One of the questions we get asked fairly regularly here at creditcard.com.au is what the conversion rate is between a bank’s rewards points and either Qantas Frequent Flyer points or another frequent flyer program points. This is something that looks really easy to figure out, but you will usually have to trawl the rewards program website to get the full picture. For a start, you’ll need to be sure that you can convert points to the frequent flyer program that you’re a member of (not all rewards programs have deals with all airlines).

In October 2013 Velocity have decided to approach the rewards points market with a bit of a difference – if you transfer points over to Velocity this month you’ll receive 15% extra. For the full story take a look at our story about the 15% Velocity offer.


Advertisement

Apart from understanding which frequent flyer programs are available, you can’t tell whether you will get good value doing a conversion when you can’t see different options side by side. That’s why we’ve designed a quick reference frequent flyer conversion table. The table also shows you how many points you need to do an initial transfer and requirements for on-going transfers.  After viewing the table, you can go back to our full frequent flyer credit card card page which lists all relevant frequent flyer cards in an easy to view format.

Frequent Flyer and Rewards Points Compared

Bank Which rewards cards convert? Frequent Flyer program options Rewards points needed for initial transfer *Bank rewards points Points conversion rate Minimum ongoing transfer amount
American Express Platinum, Platinum Reserve, Gold Business and Business Platinum cards * David Jones store card converts at a different rate (2 for 1) Virgin Velocity Frequent Flyer points 2,000
1 for 1
Blocks of 2,000
Virgin Atlantic Flying Club 2,000
1 for 1
Blocks of 2,000
Singapore Airlines KrisFlyer points 5,000
1 for 1
Blocks of 5,000
Malaysia Airlines Enrich 500
1 for 1
Blocks of 500
Cathay Pacific Asia Miles 5,000
1 for 1
Blocks of 5,000
Etihad Guest 1,000
1 for 1
Blocks of 1,000
Thai Royal Orchid Plus 5,000
1 for 1
Blocks of 5,000
Air New Zealand Airpoints Dollars 2,000
1 for 1
Blocks of 2,000
ANZ ANZ Rewards and Rewards Platinum cards Air New Zealand Airpoints Dollars 3,000
200 for 1
Blocks of 1500
Cathay Pacific Asia Miles 3,000
3 for 1
Blocks of 1500
Singapore Airlines KrisFlyer Miles 6,000
3 for 1
Blocks of 3,000
Virgin Velocity Frequent Flyer points 2,250
2.25 for 1
multiples of 2,250
Bankwest Bankwest More Rewards Bankwest More rewards cannot be converted, but Qantas Frequent Flyer members can get the Bankwest More Qantas card n/a
n/a
n/a
CBA Awards, Awards Gold and Awards Platinum cards Qantas Frequent Flyer points * linking your account to directly earn Qantas Frequent Flyer points costs $10 per year 4,000
2.5 for 1
n/a
Virgin Velocity Frequent Flyer points 3,600
2.5 for 1
n/a
Citibank Citibank Rewards Signature, Citibank Rewards Platinum and Citibank Select cards Virgin Velocity Frequent Flyer points 15,000
1.5 for 1
Blocks of 15,000
Cathay Pacific Asia Miles 5,000
2 for 1
Blocks of 5,000
Singapore Airlines KrisFlyer points 15,000
1.5 for 1
Blocks of 15,000
Diners Club1 Diners Club cards besides the Frequent Flyer Dual card Virgin Velocity Frequent Flyer points 5,000
1 for 1
Blocks of 5,000
Virgin Atlantic Flying Club 4,000
4 for 1
Blocks of 4,000
Singapore Airlines KrisFlyer points 5,000
2 for 1
Blocks of 5,000
Thai Royal Orchid Plus 4,000
4 for 1
Blocks of 4,000
HSBC *Only for HSBC Premier World MasterCard holders who are Rewards members Cathay Pacific Asia Miles 5,000
2 for 1
Blocks of 5,000
Singapore Airlines KrisFlyer points 5,000
2 for 1
Blocks of 5,000
NAB NAB Premium NAB Premium can only be linked to flybuys. Cardholders can choose credit cards which earn Qantas Frequent Flyer points or Velocity Frequent Flyer points directly. n/a
n/a
n/a
St George St George Amplify Visa Virgin Velocity Frequent Flyer points 3,000
2 for 1
Blocks of 500
Singapore Airlines KrisFlyer points 3,000
2 for 1
Blocks of 500
Malaysia Airlines Enrich 3,000
2 for 1
Blocks of 500
Suncorp Suncorp Platinum credit card Singapore Airlines KrisFlyer points 1,0000
2 for 1
n/a
Virgin Velocity Frequent Flyer points 1,0000
2 for 1
n/a
Westpac Westpac Altitude, Altitude Platinum and Altitude Platinum Plus Virgin Velocity 3,000
2 for 1
Blocks of 500
Malaysia Airlines Enrich 3,000
2 for 1
Blocks of 500
Singapore Airlines KrisFlyer 3,000
2 for 1
Blocks of 500
Air New Zealand Airpoints Dollars 3,000
2 for 1
Blocks of 500

1. Only business and corporate members can transfer points manually to Qantas Frequent Flyer points

 

Converting rewards points to frequent flyer points

There are a few things you might not be aware of until you actually go to make the transfer. Keep these in mind if you’re thinking about converting some rewards points into frequent flyer points:

  1. Bank rewards points are not always 1 for 1 with frequent flyer points. See our table for the conversion rates from major banks.
  2. Once you convert to frequent flyer points, you generally can’t convert points back the other way. You can’t convert existing frequent flyer points to rewards points either.
  3. Points usually have to be transferred in blocks, and you may have to wait until they build up again to transfer the rest across (imagine you can only transfer points in blocks of 5000. If you have 5550 points accumulated, 550 points will have to stay on your rewards account until you build them back up to 5000)
  4. If you want to earn Qantas Frequent Flyer points, remember that the majority of banks in Australia offer a card which allows you to automatically earn points if you are a Qantas Frequent Flyer member (including now other providers such as Woolworths)
  5. You will have to be a member of whatever frequent flyer program you want to transfer points to (or join separately before you can convert points)
  6. Allow a minimum of 3-5 days for points to be transferred. It is not advisable to book flights before requesting a transfer. Points may take up to two weeks to appear.
  7. You will generally only be able to transfer points to a frequent flyer account in your own name and with the same details. If you change your details, update your credit card and frequent flyer accounts to be the same and avoid transfers not going through or being delayed.

Don’t forget about travel rewards from the bank’s own programs

Before actually converting to frequent flyer points, check out the options you might have to book flights with any airline, or to use points towards accommodation, ground transport options, tours or other rewards. Many bank rewards programs will have something to consider. As an example, Westpac Altitude points will give you a $100 voucher towards travel related expenses (which can include flights) for 16400 points. Added flexibility when it comes to booking flights might also mean you can fly a more direct route or at a preferred time.

Converting points with banks not included in the table

Apart from those in the table, Bankwest does not allow More rewards points to be converted to frequent flyer points, but there is a Qantas credit card option which lets you earn Qantas Frequent Flyer points directly.

Some smaller banks and credit unions also offer their own rewards program and don’t always allow members to transfer their points for frequent flyer miles. These may have a Qantas linked credit card on offer, or an alternative travel rewards program.