Turn your everyday banking into Qantas Points
What if you could earn points on your everyday banking? Now you can with Qantas Frequent Flyer. Earn 1 Qantas Point for every $10 on your average monthly balance, when you link your account to your AMP Bank Everyday Account. **
Limited offer: Double Qantas Points until 31 July 2025
What if you could earn points on your everyday banking?
You tell us. You sound like you are selling it, instead of giving facts. What is a qff point worth?
An approximate value is one cent, so 1 per $10 is 0.1%. Per month, that is 1.2% per annum.
What interest if any does that account pay? This sounds like a very poor deal.
For something close to cash, e.g. gift cards, they are worth far less, but if you use them for flight upgrades, they might be worth more to you.
Did the calcs last night. It’s hard to justify.
During promotion period, it’s 2 points per $10, so if valuing at $0.01 per point, 2.4%.
It in the bank making 4%, you might be getting taxed up to 50% ish so maybe your after tax interest rate is 2%.
Splitting hairs, and certainly not worth it after the promotion. A good way to keep your Qantas account active though.
For those who can't (or unwilling) to get a credit card for a huge sign-up bonus, then dumping their big savings pool into an account like this for a quick smash-and-grab during their double points period could be ok.
After that period though, agree that it does not make sense to leave the points in their long-term when interest on any bank account is going to far outweigh this.
Sorry but this is terrible value for money.
Also lol at their example of points earn, who in their right mind would keep an average of $10k+ in a normal transaction account not earning any interest?
Which part is the bargain?
I have to presume that somewhere in an ATO office, someone is looking at this and saying "Hrmm…"
They are paying you for having money in your account. That's interest, which is taxable. However instead of giving the money directly to you, they are laundering it through a third party to turn it into QF points, which you can then (if you so choose) turn back into a near-cash equivalent (eg, gift cards). No way this can be legal without someone reporting it as taxable income…
What? Other places like BankWest also do this albeit at a far lower rate, such as 0.3 points per dollar kept in their account.
I remember getting the 10k points when I first setup the account way before COVID haha
@adrianhughes1998: I recall people macro'ing 1 cent transactions (for the 5 points per purchase) and Bankwest closing their accounts.
@adrianhughes1998: Just read that the BW Qantas Transaction Account is dying this year:-
The Qantas Transaction Account will be withdrawn from sale from approximately 15 May 2025. Bankwest will commence migrating existing customers to the Easy Transaction Account from approximately 1 September 2025. Qantas Points are not earned on the Easy Transaction Account.
@UrMumsOnlyFan: Well that's just stupid. Anyways I guess if they doing that and then maybe their Qantas credit card will get the chop too.
Lmao
If they were to look at FF points, they'd get much more value out of all the small and medium business owners who run everything through their business credit cards for the points while using it all for personal benefit.
A very bad deal.
It's average monthly balance. So you can't put $100,000 for example on the last day of the month and expect to get 10,000 points. They've gone smarter.
If you had $100K and threw it in there before the end of April, that's still May/June/July where you can get double points - so that would work out to be 60,000 points all up over those three months which ain't bad.
I’d personally rather earn $1200ish interest by putting it in an actual savings account.
True, different strokes for different folks. Also relies heavily on what value you can get out of those 60,000 points too etc etc
Existing customers?
As an existing customer I couldn't log into the app (just downloaded it). I resorted to joining as a new customer.
Woah, even the AMP share price has reacted. But the once dead horse will never run again.
There is no bargain here, poor deal for gullible people
Perfect - my family can open this account and keep $10 in their accounts permanently. They'll get drip fed 1 QFF point a month and I won't have to bug them 18 months after their last flight to do something to avoid losing their Qantas points.
Some receptions can be valued up to 8c which drastically changes the value proposition here.
I’m a little surprised by some of the responses - also tax free..
where can i get 5000000$?