ANZ Frequent Flyer Black Credit Card Review 2025: Bonus, Rates, Fees & Is It Still Worth It?
I’ve covered the ANZ Frequent Flyer Black for years, and it’s consistently been a powerhouse for Qantas points earners. But the landscape has shifted: a major Qantas devaluation, a higher foreign transaction fee, and a longer churn lockout. So this is a fresh 2026 look at whether the card still earns its place in your wallet — and whether the hefty annual fee is justified.
I churn cards for value, and I’ll be straight about where this one wins and where it now stings. Sign-up bonuses come and go on this card, so I won’t quote a figure that dates the moment ANZ changes the offer — check ANZ’s current promotion when you apply. What follows is the durable picture: the earn, the perks, the costs, and the verdict.
Quick verdict
Despite the Qantas devaluation and a higher forex fee, the ANZ Frequent Flyer Black remains one of Australia’s top-tier Qantas cards in 2026 — on the strength of its uncapped Qantas earn, two complimentary Qantas Club lounge passes, and complimentary travel insurance. It’s a clear winner for Qantas loyalists who use the lounge passes and put enough spend through the card to offset the $425 annual fee. It was also named Best Qantas Frequent Flyer Credit Card in the 2026 Finder Awards. Where it falls down: the 3.5% foreign transaction fee makes it a poor choice for spending overseas.
The big-ticket benefits: what you actually get
The appeal boils down to a high Qantas earn and travel perks. You earn 1 Qantas Point per $1 on eligible everyday spend, doubling to 2 points per $1 on Qantas products and services. The two complimentary Qantas Club lounge passes each year are perfect for domestic trips (here’s how card lounge access works in Australia), and the included international travel insurance provides cover when you travel (which cards actually pay out, and the activation traps). It’s a strong all-rounder for flyers chasing rewards.
What’s changed since our last review
It’s been a tough year for points collectors. The key changes:
- Higher forex fee: ANZ lifted the overseas transaction fee from 3% to 3.5%, effective 2 May 2025.
- Longer churn period: the wait to re-qualify for a bonus stretched from 12 to 24 months in May 2025, which hurts the card’s churn value.
- Qantas devaluation: the biggest hit is Qantas’s own August 2025 devaluation, which raised the points needed for Classic Flight Rewards by up to 20% on some routes.
While that stings, ANZ’s direct Qantas earn still holds its ground — especially since CommBank gutted its Ultimate Awards card in October 2025, removing its KrisFlyer and other transfer partners and leaving Velocity as its only major airline option.
How to apply & eligibility
You apply directly on anz.com.au. Before you do, check the eligibility:
- 18+ with a good credit rating.
- Australian or New Zealand resident, or holding a visa with more than 12 months remaining.
- You can’t have held an ANZ Frequent Flyer or ANZ Rewards card in the previous 24 months to qualify for any sign-up bonus.
That 24-month lockout is the consistent rule worth planning around — sign-up offers themselves change regularly, so check ANZ’s current one before you apply rather than relying on a figure quoted in any review.
Pros and cons
Pros
- Strong Qantas earn: 1 pt/$1 on everyday spend, 2 pts/$1 on Qantas — uncapped overall.
- Lounge access: two Qantas Club passes a year, useful for domestic trips (worth ~$100 each).
- Complimentary insurance: international and domestic travel insurance, plus purchase protection.
- Points go straight to Qantas: no transfer step, no conversion ratios to track.
Cons
- High annual fee: $425 stings if you don’t use the benefits.
- Tiered earn: drops to 0.5 pts/$1 after $7,500 of spend in a statement period.
- High forex fee: at 3.5%, a poor choice for overseas spending.
- Long churn lockout: the 24-month wait to re-qualify for a bonus hurts its churn value.
- High interest rate: 20.99% p.a. on purchases will wipe out any points value — pay in full.
Earning rates and points
Points are earned directly into your Qantas account, and never expire as long as you earn or redeem at least one point every 18 months.
| Category | Qantas Points per $1 | Caps / Exclusions |
|---|---|---|
| Eligible purchases (up to $7.5k/month) | 1 | Drops to 0.5 after $7.5k |
| Qantas products/services | +1 bonus (total 2) | QF flights, FF/Club fees; excl. Jetstar |
Redeeming points: what are they worth?
The best value comes from flights — specifically Business and First Class. After the August 2025 devaluation, you’re looking at 1–2 cents per point for Economy, jumping to 4–8 cents per point (or higher) for premium cabins. Avoid spending points on toasters and gift cards; it’s a poor use of them.
ANZ Frequent Flyer Black vs CommBank Ultimate Awards
With CommBank devaluing its transfer partners in October 2025, this comparison got simpler for Qantas loyalists.
| Feature | ANZ FF Black | CommBank Ultimate Awards (Qantas opt-in) |
|---|---|---|
| Annual fee | $425 | $420 ($35/month, waivable) |
| Earn per $1 (intl) | 1 (3.5% forex) | 1.2 (no forex) |
| Caps | 0.5 after $7.5k/month | 0.2 after $10k/month |
| Lounges | 2 Qantas Club | 2 Mastercard Travel Pass |
| Transfers / flexibility | Direct Qantas | Velocity only post-Oct 2025 |
The verdict here is clear: the ANZ card wins for maximising your Qantas balance, with a higher direct earn straight into Qantas. The CommBank card is now only superior if you spend a lot overseas (no forex fee) and are happy earning Velocity. Full detail in our CommBank Ultimate Awards review.
Alternatives to the ANZ Frequent Flyer Black
It’s a strong contender, but not the only option — the right card often comes down to the finer details of how you spend and which program you back.
- CommBank Ultimate Awards: wins on no foreign transaction fees, but its value took a hit when it lost most of its transfer partners. Our full review.
- St George Amplify Signature: a flexible choice — transfers to both Velocity and international partners like KrisFlyer, with uncapped earning. See our St George Amplify review.
- Amex Qantas Ultimate: a higher ongoing earn of 1.25 pts/$1, a strong earner for dedicated Qantas flyers. Our review here.
- Virgin Money Velocity High Flyer: the pick if you’re on Team Velocity instead of Team Qantas.
- Fee-free options: if you just want a good travel card without the points complexity, fee-free debit cards like uBank handle overseas spending without the 3.5% sting.
Before you apply: can you afford the fee?
A $425-a-year card only makes sense if the points and perks clear the cost — and if the application won’t dent a borrowing position you care about. Two tools on the site help you check before you apply: run your numbers through the FX Rip-off Calculator to see the real cost of overseas spend, and if you’re weighing a card application against a future loan, the tools hub has the spend and balance-sheet calculators to sanity-check it first.
📱 Heading overseas? Sort your data too
This card earns you Qantas points at home, but its 3.5% forex fee means you’ll want a different card abroad — and a different fix for data. An Airalo eSIM lands you with mobile data working in 200+ countries at local rates, instead of your telco’s roaming gouge.
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Verdict: is the ANZ Frequent Flyer Black worth it?
The value rests on the durable benefits — the uncapped Qantas earn, two Qantas Club lounge passes (worth ~$100 each), and complimentary travel insurance. Whether the $425 annual fee is worth it comes down to how much you put through the card and whether you use the lounge passes, before any sign-up bonus enters the maths.
Who is this card for?
- Qantas loyalists who’ll use the lounge passes and earn enough on Qantas spend to justify the fee.
- People who want points straight into Qantas with no transfer step.
Who should avoid it?
- Anyone who spends a lot overseas — that 3.5% fee will hurt.
- High-spenders putting more than $7,500 a month on the card, where the earn halves.
My own approach with cards like this: take the first-year value, use the benefits hard, and re-evaluate before the second annual fee lands. It’s a strong first-year card for a Qantas flyer — just don’t spend on it overseas, and don’t carry a balance.
Frequently asked questions
Is the ANZ Frequent Flyer Black worth it in 2026?
What is the annual fee on the ANZ Frequent Flyer Black?
Does the ANZ Frequent Flyer Black charge foreign transaction fees?
How often can you get the ANZ Frequent Flyer Black sign-up bonus?
What are ANZ Frequent Flyer Black points worth?
ANZ Frequent Flyer Black or CommBank Ultimate Awards?
