Australian travellers who want to earn points on overseas spending without a surcharge are facing a shrinking pool of options. From 1 July 2023, Westpac ended the foreign transaction fee waiver on its Altitude Black Mastercard, adding a 2.5% levy. NAB followed, removing the waiver on its NAB Rewards Signature card from 1 November 2023. Most recently, ANZ deactivated the zero-forex perk on its ANZ Travel Adventures card effective 1 March 2025. As of April 2025, only four nationally issued rewards credit cards both earn loyalty points on international transactions and charge no currency-conversion fee: the Coles Rewards Mastercard, the Bankwest Qantas Platinum Mastercard, the Bankwest Breeze Platinum Mastercard, and the Latitude Infinity Rewards card. This slimmed-down lineup forces Australians who travel regularly or shop online in foreign currencies to calculate whether a fee-free points card actually beats a high-earning product that slugs overseas spend with a 2.5–3.5% markup. The math is brutal: a $10,000 offshore spend run through a card with a 3% foreign transaction fee costs $300 before a single point posts. That tab can swallow the entire value of the points that would have been earned.
The Four Cards That Waive Foreign Transaction Fees
Coles Rewards Mastercard
The Coles Rewards Mastercard has long been the default no-foreign-fee option for Flybuys collectors. According to the Product Disclosure Statement dated 1 August 2024, the card charges 0% on transactions processed outside Australia or in a foreign currency. It earns 1 Flybuys point per $2 spent everywhere, including overseas, and there is no annual fee. The earn floor is low—effective 0.5 Flybuys points per dollar—but the absence of a forex surcharge keeps it competitive for low to moderate international volumes. Flybuys points transfer to Virgin Australia Velocity at a base ratio of 1,000 Flybuys = 500 Velocity points, and periodic transfer bonuses (typically 15–20%) lift the effective Velocity earn rate. The card is underwritten by Citigroup Australia, and approval requires a minimum annual income of $35,000. Cash advances overseas attract a 21.74% p.a. interest rate plus a cash advance fee of 3% or $3.50 (whichever is greater).
Bankwest Qantas Platinum Mastercard
Bankwest’s Qantas Platinum Mastercard stands out for travellers locked into the Qantas Frequent Flyer ecosystem. The bank’s fees schedule, last updated on 1 February 2025, confirms a 0% foreign transaction fee on both the Platinum and Breeze variants. The Platinum card earns 1 Qantas Point per $1 spent inside Australia and 1 Qantas Point per $1 on international purchases, up to a cap of 300,000 points per year. It carries a $199 annual fee, reduced to $179 for eligible Bankwest home loan customers. Qantas Points valuations vary, but OzFlyer’s redemption model consistently prices them at 1.2–1.4 Australian cents each for premium-cabin redemptions, meaning a $10,000 overseas spend yields $120–$140 in Qantas Points value while saving $300 in forex fees versus a card charging 3%. The Platinum card also includes two Qantas Club lounge passes each year and complimentary travel insurance covering international trips of up to three months.
Bankwest Breeze Platinum Mastercard
The no-annual-fee alternative from Bankwest is the Breeze Platinum Mastercard. It also records a 0% foreign transaction fee as per the 1 February 2025 fees schedule and earns 1 Qantas Point per $1 domestically capped at $2,500 of spend per statement period. International spending is not subject to the cap. For a traveller who spends $4,000 abroad in a month, the card posts 4,000 Qantas Points with no forex markup. The absence of a recurring annual fee makes the Breeze ideal for infrequent flyers who want a single card to use overseas without worrying about recouping an upfront cost. The Breeze does lack lounge passes and the insurance cover is limited to basic transit accident protection, so it is a pure points-and-fee play.
Latitude Infinity Rewards Visa
The Latitude Infinity Rewards card, issued by Latitude Financial, is the only Visa in the group and the sole non-Qantas, non-Flybuys option. Latitude’s Key Facts Sheet effective 1 January 2024 states a 0% international transaction fee. It earns 1 Latitude Rewards point per $1 of eligible spend, uncapped. Those points transfer to Singapore Airlines KrisFlyer at a 2:1 ratio (2 Latitude points = 1 KrisFlyer mile) and to Velocity at 2:1. The card has a $0 annual fee for the first year, then $149 p.a. A KrisFlyer mile is generally valued higher than a Qantas Point for premium-cabin redemptions on Singapore Airlines, often 1.5–1.8 Australian cents apiece, so a $10,000 overseas spend yields 5,000 KrisFlyer miles (after transfer) worth $75–$90, plus the $300 forex-fee saving. The card imposes a minimum credit limit of $6,000 and a minimum income of $75,000, making it harder for lower-income applicants to obtain.
Points Math: When a Zero-Forex Card Wins
The Break-Even Spend on a Forex Fee
The cost of a foreign transaction fee on a high-earning card can negate the extra points earned. Consider a card that earns 2 Qantas Points per dollar on international spend but charges a 3% foreign transaction fee. On $10,000 of spend, it generates 20,000 Qantas Points but costs $300 in fees. At an aspirational valuation of 1.3 cents per point, those 20,000 points are worth $260—less than the fee. A fee-free card earning just 0.5 Qantas Points per dollar would return 5,000 points worth $65 with zero fee cost, leaving the traveller $300 better off overall. The break-even point for the 2-point card against a no-fee 0.5-point card is $23,077 of overseas spend, assuming a point value of 1.3 cents. Above that level, the extra points begin to catch up, but only for very high international spenders.
The Forex-Fee vs. Higher Earn-Rate Trade-Off
A more realistic scenario pits the Bankwest Qantas Platinum Mastercard (1 point per $1, 0% forex fee) against a card that pays 1.5 Qantas Points per $1 overseas but levies a 2.5% forex fee. For $15,000 of spend, the no-fee card produces 15,000 points worth $195 (1.3 cpp) with zero surcharge. The fee-charging card yields 22,500 points worth $292.50 but subtracts $375 in fees, leaving a net deficit of $82.50. Only when the point spread widens to 2 points per $1 does the fee-charging card overtake the no-fee option at spend above $12,000, assuming the same valuation. These numbers crystallise why the zero-forex cards dominate for the vast majority of Australian travellers: the fee saving usually outweighs any incremental points.
Transfer Partners and Redemption Yield
Flybuys to Velocity via Coles Rewards
The Coles Rewards Mastercard routes points through the Flybuys programme. Flybuys points are transferred to Velocity in minimum blocks of 1,000, and the standard ratio of 2:1 produces a Velocity earn rate of 0.25 Velocity points per $1 of spend. When a 20% transfer bonus is running—Flybuys has run such promotions four times in the past 18 months—the effective rate lifts to 0.3 Velocity points per $1. Velocity points are consistently valued at 1.1–1.3 Australian cents by OzFlyer’s redemption analysis, giving a net return of roughly 0.3% to 0.4% of spend. That is modest, but it arrives without any fee drag.
Qantas Points from Bankwest Cards
Both Bankwest Qantas cards deliver points directly into the Qantas Frequent Flyer account. The Platinum card’s 1 Qantas Point per $1 overseas is the benchmark, yielding a net return of 1.2%–1.4% of spend at typical valuations. The Breeze’s uncapped international earn gives the same economic outcome on overseas outlay, making it a stealth leader for anyone who can live without the Platinum’s travel insurances and lounge passes. Qantas Points can also be transferred to British Airways Executive Club at a 1:1 ratio during the occasional 20%-transfer-bonus window, which for some redemptions (e.g., Sydney–Tokyo on JAL) can push the per-point value above 2 cents.
Latitude Infinity Rewards to KrisFlyer
The Latitude Infinity Rewards card feeds KrisFlyer at 2:1, equivalent to 0.5 KrisFlyer miles per $1 spent. KrisFlyer miles are prized for saver-level awards on Singapore Airlines, and a one-way Sydney–Singapore business-class saver costs 47,000 miles plus taxes. The cash price can exceed $2,500, translating to a per-mile value near 4 cents in that sweet spot, though a more conservative blended value of 1.5–1.8 cents is prudent. At 1.5 cents, the net offshore earn rate is 0.75% of spend. That trails the Bankwest cards, but the Latitude card adds extra utility for flyers who core KrisFlyer miles and can combine them with a Velocity transfer pathway.
Card Caveats and Eligibility Hurdles
Income Requirements and Credit Limits
The Coles Rewards Mastercard imposes a relatively low income floor of $35,000, while the two Bankwest Qantas cards typically require $50,000–$65,000. Latitude Infinity Rewards wants $75,000, the highest barrier in this group. Frequent credit applications can depress a credit score, and OzFlyer’s data from a sample of reader-reported scores suggests that approvals for the Bankwest Qantas Platinum are more sensitive to credit inquiries in the preceding six months compared with Coles. Applicants who have opened two or more credit cards in the past year face a higher rejection risk.
Sign-Up Bonus Dynamics
None of the four zero-forex cards offers a substantial sign-up bonus. The Bankwest Qantas Platinum occasionally markets 10,000 bonus Qantas Points when meeting minimum spend in the first 90 days, a minor incentive. The Latitude Infinity Rewards has no ongoing welcome offer. The Coles Rewards Mastercard does not advertise a bonus, though some Flybuys members receive targeted offers. Travellers whose primary goal is a large points haul from a sign-up bonus should apply for a high-earning card with a forex fee, earn the bonus, and then switch the card’s overseas spend to a no-fee product after meeting the minimum spend requirement.
Insurance Gaps
Sweeping international travel insurance is a feature of many premium cards that levy forex fees. The Bankwest Qantas Platinum card provides comprehensive cover when an international trip is paid for with the card, but the Breeze and Coles Rewards cards do not. The Latitude Infinity Rewards card includes limited overseas insurance, but it excludes cancellation cover. If a trip costs $15,000 and cancellation insurance matters, a card with a forex fee but strong insurance could be cheaper overall than a fee-free card plus a stand-alone policy.
Actionable Takeaways
- Use a zero-foreign-transaction-fee card for the bulk of your overseas spend unless you spend more than $23,000 abroad per year and can extract at least 2 cents of value from each incremental point. For the typical Australian taking one or two international trips annually, the fee saving crushes the points advantage of a higher earn rate.
- Pair the Coles Rewards Mastercard with a Flybuys-to-Velocity transfer bonus cycle. Even a 15% bonus lifts the effective Velocity earn to 0.29 points per dollar, tax-free. The absence of an annual fee makes it a permanent drawer card.
- Apply for a Bankwest Breeze Platinum Mastercard if you want uncapped Qantas Points earning and will never pay an annual fee. The international spend earns 1 point per dollar without limit, and the savings stack up against any card charging a forex surcharge.
- Use the Latitude Infinity Rewards card if KrisFlyer miles are a principal redemption currency. The 0.5-mile-per-dollar earn rate, combined with a 0% foreign transaction fee, creates a rare fee-free pipeline into the Singapore Airlines programme.
- Do not overlook insurance. If your trip requires cancellation cover and you lack a standalone policy, the Bankwest Qantas Platinum’s annual fee of $199 can pay for itself by replacing an insurance premium, even before points are counted. Run the numbers for your own spend profile and travel pattern.