MyCard Rewards is a flexible credit card points program that’s affiliated with the bank’s Rewards, Premier and Prestige credit cards. With those cards, you can earn MyCard Rewards points on just about anything and later transfer them to frequent flyer programs.
Not feeling like travelling? MyCard Rewards also offers gift cards, cashback, or a credit toward your annual fee.
How does MyCard Rewards work?
Some credit cards in Australia directly earn frequent flyer points with a chosen airline. Others provide greater flexibility by first awarding points in a bank’s loyalty program. Later, those points can be transferred to another program or used for vouchers and other cash-equivalent rewards.
MyCard Rewards is one such program with this flexibility. Cardholders can amass points in MyCard’s own loyalty program. When it comes time to travel, those points can be converted to Velocity Frequent Flyer points at the time of your choosing (for example, to coincide with a transfer offer).
What is the MyCard Rewards card range?
The MyCard Rewards program has three credit cards attached. These are:
- MyCard Rewards
- MyCard Premier
- MyCard Prestige
It’s worth noting that some of these cards also come in Qantas variants that directly earn Qantas Points per dollar spent. However, those cards aren’t covered in this guide as the focus is solely on those cards that earn MyCard Rewards points.
MyCard Prestige sits at the higher end of the market. With a higher income requirement and a $700 annual fee, it offers the best perks, but it won’t be for everybody.
A more accessible choice is MyCard Premier. It offers an affordable $300 annual fee and lower credit requirements, along with perks like lounge passes and bonus sign-up points.
The standard MyCard Rewards card is more of an entry-level product, but it still gets you in the door to earn points. It’s best for those who are working part-time or just beginning to discover the world of points.
What are the MyCard Rewards transfer partners?
At the moment, MyCard has two points transfer partners.
| Program / Card | MyCard Rewards | MyCard Premier | MyCard Prestige |
| Flybuys | 1:1 | 1:1 | 1:1 |
| Virgin Australia Velocity | 2:1 | 2:1 | 2:1 |
Minimum transfer quantities vary by loyalty program. Sign in to your card account to see the latest transfer rates and minimum transfer levels for your card and your preferred transfer partner.
The effective value you can get per MyCard Rewards point depends on how you redeem the points with Velocity Frequent Flyer or Flybuys. The best uses tend to involve international Business Class reward seats, which could fetch over 1.2 cents per point.
What else can I do with MyCard Rewards points?
While we generally regard points transfers as the best way to spend your MyCard points, you do also have some options if you’d rather use them for savings.
- Gift cards are one such option and offer the best value per point among all of these non-frequent flyer options. For example, a $500 JB Hi-Fi gift card requires 104,200 points to redeem, which is roughly 0.48 cents per point worth of value.
- Pay with Points lets you redeem points to directly offset one of your recent transactions to the dollar. You’ll need 25,000 points to offset a $100 transaction, giving your points a value of 0.4 cents each.
- Cashback lets you redeem points for a fixed amount against your current statement. For example, you’ll need 10,000 points for a $25 credit. That’s 0.25 cents per point.
- Annual Fee Credit simply redeems a set number of points to offset your yearly card fee. For example, it costs 120,000 points for a $300 credit – also equivalent to 0.25 cents per point.
How can I contact MyCard Rewards?
You can call MyCard on 13 24 84 from Australia for credit card-related queries, including rewards programs. From overseas, that number is +61 2 8225 0615. Alternatively, log in to your MyCard Online account and select live chat, which is available 24/7. While logged in, agents can see your details immediately.
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MyCard Prestige Credit Card
- Sign-up Bonus:
- Up to 200,000 bonus Velocity Points¹
- Rewards Earn Rate:
- 3 MyCard Rewards points per $1 spent on Eligible Transactions made directly with major airlines, hotel chains and restaurants in Australia. Plus 3 Points per $1 spent on eligible transactions made overseas. 2 MyCard Rewards points per $1 spent on Eligible Transactions made directly with major supermarkets, petrol outlets and national retailers. 1 MyCard Rewards points per $1 spent on all other eligible transactions
- Annual Fee:
- $700 p.a.
- Earn up to 200,000 Velocity Points via Autoredemption (converted from 400K MyCard Reward Points) with a MyCard Prestige Credit Card.⁹ Receive 150,000 Velocity Points when you spend $12,000 in the first 90 days of card approval and 50,000 Velocity Points on your first anniversary, plus automatically transfer MyCard Points to Velocity Frequent Flyer Points each month with Autoredemption. Get 0% p.a. for 12 months on balance transfers. Balance transfer must be applied for during card application; a 3% BT fee applies. Balance Transfer rate reverts to Cash Advance rate after the promotional period.⁸
MyCard Premier Credit Card
- Sign-up Bonus:
- 110,000 bonus Velocity Frequent Flyer Points⁹
- Rewards Earn Rate:
- 2 MyCard reward Points per $1 spent on Eligible Transactions online or overseas and 1 MyCard reward Point per $1 spent on Eligible Transactions everywhere else, capped at 200,000 MyCard reward Points over a 12-month period
- Annual Fee:
- $300 p.a.
- Earn 110,000 bonus Velocity Points via Autoredemption (converted from 220K MyCard Reward Points) with a MyCard Premier Credit Card when you spend $8,000 on eligible purchases within 90 days from approval.⁹ Automatically transfer myCard Reward Points to Velocity Frequent Flyer Points each month with Autoredemption. Get 0% p.a. for 12 months on balance transfers, a 3% BT fee applies. Balance transfer must be applied for during card application and Balance Transfer rate reverts to Cash Advance rate after the promotional period.¹⁰
MyCard Rewards Credit Card - Velocity offer
- Sign-up Bonus:
- Up to 90,000 bonus Velocity Points¹
- Rewards Earn Rate:
- 1 MyCard reward Point per $1 on eligible Domestic Spend up to $10,000 per statement period. 1 MyCard reward Point per $1 on eligible international spend uncapped
- Annual Fee:
- $199 p.a.
- Earn up to 90,000 Velocity Points (converted from 225K MyCard Reward Points) with a MyCard Rewards Velocity Credit Card.⁷ Receive 60,000 Velocity points when you spend $5,000 in the first 90 days of card approval, and 30,000 Velocity Points on your first anniversary of card approval. Automatically transfer Points to Velocity Frequent Flyer each month with Points Autoredemption. Get 0% p.a. for 12 months on balance transfers. Balance transfer must be applied for during card application; a 3% BT fee applies. Balance Transfer rate reverts to Cash Advance rate after the promotional period.⁸
Summing up
MyCard Rewards is ultimately the best choice for Australians looking to maximise their Velocity and/or Flybuys points balances, as those are the two key transfer partners. Cardholders looking for Qantas Points should consider the direct-earn MyCard offerings instead.
After earning points in MyCard Rewards, you can transfer them to two other loyalty programs as needed. You can also use points for gift cards, Pay with Points, cashback and to cover your annual fee, but check how much value you get per point to see if it’s worth it for you.
Frequently Asked Questions
Redeem your MyCard Rewards points by visiting this landing page and logging in to your account.
The value of a MyCard Rewards point varies depending on how you redeem it. Some rewards offer an equivalent value of 0.25 cents per point, while gift cards might reach 0.48 cents per point. Transferring MyCard Rewards points to Velocity Frequent Flyer and using them for flight rewards in premium cabins could unlock more than 1.2 cents per point.
Head to the MyCard credit card comparison page and see which MyCard Rewards card matches your needs, compared to other cards on the market.