High Income Frequent Flyer Credit Cards

Information verified correct on April 29th, 2017

Discover the benefits of having a frequent flyer credit card with a high income requirement.

A high income frequent flyer credit card is one of the most rewarding types of credit cards. This card usually has high annual fees and so you need to use it more frequently and spend a large amount per year so as to outweigh your annual fee with the value of your redeemed points. The key thing to remember with this type of card is that the value you receive out of it is largely decided by how much you spend on it.

How does a high income frequent flyer credit card work?

A high income frequent flyer credit card works just like a regular frequent flyer card. Once you sign up to the card and frequent flyer program of your choice, your points will automatically be accrued when you spend on eligible transactions and thereafter will appear on your credit card statement.

The period it takes for the points to be shown in your frequent flyer account will depend on the program you've signed up for.

Depending on the card, you can earn points on travel costs and everyday purchases.

HSBC Platinum Qantas Credit Card

HSBC Credit Card Offer

Receive 60,000 bonus Qantas Points when you spend $3,000 in the first three months. Benefit from complimentary international travel insurance cover and a promotional balance transfer rate.

  • $199 p.a. annual fee
  • 19.99% p.a. on purchases
  • Cash Advance Rate of 21.99% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $40,000 p.a.

Comparison of high income frequent flyer credit cards

Rates last updated April 28th, 2017.

American Express Explorer Credit Card

Bonus points offer has been changed from 50,000 to 100,000 points and is valid until 15 May 2017.

March 28th, 2017

American Express Platinum Edge Credit Card

First year annual fee waiver, 0% balance transfer and 5,000 bonus points offers have been extended.

March 28th, 2017

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

1.5% BT fee has been added to the existing balance transfer offer which is valid until 15 June 2017.

April 3rd, 2017

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 2 Velocity Points on top of the standard earn rate per $1 spent within the first three months. Plus, save with a long-term balance transfer offer and a reduced annual fee in the first year.
20.74% p.a. 0% p.a. for 18 months with 1.5% balance transfer fee $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
American Express Explorer Credit Card
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 3 months of card membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $395 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 5,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and pay no annual fee for the first year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. annual fee for the first year ($195 p.a. thereafter) Go to site More info
Virgin Australia Velocity High Flyer Card - 30k Bonus Points offer
Receive up to 30,000 bonus Velocity Points and earn 1 Velocity Points per $1 spent. Receive an exclusive $129 Virgin Australia Gift Voucher and two complimentary Single Entry Virgin Australia domestic Lounge passes each year.
20.74% p.a. 1.9% p.a. for 15 months $144 p.a. annual fee for the first year ($289 p.a. thereafter) Go to site More info
Qantas American Express Ultimate Card
Enjoy 75,000 bonus Qantas Points when you meet the spend criteria plus 75 Bonus Status Credits when you book and fly back with Qantas. Earn up to 2.5 Qantas Points per $1 spent on eligible purchases.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $450 p.a. Go to site More info
ANZ Rewards Black Credit Card
Receive a $250 Westfield Gift Card when you spend $2,500 in the first 60 days from approval and $0 annual fee for the first year. Earn up to 2 reward points per $1 spent and unlimited access to airport lounges with complimentary travel insurance.
18.79% p.a. $0 p.a. annual fee for the first year ($375 p.a. thereafter) Go to site More info
Emirates Citi World Mastercard
Receive up to 50,000 bonus points and enjoy a reduced annual fee for the first year.
20.99% p.a. 0% p.a. for 9 months $149 p.a. annual fee for the first year ($299 p.a. thereafter) Go to site More info
Citi Qantas Signature Credit Card
Earn 50,000 bonus Qantas Points when you spend $2,000 or more on eligible purchases in the first 90 days. Plus, enjoy an introductory interest rate on balance transfers with a discounted annual fee of $199 in the first year.
20.99% p.a. 0% p.a. for 6 months $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
ANZ Frequent Flyer Black
Receive 75,000 bonus Qantas Points when you spend $2,500 on eligible purchases within the first 3 months, plus earn up to 1 point for every dollar spent on eligible purchases. Also, earn 75 Bonus Status Credits when you apply by 30 June 2017, buy and fly return with Qantas by 30 September 2017.
19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info
Qantas American Express Premium Card
Earn 60,000 bonus Qantas Points when you apply as a new card member and meet the minimum spend requirement. Plus enjoy frequent flyer benefits including uncapped Qantas Points per $1 spent, complimentary travel insurance and Qantas Club lounge invitations.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $249 p.a. Go to site More info

How do you compare high income frequent flyer credit cards?

There are different types of high income frequent flyer credit cards and you need to compare before choosing which one to go for. High income credit cards typically have more premium benefits including higher rewards points earnings, complimentary insurances and concierge services. The credit card you choose will determine how you are rewarded and how much you earn for your spending. Choosing the right credit card for you is important to ensure that you can earn as many points as possible and get the most value for your money.

What do I need to know about high income frequent flyer credit cards?

Comparing credit card options involves considering a number of factors. We've narrowed down some of the more important factors you'll need to consider:

  1. Annual fee. High income frequent flyer credit cards have relatively high annual fees and this will reduce the overall value of the rewards you earn. This is why it's important to select a high income frequent flyer credit card that has reasonable balance between the annual fee and the rewards you earn. Different high income frequent flyer credit cards have different earn rates. Some will come with both an American Express and a Visa/MasterCard. You'll earn more points on the American Express but the Visa/MasterCard is more readily acceptable and attracts lower surcharges. Some cards may also give more points per dollar based on the type of transaction.
  2. Frequent flyer program. Every high income frequent flyer credit card has its own program which comes with associated features and benefits. Ensure that the frequent flyer program is with an airline you enjoy flying with, or allows you to use airlines you enjoy through their alliance partners.
  3. Interest rate/interest free days per statement cycle. The interest rate or interest free days will vary in importance when you compare cards depending on how you are planning to use your card. If you'll be paying your balance off in full every month, you'll want a card with enough interest free days. If you struggle to pay your balance each month, you may wish to consider a card with a lower ongoing rate. However, these cards usually have high interest rates and won't reward frequent flyer points when you have a balance.
  4. Points expiry/caps. Before choosing any high income frequent flyer credit card, you should consider the expiration or cap on any points you earn. It will be useless for you to earn points that will expire before you exchange them. Work out how many points you'll earn with your expected spending and ensure your card won't limit the amount of points you'll earn.

What are the advantages and drawbacks of a high income frequent flyer credit card?

Pros

  • Better earn rates. Most high income frequent flyer credit cards have high earn rates because they award points depending on how frequent you make trips or spend using your credit card. This translates to more points, and therefore more rewards if used correctly.
  • Promotional offers. Many card providers with high income frequent flyer credit card programs attract new customers with signup bonus points and additional perks which will increase your total rewards from the get go.
  • Various reward options. Points accumulated from high income frequent flyer credit cards can be redeemed for a wide range of items including air travel, goods and services, airline class upgrade, discounts, VIP access to lounges or priority bookings.
  • Added benefits. Frequent flyer cards with high income requirements are generally platinum or black cards, and this means they come with the usual premium benefits such as complimentary insurance policies, discounts on services, airport lounge passes and more.

Cons

  • High annual fee. Generally, high income frequent flyer credit cards tend to have relatively high annual fees. This means that you have to spend more on using the credit card to outweigh the annual fee with the value of your redeemed points.
  • High interest rates. Many premium cards with high income requirements and frequent flyer programs will come with a high interest rate compared to regular cards.
  • Exclusive. As suggested by the name, high income frequent flyer credit cards are only available to high income earners, restricting the number of cardholders who can take advantage of its benefits.

High income frequent flyer credit cards pose a number of benefits to a certain type of cardholder. If you're a high income earner who regularly spends on their credit card, you can receive rewards as you spend and outweigh the costs of the card with the rewards gained. However, if you're not a high income earner, do not regularly use your credit card or struggle to pay off your balance each month, this card may not be for you. As there are many high income frequent flyer credit cards on the market, it's ideal to compare the available options with your own financial situation to secure the most suitable card for you.

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Frequently Asked Questions

How many points will I get on every dollar I spend?

The number and value of your points will depend on a number of factors such as the type of high income frequent flyer credit card program you are signed up for, your tier level on your membership, the kind of airlines and partners your credit card is linked to etc. This means that the number of points per dollar spent and exchange rates are never the same from one card to the next, so be sure to compare this.

What are some of the greatest high income frequent flyer credit cards?

There are different types of high income frequent flyer credit cards and the 'greatest' one for you will depend on your financial decision and spending behaviours. Shop around before selecting the type of credit card that suits your needs and abilities most. You should consider such factors as annual fees, earn rates, points expiration and capping and interest rates or interest rate free days before making a choice.

Will I earn points for paying bills or business expenses?

The answer to the first part of this question depends on the card. Some cards are known to allow cardholders to earn points for certain bill payments. In regards to business expenses, personal cards will generally not allow this, although again check with the card provider or look through the Product Disclosure Statement (PDS) to get a definitive answer.

Marc Terrano

A passionate publisher who loves to tell a story. Learning and teaching personal finance is his main lot at finder.com.au. Talk to him to find out more about home loans.

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