I use the following:
Citbank bog standard card for all merchants that wont take AMEX. They say there is a potential ceiling on points but they have never enforced it. I probably spend about $ 300k per year and have never had a problem. As it is a bog standard card it has a low limit (12,000) so when I spend, I just Bpay the amount straight away so I dont blow my limit.

My AMEX of choice is the MAXIMISER card as it gives 1.5 points for every dollar spent with no ceiling. I prefer all charges to my amex card firstly for the extra half a point and secondly and more importantly because it gives me the flexibility to transfer points to SQ or VS on a 1:1 basis. I prefer these schemes because the redemptions are
A/ More available, and
B/ Way better value.
For example
VS MEL HKG 80,000 UPPER CLASS
SQ HKG SFO 130,000 FIRST CLASS
Wheras
QF MEL LAX/SFO 288,000 FIRST CLASS
(if you can get the availability.)
or
MEL LHR MEL FIRST CLASS SQ 220,000 POINTS
MEL LHR MEL FIRST CLASS QF 384,000 POINTS
....Who would you prefer??????????????

C/ Because I find the VS and QF product superior.

Granted QF is direct across the Pacific but as I only travel for Leisure I don't mind routing through HKG.

edit
Are there any Australian based VISA/MASTERCARDS that can direct points to VS or SQ
edit

hvb