ANZ’s latest bonus deal could get ‘1A’ onto your boarding pass for less

Tired of flying Economy? It’s time to upgrade your next holiday – and credit card sign-up points can help greatly with that honourable pursuit. For instance, ANZ’s latest Frequent Flyer Black sign-up deal delivers enough points that you could travel overseas, and back, in Business Class. In fact, it could even get you a one-way flight in First Class, with an inflight shower to boot.

Eligible new ANZ customers could earn up to 130,000 bonus Qantas Points. That’s delivered at 90,000 bonus Qantas Points in the first year: enough to achieve what we’ve already described. There’s also $200 back to the card, to ease the impact of the annual fee on your hip pocket. A further 40,000 bonus Qantas Points arrive in the following year, which can get you into Business Class yet again.

Here’s a quick outline of the offer, including what you’d pay in annual fees to earn those points, and the value that could be gained by strategically spending those rewards.

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ANZ Frequent Flyer Black sign-up deal

Here’s what the ANZ Frequent Flyer Black card currently has on the table.

• The first-year welcome offer: Get 90,000 bonus Qantas Points and $200 back to your card.
• The rules: Spend $5,000 on eligible purchases in the first three months from approval, and pay an annual fee of $425. (That’s before the $200 statement credit, when the minimum spend is met).

You could earn additional points in the second year.

• The second-year offer: Receive a further 40,000 bonus Qantas Points.
• The rules: Keep your card for over 12 months, and pay the applicable annual fee ($425). The bonus points will be awarded within three months of paying that fee.

In total, that’s up to 130,000 bonus Qantas Points from one credit card application. Taking the first-year $200 statement credit into account, and the payment of the second-year fee, this could be earned with out-of-pocket costs of $650 – in addition to the transactions that reach the minimum spend. That’s 0.5 cents in net fees per Qantas Point earned. It’s relatively easy to get at least one cent in value per point redeemed when flying Economy, and sometimes, several times that value when sitting at the front of the plane.

Translation: for $650 in fees to earn points, you may be able to secure a journey using those points, that’d otherwise cost thousands to buy. We’ll give some examples below.

But briefly, beyond sign-up deals and annual fees, the ANZ Frequent Flyer Black card also serves up Qantas Points on eligible transactions. Here’s the drill.

• Earn 1 Qantas Point per $1 spent up to and including $7,500 per statement period.
• Earn 0.5 Qantas Points per $1 spent for every $1 over $7,500 in the same statement period.
• Receive an additional 1 Qantas Point per $1 spent on selected Qantas products and services (e.g. flight bookings and Qantas Club membership). With the standard transaction earning rates on top, that’s a total of 1.5-2 Qantas Points per $1 spent on these payments.

Ways to spend the first-year ANZ Frequent Flyer Black bonus

With 90,000 bonus Qantas Points to play with, there are a few exciting ways you could spend those rewards. Here are a few highlights, based on Qantas’ updated reward rates that apply to bookings made from 5 August 2025.

• Return Business Class from Sydney, Melbourne or Brisbane to Perth. That’s 43,600 Qantas Points one-way; 87,200 Qantas Points return.
• Round-trip Business Class from the same east coast cities to New Zealand. Again, for 43,600 Qantas Points each way (87,200 Qantas Points return).
• Experience Emirates A380 First Class from Sydney to Christchurch (65,300 Qantas Points), with enough points leftover to get you home (20,700 Qantas Points in Economy) – or travel Economy over and First Class home.

Taxes, fees and charges apply when you book and vary by route and airline. For instance, the co-pay on a one-way Sydney-Perth Business Class flight is currently $74.44. From Sydney to Christchurch in Emirates First Class, the taxes, fees and charges currently equate to AU$198.83 one-way.

Let’s say you took the Emirates First Class route. Emirates is currently selling one-way First Class fares from AU$1,718.13. Yet, when spending points, the cash cost is less than $200. Even when factoring in the ANZ Frequent Flyer Black annual fee on top to earn the sign-up bonus, you’d be well ahead. In fact, that particular booking would give 2.3 cents in value per Qantas Point redeemed. From our calculations above, the cost to earn those rewards comes out at 0.5 cents per point. That’s a value of almost five times the total cash paid. All while sitting in the same seat, on the same flight.

Putting the second-year bonus to good use

Around 15 months after the initial ANZ Frequent Flyer Black card application (that’s within three months of paying the second annual fee), there’s a further serve of 40,000 Qantas Points. Here’s how you could use them on another holiday:

• Fly return Business Class on a short domestic flight. For instance, Brisbane to Canberra, Sydney to Melbourne or Melbourne to Hobart. This requires 19,300 Qantas Points one-way, which is 38,600 Qantas Points round trip.
• Bring a +1 for a return trip flying Qantas Economy Class, on the same routes and other short domestic flights. You’d part with 9,200 Qantas Points per person, one-way. That’s 36,800 Qantas Points for a pair, return.

We’ve only touched on the sign-up bonus. But don’t forget about the points you could also earn per dollar spent on eligible purchases. The card also offers two complimentary Qantas Club lounge passes every year, which can also make flying Economy feel a little more premium.

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Imagery courtesy of Emirates. All opinions expressed in this article are solely those of Point Hacks’ editorial team.