Earn up to 50,000 bonus Qantas Points when you apply by 15 March 2015, are approved and meet the spend criteria. This introductory offer is available to new American Express Card Members only. No annual fee for first year.
Eligibility
To save time before you apply for your Qantas American Express Ultimate Card, it's best to make sure you can say yes to the following:
I am aged over 18
I am an Australian citizen or permanent resident or hold a current Business Long Stay Visa (subclass 457)
I have a personal gross (pre-tax) annual income of $65,000 or more
I have no history of bad debt or payment default
And if self employed, I have been trading for at least 18 months or 12 months if I hold an existing American Express issued Card
42,500 Qantas Points after you spend $500 on purchases with your new Card within the first 3 months of becoming a Card Member;
5,000 Qantas Points after your first eligible purchase with the new Card;
2,500 Qantas Points will be awarded after your first Card spend on selected Qantas products and services in Australia.
You get considerably better value cashing in points for flights or upgrades than for gift vouchers.
That said, it's not that good value - SYD-LAX return runs you about 160,000 points, so the 50k points are worth around $410 in flights.