Credit Cards & Bank Points

ANZ Rewards: how to get started

ANZ kept its transfer rates through the 2026 card reforms. Here's how ANZ Rewards works, where the points can go and what changed instead.

17 October 20262 min read

ANZ Rewards: Earn rates, transfer partners and the 2026 caps. Illustration of ANZ Rewards highlighted in a list of programs alongside NAB Rewards, Westpac Altitude, Amplify Rewards, Membership Rewards on a blue gradient.

When most banks worsened their transfer rates in October 2026, ANZ didn't. That makes ANZ Rewards one of the stronger bank programs left for Velocity collectors. It changed other things instead.

Here's how ANZ Rewards works now.

What is ANZ Rewards?

ANZ Rewards is the points program on ANZ's Rewards credit cards. You earn ANZ Reward Points on spending and can transfer them to airline programs or use them on gift cards, travel and cashback. ANZ's Frequent Flyer cards are different: they earn Qantas Points directly.

How you earn

Card	Earn rate	Annual fee
Rewards Platinum	2 points per $1 on the first $2,000 each statement, then 0.5	$149
Rewards Black	2 points per $1 on the first $5,000 each statement, then 1	$375

Correct as of October 2026.

From 28 October 2026, ANZ also caps the spend that earns points at $25,000 per statement on Platinum and $50,000 on Black.

Where your points can go

Partner	ANZ points per partner point	Effective earn on Black (first $5,000)
Velocity	2:1	1 Velocity Point per $1
KrisFlyer	3:1	0.66 miles per $1
Cathay Asia Miles	3:1	0.66 miles per $1
Air New Zealand Airpoints	200 to 1 Airpoints Dollar	Poor value

Correct as of October 2026.

Using points directly on flights or hotels through ANZ is usually worth about half a cent each, so transferring to Velocity tends to give more value. Points transfer partners compares ANZ with every other bank.

What else changed in 2026

Spend caps from 28 October, as above.
Travel insurance is removed from the Rewards Platinum and Black cards from 9 December 2026.
Sign-up bonuses on ANZ's Frequent Flyer cards were cut.

Points expiry

ANZ Reward Points expire three years after the end of the year they were earned. Transfer or use them before then.

Why ANZ held its ratios

A transfer ratio is the most visible number in a bank points program, and collectors compare it constantly. When every competitor cuts at once, holding steady becomes a selling point. Spend caps and insurance cost the bank less to change and affect fewer customers.

What I'd do now

Check your card's insurance before booking travel after 9 December.
Transfer to Velocity when you've found a seat.
Watch the three-year expiry on older points.
Pay the card in full each month.

This guide is general information only and isn’t financial advice. It doesn’t consider your personal circumstances. Check product terms and fees before applying for any credit card. The views here are ours.

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