For MasterCard, the best one I've found is CBA Business Rewards (Platinum). (Up until 2 November, the standard CBA Diamond Rewards (MasterCard) was better, but from 2 November they have disallowed points from ATO transactions)
Annual cap of 300,000 points, allows points from ATO transactions
Earn rate = 1 point per $1 spent = 0.5 virgin velocity points / $1 spent...
ATO surcharge is 0.42% for Mastercard VS Amex of 1.45%. For me the extra points (if any) earned with AMEX are not worth the extra surcharge....just takes longer to achieve the desired # of reward points
A lot of Amex cards specifically make a point to reduce # of points / $1 for ATO transactions