Why Valuation Matters More Than Earn Rate

A card earning "2 points per dollar" sounds better than one earning "1 point per dollar" — until you learn the first program's points are worth a third as much. Every comparison on this site converts points to dollars before ranking cards, and this page documents exactly how.

Our 2026 Valuations

  • Qantas Frequent Flyer: 1.0 – 1.8 cents per point. Economy classic rewards anchor the low end; international business class reaches the top.
  • Velocity Frequent Flyer: 0.9 – 1.7 cents per point. Strong on domestic and Singapore Airlines redemptions, slightly tighter premium availability than Qantas.
  • Amex Membership Rewards: 1.2 – 2.0 cents per point. A premium for flexibility: transferring to 8+ airline partners only when you've found award seats worth booking.

How We Calculate the Range

For each program we price a basket of representative redemptions — domestic economy, trans-Tasman, long-haul economy and long-haul business — and divide the cash fare (minus taxes and fees you'd pay anyway) by the points required. The low end of each range is a realistic floor any member can achieve; the high end requires flexibility on dates and booking well ahead.

The Redemptions That Destroy Value

Gift cards, merchandise and "points plus pay" on retail consistently return under 0.6 cents per point — half or less of a flight redemption. If you find yourself redeeming for toasters, you are on the wrong card: switch to a cashback card like the Westpac Platinum Cashback where value is guaranteed.

Applying Valuations to Sign-Up Bonuses

A 100,000-point Qantas bonus is worth roughly $1,200 at a mid-range 1.2¢ valuation — not the $2,000 a headline might imply at peak value, and not the $500 it would fetch in gift cards. We always quote mid-range figures, and every card page links back to this methodology.

Points vs Cashback: The Breakeven

At a 1¢ effective valuation, a card earning 1.25 pts/$ returns 1.25% — beating a 1% cashback card only if you redeem at or above the mid-range. If your redemptions drift toward the floor, cashback wins. That's why we publish both options and let the calculator show both in dollar terms.