Calculating rewards points
You don’t have to be a mathematician when it comes to calculating rewards points. While it can be confusing as no reward program is the same, there is a fairly simple equation you can follow that will calculate the rewards points currency. This guide will hopefully help you make sense, the process of calculating rewards points so you can earn your free ticket to Bali in no time.
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Rewards Credit Card Comparison Table - rates updated daily
American Express Qantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 2 April 2024 , are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$450100,0001.25 points up to 100,000 points/year, then
1 point uncappedQantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 2 April 2024 , are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Amex, up to 100000 points per year, then
1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 100,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover - Rewards Bonus Points 1.25 points per dollar on everyday purchases. Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2.25 Qantas Points per $1 spend on selected Qantas products and services.Exclusions apply. After a total of 100,000 Qantas Points is earned in a calendar year, the everyday earn rate will change from 1.25 to 1 Qantas Points per $1 spent.* For Card Members who applied for the Card between 1 July 2023 – 9 January 2024, this change will come into effect from 10 July 2024.
Read our Mozo Review to learn more about the Qantas Ultimate Card
G&C Mutual Bank Platinum Visa Credit Card
Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$29950,0001 point up to 20,000 points/monthPlatinum Visa Credit Card
Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.
- Intro rate
- -
- Ongoing Purchase rate
- 19.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 50
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1 point per dollar on Visa, up to 20000 points per month
- Reward point expiry
- Never
- Bonus points
- 50,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Concierge
- Rewards Bonus Points 1 bonus points on selected Qantas products and services.
Read our Mozo Review to learn more about the Platinum Visa Credit Card
NAB Qantas Rewards Premium Card
70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$250 $150 in the first year70,0000.66 points up to $3,000/month, then
0.33 points up to $6,000/monthQantas Rewards Premium Card
70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 0.66 points per dollar on Visa, up to $3,000 per month, then
0.33 points per dollar on Visa, up to $6,000 per month
- Reward point expiry
- Never
- Bonus points
- 70,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Concierge,
Extended Warranty,
Purchase Protection,
Travel Insurance,
Interstate Flight Inconvenience Insurance,
Rental Vehicle Excess in Australia Insurance - Rewards Bonus Points Bonus points on selected Qantas products and services, including eligible Qantas flights.
Read our Mozo Review to learn more about the Qantas Rewards Premium Card
American Express Qantas Premium Card
Receive 20,000 bonus Qantas Points when you apply, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Premium Card within 3 months of Card Membership. T&C’s apply. Available to new American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$24920,0001 point uncappedQantas Premium Card
Receive 20,000 bonus Qantas Points when you apply, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Premium Card within 3 months of Card Membership. T&C’s apply. Available to new American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 20,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover - Rewards Bonus Points Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2 Qantas Points per $1 spend on selected Qantas products and services.
Read our Mozo Review to learn more about the Qantas Premium Card
NAB Rewards Signature Card
Earn 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 40,000 bonus points when you keep your card for over 12 months (T&Cs apply). Enjoy a reduced annual card fee (from $295 to $195) for the first year. Up to 44 Interest free days on purchases (T&Cs apply). $15,000 minimum credit limit. 0% p.a. on standard balance transfer (BT) rate for 12 months (3% BT fee applies).
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
NAB Rewards$295 $145 in the first year160,0001.25 points uncappedRewards Signature Card
Earn 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 40,000 bonus points when you keep your card for over 12 months (T&Cs apply). Enjoy a reduced annual card fee (from $295 to $195) for the first year. Up to 44 Interest free days on purchases (T&Cs apply). $15,000 minimum credit limit. 0% p.a. on standard balance transfer (BT) rate for 12 months (3% BT fee applies).
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1.25 points per dollar on Visa, uncapped
- Reward point expiry
- 36 months
- Bonus points
- 160,000
- Rewards
- Points
- 15,600 points (excluding taxes and charges)
- 239,200 points (excluding taxes and charges)
- 20,410 points
- Card Benefits
- Concierge,
Extended Warranty,
Purchase Protection,
International Travel Insurance,
Interstate Flight Inconvenience Insurance,
Rental Vehicle Excess in Australia Insurance - Rewards Bonus Points -
Read our Mozo Review to learn more about the Rewards Signature Card
How to calculate which rewards will give you the best value
Each reward program has its fair share of differences including the value of the programs points. By calculating rewards points you can determine if you’ll get any value from the reward you’re after. You don’t want to feel like you’ve been ripped off do you!? If you follow the below equation you can calculate the point currency to redeem $1 worth of rewards. You can do this with several programs to find out which reward program will give you the best value.
Step 1:
Choose which type of reward program you’re interested in, for example, shopping rewards, cashback or frequent flyer.
Step 3:
Select a few of these type of reward programs to make comparisons with
Step 4:
Decide on a reward you’re interested in, find out how many points are required to redeem the award and look up the recommended retail price (RRP) of the reward.
Step 5:
Divide the number of points required to redeem the award by the RRP of the reward. This will give you the point currency to redeem $1 of rewards.
For example:
Sarah has decided she would like to get a $100 Myer gift card with her reward points. She has found one reward program that will require her to earn 12,000 reward points to redeem the $100 reward.
Option 1 equation: 12,000 (reward points) ÷ 100 (RRP of gift card) = 120 points per $1 spent
Sarah then does a comparison, calculating the value of the points with another program where she needs 13,000 reward points to redeem a $100 Myer gift card.
Option 2 equation: 13,000 (reward points) ÷ 100 (RRP of gift card) = 130 points per $1 spent.
It’s clear that the reward program for option one gives Sarah the best value. Just think, the lower the point currency the better the value of the reward.
Ways to earn reward points
There are endless ways to earn reward points but the best part is, you don’t need to spend more to earn more points. The key is to think where and how you’re going to make your next purchase. It’s also important to choose and stick to one credit card that is attached to one rewards program that matches your spending habits and interests. Then follow these tips on earning reward points and you can watch your tally climb up and up!
- Shopping: Use your rewards credit card for all everyday expenses from grocery shopping to filling up with petrol to paying for movie tickets. The more you use your reward credit the more points you’ll earn. Avoid making purchases with cash or on your debit card.
- Big purchases: Earn a truck load of points in one hit by using your rewards credit card to make large purchases. For example, if you’re paying for a family trip to Disneyland, use your rewards credit card to pay for the flights and you’ll see your reward point’s skyrocket.
- AMEX vs Visa/MasterCard: Usually you can earn more points with an American Express (AMEX) card then a Visa or MasterCard. To maximise point earning use your AMEX card as often as possible but be mindful of the surcharge that you may incur. For example, with the ANZ Rewards card you earn 2 points per dollar on Amex but only 1.5 points per dollar spent on Visa.
- Paying bills: You can even earn reward points when paying for bills such as electricity or your TAX. For more information head to our guide on credit card rewards and TAX.
- Debts: Repay any outstanding debts you may have with your rewards credit card to earn a heap of points.
- Partners: Shop and use services with affiliated partners of your rewards program, this includes flying with linked airlines. This is a great method to earning extra points. For example, if you have a Coles Rewards Mastercard and you shop with a partner such as Kmart or Liquorland you can earn an additional 1 point per dollar spent.
- Your shout! If you’re out for dinner with friends offer to pay the full bill on your rewards credit card and they can reimburse you with cash. This is a great way to boost your reward points. Or if you’re planning a weekend away with mates offer to pay for any expenses from the flights to accommodation, this is another way to earn extra points.
Earning bonus points
There are two types of ways you can earn bonus reward points - sign up bonus offers and bonus partner offers. Sign up bonus points is an incentive from a provider to choose their reward credit card over another banks card. So when you sign up you'll get a stash of bonus points for the rewards program. You could get instant rewards points once you sign the dotted line or sometimes you will need to spend a set amount on your card within the first three months to earn the bonus points.
Most reward cards are affiliated with several retailers and service providers so when you spend money with them you’ll receive bonus points or more points than the standard earning rate per dollar spent. Sign up to email newsletters so you can be alerted to special offers to earn bonus points. Read our guide for information on bonus point cards.
The most valuable way to redeem points
It’s entirely up to you what you redeem your reward points on, it all comes down to your personal interests. However you will receive the best value from your rewards points when they are redeemed for flights rather than on low value products like a kettle or shopping vouchers. For example, with the NAB Velocity Rewards Premium Card based on an annual spend of $17,000 you would have enough points to redeem $293 worth of one-way Sydney to Melbourne flights. But if you were to redeem the points on a $100 gift card you would be in the red by $8 after deducting the card's $150 annual fee.
FAQ’S about rewards points
Q1. Will my reward points expire?
Unfortunately points don’t last forever! You’ll have to read the terms and conditions of your rewards program around points and expiration as rules differ from one card to another. For example, you need to use your Qantas points at least every 18 months if not they will expire. Velocity points need to be redeemed within a three year period if not your account will become inactive and your points will expire.
Q2. Is there a cap on the amount of points I can earn?
Some reward cards have a limit on the number of points you can earn in a year or even a month. It’s important to look for a program that doesn’t limit your annual points earning or place other restrictions on your points or rewards. If there is a limit, make sure it isn’t so low you don’t get any value from the rewards on offer.
Q3. Are there fees with rewards credit cards?
Yes! Like all credit cards, reward cards have their own fair share of fees. The main one you need to be aware of is the annual fee, it’s usually very hefty, ranging from $100-$450. Make sure you choose a card where the annual fee doesn’t cost you more than what you’ll receive in rewards value. Other fees include; cash advance fee, late payment fee and currency conversion fee. See our guide for tips on avoiding credit card fee’s.
Q4. When will I get my points?
Your points will usually hit your account within one or two days of making a purchase with a major retail partner. For some partners and bonus point promotions you may need to allow a week until you receive your points.
Q5. Can I transfer my points?
This is a case by case situation and will depend on the terms and conditions of your rewards card. So it’s best to check with your provider if you can transfer your points to a family member.
^See information about the Mozo Experts Choice Rewards Credit Card Awards
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