Avid Qantas Frequent Flyer points collectors will no doubt give serious consideration to the Bank of Melbourne Amplify Signature Credit Card (Qantas), especially since it comes with a host of benefits to tempt the sort of regular traveller who derives the greatest benefit from card points and rewards schemes. With a $279 annual fee (less in the first year) it’s Bank of Melbourne’s most expensive card, but since it’s easy to recoup the cost of the fee in rewards points plus complimentary insurance value, there’s more than one reason to give it a try.
Huge bonus points sweeteners
This card comes with a range of juicy benefits for new cardholders. Provided you are able to spend $4,000 in the first 90 days of holding the card, you’ll get a massive 80,000 bonus QFF points credited to your rewards account.
The 80,000 bonus points will put you well on the way to earning an economy reward flight to Europe or New York (120,000 points).
If you’re not already a member of the Qantas Frequent Flyer program, it won’t cost you a cent to join because Bank of Melbourne will pay the $89.50 joining fee on your behalf.
Satisfying points earning rate
You’ll earn 0.75 QFF points for every dollar you spend on eligible purchases using this card. Cash advances and balance transfers do not count as eligible purchases.
While 0.75 points per dollar is not the highest QFF points rate around, it needs to be considered in conjunction with the annual fee and the complimentary benefits provided. Also, unlike some competing cards, there is no cap on the number of points you can earn each month or year.
St. George will help you celebrate your birthday every year with an additional 10 percent of the Qantas points you earned in the previous 12 months.
So if you spent an average of $2,000 per month you’d earn 18,000 points for the year and receive 1,800 bonus points.
Ways to spend Qantas points
Although Qantas has the usual online merchandise catalogue and retail gift card and hotel accommodation options, you’ll extract far more value from your QFF points by using them for award flights with Qantas and Jetstar and their partner airlines. The higher the seat class and the longer the flight, the more value you’ll get for each point redeemed.
Perks for international travellers
Further insurance cover
Other insurance cover provided free of charge with the card will prove useful even if you never leave Australia. It includes:
Try out the card with a first-year discount
Although the ongoing annual fee for this card is $279, you can get it for a reduced cost of $179 in the first year.
If you use your Qantas points for business class seats or long-haul flights you should be able to extract 2.0 cents of value from each point. This means you’ll recover the cost of the $279 fee in every year where you spend at least $16,970 using the card, because you’ll earn 12,727 points plus 1,273 birthday bonus points. That’s a total of 14,000 points, worth $280.
In the first year you can discount the $179 annual fee entirely, because you’ll recover it several times over with those 80,000 bonus points.
And in every year, the lounge passes plus insurance cover also outweigh the annual fee cost.
Similar cards to consider
Before you decide, you might want to take a look at the competition.
The American Express Qantas Ultimate Credit Card offers a great points earning rate, but it comes with a hefty annual fee, as do the ANZ Frequent Flyer Black Credit Card and the Qantas points version of the Westpac Altitude Black Credit Card.
If you can manage without lounge passes and travel insurance, take a look at the no-annual-fee Qantas American Express Discovery Credit Card.
Who should consider this card?
Regular international travellers who are members of the Qantas Frequent Flyer program will be able to extract the best value from this card, with its suite of free insurance policies and the complimentary airport lounge passes. With an annual fee of $279, it’s less expensive than many of its competitors.
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