If you’re a member of Qantas’ frequent flyer program then this is the credit card for you. Although it might take a bit to get your head around the points earning guidelines, it’s definitely worth it.

Allow us to explain…

To begin with, you get both an American Express credit card and your choice of either a Visa or MasterCard. For the first $3000 you spend in a month (in total from both of the cards you receive), you’ll get 2 Qantas frequent flyer points for every $2 spent on the American Express and every $3 on the MasterCard/Visa.

Then in your next $7,000 you’ll get one point for every $2 spent on the American Express and every $3 on the MasterCard/Visa. Once you hit $10,000 you stop earning frequent flyer points, so if you are a big spender it’s more rewarding for you to leave any purchases that will take you over the $10,000 mark until the next month.

Along with the frequent flyer rewards points you also get a number of other features, including Gold international travel insurance (50% of your prepaid travelling costs), purchase protection, extended warranties on purchases and VIP Lost Card cover.

But enough about that, here’s the all important basic information…

Interest is charged p.a. for both cash and purchases, with a pretty average For balance transfers. While this lower rate only lasts for six months, the interest rate that it increases to after this time is lower than most seeing as the card’s cash advance rate is pretty low. The interest free period is a little low at up to just 44 days, but like all other cards with this time slot, is manageable if you’re smart about it.

The annual fee for this card,  is pretty expensive if you’re not using it to its full potential. Therefore, it would be best suited (and most valuable) to people who will make use of the insurance and travel benefits while flying with Qantas and spend (or plan to spend) at least $3000 per month on their credit card.

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NAB’s Velocity Gold is a really valuable credit card to have when it comes to rewards and benefits.

Like NAB’s standard Velocity credit card it allows customers to earn Velocity points towards international and domestic flights, on Virgin Blue as well as a whole range of other rewards available in the online Velocity rewards store.

But here’s where it gets good…

As a Gold card the annual fee is at the higher end of the scale but add in one of the best airline rewards programs available on a credit card and you’re getting a whole lot more bang for your buck.

Interest for the Velocity Gold card, and includes added insurance benefits (including 90 days purchase protection, Gold overseas travel insurance and extended warranty insurance) so is a LOT more reasonable than the standard Velocity credit card.

Interest free days stand at up to 44, which again is lower than most but still ok. Like the standard card it comes with both an American Express and a Visa credit card which ups the ante on your points-earning potential – two points for every $2 spent on the American Express and one point for every $2 on the Visa.

Even if you’re not looking to travel but still want a rewards program then this is one of a number of reasonably priced choices that may still suit your needs. With awesome rewards opportunities and all the included insurance benefits this is most definitely a card that is nipping at the heels of the top 3 cards in the rewards category, so would be great for all those travel bugs out there.

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NAB’s Velocity card is just one of their travel credit cards on offer, and is partnered with Virgin Blue’s Velocity program. As you may have guessed, it’s a customer loyalty program’ where you can earn points towards Virgin Blue domestic and international flights, hotel rooms, and rewards products from the Velocity Rewards store online.

The enrolment fee for this rewards program, but this can be avoided if you apply for the airline credit card online. Velocity points are earned using your American Express and Visa card, both of which you will receive for the one account.

Every $2 spent gets you one point on the Velocity NAB Visa, and 1.5 points on the American Express. While the earning potential is not fantastic, the redemption values are a vast improvement on most other programs out there so it balances out.

For example, for 7,200 points you can get a flight from Brisbane to Sydney which involves spending around $4,800 on your Velocity NAB American Express credit card. You can also earn bonus points by booking Virgin Blue flights (five points for every dollar spent) and buying products from companies that are partnered with Virgin Blue with your Velocity credit card.

This card is buoyed by its excellent rewards program, with the interest rate dragging slightly behind. At  p.a. it’s quite high for a standard credit card with rewards, especially seeing as there are no travel insurance benefits, however for the first 6 months you can take advantage of a low interest rate. With up to 44 days interest free, this is a step below most travel credit cards that sit in this price range. Interest on balance transfers or the first 6 months and the annual fee.

While the interest rate does let this card down, it is only by a marginal percentage, and the points can be used on rewards other than flights which is always a bonus! The main factor that could help you make a decision could be whether or not you want or need the travel insurance benefits which are included on the Velocity NAB Gold card.

See our top credit card picks in the Editor’s Choice category