Whether Qantas or Velocity, here’s where to find bulk frequent flyer points

May 30, 2026 — 5:01am

We are deep into the swansong for surcharges but – so far – credit card companies haven’t curbed bulk frequent flyer points. From October 1, it will be illegal to charge customers explicit fees for the pleasure of paying on a card.

That means that banks and issuing institutions will see their margins shrink. So, as the date approaches, you might expect to see card perks also shrink. But instead, bulk-points offers abound, albeit with a few newish caveats and conditions. I asked comparison house Canstar to compile the cards with the most generous sign-up points.

Today you can get the largest number of upfront Qantas points – 150,000 – from Westpac Altitude Black, BankSA/Bank of Melbourne/St.George Amplify Qantas Signature and Qantas Money Titanium.

Almost as many – 130,000 points – are available from ANZ’s Frequent Flyer Black and NAB Qantas Rewards Signature, while MyCard Prestige Qantas is giving 125,000 and Qantas Money Platinum, 120,000.

For big, bulk Velocity points, MyCard Prestige has the top deal: 200,000 points. You can also earn 150,000 by signing up to a Westpac Altitude Velocity Black.

Note, first, that all interest rates on those cards are more than 20 per cent but here’s where I issue an important qualification to all this credit talk: if you are in danger of carrying over a balance in any given month, rather than clearing your debt in full, these credit cards are not for you. In fact, none is.

There are always the providers keen to cash in from a changing market environment.

What’s interesting about the current bulk-points deals is that none of them has a set expiry date. They instead say things like “valid until offer is withdrawn”. Some of the current deals also started after the surcharge crackdown was announced earlier this year.

But besides that, the past year has seen significant bulk-point changes.

One reason is usage behaviour: card issuers have become increasingly wary of customers who “churn and burn” cards simply for points, signing up for several a year (be aware that too many applications can hurt your credit score).

So, points are now being deployed as leverage for your loyalty, with full delivery often not until the second year of holding a card.

For example, you need to wait a full 15 months, well into year two, to receive the full sign-up bonus with the offers from BankSA/Bank of Melbourne/St.George and Westpac.

But you might also now need to clear an upfront-spend hurdle first as well – a bid to get you to funnel a larger share of your everyday expenses through a card.

Note that, provided – again – you are disciplined to clear your balance in full each month, this is an additional great way to accrue points. Even more powerfully, it can also let you sit your salary in an offset account against your mortgage for the whole month, potentially saving you a ton of loan interest and bringing your mortgage-freedom date dramatically forward.

As part of the “spend-more-to-earn” trend, Canstar has identified recent example moves:

• ANZ Rewards Platinum: Upped its total reward from 100,000 to 125,000 points, but the necessary initial spend jumped from $2000 to $3500.
• NAB Rewards Platinum Card: Kept its 100,000 bonus points intact but tripled the minimum-spend requirement from $1000 to $3000.
• American Express Velocity Escape Plus: Maintained its 30,000 Velocity Points offer but tripled the required spend from $1000 to $3000 within the first three months.

The thing is that for the dedicated (and disciplined) points collector, none of these is a high-spending hurdle.

But analysis also reveals there are card issuers that may be anticipating the removal of so-called interchange fees and diminishing deals in advance. For example, making sharp sign-up cuts and sometimes requiring simultaneously higher spending:

• American Express Velocity Platinum Card: Halved its sign-up bonus from 100,000 to 50,000 points, while increasing the minimum spend from $3000 to $5000.
• Westpac Altitude Rewards Platinum Card: Reduced the maximum sign-up bonus from 120,000 to 100,000 rewards points.

But there are always the providers keen to cash in from a changing market environment. Improving sign-up points and conditions has been the Westpac Group.

Across the board, its “Signature” and “Altitude Black” Qantas/Velocity cards have increased. For instance, the Westpac Altitude Velocity Black has gone from 120,000 to 150,000 Velocity points.

For the privilege of any frequent flyer credit card, however, you’ll pay for it. Canstar says the average annual frequent flyer card fee is $272; a low-rate card is only $56.

And be aware that of the top cards mentioned at the outset, typically higher points come with a higher annual fee. The MyCard Prestige Velocity and Qantas deals cost respectively $700 and $749 a year; the Qantas Money Titanium card is an eye-watering annual $1200.

However, here’s the thing with frequent flyer cards: often the other sweeteners are so significant – including sometimes flight credit – that you could be well and truly compensated even before you add the points value you enjoy.

The Qantas American Express Ultimate Card, for example has a $450 annual fee but comes with $450 Qantas travel credit (the bonus sign-up points are currently marginal at 50,000, though).

We’ll see if the lurks and perks stay the same after October 1.

Nicole Pedersen-McKinnon is the author of How to Get Mortgage-Free Like Me, available at nicolessmartmoney.com. Follow her on Facebook, X and Instagram.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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