ANZ Frequent Flyer Black Review (2026)
Offer and details verified 17 May 2026
Rates can change without notice. Last verified: 17 May 2026 (AEST). Please confirm details on the bank’s official page.
Bonus Qantas Points
130,000
90k yr1 + 40k yr2
Cashback
$200
back in yr1
Annual fee
$425
$370 card + $55 QFF
Min spend (yr 1 bonus)
$5k
within 3 months
Current Offer
The ANZ Frequent Flyer Black is one of Australia's leading Qantas Points earning credit cards. The current offer combines a large points bonus with a $200 cashback — useful for offsetting the first year's annual fee.
| Milestone | Reward | Requirement |
|---|---|---|
| Year 1 — points | 90,000 pts | Spend $5,000 in first 3 months |
| Year 1 — cashback | $200 back | Spend $5,000 in first 3 months |
| Year 2 — points | 40,000 pts | Keep card for over 12 months |
| Total | 130,000 pts + $200 | Over 2 years |
Ongoing Earn Rate
- 1 Qantas Point per $1 on eligible purchases, up to $7,500 per statement period
- 0.5 Qantas Points per $1 above $7,500 per statement period
- Eligible purchases exclude cash advances, balance transfers, BPAY, government payments, and certain other transactions
Key Benefits
- Qantas Club lounge passes
- Qantas Frequent Flyer membership included
- Complimentary travel insurance (international and domestic)
- Purchase protection insurance
- Up to 44 days interest-free on purchases
Pros and Cons
Pros
- ✓ 130,000 Qantas Points — strong total bonus
- ✓ $200 cashback helps offset first-year fee
- ✓ Only $5k spend required in 3 months (achievable)
- ✓ Year 2 bonus just requires keeping the card
- ✓ Direct Qantas Points earning — no conversion needed
- ✓ Comprehensive travel and purchase insurance
Cons
- ✗ $425 annual fee — highest among cards we track
- ✗ Earn rate capped at 1pt/$1 up to $7,500/month
- ✗ Not available if you've held ANZ FF/Rewards in last 24 months
- ✗ No reduced first-year fee
Is the $425 Annual Fee Worth It?
The $200 cashback effectively reduces your first-year net cost to $225. If you value 90,000 Qantas Points at 1.5c–2c each (a conservative estimate for domestic economy redemptions), they're worth $1,350–$1,800 — well above the net fee.
In year 2, 40,000 points for simply keeping the card is worth $600–$800 at the same valuation, against a $425 fee. Whether it's worth renewing depends on your ongoing Qantas Points earn and whether you use the lounge and insurance benefits.
How It Compares
- Westpac Altitude Qantas Black: 150,000 Qantas Points, $295 fee (+$75 QFF), $6k in 90 days
- Amex Qantas Ultimate: 50,000 Qantas Points, $450 fee, expires 28 Jul 2026
- ANZ Frequent Flyer Black: 130,000 Qantas Points + $200, $425 fee, $5k in 3 months
The Westpac Altitude Qantas Black offers more points at a lower fee, but requires $6,000 in 90 days (higher burn rate). ANZ's $5,000 in 3 months is more achievable for moderate spenders, and the $200 cashback is a meaningful offset.
FAQs
How do I earn the 130,000 bonus Qantas Points?
90,000 points + $200 back when you spend $5,000 in the first 3 months. A further 40,000 points after keeping the card for 12 months.
What is the annual fee?
$425 total ($370 card fee + $55 Qantas Rewards Program Service Fee). No first-year fee reduction.
What is the ongoing Qantas Points earn rate?
1 point per $1 up to $7,500 per statement period, then 0.5 points per $1.
Information is general in nature and may change without notice. Offer details verified 17 May 2026. Confirm current offer, fees, and eligibility on ANZ's website before applying. This is not financial advice.