 0.5 Qantas Points per A$1 on domestic direct earn is below Qantas Amex Ultimate's 1.25 rate. The card wins for Amex-averse Qantas loyalists who want direct Qantas earn on Mastercard.

CommBank Ultimate Awards (replaces CBA Diamond)

Positioning: Commonwealth Bank's premium Mastercard product, replacing the discontinued CBA Diamond. Monthly fee A$35 (waived when you spend A$2,500+ per statement period). Effective annual fee A$0 if you meet the spend waiver, A$420 otherwise.

Direct earn:

• 3 CommBank Awards Points per A$1 on international spend (foreign currency)
• 2 CommBank Awards Points per A$1 on domestic spend at eligible retailers (dining, entertainment)
• 1 CommBank Awards Point per A$1 on other eligible spend

Transfer partners (CommBank Awards Points):

• Velocity Frequent Flyer 2:1
• KrisFlyer typically 2:1 or 3:1
• Cathay Pacific Asia Miles 2:1

Benefits:

• Complimentary international travel insurance (strong medical cover cap, typically A$2.5 million)
• Airport Lounge Pass benefit (limited free visits per year, additional visits at A$40+ per visit)
• No foreign currency conversion fee on foreign currency transactions
• Sign-up bonus typically 60,000-100,000 CommBank Awards Points

Watch-outs: The A$35 monthly fee waiver requires A$2,500+ statement spend. If your spend dips below the waiver threshold, the effective annual fee reappears. The 3 points per A$1 on international spend is only realised on foreign currency transactions, not domestic in foreign brands.

4-way comparison table

Card	Annual fee	Direct earn (per A$1)	Sign-up bonus (typical 2026)	Lounge access	Transfer partners
Qantas American Express Ultimate	A$450 (offset by A$450 Qantas credit)	1.25 QFF Points; 2 QFF on Qantas	100k-150k QFF Points	2 Qantas Club invites/year	Direct Qantas earn
ANZ Rewards Black	~A$375	1.5 ANZ Rewards (0.75 Velocity after 2:1)	150k-200k ANZ Rewards	Priority Pass (visits per ANZ terms)	Velocity, KrisFlyer, Etihad, Emirates, Cathay
Westpac Altitude Black + Qantas	A$370 (A$295 + A$75 option)	0.5-0.75 QFF domestic, up to 1.2 QFF international	100k-120k QFF Points	Airport lounge passes (per Westpac terms)	Direct Qantas earn
CBA Ultimate Awards	A$35/month (waived at A$2,500+ spend)	3 CommBank Awards on int'l, 2 on dining/entertainment, 1 other	60k-100k CommBank Awards	Airport Lounge Pass (limited)	Velocity, KrisFlyer, Cathay

Earn rate math on a A$60,000 annual spend

Assume a mixed spend profile: A$36,000 general, A$8,000 dining, A$4,000 international foreign currency, A$5,000 Qantas direct, A$7,000 government/utilities (typically excluded or capped).

Qantas American Express Ultimate:

• 1.25 QFF x A$48,000 non-Qantas non-excluded = 60,000 QFF
• 2 QFF x A$5,000 Qantas = 10,000 QFF
• Government/utilities capped, roughly 0.5 QFF x A$7,000 = 3,500 QFF
• Total annual earn: ~73,500 QFF Points (worth A$1,100-A$4,400 depending on redemption)

ANZ Rewards Black:

• 1.5 ANZ x A$48,000 = 72,000 ANZ Rewards
• 0.75 ANZ x A$12,000 = 9,000 ANZ Rewards
• Total ANZ Rewards: ~81,000, which converts to ~40,500 Velocity Points at 2:1 (worth A$525-A$1,215 depending on redemption)

Westpac Altitude Black with Qantas option:

• 0.5 QFF x A$49,000 domestic (general, dining and Qantas) = 24,500 QFF
• 1.2 QFF x A$4,000 international = 4,800 QFF
• Total: ~29,300 QFF Points

CBA Ultimate Awards:

• 1 CommBank x A$41,000 general and Qantas = 41,000
• 2 CommBank x A$8,000 dining = 16,000
• 3 CommBank x A$4,000 international = 12,000
• Total: ~69,000 CommBank Points, converts to ~34,500 Velocity Points at 2:1

For pure Qantas Points direct earn, Qantas American Express Ultimate is the clear winner on a A$60,000 spend profile, generating about 2.5x the QFF earn of Westpac Altitude Black.

Points value in cents-per-point

Rule of thumb for Australian travel card redemptions in 2026:

• Domestic economy Classic Reward: 1.3 to 1.7 cents per Qantas or Velocity Point.
• International economy Classic Reward: 1.5 to 2.5 cents per point.
• International business class Classic Reward (Sydney-Singapore, Sydney-Tokyo, Sydney-Los Angeles): 3 to 6 cents per point.
• International first class (Cathay Pacific first, British Airways First): 5 to 10 cents per point.

To hit the higher-value redemptions, book 300+ days in advance when Classic Reward inventory opens on Qantas and Virgin Australia. For the hotel side of a points-redemption trip, go through ShopBack before you book on Booking.com or Agoda, and check the live rate on the store's ShopBack page.

Booking a hotel for your Classic Reward flights? Start from Booking.com through ShopBack before you pay.

Complimentary travel insurance depth

All four cards include complimentary international travel insurance when you pay for the trip using the card. Coverage varies:

• CBA Ultimate Awards: strong medical cover cap (typically A$2.5 million), extended cancellation cover up to 6 months of outbound flight.
• Qantas American Express Ultimate: strong medical cover plus rental car excess coverage.
• ANZ Rewards Black: medical, cancellation, lost baggage, plus Priority Pass integration for lounge disruption cover.
• Westpac Altitude Black: medical, cancellation, lost baggage.

Read the current Product Disclosure Statement on each issuer's page. Complimentary card cover typically has activation conditions (you must pay for the full return trip cost with the card, or a minimum percentage). Age caps often apply (typically 79 or 80 years old). If you have complex medical needs or plan to travel for more than 60 days, standalone travel insurance may be needed on top.

Sign-up bonus economics

Sign-up bonuses in 2026 typically require A$3,000 to A$6,000 minimum spend in the first 3 months and exclude existing or recent (12-24 months) holders of the same product. Recent typical bonuses:

• Qantas American Express Ultimate: 100,000-150,000 Qantas Points
• ANZ Rewards Black: 150,000-200,000 ANZ Rewards Points (75,000-100,000 Velocity after transfer)
• Westpac Altitude Black with Qantas option: 100,000-120,000 Qantas Points
• CBA Ultimate Awards: 60,000-100,000 CommBank Awards Points

Verify the current bonus on each issuer's card page before applying. Redeem the sign-up bonus on international business class Classic Reward to hit 3 to 6 cents per point on a Sydney-Singapore, Sydney-Tokyo, or Sydney-Bangkok business seat. A 100,000-point Qantas sign-up bonus at 4 cents per point yields A$4,000 of ticketed value; at 1.5 cents per point on domestic economy it yields A$1,500.

Verdict by traveller persona

The Qantas-loyal domestic and Asia flyer: Qantas American Express Ultimate. A$450 annual fee offset by A$450 travel credit. 1.25 QFF per A$1 direct earn. 2 Qantas Club invites per year. Use QFF sign-up bonus on Cathay Pacific business class Sydney-Hong Kong.

The frequent international traveller wanting flexibility: ANZ Rewards Black. Priority Pass membership (check ANZ's page for included visits). Transfer to Velocity, KrisFlyer, Etihad Guest, Emirates Skywards, Cathay Asia Miles as needed. Complimentary international travel insurance.

The Qantas loyalist who avoids Amex: Westpac Altitude Black with the Qantas option. Direct Qantas earn on Mastercard rail. Check Westpac's card page for the current lounge benefit before weighing the A$370 total fee.

The Commonwealth Bank customer with A$2,500+ monthly card spend: CBA Ultimate Awards. Monthly fee waived at A$2,500+ spend. Strong complimentary travel insurance (A$2.5M medical). Airport Lounge Pass benefit. 3 points per A$1 on foreign currency spend is best-in-class for international spenders.

The A$100,000+ annual spender: consider American Express Platinum Charge (A$1,750 fee) above this tier for global lounge access, hotel status match, and 2.25 Membership Rewards per A$1. This piece is below that tier.

Frequently asked questions

Q: Which is the best travel credit card in Australia in 2026?

Best depends on airline preference and Amex acceptance tolerance. Qantas American Express Ultimate wins on direct Qantas Points earn plus A$450 travel credit and two Qantas lounge invitations. ANZ Rewards Black wins on flexible points (transfer to Velocity, KrisFlyer, Etihad, Emirates, Cathay) plus complimentary Priority Pass. Westpac Altitude Black on the Qantas option is the strongest bank-issued Qantas card. CBA Ultimate Awards leads on complimentary travel insurance and Airport Lounge Pass. For hotels around your points-redemption flights, go through ShopBack before you book and check the live rate on the store's ShopBack page.

Q: Is the CBA Ultimate Awards card the same as the discontinued CBA Diamond?

No. CBA Diamond has been wound down and is no longer accepting new applications as of 2026. CBA Ultimate Awards is the current premium replacement, at A$35 monthly fee (waived at A$2,500+ statement spend), earning CommBank Awards points transferable to Velocity, KrisFlyer, and Cathay at 2:1. Includes complimentary international travel insurance and Airport Lounge Pass benefit.

Q: Is Qantas American Express Ultimate worth the annual fee in 2026?

Qantas American Express Ultimate carries a A$450 annual fee. Offsetting benefits: A$450 annual Qantas travel credit, 2 Qantas Club invitations per year, complimentary international travel insurance, 1.25 QFF per A$1 direct earn, 2 QFF on Qantas direct spend, and typically 100,000-150,000 point sign-up bonus. Break-even is realising the A$450 travel credit plus one lounge invitation. If you fly Qantas 2+ times a year and spend A$30,000+ annually, Ultimate outperforms lower-tier Qantas cards.

Q: What are the transfer partners on ANZ Rewards Black in 2026?

ANZ Rewards Program transfers to Velocity (2:1), KrisFlyer (3:1 typical), Etihad Guest (2:1), Emirates Skywards (2:1), Cathay Asia Miles (2:1 or 3:1), and select hotel programs. Direct earn is 1.5 ANZ Rewards per A$1, effective 0.75 Velocity per A$1 after 2:1 transfer. Compared with Qantas Amex Ultimate at 1.25 QFF per A$1, ANZ earns slightly less per dollar but offers broader partner flexibility.

Q: Is Westpac Altitude Black on the Qantas option the best bank-issued Qantas card in Australia in 2026?

Yes, for Qantas-loyal customers who prefer a bank card over Amex. Direct Qantas earn (0.5 to 0.75 QFF per A$1 domestic, up to 1.2 QFF international). Annual fee A$295 plus A$75 Qantas Rewards Program option, total A$370. Benefits include complimentary international travel insurance, purchase protection and complimentary airport lounge passes (check Westpac's card page for the current number). Better fit than Qantas Amex Ultimate if you value Mastercard acceptance.

Q: Which of these four Australian travel cards includes Priority Pass in 2026?

ANZ Rewards Black includes Priority Pass membership; check ANZ's card page for how many visits are included. CBA Ultimate Awards includes an Airport Lounge Pass benefit (limited free visits). Qantas American Express Ultimate includes two Qantas lounge invitations. Westpac Altitude Black includes complimentary airport lounge passes (check Westpac's card page for the current number). Compare the included visits on each issuer's page if lounge access matters most.

Q: What sign-up bonuses do these four cards offer in 2026?

Sign-up bonuses in 2026 typically require A$3,000 to A$6,000 minimum spend in the first 3 months. Recent typical bonuses: Qantas Amex Ultimate 100k-150k QFF, ANZ Rewards Black 150k-200k ANZ Rewards (75k-100k Velocity after 2:1), Westpac Altitude Black with Qantas option 100k-120k QFF, CBA Ultimate Awards 60k-100k CommBank Awards. Bonuses exclude existing card holders and 12-24 month wait periods apply on the same product. Verify current bonus on each issuer's page before applying.

Q: Which card has the best complimentary travel insurance in Australia in 2026?

All four include complimentary international travel insurance when you pay for the trip using the card. CBA Ultimate Awards has strong medical cover cap (A$2.5M, extended cancellation up to 6 months of outbound flight). Qantas Amex Ultimate includes strong medical plus rental car excess. ANZ Rewards Black includes medical, cancellation, Priority Pass integration. Westpac Altitude Black includes medical, cancellation, lost baggage. Check the Product Disclosure Statement on each issuer's page.

Q: How does ShopBack work with an Australian travel credit card in 2026?

Going through ShopBack is a step before you pay. Open Booking.com, Agoda or Trip.com from ShopBack, book the hotel, then pay with your Qantas Amex Ultimate, ANZ Rewards Black, Westpac Altitude Black or CBA Ultimate Awards, which earns points under your card issuer's terms. The current Cashback is shown on each store's ShopBack page before you book.

Q: What is a good cents-per-point value for Australian travel card redemptions in 2026?

1.5 cents per Qantas Point or 1.3 cents per Velocity Point on economy domestic; 3 to 6 cents on international business class (Sydney-Singapore, Sydney-Tokyo, Sydney-Los Angeles); 5 to 10 cents on international first class (Cathay Pacific first, British Airways First). To hit higher-value redemptions, book 300+ days in advance when Classic Reward inventory opens. For the hotel, go through ShopBack before you book.

Ready to shop

• Qantas American Express Ultimate
• ANZ Rewards Black
• Westpac Altitude Black
• CBA Ultimate Awards

Booking hotels around your points-redemption flights? Go through ShopBack before you pay:

• Booking.com via ShopBack
• Agoda via ShopBack
• Trip.com via ShopBack

Not a ShopBack member yet? Sign up free at shopback.com.au.

About this article

As of 2026-09-01, annual fees, earn rates, sign-up bonuses, transfer partner ratios, and complimentary benefits are subject to change. CBA Diamond has been discontinued for new applications; CBA Ultimate Awards is the current premium replacement. Verify current terms on each issuer's card page before applying. This article is general information only and does not constitute financial or credit advice; consider your objectives, financial situation, and needs, and consult a licensed credit adviser before applying.