If you’re new to earning – or redeeming – points, it is essential to know: What is a point worth?
The answer to that question is: It’s complicated.
Different programs also have different answers, but here we’ll examine three major programs used by Australian point collectors and give you a guide to the worth of Qantas points, your Velocity points value and the benefits of the American Express Membership Rewards program.

What are Qantas points worth?

When redeemed for flights, a Qantas Frequent Flyer point is commonly considered to be worth around 1 to 1.5 cents.
Therefore, 10,000 points is the equivalent of about $100.
However, the exact value can fluctuate based on a range of factors, such as:

Redemption type – Those used on reward flight bookings may vary in worth to those used to upgrade flights.
Travel class – You can get more value by booking Business and First Class fares instead of Economy tickets.
Travel period – During peak times, points can be more valuable because paid ticket prices are higher.
Availability —Your points are only worth something if you can redeem them for a reward flight or upgrade, which isn’t always easy to find during peak travel periods.

Examples of the value of a Qantas point

A quick search will show it is not hard to find much more value for your Qantas Frequent Flyer points than the standard 1 to 1.5 cents valuation.
We found a paid Economy ticket from Brisbane to Perth in February 2025, which cost $511, but the same seat could be booked for just 18,000 pts + $52 of taxes and fees.
That works out to a value of 2.55 cents per point.
A paid Economy ticket from Sydney to London in February 2025 was found to be $1,517 but could instead be booked for 55,200 pts + $263 of taxes and fees.
That equates to a similar value of 2.27 cents per point.
Flying from Brisbane to Athens in First Class in February 2025 cost an eye-watering $12,394, but you could instead book for 199,300 Qantas pts + $1856 of fees and taxes.
That makes for 5.29 cents of value per point.
So, as you can see, the value of a Qantas point can vary – and be relatively high in certain situations.

What are Velocity points worth?

Velocity points have a standard value of around 1 to 1.5 cents per point when redeemed for flights, sitting quite similar in worth to Qantas.
However, this value can vary based on things like:

Redemption type – Whether you are using points for a reward flight booking or to upgrade a flight.
Travel class – Whether you are flying Economy, Premium Economy, Business, or First Class.
Travel period – Whether you are flying during a peak or off-peak travel time.
Availability – The availability of flights can also impact the value of your points.

It is common to derive far greater value for your Velocity points than 1.5 cents a point, though.

Examples of Velocity points value

We conducted a quick search which found a Business Class seat from Perth to Sydney in February, 2025 that cost $1795 for a paid ticket but was available for only 35,500 pts + $51 in fees and taxes when making a reward point booking.
That equates to worth of 4.9 cents per point.
Flying from Melbourne to London in Singapore Airlines Premium Economy in March, 2025 cost $2,977 for a paid ticket but could instead be booked on Velocity for 112,500 pts + $355 of fees and taxes.
That works out to value of 2.33 cents per point.
Therefore, a Velocity point can be worth a lot more than any standard values that they have tagged to them.

What is an Amex point worth in Australia?

Given its flexibility, the American Express Membership Rewards program is a favourite among point collectors.
You can earn Membership Rewards points through your credit card spending, which can then be transferred to a range of airline and hotel loyalty programs.
As of 2024, American Express has 14 transfer partners in Australia, including Qantas Frequent Flyer, Velocity, Singapore Airlines KrisFlyer, Hawaiian Airlines and Marriott Bonvoy.
Some transfers have a ratio of 2 Membership Rewards to 1 airline or hotel point, while others have a ratio of 3 Membership Rewards to 1 airline or hotel point.
Therefore, each Membership Rewards point is generally valued at around 0.5 to 1 cent each.
However, much more value than that can be derived from your Membership Rewards points if you transfer them to the right partner and book a valuable reward flight.

Summary

Qantas Points: Generally valued at 1-1.5 cents each, but can reach 5 cents or more for premium flights.
Velocity Points: Similar to Qantas, with potential for higher value, especially for Business and Premium Economy.
American Express Points: Flexible transferability to various programs, generally valued at 0.5-1 cent, but can offer more value when strategically used.

Written By: Chris
Updated: September 2024

FREQUENTLY ASKED QUESTIONS

A single Qantas point is worth around 1 to 1.5 cents but could be worth more or less, depending on how you use it. On some reward flight bookings, points could be worth 6 cents or more.
A single Velocity point is valued at 1 to 1.5 cents on average, but could be worth more or less depending on how it is spent. On physical items at the Velocity Rewards Store, it is generally worth less than 1 cent. However, on some reward flight bookings it can be worth 6 cents or more.
Qantas Frequent Flyer and Velocity points are worth relatively similar amounts. It will depend on what is more valuable to you, what you plan to use them for or where you would like to travel. Through both the Qantas and Velocity programs, you can make redemptions for physical items as well as domestic and international flights.
American Express is widely considered to have the most valuable points in Australia, given their flexibility. Those who hold American Express credit cards can transfer their earnings to a wide range of partner programs, including the Qantas Frequent Flyer and Velocity programs and other international airlines and hotel groups.
This depends on how you use them. However, in many cases, they could be worth at least $1000 to $1500 – or potentially more if redeemed for Business Class flights.
As a general rule, these are usually worth at least $1000 to $1500 when redeemed for flights with Virgin Australia or its international partner airlines. But they could be worth a lot more in some cases, including when used to redeem Business Class flights. The worth of these could be as high as $5000 if they are used to redeem a long-haul international Business Class seat.