EXCLUSIVE | The new American Express Explorer credit card takes on the Black-tier cards of the Big Four Banks in offering up to 1.5 airline frequent flyer points per dollar spent across your choice of eight airlines including Virgin Australia and Singapore Airlines.

There’s a $395 annual fee to pay but which is instantly offset by a $400 travel credit every year to spend on things like flights and hotels.

Also thrown in: travel insurance, refund and purchase protection, smartphone screen insurance when you buy your phone using the card or use it to pay your monthly contract, and two yearly visits to the American Express Lounge at Sydney Airport.

Topping that, 50,000 Membership Rewards Gateway points for new AMEX cardholders who apply, are approved and spend at least $1,500 on the card within the first three months.

AMEX Explorer card: earning frequent flyer points

Note that Membership Rewards ‘Gateway’ differs from the ‘Ascent’ and ‘Ascent Premium’ programs found on cards like the AMEX Platinum Edge and the Platinum Card, in that the credit card points you earn are converted into airline frequent flyer points at a 4:3 rate, rather than 1:1.

For instance, that 50,000 MR Gateway bonus is equal to 37,500 frequent flyer points with Virgin Australia, Cathay Pacific, Emirates, Etihad, Malaysia Airlines, Singapore Airlines and Thai Airways, or $375 in Air New Zealand Airpoints Dollars.

Similarly, you’ll earn two MR Gateway points per dollar spent on most purchases – equivalent to 1.5 airline frequent flyer points – although on government charges (including at Australia Post and the ATO), earn drops to 0.5 MR Gateway points per $1, equal to 0.375 frequent flyer points.

Points transfers to Qantas Frequent Flyer aren't possible on this card, nor are transfers to Virgin Atlantic Flying Club, as offered on some other AMEX products.

To qualify, you’ll need to earn at least $65,000 a year before tax, achieve a minimum credit limit of $3,000 and agree to have your statements delivered electronically rather than via mail. Applications can be made via the American Express website.