The verified conversion rates between Australia’s loyalty currencies, in one place: Flybuys to Velocity (2:1), Everyday Rewards to Qantas Points (2:1), ANZ Rewards to Everyday Rewards (2,700 to 2,000), Amex Membership Rewards and NAB Rewards to Velocity (both 2:1), and what each balance is worth as money off your shop.
Context for the conversions: Everyday Rewards vs Flybuys covers when converting beats taking dollars off your shop, and Velocity vs Qantas covers which side to feed. Both programs run periodic 15-25% transfer bonuses - big balances should wait for one.
Common questions
Should I convert my points?
Only when the destination program gives you more value than keeping or redeeming them where they are now. Most conversions are one-way and cannot be reversed.
Are these conversion rates current?
Yes. The ratios here are the verified 2026 transfer rates between Flybuys, Everyday Rewards, Qantas, Velocity and the major bank rewards programs.
Why conversion ratios matter more than they look
Converting between loyalty currencies is almost always one-way and almost always permanent. Once Flybuys points become Velocity Points, they are Velocity Points forever. That makes the ratio the single most consequential number in the transaction, and it is usually printed in the smallest type.
A 2:1 conversion halves your point count. Whether that destroys value depends entirely on what each point is worth on the other side:
points in x (1 / ratio) x value per point out = value received
Halving your points is fine if the destination points are worth more than twice as much. It is a loss if they are not. That comparison is the whole decision.
A worked example
10,000 Flybuys points can be taken as $50 of Flybuys dollars - a straightforward 0.5c per point. Converted at 1,000 to 500, they become 5,000 Velocity Points.
Those 5,000 Velocity Points need to be worth more than $50 - that is, more than 1c each - for the conversion to pay. Redeemed on a decent reward seat at around 1.8c, they are worth roughly $90. Redeemed on a Velocity Store gift card at around 0.5c, they are worth about $25.
Same conversion, same ratio. One version nearly doubles your money and the other halves it. The ratio did not decide that - the redemption did.
The rule that follows from this
Do not convert until you know what you are redeeming for. Transferring points to an airline program “to have them there” is how balances get stranded. Convert when you have a specific booking in mind and you have checked that the seat is available at the points price you expect. Until then, points are usually safer sitting in the program that earned them.
The exception is expiry. If points are about to lapse, converting them into a program with a longer runway is better than losing them, even at a mediocre ratio.
When the answer changes
- Transfer bonuses. Programs occasionally run promotional uplifts. A 15% or 20% bonus can flip a marginal conversion into a good one - and waiting for one is often worth it.
- Minimum increments. Many conversions only run in blocks. Leftovers stay stranded in the source program.
- Processing time. Conversions are not always instant. Do not convert against a seat you have not secured.
- Household pooling. Combining balances before converting sometimes clears a redemption threshold that neither balance reaches alone.
Common questions
Can I convert points back?
Essentially never. Treat every conversion as one-way and permanent.
Is converting always a loss?
No. It is a loss only if the destination points are worth less, per point, than the ratio costs you. Airline points redeemed well are frequently worth several times a retail loyalty point.
Which conversion is the best value?
The one attached to a booking you have actually found. A good ratio into a program you never redeem from is worth nothing.
How do I check what the destination points are worth?
Run the balance through the Qantas or Velocity calculator before you convert, not after.