Rewards credit card bonuses: eligibility, spending and fees
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A useful bonus needs a workable spending target, clear eligibility and enough time to reach your airline account. Read two issuer timelines, then use the worksheet and fee example to check an offer of your own.
A rewards-card bonus is conditional until you meet the issuer's offer terms and the points are credited. Before counting it towards a trip, check your previous cards, the qualifying purchases and the date the spending period starts. A headline spread across two years may require a second annual fee before you receive the full amount.
Separate eligibility, spending and payment
There are three questions to answer:
- Can you receive this offer? Check the named product, application channel, previous-card exclusions and any targeted-customer conditions.
- Can your ordinary purchases meet it? Count eligible spending within the correct period, allowing for refunds and posting delays.
- When can you use the points? Qualifying for a bonus, having it credited and transferring it to an airline can happen on different dates.
An issuer can approve a credit application even when the applicant does not qualify for the advertised bonus. A comparison page cannot determine your approval or offer eligibility. If a previous card, account transfer or additional-cardholder arrangement makes the wording unclear, resolve that with the issuer before applying.
Two real offers use different clocks
The following details were checked on 9 September 2026. They illustrate how to read conditions, rather than recommend either product. Save the terms of the actual offer you select because an issuer may change or withdraw it.
| Condition | ANZ Rewards Black | NAB Qantas Rewards Signature |
|---|---|---|
| First points instalment | 130,000 ANZ Reward Points after $5,000 eligible spend in the first three months from approval | 100,000 Qantas Points after $5,000 everyday spend in the first 90 days from account opening |
| Later instalment | 50,000 ANZ Reward Points after retaining the card for over 15 months from activation | 30,000 Qantas Points after keeping the card for over 12 months |
| Previous-card exclusion | Current or previous ANZ Rewards or ANZ Frequent Flyer card within 24 months; transfers from an existing ANZ card excluded | Current, previous or transferring personal NAB Qantas Rewards card within 24 months |
| What the timeline teaches | Approval starts spending; activation starts the retention period | Account opening starts spending; 90 days is not necessarily three calendar months |
Sources: ANZ Rewards Black offer terms and NAB Qantas Rewards Signature offer terms. Both pages also describe cashback conditions; cashback is separate from the points shown here. ANZ identifies the approval date in the Letter of Offer. Check the issuer's expected posting time as well as the qualifying date.
Notice the difference in the excluded product families. ANZ names both its Rewards and Frequent Flyer cards. NAB names personal NAB Qantas Rewards cards for this offer. The same 24-month number does not make the rules interchangeable, and it is not a universal waiting period for Australian cards.
Write the dates before counting purchases
An application can be submitted on one date, approved later, and activated after the physical card arrives. Use the start date in your terms. Record the deadline the issuer applies; do not silently substitute a statement date or the date you first used the card.
| Date or condition | Your record |
|---|---|
| Offer and application channel | Exact product, link, offer version and saved terms |
| Previous-card history | Product names, account ownership and closure dates |
| Spending period starts | Approval, account opening or another specified event |
| Spending deadline | Issuer-confirmed end date |
| Eligible spending needed | Amount after excluded purchases and refunds |
| Expected bonus posting | Issuer timeframe after satisfying all conditions |
| Retention deadline | Required holding period and the event it starts from |
| Next fee | Amount, charge date and any waiver conditions |
Set reminders before the spending deadline and fee renewal. A reminder should give you time to check your records, not encourage a last-minute purchase merely to qualify. Keep application references and statements privately; they do not belong in shared travel-planning links.
Which purchases count?
Use the offer's definition of eligible spending. It may refer you to a separate rewards booklet. The total debited to a card is not necessarily the total that counts for a bonus.
For example, the ANZ Rewards terms, clauses 7 to 9, exclude categories including fees and interest, government charges and ATO payments, BPAY and Post Billpay, balance transfers and cash advances. They also provide for points deductions after refunds or chargebacks. These are ANZ rules, not a list to apply automatically to another issuer.
For a hypothetical $4,000 spending requirement, suppose a statement shows:
| Transaction | Amount | Treatment under this illustrative offer |
|---|---|---|
| Ordinary eligible purchases | $3,700 | Counts |
| Purchase subsequently refunded | $400 | Does not remain qualifying spend |
| Annual card fee | $300 | Excluded |
| Total originally debited | $4,400 | Only $3,700 remains eligible |
The shortfall is $300. Counting the statement's original $4,400 would give the wrong answer. Actual refund treatment and posting dates depend on the issuer's terms. Check the rewards activity as well as your own spreadsheet, especially after a return or cancelled booking.
A staged bonus can cross two annual fees
This is invented arithmetic, not an available card offer. Assume a card advertises 90,000 airline points: 60,000 after $4,000 eligible spending in the first three months, and 30,000 after holding it for 15 months. Its fee is $300 initially and $300 at the first anniversary. All required spending was already planned, and there is no interest or surcharge.
| Stage | Bonus points received | Cumulative card fees | Assumed points value at 1 cent each | Value less those fees |
|---|---|---|---|---|
| First bonus credited | 60,000 | $300 | $600 | $300 |
| Retention bonus credited after renewal | 90,000 | $600 | $900 | $300 |
The later 30,000 points add an assumed $300 of value, but keeping the card incurs another $300 fee. Under these assumptions, the retention stage does not improve the bonus-only result. Ordinary earning and benefits could change the overall comparison; value them separately and count only benefits you expect to use.
If you also spend $250 on something you did not need to qualify, the $300 result falls to $50. Run your own numbers in the card-value calculator, using the correct point currency. A 90,000 bank-point bonus may convert into fewer than 90,000 airline points; the transfer calculator can show the difference.
Do not book against points that are still pending
Finishing the required spending does not reserve a reward seat. Leave time for the issuer to confirm eligibility, credit the bonus and complete any airline transfer. Ask about delayed points through the issuer's official process, with the offer terms and transaction records available.
Before cancelling or switching a card, check what happens to an uncredited instalment and any bank-points balance. Also check recurring payments and outstanding amounts. The decision to keep a card should consider its next year's costs, not just the bonus you have already received.
Moneysmart advises weighing rewards against fees and interest and cautions that several credit applications in a short period can affect a credit score. A bonus is a reason to examine an offer carefully, not a reason to buy more than you can repay.
When comparing the Qantas cards or Velocity cards, keep three figures beside each candidate: the first instalment you could qualify for, the cost of meeting and retaining the offer, and the date the points could realistically reach the account you need.