In a move that might have the nation’s mileage mavens frantically refreshing their rewards dashboards, Australian Frequent Flyer (AFF) has released its highly anticipated 2025 Frequent Flyer Point Valuations. The results? A delight for strategic travellers, a headache for Qantas loyalists, and a timely reminder that when it comes to collecting points, not all programs are created equal.
If you’ve ever caught yourself gazing wistfully at your points balance, wondering whether it’s worth the airfare to Dubbo or just a $50 Coles gift card, you’re not alone. With millions of Australians chasing loyalty rewards, the big question is: how much are these points worth?
Thanks to the number-crunching boffins at AFF, we now have some answers—and they’re more enlightening than a runway at midnight.
Winners, Losers and the Pointy End of the Plane
Let’s get straight to the champagne cabin, shall we?
According to AFF’s valuation model, the crème de la crème of frequent flyer currencies for Australians are Virgin Atlantic Flying Club, Qatar Airways Privilege Club, and Cathay Pacific’s Asia Miles.
Yes, you read that right. Virgin Atlantic—not Virgin Australia. It’s the British cousin that quietly offers exceptional value through partner redemptions. Think Garuda Indonesia, Vietnam Airlines and even Air New Zealand, all accessible at surprisingly modest point costs. The Brits may have left the EU, but they’ve clung onto the idea of value.
Meanwhile, Qatar Airways’ Privilege Club lets Aussies redeem Avios on both Virgin Australia and Qantas. Add the jaw-droppingly luxe Qsuite Business Class from Australia to Europe, and you’ve got a frequent flyer dream worth its weight in lie-flat beds.
Cathay Pacific rounds out the top tier, thanks to its generous seat availability and consistently reasonable redemption rates—particularly if you’re eyeing those plush Business and Premium Economy seats on the hop to Hong Kong or beyond.
Don’t Just Follow the Roo
Before you dash off to open a Qatar account and start Googling “how to transfer points,” here is a word of caution: while these programs offer top value per point, they’re also a little trickier for Aussie punters to earn from scratch.
Enter flexible credit card reward programs. As AFF points out, Amex Membership Rewards can be transferred to all three top-performing programs at a handy 2:1 ratio. So if you’re playing the long game, it pays—literally—to earn flexible points that can be channelled wherever the value lies.
As AFF Editor Matt Graham puts it, with a flourish of pragmatic wisdom:
“Collecting points with multiple airline programs—or better, flexible credit card reward programs—ensures you get the best value every time you redeem. It also helps spread the risk, in case a particular airline devalues its frequent flyer program at short notice.”
In other words, don’t put all your points in one overhead locker.
The Bargain Bin of Loyalty
And then there are the clunkers. Brace yourself, loyal Air New Zealanders—your Airpoints Dollars are officially at the bottom of the pile.
AFF’s data reveals that Kiwi Airlines’ rewards program offers little more than face value. With Airpoints pegged at roughly $1 each and zero chance of scoring that elusive business class bonanza, the opportunity for “outsized value” is next to nil.
Adding insult to injury, Air New Zealand rewards expire regardless of account activity, like buying milk and being told it’ll go off even if you never open the fridge.
Etihad and Emirates don’t fare much better. Between Etihad’s punitive expiry rules (fly every 18 months or lose the lot) and Emirates’ inflexible redemption system, both programs offer below-par returns for Aussie travellers.
Qantas vs Virgin: Battle of the Local Titans
Now, to the showdown that every barista line and backyard barbecue inevitably circles back to: Qantas versus Virgin Australia.
AFF’s model gives Qantas Frequent Flyer an average point value of 1.8 cents, just nudging out Virgin Australia’s Velocity program at 1.7 cents. But there are caveats before the Flying Kangaroo starts flapping its wings in victory.
For one, Qantas is set to hike Classic Flight Reward and upgrade costs by 10–20% from 5 August 2025. That’s not a minor footnote—it’s a strategic bombshell. These valuations were based on pre-devaluation rates, meaning Qantas points are poised to lose even more ground.
Secondly, Velocity’s lower airfare pricing makes its rewards appear cheaper in dollar terms, slightly skewing the cents-per-point figure. In practice, Virgin often charges fewer points for the same route, even if the ticket’s cash value is lower.
In short, don’t just look at the numbers. Context is king—and value, like beauty, is in the eye of the redeemer.
Best and Worst Ways to Use Your Points
Now to the meat and potatoes. How you spend your points matters as much as where you earned them.
AFF’s research reveals that using points on non-flight redemptions—gift cards, hotel bookings, Points+Pay fares—is essentially the loyalty equivalent of lighting your points on fire. What is the average value when redeeming for a gift card? Just 0.46 cents per point. That’s not just bad. That isn’t very respectful.
In contrast, redeeming Business Class seats between Australia and Asia yields excellent bang for your buck—one example is Qantas Business Class from Sydney to Tokyo, which clocks in at 3.4 cents per point. Velocity’s equivalent redemption offers a solid 2.7 cents per point. That’s more than seven times the value of a Woolies eGift card.
Upgrades and domestic redemptions also offer decent returns, though less glamour. Think “best use of points while pretending to still be humble.”
The Model Behind the Magic
AFF’s team developed a relatively robust model to get to these numbers. No dartboards were involved.
Instead, they created a basket of 16 redemption types, from humble domestic hops like Brisbane to Mackay to long-haul business jaunts to Frankfurt.
Each redemption was analysed on a cents-per-point basis. They trimmed outliers, calculated averages, and then added a final layer of weighting based on five practical considerations:
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Network reach and availability (35%)
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Redemption experience (20%)
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Consistency of pricing (15%)
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Points expiration policy (15%)
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Ease of earning in Australia (15%)
It’s a clever mix of maths and common sense—something we could all use more of in the points game.
A Final Word from the Wing Seat
Loyalty points aren’t just a cute bonus for taking the same airline twice. They’re currency. And just like dollars in your wallet or savings in your Super, they deserve to be treated with respect and a healthy dose of scrutiny.
So, the next time your inbox pings with an offer to “use your points now!”—pause. Run the numbers. And if you’re still not sure, consult AFF’s full report at australianfrequentflyer.com.au/aff-point-valuations. You might find that your points are worth more—or less—than you ever imagined.
And for those still dreaming of flying in that lay-flat cocoon to Tokyo? Keep collecting. But for heaven’s sake, skip the gift card.
By Susan Ng
