RBA surcharge ban has rocked the points game: here are the best cards to earn points now
Key takeaways
- Most points-earning credit cards have had fee hikes, earn rate cuts or perks slashed this month.
- That's because of the Reserve Bank's card surcharge ban, which makes it more expensive to run points programs.
- What's next: You can still find good Qantas, Velocity and rewards points offers using the Finder Score.
The RBA's card surcharge ban has rocked the credit card world. Most major card providers have already announced changes to their rewards or frequent flyer credit cards that make them more expensive or less rewarding.
But there are still good offers out there. And you can quickly find them using the Finder Score.
We rank Qantas, Velocity and rewards credit cards based on their earn rates, fees, perks and bonus points. The higher the score, the better the card.
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The best credit cards for earning Qantas Points
1. Qantas American Express Ultimate Card
The Qantas American Express Ultimate Card has a Finder Score of 9.9 in the frequent flyer category. New Amex card members can get 70,000 bonus Qantas Points when they apply online by 17 November 2026, are approved and spend $5,000 on eligible purchases in the first 3 months, plus another 50,000 points in the second year when they spend a further $5,000.
The earn rate is very high at 1.25 Qantas Points per $1 on everyday purchases, although it drops to 1 point per $1 after the first 100,000 points each year. The annual fee is $450, which is pretty good considering what you get.
2. Qantas Money Titanium
The Qantas Money Titanium has a Finder Score of 9.3 in the frequent flyer category. It comes with a massive 150,000 bonus Qantas Points when you spend $5,000 in the first 90 days from card approval.
You'll earn 1.25 Qantas Points per $1 on domestic spend up to $12,500 (then 0.5 points per $1) and 2 points per $1 on international spend.
But all these benefits come at a cost. There's a $1,200 annual fee. This is a card for big spenders and big earners.
3. ANZ Frequent Flyer Black
The ANZ Frequent Flyer Black has a Finder Score of 8.7. You can get 50,000 bonus Qantas Points when you spend $6,000 on eligible purchases in the first 3 months, plus another 50,000 points when you keep the card open for over 12 months.
The earn rate is 1 Qantas Point per $1 on eligible purchases up to $7,500 per statement period, then 0.5 points per $1. The annual fee is $370, but there's also a $55 Rewards Program service fee.
The best Velocity Points credit cards
1. American Express Velocity Platinum Card
The American Express Velocity Platinum Card has a Finder Score of 9.7 in the frequent flyer category. New Amex card members can get 70,000 bonus Velocity Points when they apply online by 12 October 2026, are approved and spend $5,000 on eligible purchases in the first 3 months, plus another 30,000 points in the second year when they spend a further $5,000.
The card's earn rate is really high at 1.25 Velocity Points per $1 on everyday purchases and 2.25 points per $1 on selected Virgin Australia purchases. The annual fee is reasonable for this kind of card at $440.
2. Virgin Australia Velocity High Flyer Card
The Virgin Australia Velocity High Flyer Card has a Finder Score of 9.2 in the frequent flyer category. While it has had a noticeable downgrade (higher fee, lower earn rate) since the surcharge ban, it's still one of the strongest Velocity Points options.
The points offer is 80,000 bonus Velocity Points when you spend at least $3,500 on eligible purchases each month for the first 60 days, plus another 20,000 points when you keep the card open for over 12 months.
You can earn 0.75 Velocity Points per $1 on eligible purchases up to $5,000 a month (then 0.25 points per $1), plus an extra 2 points per $1 spent directly with Virgin Australia. The annual fee is $349.
3. Westpac Altitude Velocity Black
The Westpac Altitude Velocity Black has a Finder Score of 7.9. It offers 90,000 bonus Velocity Points when you spend $6,000 on eligible purchases in the first 90 days, and another 60,000 points when you meet the same spend requirement in the second year.
This is a really strong bonus points offer. Where it is less competitive is the earn rate. You'll earn 1.5 points per $1 on international transactions, but only 0.8 points per $1 at major supermarkets, department stores, petrol stations and utility providers, and 0.4 points per $1 on other eligible purchases.
The annual fee is $450, made up of a $295 card fee and a $155 Velocity opt-in fee.
The best rewards credit cards
1. American Express Platinum Card
The American Express Platinum Card has a Finder Score of 9.9 in the rewards category. New Amex card members can get 200,000 Membership Rewards bonus points when they apply online by 2 November 2026 and spend $5,000 on eligible purchases in the first 3 months, plus another 100,000 points when they meet the same spend requirement in the second year.
The earn rate is 2.25 points per $1 on everyday purchases, and points can be transferred to Qantas Frequent Flyer or Velocity. The annual fee is very high, however, at $1,450. So this is not a rewards card for everybody.
2. Bankwest More World Mastercard
The Bankwest More World Mastercard has a Finder Score of 9.2 in the rewards category. The earn rate is 2.5 points for every dollar spent on eligible purchases (up to $2,000 a month), then 0.5 points per $1 with no cap.
You can get 40,000 bonus points when you spend $10,000 on eligible purchases in the first 90 days, plus another 10,000 points when you keep your account open for 15 months (up to 50,000 points in total). The annual fee is $270.
3. Kogan Money Credit Card
The Kogan Money Credit Card has a Finder Score of 9.1 in the rewards category. It has no annual fee, which makes it a good fit if you want rewards without paying for the privilege.
It earns 2 points per $1 on Kogan.com and 1 point per $1 on other eligible purchases. But there are no bonus points on sign up.
Details of these cards are correct at time of publication and subject to change.
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