With the rise of Revolut’s RevPoints and other fintech reward systems, many people are discovering new ways to earn miles and points without relying solely on credit cards. I’ve personally been a fan of American Express Membership Rewards for years. They’re still my favourite points to collect because the value is excellent and the flexibility is unmatched. But because American Express isn’t accepted everywhere, I’ve been exploring new backup options that still earn something when Amex doesn’t work. I already wrote about Revolut earlier.
One of those options is Bunq, a modern neo bank that now offers its own loyalty programme: Bunq Points. This system allows you to earn points on everyday spending and redeem them for rewards like gift cards, free subscription months, data packages, or even airline miles. On paper, it sounds promising but not all redemptions provide good value.
Below, I’ll walk you through what Bunq is, how Bunq Points work, how to earn them, what you can do with them, and why their airline mile conversion is significantly weaker than what you get from American Express.
What Is Bunq?
Bunq is a fully digital bank, often called a neo bank, meaning it operates entirely through its mobile app rather than through physical branches. Everything — from opening an account to setting up sub-accounts, managing travel spending, or receiving notifications — happens inside the app.
Neo banks like Bunq became popular because they offer fast onboarding, clean interfaces, international-friendly features, instant payments, budgeting tools, and smart automation. Bunq is particularly strong among travellers, freelancers, and expats because of its flexibility and ability to manage money in multiple currencies.
The bank is designed to feel modern and effortless. You can create extra IBANs in seconds, organise your money into “pots,” track spending categories, activate travel protections, and now — earn points on your daily purchases.
What Are Bunq Points?
Bunq Points are the bank’s internal rewards currency. You earn them by using Bunq’s products, especially card payments. These points can then be exchanged for different types of rewards within the app. Unlike cash, Bunq Points cannot be withdrawn or used outside Bunq’s reward system — their value depends entirely on what you redeem them for.
Important details include:
•Points expire after 2 years
•There is a monthly cap of 10,000 points
•Points do not have a fixed cash value — value changes based on the reward
Bunq offers several redemption options, including gift cards, free Bunq subscription months, eSIM data, the metal Bunq card, and airline miles.
How to Earn Bunq Points
The main way to earn Bunq Points is by using your Bunq card for daily purchases. The number of points you earn depends on the plan you have.
Here are the exact earning rates:
•Core plan: 1 Bunq Point per €1 spent
•Pro plan: 1 Bunq Point per €1 spent
•Elite plan: 2 Bunq Points per €1 spent
This means Elite users earn points twice as fast, but even then, the travel reward value is limited (more on that later).
Besides spending, you can also earn Bunq Points through:
•Setting up budgeting tools
•Moving direct debits to Bunq
•Switching your salary to Bunq
•Using automation features
•Participating in temporary campaigns
•Referring friends during promotional periods
These bonuses don’t give huge amounts, but they help increase your points balance over time.
How to Create a Bunq Account
Creating a Bunq account is simple, and the entire process takes just a few minutes. Here is how it works:
1.Download the Bunq app
It’s available in the App Store and Google Play Store. Search for “bunq”. You also can download the app on their website.
2.Start the onboarding process
The app will ask for your phone number and email address.
3.Verify your identity
You must upload a valid ID (passport, ID card or driver’s licence).
Bunq uses automated verification, so this usually takes less than 5 minutes.
4.Choose your plan
You can pick Core, Pro, or Elite. All plans allow you to earn Bunq Points.
5.Make your first deposit
Bunq requires a small initial deposit to activate the account.
6.Order your physical card (optional)
You can also start using a virtual card immediately.
After this, you can start earning Bunq Points simply by using Bunq as your everyday spending card.
What Can You Do With Bunq Points?
Once you start collecting Bunq Points, you can choose from several redemption categories inside the app. Most redemptions are easy to understand and offer predictable value. The main options include:
Free Bunq Subscription Months
You can use points to reduce or fully cover your monthly plan. This is often one of the most straightforward and practical uses for Bunq Points.
Bunq Metal Card
Bunq allows users to exchange points for its premium metal card. Since the metal card normally has a cost associated with it, redeeming points can be a good way to get it without paying extra.
eSIM Data Packages
For travellers, this is a convenient option. You can use points to buy mobile data directly inside the Bunq app, which is helpful if you need instant data while abroad.
Gift Cards
You can redeem points for gift cards from retailers like Bol.com, HEMA, Thuisbezorgd, TicketSwap and more. This turns your points into everyday value.
Airline Miles
According to Bunq’s own rewards page, you can transfer your points into several frequent-flyer programs. The current airline partners include KLM, Air France, British Airways, Iberia, and Vueling.
To make the conversion, you go into the Bunq app (in the Cards → Points → Rewards section), choose “Airline Miles,” pick one of these airlines, enter your frequent-flyer membership number, select how many miles you want, and then redeem your points. Bunq claims that these miles will be credited to your airline account in about one business day.
This is the reward that gets many people excited — but it’s also the one with the weakest value. Bunq lets you convert points into miles with selected airline partners.
The catch is the conversion rate:
8 Bunq Points = 1 airline mile.
This is where things get disappointing.
Why the 8:1 Conversion Rate Is Not Great Value
In the world of collecting miles and points, the conversion rate matters more than anything else. With Bunq, the conversion rate of 8 Bunq Points for 1 airline mile is simply not competitive.
Let’s break this down.
If you spend €1 on Bunq Core or Pro, you earn 1 point.
To earn 1 mile, you need 8 points.
So you must spend €8 to earn a single mile.
By comparison, American Express Membership Rewards is much stronger:
•Spend €1 → earn 1 point
•Convert 1 Amex point = 1 airline mile in many cases
So for the same €8:
•Bunq gives you 1 mile
•Amex gives you 8 miles
This means Amex is eight times more valuable for earning airline miles.
Even Revolut RevPoints offer stronger value, with many airline partners converting at 1:1 or close to it.
Even if you have Bunq Elite and earn 2 points per €1, you still need €4 in spending for a single mile. Amex still gives you four times as much.
Here is the bottom line:
Bunq’s airline conversion rate should only be used for fun or small top-ups — not as your primary way of collecting miles.
Why Bunq Is Still Useful When Amex Isn’t Accepted
Despite the poor airline mile conversion, Bunq remains useful — especially if you mainly collect Amex points. My preference is always to pay with American Express when possible. The value of Membership Rewards is simply unmatched. But many shops, supermarkets, restaurants and gas stations still do not accept Amex.
This is where Bunq becomes extremely valuable. Instead of earning nothing, you can pay with Bunq and still collect Bunq Points. They may not have the same value as Amex points, but it’s better than missing out completely. Bunq also gives you excellent app features, instant spending updates, travel-friendly settings and smart budgeting tools.
When you combine Amex, Bunq and Revolut, you cover nearly every scenario:
•Amex is good whenever possible for maximum value
•Bunq is good when Amex isn’t accepted
•Revolut is good for international payments and perks
Together, this trio gives you constant earning potential and flexibility no matter where you are.
Bottom Line
Bunq Points are a useful extra feature inside a modern and flexible neo bank. They are easy to earn, simple to use and offer several practical redemption options. For everyday perks such as free months, gift cards and eSIM data, Bunq Points provide solid value. However, when it comes to airline miles, the 8:1 conversion rate is far below what American Express and even Revolut offer.
If your main goal is earning miles and using them for flights, American Express Membership Rewards remains the clear winners. But if you want a modern bank that rewards your spending even when Amex is not accepted, Bunq is an excellent backup solution that fits perfectly into a multi-card strategy.
