The Amex to Airline Ratio Just Halved: Is Qantas Frequent Flyer Still the Better Australian Program in 2026?

Most Australians eventually face the same quiet decision: which frequent flyer program deserves your loyalty, your credit card spend, and your annual status runs. Commit to the wrong one and you end up with two thin points balances and no status to show for it. The right choice hinges far more on where you actually fly than on which brand you prefer.

The verdict

For Australian travellers in 2026, the two main domestic loyalty programs solve different problems and most engaged travellers hold both. Qantas Frequent Flyer wins on partner reach (oneworld alliance: American, BA, Cathay, JAL, Qatar, Iberia, Finnair), international route coverage, status reciprocity, and the breadth of points-earning everyday partners (Woolworths Everyday Rewards conversion, BP, Bupa health insurance, hundreds of brands). Velocity Frequent Flyer wins on cheaper domestic reward seats, faster Status Credit earn on Virgin Australia, and competitive points conversion from most non-Qantas Australian credit cards. Status reciprocity differs: Qantas Platinum unlocks oneworld Emerald, the most-recognised premium status globally; Velocity Gold and Platinum unlock benefits across Velocity's independent airline partners (Singapore Airlines, Etihad, ANA, Qatar Airways, United, Virgin Atlantic) (Velocity Frequent Flyer). The biggest mistake is earning points in the wrong program for the trip you actually take.

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What's changed in 2026

The two programs have both moved through material updates in the past year, most of which reward members who plan ahead:

• Qantas Classic Reward release has expanded again for 2026, with additional forward-booking seats on flagship international routes (Sydney to Los Angeles, Perth to London, Melbourne to Auckland) following the multi-year member-pressure push through 2024 and 2025. Reward seat availability is still constrained at peak, but off-peak availability is materially better than it was two years ago (Qantas Frequent Flyer).
• Velocity Reward Seat pricing is now fully dynamic on Virgin Australia domestic flights, with the lead-in economy price starting from 5,900 points one-way plus taxes and rising with demand. The change replaces the previous fixed-tier Reward Seat table on the domestic network (Velocity Frequent Flyer).
• Amex Membership Rewards devaluation landed in December 2025 across both programs, moving the transfer ratio to Qantas and to Velocity from 1:1 down to 2:1. Amex-first earners lose roughly half the flight value per Amex point earned; the flat-rate 2:1 applies to both programs so Amex remains a neutral bridge, not a Qantas or Velocity favourite.
• Qantas Loyalty partner earn with Woolworths Everyday Rewards, BP, and Bupa held steady through the year; no material change to the everyday-earn ecosystem.
• Velocity partner reach has held with Singapore Airlines, Etihad, ANA, Qatar Airways, and United, and the Virgin Atlantic partnership continues to run reward seats on UK routes (Velocity Frequent Flyer).
• Status thresholds are unchanged: Qantas Silver 350, Gold 700, Platinum 1,400; Velocity Silver 250, Gold 500, Platinum 1,000. Both programs still publish clear paths to lifetime status.
• Qantas Status Credit rollover launches later in 2026: members will be able to roll over up to 50% of unused Status Credits into their next membership year, capped at 100 for Silver, 350 for Gold, and 500 for Platinum. The separate attain/retain requirement removal (Gold aligning to a single 700 target rather than 700 attain / 600 retain) is scheduled for 2027 (Qantas Newsroom).

The practical shift for 2026 is that pre-planning your redemptions is worth more than it was in 2024, especially at Qantas, because forward Classic Reward availability has genuinely improved.

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What actually drives point value

Australia is a two-airline domestic market dominated by Qantas Group (Qantas, Jetstar, QantasLink) and Virgin Australia. The two loyalty programs are the dominant frequent-flyer currencies, with structurally different alliance footprints and earn ecosystems.

Qantas Frequent Flyer is the larger program by member count and the most embedded into Australian everyday spending. Points earn from Woolworths shopping, BP fuel, Bupa health insurance, Qantas Wine, Qantas Money credit cards, dozens of retail partners, and direct credit card transfers from cards like the Qantas Premier Titanium. The program connects to the oneworld alliance, so Qantas points (and status) extend to oneworld members including American Airlines, British Airways, Cathay Pacific, Fiji Airways, Finnair, Iberia, JAL, Malaysia Airlines, Oman Air, Qatar Airways, Royal Air Maroc, Royal Jordanian, and SriLankan (Qantas). For long-haul international travel, oneworld is one of the most valuable airline alliances globally.

Velocity Frequent Flyer is operated by Virgin Australia and has rebuilt steadily since Virgin's post-pandemic restructuring. Velocity is an independent program rather than aligned to a single alliance, and partners with Singapore Airlines, Etihad, ANA, Qatar Airways, United Airlines, and Virgin Atlantic, among others (Velocity Frequent Flyer). Domestic reward seat availability on Virgin Australia is historically better per route than Qantas, and the points-per-dollar earn on credit card transfers is competitive.

Status earn differs in mechanics. Qantas uses Status Credits earned per eligible flight (varying by fare class and distance); reaching Gold requires 700 Status Credits and Platinum requires 1,400 Status Credits per membership year, with at least four eligible Qantas or Jetstar flight segments. Velocity uses Status Credits on Virgin Australia and partner flights; Gold requires 500 Status Credits and Platinum 1,000 Status Credits, with at least half earned on Virgin Australia flights (Velocity Frequent Flyer). Velocity status is generally faster to earn for domestic-heavy travellers.

Redemption value. Reward pricing in both programs is table-based or dynamic and is revised regularly, so treat any cents-per-point figure as indicative rather than fixed. Broadly, Qantas points and Velocity points sit in a similar value band on classic/reward redemptions, with the highest value typically on international premium-cabin partner redemptions (reward pricing changes; see Qantas and Velocity Frequent Flyer). Neither is dramatically more valuable than the other; the difference lies in which routes have reward availability when you want to fly.

So the underlying question is: what is your dominant flying pattern (domestic-heavy vs international-heavy vs business-class redemption hunter)?

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Earn and burn, compared

Feature	Qantas Frequent Flyer	Velocity Frequent Flyer
Operator	Qantas Group	Virgin Australia
Alliance	oneworld	None (independent, multiple partners)
Major international partners	American, BA, Cathay, JAL, Qatar, Iberia, Finnair	Singapore Airlines, Etihad, ANA, Qatar Airways, United, Virgin Atlantic
Domestic earn rate (eligible economy fare)	~5 to 8 points per $ spent	~5 to 7 points per $ spent
Status Credit requirement (Silver)	350 Status Credits	250 Status Credits
Status Credit requirement (Gold)	700 Status Credits	500 Status Credits
Status Credit requirement (Platinum)	1,400 Status Credits	1,000 Status Credits
Top / invitation tier	Platinum One (3,600 Status Credits)	Platinum Plus (2,000 Status Credits)
Lifetime status threshold	Lifetime Platinum: 75,000 lifetime Status Credits (Lifetime Silver 7,000; Lifetime Gold 14,000)	Forever Gold: 12,000 lifetime Status Credits
One-way classic economy Syd-Mel reward	9,200 points (Zone 1) + ~$52 tax	Dynamic Reward Seat, from ~5,900 points + taxes (demand-based; pricing changes)
One-way classic economy Syd-Per reward	Zone-based Classic Flight Reward (reward pricing changes; see Qantas tables)	Dynamic Reward Seat (reward pricing changes; see Velocity)
Business class Syd-LA classic reward (one-way)	International Classic Flight Reward (reward pricing changes; see Qantas tables)	Partner Reward Seat e.g. Singapore Airlines (reward pricing changes; see Velocity)
Reward seat availability domestic	Moderate, peak constrained	Better than Qantas on most routes
Reward seat availability international (business)	Constrained but predictable	Constrained, partner-dependent
Credit card direct earn	Qantas Premier Titanium, Westpac Altitude Qantas, Amex Platinum, others	CBA Awards, ANZ Rewards, NAB Rewards, Westpac Altitude (transfer)
Conversion ratio (Amex Membership Rewards)	2:1 (Qantas; verify with issuer)	2:1 (Velocity; verify with issuer)
Everyday spending partners	Woolworths, BP, Bupa, Coles Insurance, Qantas Wine, hundreds	Coles, Westpac, MyDeal, fewer than Qantas
Status partner reciprocity (international flights)	Strong (oneworld Sapphire/Emerald)	Strong (Singapore, ANA, Qatar, partners)
Best for	International long-haul, oneworld, partner everyday earn	Domestic flying, lower-cost reward seats, faster status
Worst for	Domestic-only flyers (high status threshold)	Pure long-haul international travellers (smaller partner long-haul network)

The numbers show that on a direct route-for-route basis the two programs sit in a similar band on points cost, though exact reward pricing differs by route and is revised over time. Qantas wins on alliance breadth and everyday earn ecosystem. Velocity wins on availability and status pace for domestic-heavy travellers.

A practical note on Status Credits: both programs have reduced status accelerators across the past decade, making elite status more expensive in real terms. Qantas Platinum requires consistent business or higher economy travel; Velocity Gold is achievable from frequent Saver-fare domestic flying.

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Which program fits you

Use the Loyalty Program Map before signing up for any card or making a status run. Match your actual travel pattern to the program that pays out for it.

Your situation	Best program	Why
Fly 4+ international long-haul flights per year	Qantas Frequent Flyer	oneworld alliance reach + Qantas premium cabin
Fly 6+ domestic Australian flights per year	Velocity	Cheaper rewards, faster status earn
Mostly fly Sydney to Melbourne weekly	Velocity	Better domestic reward availability
Fly to Asia frequently (Singapore, Tokyo, Hong Kong)	Both, but Qantas Sapphire/Emerald	Lounge access on Cathay, JAL, Singapore (via SQ partnership for Velocity)
Fly to USA frequently	Qantas (oneworld AA partnership)	Most US route coverage
Fly to Europe	Qantas (BA, Qatar, Iberia)	Strongest European partner network
Shop heavily at Woolworths	Qantas	Everyday Rewards points convert at competitive ratio
Shop heavily at Coles	Velocity	flybuys conversion partnership
Have an Amex Platinum or Amex Membership Rewards	Either	Transfers to both at 2:1
Hold a Qantas-branded credit card (Premier, Westpac Qantas)	Qantas	Direct earn
Hold a CBA / ANZ / NAB / Westpac non-Qantas rewards card	Velocity	Direct transfer at competitive ratio
Aiming for Qantas Platinum status	Qantas	Long-term status investment
Aiming for Velocity Gold or Platinum status	Velocity	Faster Status Credit accumulation
Want lounge access globally on partner flights	Qantas (oneworld)	Sapphire and Emerald unlock the widest lounge network
Travel internationally with Singapore Airlines or KrisFlyer	Velocity	Direct partner status reciprocity
Casual flyer (1 to 2 domestic flights per year)	Either, depends on which airline you fly	Status not realistic; pick the airline you actually fly

The biggest mistake is splitting points 50/50 across both programs as a casual flyer, which produces two small balances that never redeem for anything meaningful. Concentrate.

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What this means for your wallet

In practice, the answer for most Australian travellers in 2026 is to pick one as your primary program based on where you actually fly, then earn opportunistically in the other when it costs you nothing.

Concrete example one: a Sydney-based business consultant flying twice a month to Melbourne and Brisbane, plus one international trip per year. Velocity is the right primary program. Twenty-four domestic flights at typical Status Credit earn rates put Velocity Gold (500 Status Credits) or Platinum (1,000 Status Credits) within reach (Velocity Frequent Flyer). Status Credits also earn at the partner Singapore Airlines for the one international trip per year. Annual points balance: enough for one or two domestic redemptions plus partner upgrades.

Concrete example two: a Brisbane couple taking two international holidays a year (Asia or Europe) and roughly four domestic flights. Qantas Frequent Flyer is the right primary. Status Credits build through international business class flights; oneworld partner coverage handles connections out of Brisbane via Sydney; Bupa and Woolworths partnerships accelerate non-flight points earn. Annual points balance: enough for one international economy reward redemption or partner upgrade per year.

Concrete example three: a Perth-based family of four, mostly flying domestic with one international holiday every two years. Velocity for the parents (faster status and cheaper reward seats), Qantas for the kids' minor balances accruing through occasional flights. The household concentrates Velocity status under the highest-earning parent.

A practical cashback note: ShopBack offers cashback on bookings made through partner travel platforms (Booking.com, Agoda, Trip.com, Luxury Escapes) and on selected Qantas Hotels and Virgin Australia partner bookings. The cashback runs in parallel with points earn on the underlying flight or hotel; both are claimable.

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When this does NOT apply

• You fly Jetstar exclusively: Jetstar is in the Qantas Group but reward seat availability and Status Credit earn on Jetstar are limited. The points pay back less here than on Qantas.
• You fly Bonza or other smaller carriers: smaller Australian operators have limited loyalty integration. Cash fares often beat any loyalty-based pricing.
• You travel only on company-paid flights and cannot personally accrue points: many Australian businesses claim the points centrally. Check the policy.
• Status credits via paid status runs: structured status runs (flying for the sake of credit) rarely pay back in 2026 because both programs have tightened the structure. Better to align natural travel patterns to one program.
• You hold lifetime status on either program: lifetime Qantas Platinum (75,000 lifetime Status Credits) or Velocity Forever Gold changes the maths. Maximise the program with permanent status.
• You exclusively use partner points: Singapore KrisFlyer, Cathay Asia Miles, or AA AAdvantage direct accrual may pay back more than transferring through Velocity or Qantas.
• You hold a Diners Club Premier or other niche transfer card: niche cards may transfer at non-standard ratios, changing the optimal program.

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Frequently asked questions

Is Qantas Frequent Flyer or Velocity better in Australia in 2026?

It depends on your travel pattern. Qantas Frequent Flyer wins for international travellers using oneworld partners and for anyone seeking long-term status reciprocity. Velocity wins for domestic flyers who want cheaper reward seats, faster status earn on Virgin Australia domestic flights, and easier access to lower-priced reward redemptions on short-haul routes. Many Australian travellers hold both.

How many Qantas or Velocity points do I need for a domestic flight in Australia?

A one-way economy Classic Flight Reward on Qantas from Sydney to Melbourne is a Zone 1 reward costing 9,200 Qantas points plus around $52 in taxes, fees and carrier charges (Qantas). On Virgin Australia, Velocity Reward Seat pricing for the same route is now dynamic and demand-based, with one-way domestic economy lead-in fares starting from 5,900 points (plus taxes and fees) and rising with demand (Velocity Frequent Flyer). Reward pricing and seat availability change; check the program tables for live pricing. Both programs release a limited number of reward seats per flight, with peak holiday periods most constrained.

Can I transfer credit card points to both Qantas and Velocity?

Most Australian credit card rewards programs transfer to Velocity at competitive ratios (CBA Awards, ANZ Rewards, NAB Rewards, Westpac Altitude, American Express Membership Rewards). Direct credit card transfer to Qantas Frequent Flyer is more restricted; cards like Qantas Premier (NAB-issued), Westpac Altitude Qantas option, and Amex Ultimate or Amex Platinum earn Qantas points directly. American Express Membership Rewards transfers to both Velocity and Qantas at 2:1 following the December 2025 Amex devaluation, not 1:1. Transfer ratios are set by each card issuer and change; verify the current ratio with your issuer before transferring.

Do Qantas or Velocity points expire?

Qantas points expire after 18 months of no earning or redeeming activity on the account (Qantas). Velocity points expire after 24 months of no activity (Velocity Frequent Flyer). In both cases, any earn or redeem transaction resets the clock. Even a small partner earn (Woolworths Everyday, Coles flybuys) keeps the account active.

Is it worth chasing Qantas Platinum status?

Qantas Platinum (1,400 Status Credits per year) delivers oneworld Emerald reciprocity, the most recognised airline status globally for lounges, priority boarding, and partner-airline benefits (Qantas). For Australians taking 4+ international long-haul flights per year (especially in business class), the status investment pays back. For domestic-only flyers, the Status Credit requirement is structurally too high.

What is a Qantas or Velocity point worth in cents in 2026?

Editorial estimates from Australian point-value trackers (Point Hacks Australia, Australian Frequent Flyer) put a Qantas point at roughly 1.4 to 1.9 cents on standard Classic Flight Reward redemptions, and a Velocity point at a similar 1.3 to 1.9 cents on dynamic Reward Seat redemptions. The highest cent-per-point value on both programs sits on premium-cabin partner redemptions (Qantas: Emirates, Cathay, Qatar; Velocity: Singapore Airlines, ANA, Etihad). These are indicative estimates that shift as programs revise reward pricing.

What has changed at Qantas Frequent Flyer and Velocity in 2026?

Qantas released additional Classic Reward availability in 2024 and 2025 in response to member pressure, and continues to expand the release for 2026 on flagship routes like Sydney to Los Angeles and Perth to London. Velocity is now fully on dynamic Reward Seat pricing on Virgin Australia domestic flights, with the lead-in economy price from 5,900 points one-way rising with demand. Status thresholds are unchanged on both programs. The most consequential change was the December 2025 Amex Membership Rewards devaluation to 2:1 across both airline partners.

Is it worth requalifying for Qantas or Velocity status in 2026?

Yes if you fly enough for the status to pay back in lounge access, priority boarding, checked baggage, and partner reciprocity. Qantas Gold and above unlocks oneworld Sapphire, giving lounge access on 12+ partner carriers. Velocity Gold and above unlocks partner benefits at Singapore Airlines, ANA, Etihad, and United. Rough test: 6+ domestic return trips plus one international trip a year makes Velocity Gold pay back; 4+ international long-haul trips a year makes Qantas Gold or Platinum pay back. Casual flyers should not chase status.

What is the best way to earn Velocity points without flying?

Velocity points can be earned through credit card spend (most major Australian cards transfer to Velocity), Westpac transaction banking partnerships, Coles flybuys conversion, MyDeal spend, BP fuel, and selected hotel and dining partners. Stacking ShopBack cashback on bookings through Velocity-aligned partners adds an extra layer of value on top of the points earn.

How can I earn cashback on flights and hotels booked around Qantas Frequent Flyer or Velocity travel?

ShopBack Australia lists cashback on the main booking platforms Australian travellers use around their Qantas or Velocity travel. For flight comparison, route through Skyscanner or Trip.com before clicking to the airline or OTA. For hotels around your Qantas or Virgin Australia flights, activate ShopBack at Booking.com, Agoda, Hotels.com or Wotif before booking. Cashback earns cash back on eligible booking spend and is separate from any airline loyalty points; verify the current published rate on each merchant page before booking.

Does ShopBack Australia work for Klook bookings on trips around Qantas or Velocity travel?

Yes. Klook and Traveloka are both ShopBack Australia partners for tours, day trips, attraction tickets, eSIMs and airport transfers used on flights across the Qantas and Virgin Australia networks. Activate ShopBack before clicking through, complete the booking in one session, and cashback tracks on eligible order value at the current published rate. Rates differ between platforms and change over time; check the merchant page before booking.

Which booking site is cheapest for hotels: Booking.com, Agoda, Hotels.com or Wotif?

No single site is consistently cheapest. Agoda tends to be strong on Asia inventory used by Qantas and Virgin Australia partners, Booking.com carries the broadest global inventory with flexible cancellation, Hotels.com rewards repeat bookings through One Key, and Wotif holds Australian bundle inventory. Prices on the same room on the same date can differ 5 to 15 percent between them; compare all four before locking in, and route through ShopBack on whichever wins for cashback on top.

Can I get cashback on a flight and hotel package to a Qantas or Velocity destination?

Yes. Flight and hotel packages are a distinct listing on Expedia AU and Trip.com, where the combined price typically beats booking flight and hotel separately for fixed-date itineraries. Luxury Escapes runs curated four to five star packages with breakfast and airport transfers bundled in. Activate ShopBack before clicking through; cashback tracks on eligible package spend at the current published rate on each merchant page.

How much cashback can I earn on a Qantas or Virgin Australia trip through ShopBack?

Cashback depends on which merchants you use and their current published rate; ShopBack does not guarantee a flat rate across travel. As a rough shape, a return international trip on Qantas or Virgin Australia spread across a hotel booking on Agoda or Booking.com, tours on Klook, and flights routed through Skyscanner can compound into meaningful savings on top of your cash spend. Check the current published rate on each merchant page before booking.

Where can I book a lounge-adjacent airport hotel with cashback?

Airport-adjacent hotels in Sydney, Melbourne, Brisbane, Perth and major international transfer hubs (Singapore Changi, Doha, Dubai, LA, London) are widely listed on Booking.com, Agoda, Hotels.com and Wotif. Activate ShopBack before clicking through. Same-property price can vary between platforms; compare before booking and route through whichever wins.

Can I book Qantas or Virgin partner-cabin travel through an OTA and earn cashback?

Cash fares on many Qantas and Virgin Australia partner routes (American, BA, JAL, Cathay for Qantas; Singapore Airlines, Etihad, ANA, United for Velocity) can be shopped via Skyscanner or Trip.com. Route through Skyscanner or Trip.com before clicking the specific carrier on the results page; cashback tracks at the current published rate on the merchant page. Award redemptions using QFF or Velocity points remain a separate booking channel and are not eligible for cashback.

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Key takeaways

• Qantas wins on partner reach (oneworld), status reciprocity, and everyday earn ecosystem
• Velocity wins on cheaper domestic reward seats and faster Status Credit earn
• Status Credits to Velocity Gold (500) are easier than to Qantas Gold (700)
• One-way Sydney to Melbourne reward: 9,200 Qantas points (Zone 1, + ~$52) vs dynamic Velocity Reward Seat from ~5,900 points
• Reward pricing in both programs is table-based or dynamic and revised over time; verify before booking
• Casual flyers should concentrate in one program rather than split balances
• Qantas points expire after 18 months inactivity; Velocity after 24 months
• Long-haul international business class redemptions are typically the highest-value use
• ShopBack cashback on travel partner bookings stacks with points earn
• Earn cashback on travel through ShopBack

💡 Earn cashback on travel through ShopBack Stack cashback on flights and hotel bookings on top of the points you already earn.

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• Agoda vs Booking.com vs Trip.com for Australian Hotel Bookings in 2026: Which OTA Wins by Region
• AgodaCash vs Booking.com Genius vs Hotels.com One Key: Best Loyalty Programme for Australian Travellers in 2026
• How Much Does a Trip to Bali Cost from Australia? (2026 Family Budget Breakdown)
• Cheapest Times to Book Domestic Flights in Australia: A Seasonal Guide

Sources

• Qantas Frequent Flyer Status Credit requirements for Silver (350), Gold (700), Platinum (1,400) and Platinum One (3,600)
• Qantas Frequent Flyer Lifetime status thresholds (Lifetime Silver 7,000, Gold 14,000, Platinum 75,000 Status Credits)
• Qantas Frequent Flyer Classic Flight Reward tables (Zone 1 economy 9,200 points + taxes)
• Qantas Frequent Flyer oneworld alliance membership and partner airlines
• Qantas Frequent Flyer Qantas Points expiry after 18 months of inactivity
• Velocity Frequent Flyer Status Credit requirements for Silver (250), Gold (500), Platinum (1,000), Platinum Plus (2,000)
• Velocity Frequent Flyer Platinum Plus and Forever Gold (12,000 lifetime Status Credits) status tiers
• Velocity Frequent Flyer airline partners (Singapore Airlines, Etihad, ANA, Qatar Airways, United, Virgin Atlantic)
• Velocity Frequent Flyer dynamic Reward Seat pricing from 5,900 points one-way domestic economy
• Velocity Frequent Flyer Velocity Points expiry after 24 months of inactivity
• Point Hacks Australia Qantas Points value tracker
• Point Hacks Australia Velocity Points value tracker

Note: Point valuations (cents per point) are editorial estimates, not airline-published figures.

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Disclaimer

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

Frequent flyer earn rates, Status Credit requirements, reward seat pricing, partner ratios, points expiry rules, and program terms are subject to change. Reward availability varies by route, date, and demand. Please verify current program terms, points balances, and redemption pricing directly with Qantas Frequent Flyer or Velocity Frequent Flyer before booking.

This article is intended for general informational purposes only and should not be considered travel or financial product advice.