How We Calculate Credit Card Point Values
Published on 8/4/2025
When comparing credit card offers, one of the most important factors is understanding what your bonus points are actually worth. Here's how RWRDS values points and why we only show estimated profit for certain programs.
Which Programs We Value
We only show estimated bonus value and profit calculations for frequent flyer programs with credible, independently published valuations. We use the AFF Point Valuations (December 2025), which Point Hacks has also adopted as their standard.
Current Valuations (December 2025)
| Program | Value per point |
|---|---|
| Qantas Frequent Flyer | 1.6¢ |
| Velocity Frequent Flyer | 1.7¢ |
| Singapore Airlines KrisFlyer | 1.5¢ |
These are the three programs relevant to Australian credit card sign-up bonuses that we display on RWRDS.
How AFF Calculates These Values
AFF compares 16 real redemptions per program — from gift cards to domestic economy flights to long-haul business class — and calculates a trimmed mean (removing the highest and lowest outlier). They then apply weightings of up to 20% based on factors like reward availability, ease of use, and point expiry.
This produces a practical, Australian-focused cents-per-point benchmark.
Why We Don't Value Bank Reward Programs
Programs like ANZ Rewards, CommBank Awards, NAB Rewards, Westpac Altitude Rewards, and others do not have credible published valuations from any independent source. Neither AFF nor Point Hacks publishes valuations for these programs.
Bank points vary wildly in value depending on how you redeem them, and without a credible benchmark, we'd rather show you nothing than show you something misleading.
For cards that earn bank reward points, we still show the bonus amount and all fees — you just won't see an estimated dollar value or profit figure.
What This Means for You
When browsing RWRDS:
- Qantas, Velocity, KrisFlyer cards: You'll see estimated bonus value and profit based on the valuations above
- Bank reward cards (ANZ, CommBank, NAB, etc.): You'll see bonus points and fees, but no estimated dollar value
- Transfer scenarios: When viewing a bank-points card on a Qantas/Velocity/KrisFlyer page, we use the transferred bonus amount with the airline program valuation
Valuations sourced from Australian Frequent Flyer (December 2025), also used by Point Hacks.
