As of August 2026, our benchmark value is 1.3 cents for both a Qantas Point and a Velocity Point. We use 0.5 cents as a practical floor, while strong flight redemptions can reach 2.4 cents or more with Qantas and 1.9 cents or more with Velocity. Every figure below is based on live award-seat and cash-fare comparisons, with the dates and methodology shown.
Re-verified against 24 live redemption scenarios in August 2026. The 1.3c benchmark reflects what members can realistically achieve, not just the best theoretical redemptions. Domestic Economy can be relatively modest once cash fares and charges are considered, while domestic Business and selected international Business rewards can exceed 2.4c. Classic Plus generally sits around 1.25c in premium cabins and about 0.9c in Economy. Gift cards provide the 0.5c floor.
Last reviewed 9 Aug 2026
Re-verified against 18 live redemption scenarios in August 2026. The 1.3c benchmark was unchanged. Domestic Business remains a strong use, with Sydney–Perth reaching 3.7c in our live checks, while selected partner rewards can also exceed 1.9c. Dynamically priced redemptions and Points + Pay generally deliver less value. Velocity Rewards Store gift cards provide the 0.5c floor.
Last reviewed 9 Aug 2026
As of August 2026, 100,000 Qantas Points are worth about $500 at the low end, around $1,300 at our benchmark, and $2,400 or more on a strong redemption. The higher values usually come from Business Class Classic Rewards or other redemptions where the points replace an expensive cash fare.
Our August 2026 benchmark is 1.3 cents per Qantas Point. That means 50,000 points are worth about $650 at the benchmark. Lower-value redemptions such as gift cards can sit around 0.5 cents per point, while strong flight redemptions can exceed 2.4 cents per point.
Our August 2026 benchmark is 1.3 cents per Velocity Point. Strong redemptions can reach 1.9 cents or more, particularly selected domestic Business and partner rewards, while Points + Pay and other cash-like redemptions sit closer to 0.5 to 0.6 cents per point.
On our August 2026 benchmark, they are equal at 1.3 cents per point. Qantas has produced a higher top end in our current basket, while Velocity has several very strong domestic and partner redemptions. The better program depends more on how you plan to use the points than on the headline benchmark.
We compare the cash fare with the points redemption for the same or a closely comparable flight. Value per point = (cash fare − taxes and charges on the reward) ÷ points used. We run that calculation across a fixed basket of live scenarios each quarter. The median becomes our benchmark, while the stronger end of the basket helps set the strong-redemption level. Every published number is tied to dated evidence.
Valuing 100,000 Qantas Points.
The low end of what you can readily get from your points through gift cards and similar redemptions.
Our central estimate of what a point is realistically worth, based on the median of our August 2026 redemption basket.
A strong use of your points, based on the upper end of the redemptions we measured.
Typical value ranges by redemption type, based on our August 2026 live comparisons. The ranges are reviewed quarterly; the dollar figures below reflect your selected points balance.
Looking at a specific redemption? Compare the points required, cash co-payment and equivalent cash fare against the benchmark above. We are building a Points-or-Cash tool to automate this calculation.
Use the benchmark to compare a redemption with the alternatives available to you.
Around 0.5 cents per point represents the low end of readily available redemptions such as gift cards. Our 1.3c benchmark is a reasonable reference point for an everyday flight redemption, while values above the strong-redemption threshold indicate that the points are replacing relatively expensive cash travel.
These are benchmarks, not rules. A lower-value redemption can still make sense if you have no realistic higher-value use for the points, while a high cents-per-point result is only useful if the flight, dates and destination actually suit you.
Dynamically priced products are the main exception to watch. Qantas Classic Plus has recently produced about 0.9c per point in Economy and 1.25c in premium cabins, while Virgin Australia Points + Pay converts at about 0.6c per point.
Use the benchmark to understand the approximate value of points you expect to earn, but not as a reason on its own to spend more or choose a particular product.
For example, 100,000 Qantas or Velocity Points are worth about $1,300 at our current benchmark. They could be worth materially more through a strong flight redemption, or less if ultimately used for gift cards, Points + Pay or other cash-like redemptions.
The value of the points is therefore one part of the calculation. Any purchase, membership or financial product should still make sense on its own terms.
The RTF Benchmark is designed to estimate what a point is realistically worth, rather than the highest theoretical value that can be produced from one unusually good redemption.
The floor is based on readily available cash-like redemptions with observable values.
For Qantas and Velocity, gift cards currently provide a practical reference point of about 0.5 cents per point. We verify the underlying products and prices each quarter rather than assuming that rate remains unchanged.
For each program, we maintain a fixed basket of live redemption scenarios.
We calculate the cents-per-point value of each scenario using:
(comparable cash fare − taxes and charges on the reward) ÷ points used
The median of the basket becomes our benchmark. The75th percentile sets the strong-redemption level.
As of August 2026, the baskets contain 24 Qantas scenarios and18 Velocity scenarios.
Where possible, we use the cheapest cash fare actually available for thesame flight and cabin at the time the reward is captured.
We do not compare a reward with an unusually expensive flexible fare if a cheaper fare on the same flight is available. Equally, we do not compare it with an expired sale price that could no longer be booked.
Where only unusually expensive inventory remains, we may cap the cash comparator to avoid one outlying fare distorting the result. Any such adjustment is documented.
A published reward price only enters the basket where we can verify that a bookable seat exists.
This is particularly important for fixed-price reward products. A chart may show the points required for a seat, but that does not mean the airline has released one on the flight being tested.
For domestic Economy, we use the cheapest bookable fixed-price reward available on the date across the relevant airline group and record the operating carrier.
Some products do not behave like fixed-price reward seats.
Qantas Classic Plus, for example, has priced at a relatively stable proportion of the underlying cash fare in our recent captures. Virgin Australia Points + Pay similarly converts at a published rate of about 0.6c per point.
For these products, the basket reflects the observed conversion value rather than treating each cash fare as an independent reward outcome.
The basket is kept broadly consistent between quarterly reviews so changes in the benchmark reflect changes in redemption value rather than constant changes to the sample.
If the composition of the basket changes, we record the reason.
We re-verify the numbers quarterly and may review them earlier following a material program change, devaluation or repricing. All material changes are recorded in theProgram Change Log.
The calculator above converts each redemption range into dollars for your selected balance. The table below shows the same August 2026 data in plain text, including the typical cents-per-point range and the main factor that drives the result.
| Program | Redemption type | Cents per point | Note |
|---|---|---|---|
| Qantas Points | Qantas Marketplace store items | 0.35 to 0.50c | Many merchandise redemptions return less value than gift cards. Check the cents-per-point value before redeeming. |
| Qantas Points | Gift cards | ~0.50c | A readily available cash-like use of points. Standard gift-card pricing in our August 2026 check was around 0.5c per point. |
| Qantas Points | Classic Plus | 0.90 to 1.25c | Pricing closely tracks the cash fare. Our recent checks produced about 0.9c per point in Economy and around 1.25c in premium cabins. |
| Qantas Points | Economy Classic Rewards | 0.85 to 2.50c | Value varies significantly by route and cash fare. Our August examples ranged from about 0.85c to 2.5c per point after charges. |
| Qantas Points | Business and First Classic Rewards | 1.50 to 2.60c | Premium-cabin Classic Rewards can produce strong value where suitable seats are available. Domestic Business reached around 2.5–2.6c in our August checks. |
| Qantas Points | Classic Upgrade Rewards | 2.00 to 4.00c | Potentially excellent value, but the upgrade must clear. The practical result depends on the fare, route and member's status. |
| Velocity Points | Velocity Rewards Store gift cards | 0.45 to 0.50c | Standard gift-card pricing in our August 2026 checks was around 0.5c per point. |
| Velocity Points | Points + Pay and other dynamic redemptions | ~0.60c | Points + Pay converted at about 0.6c per point in our August checks. Other dynamically priced options produced similarly low-value outcomes. |
| Velocity Points | Economy Reward Seats | 0.90 to 1.90c | Value varies with the cash fare and demand-based reward pricing. Peak travel dates can require materially more points. |
| Velocity Points | Business Reward Seats | 1.50 to 3.70c | Sydney–Perth Business reached 3.7c per point in our August checks, one of the strongest domestic redemptions we measured. |
| Velocity Points | Partner Reward Seats | 1.70 to 2.90c | Selected partner rewards can deliver strong value, but availability varies significantly by airline and route. |
| Velocity Points | Upgrades | 2.00 to 4.00c | Potentially strong value, but availability is not guaranteed. Compare the points required with a confirmed Business Reward Seat where possible. |
Use these values as a reference point when you are deciding whether to spend points or pay cash.
Check current reward availability through the Classic Rewards availability guide, compare any transfer bonus with the transfer bonuses guide, or use the Status Run Builder if status is part of the trip. For more detail on each program, see our Qantas Frequent Flyer guide and Velocity Frequent Flyer guide.
We also track material changes to points values in the Program Change Log and current airfare sales on the live deals board.
We are developing additional tools to automate points-versus-cash comparisons and reward-seat analysis.
These are editorial benchmarks. The value you receive from your points will depend on how you redeem them.
The August 2026 benchmark is based on live fare and reward searches captured between 7 and 9 August 2026 on qantas.com, jetstar.com and virginaustralia.com, using travel in the week of 28 September.
The basket includes both strong and weak redemptions. Rows with no bookable fixed-price Reward Seat remain in the dataset rather than being removed, so the published evidence reflects what a traveller could realistically find rather than only the best available examples.
| Route | Cabin | Awarded flight | Points + charges | Same-flight cash | c/pt | Captured |
|---|---|---|---|---|---|---|
| Qantas Points | ||||||
| SYD to MEL | Y | JQ501 (Jetstar), 2026-09-29 | 5,700 + $38 | $89 (Starter, jetstar.com) | 0.89 | 2026-08-07 |
| SYD to BNE | Y | JQ824 (Jetstar), 2026-09-29 | 5,700 + $43 | $107 (Starter, jetstar.com) | 1.12 | 2026-08-07 |
| MEL to BNE | Y | JQ568 (Jetstar), 2026-09-29 | 11,000 + $46 | $172 (Starter, jetstar.com) | 1.15 | 2026-08-07 |
| SYD to ADL | Y | JQ770 (Jetstar), 2026-09-29 | 11,000 + $41 | $149 (Starter, jetstar.com) | 0.98 | 2026-08-08 |
| SYD to CBR | Y | QF1427 (QantasLink), 2026-09-29 | 9,200 + $92 | $269 (Red e-Deal, qantas.com) | 1.92 | 2026-08-07 |
| SYD to OOL | Y | JQ400 (Jetstar), 2026-09-29 | 5,700 + $42 | $112 (Starter, jetstar.com) | 1.23 | 2026-08-08 |
| SYD to CNS | Y | No bookable reward | see note | capped | 2026-08-09 | |
| MEL to PER | Y | JQ972 (Jetstar), 2026-10-02 | 16,600 + $62 | $278 (Starter, jetstar.com) | 1.30 | 2026-08-08 |
| SYD to MEL | J | QF465 (Qantas), 2026-09-29 | 19,300 + $86 | $590 (Business Sale, qantas.com) | 2.61 | 2026-08-07 |
| MEL to PER | J | No bookable reward | see note | capped | 2026-08-09 | |
| BNE to SYD | J | QF501 (Qantas), 2026-09-29 | 19,300 + $87 | $579 (Business Sale, qantas.com) | 2.55 | 2026-08-07 |
| SYD to CNS | J | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to AKL | Y | JQ203 (Jetstar), 2026-09-29 | 16,600 + $178 | $319 (Starter, jetstar.com) | 0.85 | 2026-08-09 |
| BNE to AKL | J | QF125 (Qantas), 2026-09-29 | 43,600 + $170 | $813 (Business Sale, qantas.com) | 1.47 | 2026-08-08 |
| SYD to SIN | Y | QF1 (Qantas), 2026-09-30 | 29,000 + $171 | $901 (Saver, qantas.com) | 2.52 | 2026-08-08 |
| SYD to SIN | J | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to DPS | Y | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to HND | J | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to LAX | Y | QF4111 (AA72) (American Airlines), 2026-09-29 | 48,200 + $331 | $839 (Economy Sale, qantas.com) | 1.05 | 2026-08-08 |
| SYD to LAX | W | QF11 (Qantas), 2026-10-02 | 97,600 + $354 | $2805 (Premium Economy Sale, qantas.com) | 2.51 | 2026-08-08 |
| SYD to LAX | J | No bookable reward | see note | capped | 2026-08-08 | |
| MEL to LHR | J | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to SIN | F | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to HKG | J | No bookable reward | see note | capped | 2026-08-09 | |
| Velocity Points | ||||||
| SYD to MEL | Y | VA808 (Virgin Australia), 2026-09-29 | 7,900 + $43 | $135 (Lite, virginaustralia.com) | 1.16 | 2026-08-09 |
| SYD to BNE | Y | VA901 (Virgin Australia), 2026-09-29 | 9,900 + $46 | $230 (Lite, virginaustralia.com) | 1.85 | 2026-08-09 |
| MEL to BNE | Y | VA359 (Virgin Australia), 2026-09-29 | 11,900 + $47 | $172 (Lite, virginaustralia.com) | 1.05 | 2026-08-09 |
| SYD to ADL | Y | VA442 (Virgin Australia), 2026-09-29 | 11,900 + $44 | $169 (Lite, virginaustralia.com) | 1.05 | 2026-08-09 |
| SYD to OOL | Y | VA547 (Virgin Australia), 2026-09-29 | 7,900 + $45 | $119 (Lite, virginaustralia.com) | 0.94 | 2026-08-09 |
| SYD to PER | Y | VA901 + VA462 (Virgin Australia), 2026-09-29 | 22,500 + $95 | $392 (Lite, virginaustralia.com) | 1.32 | 2026-08-09 |
| SYD to MEL | J | VA808 (Virgin Australia), 2026-09-29 | 15,500 + $43 | $385 (Business, virginaustralia.com) | 2.20 | 2026-08-09 |
| SYD to PER | J | VA549 (Virgin Australia), 2026-09-30 | 35,500 + $52 | $1359 (Business, virginaustralia.com) | 3.68 | 2026-08-09 |
| BNE to MEL | J | VA306 (Virgin Australia), 2026-09-29 | 23,500 + $47 | $409 (Business, virginaustralia.com) | 1.54 | 2026-08-09 |
| SYD to DPS | Y | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to DPS | J | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to ZQN | J | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to AKL | Y | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to DOH | J | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to SIN | J | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to SFO | J | No bookable reward | see note | capped | 2026-08-09 | |
| SYD to HND | J | No bookable reward | see note | capped | 2026-08-09 | |
| AKL to LAX | J | No bookable reward | see note | capped | 2026-08-09 | |
SYD to MEL Y: Cheapest Group Classic on the date; QF-metal alternative QF465 9,200 + $61 vs $185 = 1.35c.
SYD to BNE Y: No QF-metal economy Classic northbound on the date.
SYD to ADL Y: QF-metal QF731 lands within 0.01c of the Jetstar row on this route.
SYD to CBR Y: No Jetstar on route; charges are the highest share of any domestic row.
SYD to OOL Y: Same seat retailed at $175 on qantas.com; the multi-seller check moves this row from 2.33c to 1.23c.
SYD to CNS Y: No bookable Classic 29-30 Sep even signed in (school holidays). Classic Plus only, 42,400 to 69,200 points.
MEL to PER Y: Date shifted within the window; 29 Sep had no reward at any price.
MEL to PER J: No Business Classic in the window; Classic Plus 95,000 to 259,400 points, pricing at the 1.25c constant.
SYD to CNS J: No Business Classic in the window; Classic Plus 93,300 to 98,900 points (1.57c against same-day cash).
SYD to AKL Y: The $178 trans-Tasman carrier charges consume most of a thin cash fare, making this the weakest bookable row in the basket.
SYD to SIN Y: Strongest economy row in the basket.
SYD to SIN J: No Qantas-operated Business Classic sighted 27 Sep to 17 Oct. The only bookable Business-cabin Classic is Jetstar Business via Melbourne (61,600 + $237, 12 Oct), a materially different product.
SYD to DPS Y: Qantas does not fly the route 26-29 Sep; 30 Sep onward is Classic Plus only (69,800 + $197).
SYD to HND J: Tokyo Business is Classic Plus only at both airports in the window: 400,800 (Haneda) to 580,900 (Narita) points.
SYD to LAX Y: Deliberate honesty row: long-haul economy Classic barely beats domestic economy.
SYD to LAX W: Date shifted within the window; 28 Sep to 1 Oct were Classic Plus only. Seats nearly gone at capture.
SYD to LAX J: No Business Classic in the window on any itinerary; Classic Plus 630,900 to 804,600 points with a 27 percent price swing across seven days.
MEL to LHR J: No Business award of any kind 29-30 Sep, and no Business Classic sighted through 17 Oct. The only near-window Classic is economy via Los Angeles.
SYD to SIN F: First Classic not sighted 26 Sep to 17 Oct; Classic Plus 424,000 to 456,000 + $385 wall to wall (1.27c against First Saver cash).
SYD to HKG J: Zero Cathay Pacific award space released in the window, signed in or out. Qantas-metal is Classic Plus only at 306,400 points.
SYD to MEL Y: Reward pricing is seasonal at Virgin: mid-September days from 5,900 points, school-holiday week from 7,900.
SYD to OOL Y: Charges consume 38 percent of a thin leisure fare.
SYD to PER Y: All six direct flights withheld rewards on the date; the via-Brisbane connection was the only bookable option.
SYD to PER J: The classic transcontinental Business redemption, and the highest row in either basket. One seat left at capture.
SYD to DPS Y: No reward seats released in the window; dynamic pricing only (98,900 points and up).
SYD to DPS J: No reward seats released; dynamic pricing only (267,000 points and up).
SYD to ZQN J: No reward seats released; dynamic pricing only (115,200 points and up).
SYD to AKL Y: Air New Zealand partner awards price dynamically, with no fixed reward seats on the date. The cheapest points price was 40,000 + $162.59 against a $402.59 cash fare, which is the 0.60c dynamic constant at work. Excluded from the medians like every dynamic row.
SYD to DOH J: The Qsuite headline: no Business reward released; dynamic 1,117,400 points + $661.77 against $7,365.77 cash = the 0.60c constant. The same wet-lease flight DID have an economy reward seat at 56,000 + $258.87 (1.66c).
SYD to SIN J: Singapore Airlines metal: dynamic only, economy from 261,900 points (0.60c). Qantas sells the same corridor for 29,000 Classic points.
SYD to SFO J: United honesty row: no Business reward; dynamic 1,373,900 points (0.60c). The same physical aircraft sold under the UA flight number had an economy reward at 48,000 + $140.19 = 2.86c, the best partner value found.
SYD to HND J: ANA and Air Japan flights price dynamically only; economy and Business both land on the 0.60c constant.
AKL to LAX J: Air New Zealand long-haul: not bookable on the target date at all; scattered availability weeks out.