The value of 100,000 Amex Membership Rewards points depends on the transfer rate. Until you transfer them, their value depends on how you plan to redeem them. If they’re transferred to Velocity or Qantas Frequent Flyer points at 2:1 rate, the balance becomes 50,000 airline points and books a Business Class seat under those programs’ reward tables.
Membership Rewards points are bank points, a currency that holds no travel value until transferred to an airline program. The transfer rates changed on 15 December 2025, which altered how many airline points you receive with some partners. Here’s how Membership Rewards points work in 2026. We’ll also cover where 100,000 points can transfer, what those points can redeem for and when to transfer them.
How Membership Rewards points work and why the transfer table sets their value
Membership Rewards points remain in your account until you redeem or transfer them. They do not represent a specific flight or seat. American Express runs several Membership Rewards tiers in Australia. The tier attached to your card determines the partner list available.
The Ascent Premium tier, earned on the American Express Platinum, Platinum Business and Centurion charge cards, is the one that reaches Qantas Frequent Flyer. The other tiers reach the remaining airline partners but not Qantas directly. A charge card, by definition, has no pre-set spending limit and its balance is repaid in full each month.
Point Hacks’ December 2025 rewards points valuations update adopts Australian Frequent Flyer’s quarterly valuations, benchmarking airline currencies at 1.7 cents per Velocity Point and 1.6 cents per Qantas Point. Those benchmarks apply after the transfer ratio is paid, which is why the ratio table below is the whole game.
Where 100,000 Membership Rewards points can transfer in 2026
As of September 2026, the airline transfer map reflects the American Express repricing from 15 December 2025. Each section starts with the relevant transfer ratio. The table below shows the main transfer destinations and how many airline points you’ll receive for 100,000 Membership Rewards points.
| Program | Transfer ratio | 100,000 points become |
| Velocity Frequent Flyer | 2:1 | 50,000 Velocity Points |
| Qantas Frequent Flyer, Ascent Premium tier only | 2:1 | 50,000 Qantas Points |
| Singapore Airlines KrisFlyer, Qatar Airways Privilege Club, British Airways, Cathay Pacific Asia Miles, Malaysia Airlines, Virgin Atlantic | 3:1 | 33,000 miles or points, from 99,000 of the balance |
| Emirates Skywards | 4:1 | 25,000 Skywards Miles |
| Everyday Rewards | 5:4 | 80,000 Everyday Rewards points |
The December 2025 repricing moved British Airways, Cathay Pacific, Malaysia Airlines, Qatar Airways and Virgin Atlantic from 2:1 to 3:1. It increased Emirates from 3:1 to 4:1, removed Thai Royal Orchid Plus, and added Everyday Rewards. Velocity and Qantas transfers remained at 2:1, while KrisFlyer remained at 3:1.
By mid 2026, Etihad Guest was no longer listed as an Australian travel partner. Minimum transfer amounts vary by program. Our guide to transferring Membership Rewards points to airlines covers the transfer process and typical transfer times.
The flight bookings 100,000 points become after transfer
The 2:1 partners require fewer Membership Rewards points for each airline point transferred. Sent to Velocity, 100,000 Membership Rewards points become 50,000 Velocity points. That covers a one-way Business Class Reward Seat (Virgin Australia’s name for a seat sold at fixed points prices) from the East Coast to Bali which costs 49,500 points. A one-way Economy seat between Sydney and Singapore costs 29,000 points with a domestic booking to spare. Three domestic Business Class seats on Virgin Australia’s shortest routes cost 15,500 Velocity points each under the chart introduced on 21 January 2025.
From an Ascent Premium card, 100,000 Membership Rewards points becomes 50,000 Qantas Points when transferred to Qantas Frequent Flyer. That books a one-way Business Class Classic Flight Reward (a seat booked with points at the fixed prices Qantas publishes) across the Tasman for 43,600 points on a Qantas aircraft. The applicable tables took effect from 5 August 2025. An Economy return from the East Coast to Bali costs 46,600 Qantas points. Taxes, fees and carrier charges are payable in addition to the points cost.
To put a dollar figure on a balance of any size before it moves, the Point Hacks card value calculator does the arithmetic. A larger Membership Rewards balance opens different bookings again, compared in the guide to the best uses of 150,000 Amex points. The 3:1 partners still earn their place for specific seats. 99,000 of the balance becomes 33,000 KrisFlyer miles for Singapore Airlines’ own reward pricing, or 33,000 Avios or Privilege Club points for oneworld bookings, at 3,000 points per 1,000 miles.
The 2:1 transfers suit a person whose target seat exists on the Qantas or Velocity charts. A 3:1 transfer makes sense once a specific reward on the destination program has been found and priced. This is because the ratio takes a third of the balance before any seat is booked.
How to time a transfer and avoid the common traps
As a general rule, transfer only after you find an available reward seat, not before. Keeping points in Membership Rewards keeps all future options open, while transferred points stay within the selected airline program. The December 2025 repricing shows why future transfer rates can matter. Transfer ratios can worsen over time, so holding a large balance for years can lead to unfavourable changes before or after the transfer.
Cardholders outside the Ascent Premium tier may assume Qantas is unreachable. The December changes added an indirect path through Everyday Rewards. Consider the conversion arithmetic separately.
- Warning: the indirect Qantas path is a multi-step calculation, each with its own transfer ratio
- Transfer Membership Rewards to Everyday Rewards at a 5:4 rate. At that rate, 100,000 points become 80,000 Everyday Rewards points
- Everyday Rewards converts 2,000 points to 1,000 Qantas Points. At that rate, 80,000 Everyday Rewards points become 40,000 Qantas Points
- The end-to-end rate is therefore 2.5 Membership Rewards points per Qantas Point, compared to 2:1 on the direct Ascent Premium path. The indirect route therefore requires more Membership Rewards points for each Qantas Point
Membership Rewards is one of several bank rewards programs in Australia, alongside programs from ANZ, Westpac, NAB, and others. Each has its own transfer partners. Our guides to the top Qantas Points-earning credit cards and top Velocity Points-earning credit cards cover the cards that earn each currency. The American Express Platinum guide covers the Ascent Premium Membership Rewards program and its benefits. You can also find details on the issuer’s page.
Frequently asked questions
Not while the account stays open and in good standing, which is the currency’s standing advantage. The balance can wait for the right seat without an expiry clock. Closing the account threatens the points, so any card-cancellation plan should include a transfer plan.
No. Direct transfers to Qantas are limited to the Ascent Premium tier on the Platinum, Platinum Business and Centurion charge cards. Other Membership Rewards cardholders can reach Qantas indirectly through Everyday Rewards at an effective 2.5:1, or hold a separate direct-earning Qantas card.
Neither is better in the ratio, since both sit at a 2:1 rate. The difference lies in the reward tables on the other side. A one-way Business Class seat to Bali prices at 49,500 Velocity Points on Virgin Australia, compared to a Tasman Business Class seat at 43,600 Qantas Points on Qantas. The right answer depends on the seat you can find, the taxes on the ticket and the cabins you value.
Five programs moved from 2:1 to 3:1. These include British Airways, Cathay Pacific Asia Miles, Malaysia Airlines, Qatar Airways Privilege Club and Virgin Atlantic. Emirates moved to 4:1, Thai Royal Orchid Plus left the table, Everyday Rewards joined at 5:4, and the Velocity, Qantas and KrisFlyer rates were unchanged.
Fees, rates and figures quoted are correct at the time of publication and should be verified directly with each provider before acting on them.
This article is general in nature and does not constitute personal financial advice. Consider your own financial situation before applying for any credit product. Point Hacks may receive a commission from card issuers for applications made through this site.
