You need to spend $3000 in the first 3 months to get the reward points or Frequent Flyer points. Can then be used in the ANZ rewards store or Qantas store.
You can get the points and cancel before the annual fee in the second year applies.
Can be used to take advantage of the current AMEX offers.
A $200 Woolworths gift card is nearly 40,000 ANZ reward points. A $250 Woolworths gift card is 37,500 Qantas frequent flyer points.
Browse ANZ store here: https://anzrewards.com/public/redeem.aspx
Browse Qantas store here: https://store.qantas.com/
Not valid for existing ANZ credit card holders or if you have closed an account in the previous 12 months.
Frequent Flyer Card:
Available with the standard, black and platinum frequent flyer card. Eligibility criteria applies depending on what card you apply for. Just for the standard FF card you need an annual income of 15k, platinum is 50k, and black is 75k.
Black card also gets you 2x Qantas club passes (~$80-100 resale value) and a discount on Qantas club membership. Also gets you access to participating airport lounges worldwide, regardless of which airline you are flying with.
Platinum and Black give you complimentary travel/medical insurance and car rental excess cover.
Complimentary Qantas Frequent Flyer membership included.
Not point for point exchange for Velocity:
Redeem multiples of 2,250 Reward Points for 1,000 Velocity Frequent Flyer Points. Allow up to 5 business days for Velocity Points to be allocated to your Account. Account Holder must be a member of the Velocity Program. Conditions apply.
https://anzrewards.com/public/redeem_ff_product.aspx?id=1654…
http://www.velocityfrequentflyer.com/content/Info/ANZRewards…
2250 ANZ Reward points = 1000 Velocity points.
50,000 ANZ points would be ~22222 Velocity points.