Australian personal credit cards
Velocity credit cards: compare points, fees and transfers
Some Australian cards earn Velocity Points directly. Others earn bank points that you can transfer to Velocity Frequent Flyer. Compare what reaches your Velocity account after conversion, alongside the fees and spending conditions.
Compare Velocity earning at a glance
This comparison covers 5 personal cards in our reviewed list. It does not cover every Australian card. Direct cards appear first, ordered by the ordinary starting earn rate and then fee. Bank cards follow, ordered by the Velocity equivalent. This is an earning comparison, not a ranking of suitability. Links go to issuer information and are not commission links.
- American Express Velocity Platinum Card
- Ongoing fees
- $440 / year
- Ordinary starting rate
- 1.25 Velocity Points / $1
Initial bonus: check issuer offer.
Spending tiers, first-year fees and bonus terms - ANZ Rewards Black Credit Card
- Ongoing fees
- $375 / year
- Ordinary starting rate
- 1 Velocity Points / $1
Before transfer: 2 ANZ Rewards / $1. Standard conversion only.
Initial bonus: check issuer offer.
Spending tiers, first-year fees and bonus terms - ANZ Rewards Platinum Credit Card
- Ongoing fees
- $149 / year
- Ordinary starting rate
- 0.75 Velocity Points / $1
Before transfer: 1.5 ANZ Rewards / $1. Standard conversion only.
Initial bonus: check issuer offer.
Spending tiers, first-year fees and bonus terms - NAB Rewards Platinum Card
- Ongoing fees
- $195 / year
- Ordinary starting rate
- 0.417 Velocity Points / $1
Before transfer: 1.25 NAB Rewards / $1. Standard conversion only.
Initial bonus: check issuer offer.
Spending tiers, first-year fees and bonus terms - Westpac Altitude Rewards Black Credit Card
- Ongoing fees
- $295 / year
- Ordinary starting rate
- 0.25 Velocity Points / $1
Before transfer: 1 Westpac Altitude Rewards / $1. Standard conversion only.
Initial bonus: check issuer offer.
Spending tiers, first-year fees and bonus terms
Rates shown for 2026-10-24. They apply to ordinary eligible purchases before spending tiers and exclude government spending, category bonuses and transfer promotions. Each card's notes explain the thresholds. First-year discounts and credits appear separately below. Transfer minimums and increments may prevent you from moving the full calculated bank-point equivalent in one transaction.
For Westpac, this table uses personal Altitude Rewards manual transfers. The ratio changes on 30 September 2026; NAB Rewards changes on 1 October. Business accounts and automatic redemption can have different conditions. Follow the Westpac transfer guide or ANZ transfer guide before moving points.
What makes a card worth its fee?
Start with a trip you can realistically book. A higher earn rate matters only if the extra points save enough on that trip to justify the extra cost. Use the fare you would otherwise buy, subtract the reward booking's cash payment, and compare the saving with your card fees and surcharges.
A direct Velocity card removes the transfer step, but that convenience does not settle the fee comparison. Flexible bank points can leave more options open until you have a booking in mind. Their usefulness depends on the eligible transfer partners, ratios, account conditions and how long the transfer takes.
Do not compare two bank points with one Velocity Point as though they are the same unit. ANZ Rewards Black starts at 2 ANZ Reward Points per eligible dollar, which becomes 1 Velocity Point at the standard 2:1 transfer ratio. The bank rate is larger on screen; the converted rate is the number that belongs beside a direct Velocity earner.
Keep annual flight benefits and lounge access separate from points. Check the available routes, booking restrictions and enrolment requirements before assigning a dollar saving. A benefit you would not otherwise pay for does not automatically offset the fee. CommBank's monthly waiver also depends on meeting the threshold in each statement period; an annual spending total cannot prove every month was waived.
If you carry a balance, interest can cost more than the rewards save. Moneysmart's guidance is to compare costs as well as features. Do not add purchases to reach a bonus unless those purchases already fit your budget.
Worked example: $2,000 of eligible spending per statement period
This hypothetical example uses $2,000 in each of 12 statement periods and holds the terms checked on 9 September 2026 constant for a year. All spending is ordinary eligible domestic spending, with the balance paid in full. We exclude sign-up bonuses, interest, surcharges, transfer promotions, category bonuses and travel benefits. Actual terms may change during that year.
ANZ Rewards Platinum: $24,000 × 1.5 = 36,000 ANZ Reward Points; ÷ 2 = 18,000 Velocity Points, with a $149 annual fee. Amex Velocity Platinum: $24,000 × 1.25 = 30,000 Velocity Points, with a $440 annual fee. The direct card earns 12,000 more Velocity Points for $291 more in annual fees, before benefits.
Here the higher raw rate, 1.5 bank points, produces fewer Velocity Points than the direct 1.25 rate. We assume an eligible ANZ manual transfer at 2:1 with sufficient points to meet its minimum. Converting the extra cost to cents gives $291 ÷ 12,000 × 100 = 2.425 cents per extra Velocity Point before benefits. Compare that cost with your real redemption value.
Card terms and bonus conditions
Open each bonus panel for qualifying spend, later stages, fee concessions and previous-card exclusions. Bonuses are counted in the card's own currency. A later-year bonus is not part of the initial amount, and can require another annual fee. Unverified or overdue promotional amounts are withheld. Read the issuer's application terms before applying.
American Express Velocity Platinum Card
- Ongoing annual fees
- $440
- Initial points bonus
- Check issuer offer
- Network
- Amex
1.25 Velocity Points per eligible dollar; 0.5 on government spending. Selected Virgin Australia purchases earn 2.25 points per dollar. Annual fee $440. Flight and lounge benefits have their own booking and enrolment conditions.
The card earns 1.25 Velocity Points per eligible dollar before tiers. The comparison expresses that rate in Velocity Points. Where a transfer is needed, it uses the standard rate without a transfer bonus.
Last updated
ANZ Rewards Black Credit Card
- Ongoing annual fees
- $375
- Initial points bonus
- Check issuer offer
- Network
- Visa
2 ANZ Reward Points per eligible dollar for the first $5,000 per statement period, then 1. For statements issued on or after 28 November 2026, spending above $50,000 per statement period earns no points. The $375 annual total includes the rewards program service fee.
The card earns 2 ANZ Rewards per eligible dollar before tiers. The comparison expresses that rate in Velocity Points. Where a transfer is needed, it uses the standard rate without a transfer bonus.
Last updated
ANZ Rewards Platinum Credit Card
- Ongoing annual fees
- $149
- Initial points bonus
- Check issuer offer
- Network
- Visa
1.5 ANZ Reward Points per eligible dollar for the first $2,000 per statement period, then 0.5. For statements issued on or after 28 November 2026, spending above $25,000 per statement period earns no points. The $149 annual total includes the rewards program service fee.
The card earns 1.5 ANZ Rewards per eligible dollar before tiers. The comparison expresses that rate in Velocity Points. Where a transfer is needed, it uses the standard rate without a transfer bonus.
Last updated
Common questions
Which card is best for Velocity Points?
There is no single answer across spending levels and travel plans. Compare an affordable fee, the earning you can sustain, eligible bonuses and a redemption you can use. A card with the largest advertised total may require two years of fees and spending.
Does getting approved mean I will receive the bonus?
No. Approval, bonus eligibility, qualifying spending and points being credited are separate steps. Save the offer terms and the relevant approval or activation date. Our bonus eligibility guide includes example timelines and a worksheet.
Should I collect points before choosing a trip?
Check a few routes and dates first. A points balance does not guarantee reward seats. The Velocity redemption guide explains how to compare chart prices, cash payments and available seats.