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Reward Program Points Currency Comparison

Want to know how much your credit card reward points are really worth? Find out more about different point values and compare reward programs here.

Reward programs earn you points for every $1 that you spend on your credit card. These points can then be redeemed for a wide range of products and services including flights, gift cards, cashback and shopping. While these rewards are designed to add value to the credit card that you choose, costs such as interest rates and annual fees can outweigh the benefits they provide.

Reward Program Credit Cards Comparison

Rates last updated September 19th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
American Express Explorer Credit Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$395 p.a.
Get 75,000 bonus Membership Rewards points, a yearly $400 Travel Credit and 2 entries per year to the American Express Lounge. Ends 26 Sept 2018.
Qantas Premier Everyday
19.99% p.a.
4.9% p.a. for 24 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of up to 40,000 bonus Qantas Points, a $0 first year annual fee plus complimentary overseas travel insurance.
American Express Velocity Platinum Card - Exclusive Offer
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$375 p.a.
finder Exclusive: Ends: 26 September 2018 Receive 70,000 bonus Velocity Points when you spend $3,000 within the first 3 months. Plus, Status Credits & lounge passes.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months and a reduced $64 first year annual fee. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
Westpac Altitude Platinum Card - Qantas
20.24% p.a.
$50 p.a. annual fee for the first year ($200 p.a. thereafter)
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.
St.George Amplify Signature - Qantas - Online Offer
19.49% p.a.
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Offers 90,000 bonus Qantas Points when you spend $4,000 within 90 days, two yearly Qantas Club lounge passes and a reduced first year annual fee.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
20.74% p.a.
0% p.a. for 18 months
$99 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Receive a long 18-month, 0% p.a., no fee balance transfer and earn Suncorp Rewards Points or Qantas Points per $1 spent.
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 15 months
$299 p.a.
Get 60,000 bonus Qantas points, a $300 Qantas Flight Voucher and complimentary lounge passes.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with $64 first year annual fee and 0% p.a. balance transfer offer. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months with 2% balance transfer fee
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$129 p.a.
Enjoy 0% p.a. interest on purchases for 14 months. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
Westpac Altitude Platinum Card
20.24% p.a.
$0 p.a. annual fee for the first year ($150 p.a. thereafter)
Earn 60,000 bonus Altitude Points when you spend $3,000 within 90 days of card approval. Plus, a $0 first year annual fee.
HSBC Platinum Qantas Credit Card
19.99% p.a.
0% p.a. for 12 months
$199 p.a.
Receive 60,000 bonus Qantas Points when you spend $3,000 within 3 months of card approval, plus enjoy complimentary travel insurance.
Bendigo Bank Platinum Rewards Mastercard
19.99% p.a.
$89 p.a.
Earn 1.5 Bendigo Rewards points per $1 spent. Receive complimentary insurance covers, plus, access to Mastercard Priceless Cities.
American Express Westpac Altitude Platinum Bundle - Qantas
20.24% p.a.
$50 p.a. annual fee for the first year ($249 p.a. thereafter)
Up to 75,000 bonus Qantas Points when you meet the criteria with this dual Visa (issued & serviced by Westpac) & Amex (issued & serviced by Amex).
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.
Citi Platinum Credit Card
20.99% p.a.
0% p.a. for 12 months
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 10,000 monthly bonus reward Points for 20 months (200,000 total), enjoy a 0% p.a. balance transfer offer, plus, a $49 first year annual fee.
American Express Westpac Altitude Black Bundle
20.24% p.a.
$250 p.a. annual fee for the first year ($449 p.a. thereafter)
Earn up to 120,000 bonus Altitude Points when you meet the T&C with Mastercard (issued by Westpac) & Amex (issued & serviced by Amex).
Qantas American Express Ultimate Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$450 p.a.
Receive 55,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 yearly complimentary Qantas Club lounge invitations.
American Express Westpac Altitude Black Bundle - Qantas
20.24% p.a.
$300 p.a. annual fee for the first year ($499 p.a. thereafter)
Score up to 120,000 bonus Qantas Points when you meet the T&C with Mastercard (issued by Westpac) & Amex (issued & serviced by Amex).

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How much are my rewards points worth?

The value of reward points depends on a variety of factors, including the rewards program and the way you redeem your points. For example, a rewards program might offer a $50 gift card for 11,000 points and a $100 gift card for 20,000 points – meaning you would get more value from your points when redeeming the $100 gift card.

On the other hand, another rewards program might offer the same type of $100 gift card for 13,500 points. Other types of rewards may also offer greater or lesser value when you look at the points required versus the retail cost of the reward. As well as these factors, you should consider the the amount of points you earn per $1 spent, any fees or interest charges that you've had to pay and the availability of rewards.

Put simply, it's extremely hard to calculate the exact value of rewards points because there are so many variables. Instead, it's worth weighing up your options before you choose a card, and comparing rewards to decide what offers you the most value based on your goals.

How to compare rewards programs

There are a number of other elements you need to consider when you compare different reward programs and credit cards. So keeping the following key points in mind will help you choose an option that suits your needs:

  • Earn rate. The more points you earn per $1 spent, the faster you will be able to make a redemption and the greater value you will get from the rewards program. For example, a credit card that offers 0.5 Qantas points per $1 will require double the amount of spending to get a redemption when compared to one that earns 1 point per $1.
  • Points expiry. Some reward programs require you to use points within a set amount of time, such as 12-24 months. If you don’t use them in that time, they will expire and you won’t get any value from them.
  • Points capping. Depending on the rewards program and credit card you choose, you may only be able to earn a certain amount of points within a month or year. You can work out if a points cap will affect you by comparing your average spending to the points you would earn. If it’s more than the cap, then you may want to consider other options.
  • Membership fees. Some reward programs charge a registration fee, such as the Qantas Frequent Flyer Program, which has a one-off joining cost of $89.50. Make sure you factor this into the cost of the rewards program or try to find a credit card that waives it.
  • Annual fees. Reward credit cards have annual fees ranging from $49 to $450 or more. It’s important to weigh this cost up against the potential rewards you earn to make sure you get value out of the card you choose.
  • Interest rates. Reward credit cards often have high interest rates that will apply if you carry a balance. These charges take value away from the rewards that you earn, so aim to pay off your card in full for each statement period.
  • Other fees. Credit cards have a range of other charges that apply in certain situations, including international transaction fees, late payment and over limit penalties and charges for opting into a particular rewards program.

Reward programs offer a wide range of benefits for members, with gift cards and flights just two of the popular redemption options. Now that you know how to compare the value of these points against different rewards and program features, you will be able to choose a credit card and a rewards option that suits your needs.

Image: Shutterstock.

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