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Open a Bankwest Qantas Transaction Account, Receive 10,000 QFF Points with 10 Eligible Transactions in First 2 Months

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Open a Bankwest Qantas Transaction Account, Receive 10,000 QFF Points with 10 Eligible Transactions in First 2 Months
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at9 on 16/06/2018 - 12:13 bankwest.com.au (9264 clicks)
Last edited 13/07/2018 - 09:17 by 2 other users

I was looking at wearable payment options to avoid buying a new watch and saw this offer in the T&Cs of Bankwest's Qantas account.

To get the points you need to make 10 eligible transaction in the first 2 calendar months of opening the account.
Transaction must be $2 or greater and you need to have your account still open at he end of the promo period (31/08/18).
Check the terms for the full list of excluded transactions but pretty the standard gambling, Bpay, government etc.

Monthly fee is $6 but waived if you deposit $2k.
You earn 12 points per $100 in the account each month (0.4 per day) depending on your points valuation and tax brackets may not be too bad for some.

The more important feature in my personal view is 5 points per eligible transaction and with no reference to a dollar value on this normally. This is greater return for sub $5 transactions if you value a point at 1 cent but obliviously depends on your own valuation.

A snapshot of the relevant points offer terms.
And full terms.

Financial Bank Account Frequent Flyer Qantas Frequent Flyer Reward Points Transaction Account

Related Stores

Bankwest
Bankwest

closed Comments

  • [Deactivated] on 16/06/2018 - 12:17
    +3

    Would I be eligible if I already have accounts with Bankwest but not this type of account specifically. Terms make it out like anyone with a transaction account is ineligible.

    • at9 on 16/06/2018 - 12:30

      Looks like if you have any one of these you are ineligible.

      • [Deactivated] on 16/06/2018 - 12:37
        +1

        Yep, or if you've closed one in the last 30 days. You're ineligible for this deal if you've ever held a Qantas transaction account as well.

        I'm not clear on joint accounts though. I have a joint transaction account but none in just my name

        • greater mimic on 16/06/2018 - 15:38

          Oh damn I've had a Qantas transaction account with them. It's been closed for a while now but looks like I'll still be ineligible

        • RyanMK on 20/06/2018 - 12:54

          Can you link me to where it says it's fine if the account has been closed for 30 days or more? Trying to see if it's worthwhile closing mine. Thank you.

        • ely on 08/07/2018 - 22:48
          +1

          @RyanMK: Top left of page 3 on https://www.bankwest.com.au/content/dam/bankwest/documents/l…

          If you already hold an existing Bankwest transaction account or if you have closed one in the last 30 days, or if you have previously held a Bankwest Qantas Transaction Account, you are ineligible for this promotion.

      • [Deactivated] on 16/06/2018 - 12:58
        +1

        I've got a student account with them. I'll call and ask, if I'm ineligible then that's the last straw with Bankwest and I'll be moving banks.

        • Dumax on 16/06/2018 - 13:50
          +1

          Since the promotion ends 31 August there is plenty of time to close your current account and reopen one after 30 days.

  • spuderump on 16/06/2018 - 12:19

    Where is the part about the 10k free points?

    • [Deactivated] on 16/06/2018 - 12:19
      +2

      Page 4

  • abc on 16/06/2018 - 12:23

    What about for people who have previously closed this account? Is there a time limit for eligability for the bonus?

  • Lunarboogie on 16/06/2018 - 12:26
    +12

    This is a repeat of an offer from 3 years ago. Before BW cracked down it, cats were paying their Telstra and other bills one cent at a time to get 5 QF points per transaction. I knew one dude who claimed he earned over 3 million points this way. He told me all you need was to create a macro which to a ludite like me meant absolutely nothing.

    • askbargain on 16/06/2018 - 13:03

      How exactly have they cracked down on this?

      • [Deactivated] on 16/06/2018 - 13:31
        +2

        They clarified that playing the system would result in account closure from memory. I remember reading someone who made a bot to send thousands of $0.01 payments and they honoured it, but clarified no further points would be paid.

        Don't think they clarified exactly what transactions are/aren't allowed.

        Edit: They allow ~50 transactions a day and apparently monitor low value transactions. Would be very hard to benefit majorly from it anymore, but still an extra few points if you use the account. Best for transactions of ~$2-5 (ie coffee/etc) where it's more points than on a credit card.

        • jasonb on 16/06/2018 - 14:23
          +1

          We were minting points with it when it was going, but that ship has well and truly sailed now.

          Still a good account for earning points instead of $ for interest if you've got reason to do that, regardless of the points per transaction.

        • [Deactivated] on 16/06/2018 - 14:29

          @jasonb:

          Only really worth it interest wise if in higher tax brackets and can get 1 - 1.25c+/point (ie using for flights), otherwise cash is better (ie if planning to use for gift cards/etc).

        • jasonb on 16/06/2018 - 14:32

          @dyl: 1.25c+ per point is easy.

          And yeah top tax bracket or other reasons, if you're on the cusp of a threshold for HECS, FTB, PHI rebate or something else in our amazingly designed system, where earning that extra few dollars of interest is going to push you over a threshold and end up costing you hundreds.

        • spaceflight on 16/06/2018 - 14:46

          @jasonb:

          How many points did you generate?

        • jasonb on 16/06/2018 - 15:56

          @spaceflight: lots.

        • spaceflight on 16/06/2018 - 16:07

          @jasonb:

          I know, you said that before.

          I was more curious what the number was.

        • engineeringprof on 16/06/2018 - 18:33
          -4

          You know the tax is high when people would rather earn Qantas points than interest. Don’t understand why there’s always a media/social forum beat up about “rich” not paying tax in Australia, when they get taxed at 45% on every dollar they earn above the threshold. The top 10% of earners pay 50% of all income tax in AU, with the bottom half paying only 7%.

        • [Deactivated] on 16/06/2018 - 19:05
          +1

          @engineeringprof:

          I believe the complaints usually relate to corporate taxes - not personal income tax. Usually it's along the lines of "top 500 listed companies pay almost 0 taxes" etc. I'm not educated on the matter so can't give any further input.

          Also a part of it I believe is due to decreasing interest rates - suddenly a more stable Qantas point rate is actually quite favorable. Cash rate is a different topic entirely.

        • ely on 16/06/2018 - 19:44
          +5

          @engineeringprof: Also capital gains tax discounts, negative gearing, family trusts and the like mean that the rich don't really pay all that much in those brackets - those brackets are really all about milking the top earners in the middle class.

          My tax bill for FY 17-18 was pretty massive, well over the total earnings of someone on full time minimum wage. If I'd earned that through capital gains then it'd be well under half that, and if it was possible to channel my income through a trust (or otherwise split the income with my non-working wife, e.g. by buying half the shares in her name and half in mine) it would be less than half of the again. Essentially by having enough wealth to earn money without being employed you can pay far less tax, even though you earn the same amount.

          I don't mind paying the tax; I mind that others that earn the same pay far less of it.

        • X200T on 16/06/2018 - 22:51

          so, if we do 50 x $1 bill payment a day, will they allow to earn point or they will not like & cancel your account?

        • [Deactivated] on 16/06/2018 - 23:36
          +1

          @X200T:

          Way they worded it they would freeze / close any accounts they suspected of trying to play the system. Paying bills in $1 lots is an attempt to play the system. You might get away with a few single item purchases at Woolworths or something.

        • DerpFactory on 19/06/2018 - 14:20

          @jasonb: Sorry, can you ELI5 or summarize in 10 words or less how the tax bracket has any relation to this deal or the benefits that were mentioned?

          Edit: NVM, found some relevant posts later

        • ely on 08/07/2018 - 22:52

          Possibly worth opening the account, collecting the bonus, then seeing what can be done with low value transactions; 50 transactions a day * 5 points is still over 90k points a year…

    • potm on 16/06/2018 - 13:04
      +1

      Good times

      • follow on 16/06/2018 - 13:09

        did you do it? how much you get if you did?

    • starburstyellow on 16/06/2018 - 13:14
      +4

      https://www.ozbargain.com.au/node/283901 Good times

  • maverick1 on 16/06/2018 - 12:28
    +2

    Looks to be a great deal..haven't had any good non credit deals to earn free qantas points this year…
    so was just doing a calc, a 100K balance for 30 days in this account would fetch you legit 12,000 qantas points vs $233.33 (gross amt i.e. without tax) at ING @2.8% int..so roughly 1.95 cent/point…yes sure it is expensive..and I know you can buy them on this site from anywhere btwn 1 to 1.3 cent but that does come with its own risk..anyone who has the cash and say needs a topup of say 5 to 10K points within a month's time should definitely explore this option..

    • at9 on 16/06/2018 - 12:32
      +1

      don't forget the tax payable on the ING interest also

      • maverick1 on 16/06/2018 - 12:34

        yep..that 233.33 is the gross amount..tax depends on individual circumstances so would vary from individual to individual…

    • chillybags on 16/06/2018 - 12:34
      +1

      Yes once you add int he tax earned on the interest - especially if you are a higher income earner then this would be a very viable option if you enjoy (and value) business and first class flight redemptions.

    • jezza p on 16/06/2018 - 22:53

      What’s the site you are talking about? Have been trying to find a place to buy cheap qantas point for ages.

      • sween64 on 17/06/2018 - 07:28
        +1

        Classifieds

  • Obey on 16/06/2018 - 12:31

    Just clarifying, if I have for example $100k in an ING account and transfer it to BW, each month I would get 12,000 QFF by just leaving the funds in the account?

    • maverick1 on 16/06/2018 - 12:35
      +2

      yep, that's how I read it…

      • follow on 16/06/2018 - 12:43
        +25

        transferring 12 mill as we speak

    • Viper8 on 16/06/2018 - 13:29
      +4

      That only works out to 1.44% interest if you value 100 points as a dollar. If you use points to buy stuff from the Qantas shop it'll be less than half that.

      • [Deactivated] on 07/07/2018 - 06:42
        +1

        Also you don't get compound interest on points.

  • blahhhhh on 16/06/2018 - 12:35

    nice - you actually read the T&Cs

    • maverick1 on 16/06/2018 - 12:37

      lol..yes —

      Rate of accrual 0.4 Qantas Points for every whole amount of $100 making up the daily balance at the end of each day

      but the devil is in the detail…Time of accrual and crediting -Qantas Points accrue daily and whole
      Qantas Points are credited on the first
      business day of the next month.
      Fractions of a Qantas Points carry over
      to the next month.

      Example: if on a day the account balance is $3,056, then this
      balance includes 30 whole amounts of $100 (being $3000).
      No Qantas Points accrue on the $56 remainder.
      On that day, the Qantas Points accrued are 30 x 0.4 = 12

  • Thatbargainhunter on 16/06/2018 - 13:01

    Confused

    .am I eligible if I have a Bankwest credit card but no transaction account?

    • nahkk on 16/06/2018 - 13:59

      ^ This

    • apoc11 on 17/06/2018 - 13:09

      It seems that if you hold a credit card, you're still eligible:

      "If you already hold an existing Bankwest transaction account or if you have closed one in the last 30 days, or if you have previously held a Bankwest Qantas Transaction Account, you are ineligible for this promotion." - from the terms and conditions

  • eecchhoo on 16/06/2018 - 13:09
    +1

    I have hero transaction account. Am I eligible?

  • Slo20 on 16/06/2018 - 13:35
    +2

    TIL commonwealth bank owns bankwest.

    • [Deactivated] on 07/07/2018 - 06:44

      Also westpac owns st george, bank of melbourne and banksa.

  • Spizz on 16/06/2018 - 13:38
    +3

    10,000 Qantas Points for $12 ($6 mth fee) seems like a good deal to me.

    I assume a Debit Card / Transaction account doesn't trigger a inquiry to your Credit File?

    • nahkk on 16/06/2018 - 14:00

      How much are 10,000 Qantas points worth?

      • Slo20 on 16/06/2018 - 14:33
        +2

        U can buy them for around $100-$120 but to redeem can be worth upwards of ~$250 value.

    • dazweeja on 16/06/2018 - 16:02
      +4

      $0 if you transfer $2k in and out during each of those 2 months.

    • NoDiggerty on 18/06/2018 - 14:50

      I don't think it does no.

  • lakers1222 on 16/06/2018 - 13:58

    Does th 2k need to stay in the account. Or can it be moved in then out immediately like ING

    • maxia80 on 16/06/2018 - 15:37
      +4

      You can move it immediately

    • [Deactivated] on 16/06/2018 - 16:03
      +1

      Typically people set up their card(s) to auto direct debit an account like this on due date, then they transfer statement amount to the account. You'll meet the $2k amount (if you spend more than $2k/Mo on card) AND earn interest (Qantas points) for the days until the payment comes out.

  • fujay on 16/06/2018 - 14:11

    Good timing for me, thanks OP!

  • tajid on 16/06/2018 - 14:15

    10 transactions for 2 months right? Not 10 per month?

  • fujay on 16/06/2018 - 14:17

    Good timing for me, thanks OP!

  • SocietyBox on 16/06/2018 - 14:50

    If the account balance is $0, would I still be charged the monthly account fee?

    • Turd on 16/06/2018 - 15:14
      +1

      Yes

  • WaywardOne on 16/06/2018 - 16:05

    So is it easy to sell the points?

  • johnyBgood on 16/06/2018 - 16:19

    I have mortgage package and couple of offset account with BW, am I still eligible?

    • tunzafun001 on 16/06/2018 - 20:23

      Multiple offset option with Bankwest?

  • delfredo on 16/06/2018 - 17:17

    Thanks!

  • j00828 on 16/06/2018 - 17:55

    Oh…. I just open Bankwest Qantas Transaction Account this Wednesday. Will I eligible for this?

    • grasstown on 16/06/2018 - 18:44

      Not if the terms and conditions are correct. They say it need to be opened after 18 June

      • nakey on 17/06/2018 - 21:57

        T&C's state new customers who open on or before 31 August 2018. I don't see where it says you need to open the account after 18 June 2018.

        4.3 Bonus Points promotion running 18 June 2018 to 31
        August 2018
        The 10,000 bonus Qantas Points Promotion is a stand-alone
        promotion and is only available to new Bankwest
        transaction account customers who open a Bankwest Qantas
        Transaction Account on or before 31 August 2018         and meet
        all of the following criteria:
        Within 2 full calendar months from account opening, you
        must complete at least 10 Eligible Transactions. Each
        transaction must be $2.00 or greater. E.g. if you open an
        account on 18 June 2018, you must perform 10 Eligible
        Transactions (with each purchase being at least $2.00) by
        the 17th August 2018.

        • grasstown on 17/06/2018 - 23:52

          Ok maybe it's just in the heading

          4.3 Bonus Points promotion running 18 June 2018 to 31 August 2018

  • sraymond on 16/06/2018 - 18:32

    Web site isn’t working too well.

  • Benjkmv on 16/06/2018 - 19:20

    Oh, I just opened a Qantas’s transaction account with them 15 days back. Better to call and check with the customer care, if they don’t apply this deal, would close and reopen a new one after 30 days

  • Jugg.Judy on 16/06/2018 - 19:49

    Does qantas point ever expire?

    • MadoxNet on 16/06/2018 - 20:00
      +1

      Not as long as there is activity on the account within 18 months, otherwise 18 months.

    • lakers1222 on 16/06/2018 - 20:01
      +1

      Yes, if no extra points are earned. You lose all your points after 18 months with no way to recover it

      • imissbeans on 17/06/2018 - 06:39
        +1

        Actually I thought I lost 70000 points due to expiry but I called them up and they told me I could earn them back with the Qantas points challenge, which was something like earn new points with 3 different sources within a month.

        • Kunalk222 on 17/06/2018 - 20:57

          more info mate

        • fadeinthemix on 18/06/2018 - 09:21

          @Kunalk222:

          I did the same,
          Called Qantas. They wanted me to get 2,500 points from 2 different sources.
          I used flights and banking but you can also do things like buy wine

  • sraymond on 16/06/2018 - 20:23
    +1

    Damn. Didn’t see the “ in two days ” disclaimer. Looks like I just made myself ineligible.

    • profane01 on 16/06/2018 - 22:12
      -6

      Kidding me, I didn't either. Was it always there?

      • boab88 on 17/06/2018 - 07:23
        -4

        Are you serious, I signed up last night based on this post, was not clear that we had to wait!

  • coolsteps on 16/06/2018 - 21:09

    do we have to wait until june 18th to apply? is the payment ring free to order?

  • WreckTangle on 17/06/2018 - 08:31

    Is Bpay an eligible transaction?

  • elcheapoinoz on 17/06/2018 - 14:18

    Do you need a frequent flyer or do they issue one?
    and if not, is it free these days?

  • Kunalk222 on 17/06/2018 - 20:55

    it will take upto 60 days for Qantas Points to transfer which means you will have to keep the account open for 2 months from 5 transaction completed on second month…PS there is I think a cancellation or account closure fees(please confirm)

  • Turd on 18/06/2018 - 00:10

    Nothing on website about it yet?

    It is 12:10am 18th June

    • DogGunn on 18/06/2018 - 09:10
      +1

      Bankwest's operations are in WA.
      Expect them to update it during business hours AWST.

  • baron33 on 18/06/2018 - 11:29
    +1

    so no update?

  • [Deactivated] on 18/06/2018 - 11:51

    Chat confirmed promo has started.

    Has it started already? It's not mentioned on the page

    Gavin at 11:20, Jun 18:
    It has, and I was actually about to send an email to our products team in regards to the website not showing the offer.

    Edit: hasn't confirmed if it will work through website yet, but chat can assist in signing up on the promo right now.

  • rocky7st on 18/06/2018 - 11:53

    So if I'm done my math right, the equivalent interest gained for keeping a balance in the account is ~1.5% depending on how much you value Qantas points. Is that about right or is my math wrong?

    • [Deactivated] on 18/06/2018 - 12:09

      Seems about right. Personally would say closer to 1.75% as I value Qantas points around 1.22c each.

      Consider 2.55% - 37% tax = 1.6%
      2.55% - 32.5% = 1.72%

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