Review: Bank Australia Qantas Platinum Rewards Visa credit card

By Chris C., July 19 2016

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The information provided on this page is purely factual and general in nature. You should seek independent advice and consider your own personal circumstances before applying for any financial product.

Notes

The Good

No points capping/tiering
Double points on Qantas spend

The Bad

Restrictive insurance coverage
High additional cardholder fee

Added Value

Earn one Qantas Point per $1

View similar cards

Introduction

Churning out one Qantas frequent flyer point per dollar spent with no points capping or tiering is the Bank Australia Qantas Platinum Rewards Visa credit card, yours for under $200/year.

But don't expect any frills like complimentary airport lounge access or interstate flight inconvenience insurance: this card is all about the points, with the exception of a very restrictive international travel insurance policy.

Despite the Platinum name, it's also one that newcomers can easily qualify for, with no set minimum income requirement and a minimum credit limit of just $1,000 that's within easy reach of most employed applicants.

Bank Australia Qantas Rewards Visa: fast facts

Grade/tier: Platinum
Card type: Visa
Loyalty program: Qantas Frequent Flyer
Qantas Points earned per $1 (everyday): 1.0
Qantas Points earned per $1 (Qantas spend): 2.0
Points capping: Uncapped

Fees, charges and interest:

Annual fee: $189
Supplementary cardholder fee: $59
Interest rate on purchases: 18.49% p.a.
Interest-free days on purchases: Up to 55
Interest rate on cash advances: 18.49% p.a.
International transaction fee: 2.0%
Minimum income requirement: No defined minimum
Minimum credit limit: $1,000

Earning points for free flights:

Rather than offering a bounty of bonus points to new customers, Bank Australia serves up a solid one Qantas Point per dollar spent on the card, and two Qantas Points per dollar when booking Qantas flights or paying for your Qantas Club membership.

That translates into a near-free Sydney-Melbourne flight in economy after every $8,000 spent on the card on everyday transactions or every $4,000 spent directly with Qantas.

Turn your points into flights with Qantas, either at home or abroad...

There's also no limit to the number of points you can earn every month or year, and the earning rate per dollar remains the same regardless of how much you spend.

International travel insurance:

Unlike the frequent flyer points you can earn, Bank Australia's inclusive international travel insurance is far less impressive.

For starters, you're only covered on trips which are wholly "for leisure purposes" – take time out to visit a client and you've invalidated your cover.

There's also a requirement that at least 50% of your total costs for each entire trip are charged to the card, including flights, accommodation and itinerary items, both before you depart and as you continue to travel.

Yes, whip out the wrong credit card to settle your hotel bill abroad and you could also be left without any cover.

Unlike most other Platinum-grade cards, interstate flight inconvenience insurance, extended warranty cover, purchase protection insurance and access to a guaranteed pricing scheme are all absent.

Airport lounge access:

Airport lounge access isn't a benefit provided by this card, although if you choose to join the Qantas Club, you'll earn a higher two points per dollar spent on the cost of that membership.

Bank Australia Qantas Rewards Visa: the verdict

It's clear that with insurance cover pared back to an absolute minimum, the focus of this card is very much on earning frequent flyer points above, and in that respect, it actually performs quite well.

One frequent flyer point per dollar is very reasonable for a Visa (or MasterCard) in the current market, and with double points earned on all transactions with Qantas in Australian dollars, you could be on your way to a free flight or upgrade in no time.

Of course, we should also mention that the same frequent flyer earning rates can also be found on the Qantas American Express Discovery Card without paying an annual fee, but whether that's a good option for you depends on where you normally spend.

AMEX is accepted by most major airlines, hotels, chain stores, restaurants and increasingly, many smaller outlets, yet for just $189/year with the Bank Australia card you'd be free to spend wherever credit cards are welcome, not just where AMEX is.

Also read: ANZ Qantas Frequent Flyer Platinum card review

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