The Flexible Points Card Guide
@thepointsworld
The Flexible
Points Card Guide
Amex has cut transfer partners, raised rates, and is dropping Etihad from June 2026. Here is exactly where things stand - and which card makes sense for your situation right now.
Australia - May 2026
Context
What changed with Amex
Amex Membership Rewards remains Australia's most flexible credit card points program by number of transfer partners - no bank card comes close on that measure. The transfer rates and partner lineup did change significantly in 2025 and early 2026, and those changes are worth understanding.
December 2025: Amex devalued transfer rates to seven airline partners at once. British Airways, Cathay Pacific, Qatar Airways, Malaysia Airlines, Virgin Atlantic, and Etihad all moved from 2:1 to 3:1. Emirates moved from 3:1 to 4:1. Only Qantas (Platinum and Centurion only) and Velocity stayed at 2:1.
June 2026: Etihad Guest is being dropped entirely as an Amex transfer partner from 23 June 2026. The Accor backdoor workaround burns around 10 Amex points to produce 1 Etihad mile - not worth it.
Looking ahead: The RBA is cutting interchange fees in July 2026, which historically leads to further pressure on rewards programs.
June 2026: Etihad Guest is being dropped entirely as an Amex transfer partner from 23 June 2026. The Accor backdoor workaround burns around 10 Amex points to produce 1 Etihad mile - not worth it.
Looking ahead: The RBA is cutting interchange fees in July 2026, which historically leads to further pressure on rewards programs.
This does not mean Amex is dead. It means you should know exactly what you are getting before deciding which card - if any - is right for your situation.
At a glance
The five cards compared
These are the main flexible points credit cards available in Australia right now. All earn points in one program and transfer to your choice of frequent flyer partner when you are ready to book.
| Card | Annual fee | Earn rate (everyday) | Current bonus offer | Qantas access |
|---|---|---|---|---|
| Amex Platinum Charge | $1,450 | 2.25 MR pts / $1 | 200,000 MR pts (spend $5K in 3 months, by 25 Aug 2026) | ✓ Direct 2:1 Ascent Premium only |
| Amex Explorer | $395 $400 travel credit included |
2 MR pts / $1 (no cap) | 75,000 MR pts (spend $4K in 3 months) Verify current offer on Amex website |
✗ No direct transfer Indirect path via Everyday Rewards (~2.5:1 effective) |
| ANZ Rewards Black | $375 | 2 ANZ pts / $1 up to $5K / month |
Up to 180,000 ANZ pts + $100 cashback Verify current offer on ANZ website |
✗ No direct transfer Indirect path via Everyday Rewards (~3:1 effective) |
| Westpac Altitude Rewards Black | $295 yr 1: $200 new / $149 existing |
2 Altitude pts / $1 up to $10K / statement |
Up to 200,000 Altitude pts 100K yr 1 + 100K yr 2 ($12K spend each) |
✓ Via Altitude Qantas option +$75/yr Qantas fee |
| St George Amplify Rewards Signature | $295 yr 1: $199 new / $149 existing |
2 Amplify pts / $1 up to $10K / statement |
Up to 200,000 Amplify pts 100K yr 1 + 100K yr 2 ($12K spend each) |
✓ Via Amplify Qantas option +$75/yr Qantas fee |
All figures as at May 2026. Bonus offers are for new cardholders and change frequently. Verify current terms on each bank's website before applying.
A useful way to think about bonus offers
Amex Platinum
0.73c
$1,450 fee / 200K pts
Amex Explorer
~$0
$395 fee - $400 travel credit = net ~$0 in yr 1
ANZ Rewards Black
0.21c
$375 fee / 180K pts
Westpac / St George
0.30c
$295 fee / 100K pts (yr 1 only)
Cost per bonus point = annual fee divided by bonus points. Lower is better. This metric shows the upfront value of each offer - but it does not tell the whole story. Ongoing earn rates, transfer partners, and perks all matter. The Explorer's travel credit makes it almost cost-neutral in year one for those who use it. High-spending households can also generate significant ongoing value from the earn rate alone, even without a large bonus.
Card 1 of 5
Amex Platinum Charge
American Express Platinum Charge
Amex Membership Rewards - Ascent Premium tier
$1,450
annual fee
Earn rate
2.25 MR pts / $1
On most eligible purchases. Government spend earns 1 pt / $1. No earn cap.
Current bonus
200,000 MR points
New Amex Card Members only. Spend $5,000 in first 3 months. Offer valid to 25 Aug 2026. Verify on Amex website.
Points currency
Membership Rewards (Ascent Premium)
Points do not expire while the account remains open. Ascent Premium is the only Amex tier with direct Qantas transfer.
Key perks
Centurion Lounge + Priority Pass
Unlimited Centurion Lounge visits (SYD, MEL). Priority Pass membership. $400 annual travel credit.
Transfer partners and rates (May 2026)
Qantas 2:1 *
Velocity 2:1
KrisFlyer 3:1
British Airways Avios 3:1
Qatar Airways 3:1
Cathay (Asia Miles) 3:1
Malaysia Enrich 3:1
Virgin Atlantic 3:1
Emirates Skywards 4:1
Hilton Honors 2:1
Marriott Bonvoy
Everyday Rewards 5:4
Etihad - ends 23 Jun 2026
* Qantas transfers at 2:1 are only available on the Ascent Premium tier. Most other Amex cards use the standard Ascent tier and cannot transfer to Qantas at all.
Who it suits: This card makes the most sense if you genuinely want access to multiple international airline programs including Qantas, earn a large amount of points from regular spending, and will use the lounge access and travel credit. The higher fee requires higher spend to justify. A rough break-even vs the Explorer: at the same 2.25 vs 2 pts per $1 earn rate difference (0.25 pts/$1), and accounting for the $1,055 fee gap after travel credits, you would need to spend approximately $4,200 per month purely on earn rate to justify the upgrade - and that excludes the value of additional perks like unlimited lounge access. Run the numbers for your own situation before applying.
Pros
- Most transfer partners of any AU card
- Only flexible card with direct Qantas 2:1 transfer
- Highest earn rate (2.25 pts / $1)
- Unlimited Centurion Lounge access
- Points do not expire while the account remains open
Cons
- $1,450 annual fee is very high
- Etihad dropped June 2026, 7 partners devalued Dec 2025
- Not accepted at all merchants (Amex surcharges common)
- More devaluations possible
- Ineligible if you have held any Amex card in past 18 months
Card 2 of 5
Amex Explorer
American Express Explorer Credit Card
Amex Membership Rewards - Ascent tier (not Ascent Premium)
$395
annual fee (+ $400 travel credit)
Earn rate
2 MR pts / $1
On all eligible purchases with no monthly cap. Government spend (e.g. ATO) earns 1 pt / $1.
Current bonus
75,000 MR points
New Amex Card Members only. Spend $4,000 in first 3 months. Verify current offer and deadline on the Amex website before applying.
Annual travel credit
$400 per year
Use towards eligible flights, hotels or car hire booked through American Express Travel online. Effectively offsets the $395 fee if used each year.
Key perks
2 Centurion Lounge visits / yr
Two complimentary annual visits to The Centurion Lounge at SYD or MEL. International travel insurance, smartphone screen cover, purchase protection.
Transfer partners and rates
Velocity 2:1
KrisFlyer 3:1
British Airways Avios 3:1
Qatar Airways 3:1
Cathay (Asia Miles) 3:1
Malaysia Enrich 3:1
Virgin Atlantic 3:1
Emirates Skywards 4:1
Hilton Honors 2:1
Marriott Bonvoy
Etihad - ends 23 Jun 2026
The Explorer uses the Ascent tier, not Ascent Premium. There is no direct transfer to Qantas Frequent Flyer. An indirect path exists via Everyday Rewards (Amex MR to EDR at 5:4, then EDR to Qantas at 2:1, giving an effective rate of approximately 2.5 Amex points per 1 Qantas point). Verify eligibility and current rates before transferring - transfers are not reversible.
Who it suits: The Explorer is well-suited to households and individuals who want broad international partner flexibility (particularly Velocity, KrisFlyer, and other non-Qantas programs) at a much lower effective annual fee than the Platinum. For those who will use the $400 travel credit, the card essentially costs nothing in year one while still delivering the 75,000-point bonus and ongoing 2 pts per $1 earn. High-spending households running regular bills through the card can accumulate meaningful points volume over time. Not a fit if Qantas is your goal.
Pros
- Effective fee near zero if travel credit is used
- Strong earn rate (2 pts / $1, no cap)
- Access to same Ascent partners as Platinum (except Qantas)
- 2 Centurion Lounge visits included
- Solid bonus for a lower-fee card
Cons
- No Qantas transfer (Ascent, not Ascent Premium)
- Etihad being dropped June 2026
- Centurion Lounge limited to 2 visits/yr (vs unlimited on Platinum)
- Not accepted at all merchants (Amex surcharges common)
- Ineligible if held any Amex card in past 18 months
Card 3 of 5
ANZ Rewards Black
ANZ Rewards Black
ANZ Rewards - flexible program
$375
annual fee
Earn rate
2 ANZ pts / $1
On eligible purchases up to $5,000 per statement period, then 1 pt / $1 uncapped above that threshold.
Current bonus
Up to 180,000 ANZ pts + $100 back
130K pts + $100 cashback on $5K spend in first 3 months, plus 50K pts at 15-month mark. New cards only - not available if you have held an ANZ Rewards or Frequent Flyer card in the past 24 months. Verify on ANZ website.
Points currency
ANZ Reward Points
Expire 36 months from 31 December of the year earned - unlike Amex MR points, these have a finite life.
Key perks
Comprehensive travel insurance
International and domestic travel insurance, rental vehicle excess, purchase protection, extended warranty. Visa acceptance everywhere.
Transfer partners and rates
Velocity 2:1 *
KrisFlyer 3:1
Asia Miles (Cathay) 3:1
Air NZ Airpoints
Everyday Rewards
* The 2:1 Velocity transfer rate is the best available from any bank flexible rewards program. There is no direct Qantas transfer from ANZ Rewards. An indirect path exists via Everyday Rewards (ANZ to EDR, then EDR to Qantas 2:1, giving an effective rate of approximately 3 ANZ points per 1 Qantas point). Verify current rates before transferring - transfers are not reversible.
Who it suits: Strong fit for Velocity-focused holders. The 2:1 rate means 180,000 bonus points converts to 90,000 Velocity Points. KrisFlyer and Asia Miles also available. No direct Qantas transfer - indirect path exists via Everyday Rewards at approximately 3:1.
Pros
- Best bank-to-Velocity transfer rate (2:1)
- Strong bonus offer
- Accepted everywhere (Visa)
- Good insurance package included
Cons
- No Qantas transfer option
- Earn rate capped at $5K / month then halves
- Points expire after 36 months
- $375 annual fee with no offsetting travel credit
- Fewer partners than Amex
Card 4 of 5
Westpac Altitude Rewards Black
Westpac Altitude Rewards Black
Westpac Altitude Rewards - flexible program
$295
annual fee (yr 1: $200 new, $149 existing)
Earn rate
3 / 2 / 1 Altitude pts / $1
3 pts on international spend. 2 pts on everyday spend. 1 pt on other eligible spend. Capped at $10,000 per statement period, then 0.5 pts / $1.
Current bonus
Up to 200,000 Altitude pts
100,000 pts for $12,000 spend in year 1. Another 100,000 pts for $12,000 spend in year 2. New cards only - not available if you have held an Altitude card in the past 24 months. Verify on Westpac website.
Points currency
Altitude Rewards Points
Available in Altitude Rewards (flexible) or Altitude Qantas (earns Qantas Points directly, +$75/yr Qantas fee).
Key perks
2 Priority Pass lounge visits / yr
Complimentary Priority Pass membership with 2 visits per year. International travel insurance, extended warranty, purchase protection.
Transfer partners and rates (Altitude Rewards)
Velocity 3:1
KrisFlyer 3:1
Asia Miles (Cathay) 3:1
Air NZ Airpoints
Note: The Velocity transfer rate on Altitude Rewards is 3:1 - meaning you need 3 Altitude points to earn 1 Velocity Point. This is less efficient than ANZ's 2:1 rate. If you choose the Altitude Qantas variant instead, you earn Qantas Points directly at a reduced earn rate but an additional $75/yr Qantas Rewards Program fee applies.
Who it suits: Someone who wants flexible points redemption options, values Priority Pass lounge access, and wants the option to switch to earning Qantas Points directly. The lower annual fee vs ANZ and Amex makes it an accessible entry point. Just note the 3:1 Velocity transfer rate - if Velocity is your primary program, ANZ's 2:1 rate gives you more for the same points.
Pros
- Lowest ongoing fee of the five cards ($295)
- Priority Pass lounge visits included
- High international earn rate (3 pts / $1)
- Option to earn Qantas Points directly
- Accepted everywhere (Visa)
Cons
- Velocity transfer rate is 3:1 (weaker than ANZ)
- Earn halves above $10K / statement period
- 200K bonus spread across two years ($12K spend each year)
- Qantas variant costs an extra $75/yr
Card 5 of 5
St George Amplify Rewards Signature
St George Amplify Rewards Signature
St George Amplify Rewards - flexible program
$295
annual fee (yr 1: $199 new, $149 existing)
Earn rate
3 / 2 / 1 Amplify pts / $1
3 pts on international spend. 2 pts on everyday spend. 1 pt on other eligible spend. Capped at $10,000 per statement period, then 0.5 pts / $1.
Current bonus
Up to 200,000 Amplify pts
100,000 pts for $12,000 spend in year 1. Another 100,000 pts for $12,000 spend in year 2. New cards only - Westpac Group 24-month rule applies across Westpac, St George, Bank of Melbourne and BankSA. Verify on St George website.
Points currency
Amplify Rewards Points
Available in Amplify Rewards (flexible) or Amplify Qantas (earns Qantas Points directly, +$75/yr Qantas fee).
Key perks
Complimentary insurances
International and interstate travel insurance, purchase protection (4 months), extended warranty. Note: no Priority Pass lounge access on this card.
Transfer partners and rates (Amplify Rewards) - source: AFF
Velocity 2:1
KrisFlyer 3:1
Everyday Rewards 3:2 (→ Qantas ~3:1 via chain)
Rates confirmed via Australian Frequent Flyer (May 2026): Velocity 2:1, KrisFlyer 3:1, Everyday Rewards 3:2 (then EDR to Qantas at 2:1, giving an effective ~3:1 chain for Qantas). No direct Asia Miles or Air NZ Airpoints transfer available on Amplify Rewards. Transfers are not reversible.
Who it suits: Similar structure and fee to the Westpac Altitude Black but with a narrower partner set (Velocity and KrisFlyer only - no Asia Miles or Air NZ on the Rewards variant). Slightly lower first-year fee ($199 vs $200 Westpac). No Priority Pass lounge access. Best suited to those who bank with St George, Bank of Melbourne, or BankSA. Note: the Amplify Rewards program does not transfer to Asia Miles or Air NZ Airpoints - if those programs matter, Westpac Altitude Rewards or an Amex card is a better fit.
Pros
- Lowest first-year fee of the group ($199 new cardholders)
- Same bonus structure as Westpac (200K total)
- Velocity 2:1 - same rate as ANZ Rewards
- Option to earn Qantas Points directly via Amplify Qantas
- Accepted everywhere (Visa)
Cons
- No Priority Pass lounge access
- Narrower partner set than Westpac Altitude (no Asia Miles or Air NZ on Rewards variant)
- Earn halves above $10K / statement period
- 200K bonus spread across two years
- Westpac Group 24-month rule applies across multiple brands
Quick reference
Transfer partner cheat sheet
Which programs can you access from each card? Lower numbers = better (2:1 means 2 card points = 1 frequent flyer point).
| Program | Amex Platinum | Amex Explorer | ANZ Rewards Black | Westpac Altitude | St George Amplify |
|---|---|---|---|---|---|
| Qantas | 2:1 Ascent Premium only |
No direct transfer Indirect via EDR ~2.5:1 |
Not available | Direct earn Altitude Qantas (+$75/yr) |
Direct earn Amplify Qantas (+$75/yr) |
| Velocity | 2:1 | 2:1 | 2:1 | 3:1 | 2:1 |
| KrisFlyer | 3:1 | 3:1 | 3:1 | 3:1 | 3:1 |
| Cathay (Asia Miles) | 3:1 | 3:1 | 3:1 | 3:1 | Not available |
| Emirates Skywards | 4:1 | 4:1 | Not available | Not available | Not available |
| British Airways Avios | 3:1 | 3:1 | Not available | Not available | Not available |
| Qatar Airways | 3:1 | 3:1 | Not available | Not available | Not available |
| Air NZ Airpoints | Not available | Not available | ✓ | ✓ | Not available |
| Hilton Honors | 2:1 | 2:1 | Not available | Not available | Not available |
| Everyday Rewards | 5:4 | 5:4 then EDR → Qantas 2:1 (~2.5:1 effective) |
✓ then EDR → Qantas 2:1 (~3:1 effective) |
Not available | ✓ |
| Etihad Guest | Ends 23 Jun 2026 | Ends 23 Jun 2026 | Not available | Not available | Not available |
Transfer rates correct as at May 2026 and subject to change at any time. Always verify before transferring - transfers are generally not reversible. St George Amplify transfer rates to frequent flyer programs should be confirmed directly on their website prior to any transfer.
Alliance context
Alliances, partners and what the transfer rate actually means
The transfer rate from card points to a frequent flyer program is only one part of the calculation. The other is how many program miles or points a given route costs to book. Understanding which alliance each program sits in determines which airlines those points can be used on - and that shapes real-world redemption value.
What is an airline alliance? A global alliance is a network of airlines that share routes, lounges and reciprocal loyalty arrangements. For points collectors, the alliance determines which airlines beyond the main carrier a program's points can be redeemed on.
| Program | Alliance | Key airlines accessible for award redemptions |
|---|---|---|
| Qantas Frequent Flyer | Oneworld | British Airways, Cathay Pacific, Japan Airlines (JAL), Finnair, Malaysia Airlines, Qatar Airways, Iberia, American Airlines, Alaska Airlines, Air Tahiti Nui, Fiji Airways |
| Cathay (Asia Miles) | Oneworld | Same Oneworld network as Qantas - Qantas, British Airways, JAL, Finnair, Malaysia, Qatar, Iberia, American, Alaska - plus Cathay Pacific own metal (Hong Kong hub) |
| British Airways Avios | Oneworld | Same Oneworld network - Qantas, Cathay, JAL, Finnair, Qatar, Malaysia, Iberia, American, Alaska |
| Qatar Airways | Oneworld | Same Oneworld network - Qantas, Cathay, BA, JAL, Finnair, Malaysia, Iberia, American, Alaska |
| Malaysia Enrich | Oneworld | Same Oneworld network - Qantas, Cathay, BA, JAL, Qatar, Finnair, Iberia, American, Alaska |
| Singapore KrisFlyer | Star Alliance | United Airlines, Lufthansa, ANA (Japan), Air New Zealand, Turkish Airlines, Thai Airways, Swiss, Austrian, Air Canada, South African, EVA Air, LOT Polish, Scandinavian (SAS), Avianca, Copa, and 10+ other Star Alliance members |
| Velocity (Virgin Australia) | No formal alliance Bilateral partnerships only |
Singapore Airlines (deep partnership - economy, premium economy, business), United Airlines, ANA (Japan), Air Canada, Qatar Airways, Virgin Atlantic, Air New Zealand, Hawaiian Airlines, South African Airways Note: this gives selective access to Star Alliance airlines through individual agreements, not the full Star Alliance network |
| Emirates Skywards | Independent No alliance |
Emirates own metal only for award redemptions. Flydubai limited partnership for earning, not redemption. |
| Virgin Atlantic Flying Club | SkyTeam Joined 2023 |
Air France, KLM, Delta, Korean Air, China Southern, Aeromexico, and other SkyTeam members. Less commonly used from Australia but accessible via Amex Platinum and Explorer. |
Transfer rate is only half the calculation
Total card points needed for a redemption = transfer rate × program award rate for that route. A program with a higher transfer rate can still produce a lower total cost if its award pricing is cheaper.
KrisFlyer (3:1 from most Amex and bank cards): Singapore Airlines saver award rates on many routes through the SIN hub can be structured more favourably than equivalent Qantas Oneworld pricing. On certain long-haul routes, the total card points needed via KrisFlyer can be competitive with - or lower than - the Velocity or Qantas equivalent, despite the higher transfer rate. KrisFlyer also unlocks the full Star Alliance network of 25+ carriers.
Asia Miles / Cathay (3:1 from most Amex and bank cards): Cathay's Oneworld award pricing for long-haul Business Class - particularly to Europe via Hong Kong - can be structured differently to Qantas Oneworld pricing. Both programs are in the same alliance and can book the same partner airlines, but use different award charts. The same seat on the same partner flight can cost a different number of points depending on which Oneworld program is used to book it.
Emirates Skywards (4:1 from Amex): The 4:1 transfer rate combined with Emirates' generally high award redemption rates produces the least efficient outcome of any program on this list. Emirates operates an outstanding premium product - the points cost to access it via Amex is difficult to justify against alternatives on a per-redemption basis.
Award rates, saver availability and program structures change. Checking the specific award cost on both the departure and arrival side across multiple programs before transferring is advisable - transfers from card programs to frequent flyer programs are not reversible.
A factual overview of which card characteristics align with which goals. This is not financial advice. Eligibility, fees and current offers should be verified directly on each issuer's website before applying.
Use case overview
Qantas access + broad international partner choice, high spending volume
- Amex Platinum Charge
Only flexible card with direct Qantas 2:1 transfer. The fee is substantial - running a break-even calculation against actual monthly spending is advisable before applying.
International partner flexibility (not Qantas), low effective annual fee
- Amex Explorer
$395 fee offset by $400 travel credit. 2 pts per $1, no cap. Access to Velocity, KrisFlyer, BA, Qatar and more. No direct Qantas transfer - indirect path available via Everyday Rewards at approximately 2.5:1.
Velocity as the primary frequent flyer program, best transfer rate
- ANZ Rewards Black
Best bank-to-Velocity transfer rate (2:1). 180K bonus converts to 90K Velocity Points. Indirect Qantas path available via Everyday Rewards at approximately 3:1.
Flexible points, lounge access, option to earn Qantas Points directly
- Westpac Altitude Rewards Black
Priority Pass lounge passes included. Qantas Points earnable directly via Altitude Qantas option (+$75/yr). Indirect Qantas path also available via Everyday Rewards on the Rewards variant.
Same as above, lowest first-year fee
- St George Amplify Rewards Signature
$199 first-year fee (vs $200 Westpac). Same bonus structure. Qantas Points earnable directly via Amplify Qantas option (+$75/yr). No Priority Pass lounge access.
Carrying a balance month to month, or uncertain about paying in full
- None of these cards
Rewards credit cards typically charge around 20% p.a. interest on unpaid balances. Interest costs will outweigh the value of any points earned. A licensed financial advisor can assist with credit decisions.
Want to go deeper?
The Points Blueprint
120 pages covering everything you need to earn 5x to 40x more points on your normal everyday spend - groceries, bills, household. No extra spending required. The exact stacking strategies that work in Australia right now.
- How to stack Flybuys, Everyday Rewards, Amex and bank cards on the same shop
- Which credit card earns the most in each spending category
- How to turn everyday bills into business class flights
- The transfer partner strategies worth knowing in 2026
Important: This guide is for educational purposes only and does not constitute financial advice. We are not licensed financial advisors. Credit card offers, fees, earn rates, and transfer partner arrangements change frequently - sometimes without notice. Always verify current terms on the relevant bank's website before applying. This information is current as at May 2026 and may have changed since publication. Not eligible if you have held certain cards within specified periods - eligibility criteria vary by issuer. Rewards credit cards are not suitable for those who carry a balance month to month. Interest charges will significantly outweigh the value of any points earned. If you need help making financial decisions, please contact a licensed financial advisor or visit moneysmart.gov.au for free independent guidance. @thepointsworld is not affiliated with or compensated by Amex, ANZ, Westpac, or St George.
