Some credit cards defy the old adage ‘You get what you pay for’. The BankSA Amplify Signature Credit Card (Qantas) is one of those. You won’t get just what you pay for since you will recoup nearly six times the value of the annual fee every year in the form of included benefits.
The annual fee from the second year onwards is is $279, but in the first year it’s reduced to only $179, a very low fee for a Qantas points card loaded with extras. The complimentary benefits could be worth over $1,500 a year if you use all of them. Here’s how it works:
The insurance benefits are activated by using the card to purchase the items, travel or services to be covered ($500 of pre-paid trip expenses in the case of the overseas travel policy).
Working out the value
These ten benefits add up to a whole lot of dollar value every year, to offset against the $279 annual fee ($179 in the first year). The calculation looks like this:
80,000 bonus QFF points
The first year is particularly rewarding because it begins with bonus points. Spend $4,000 using your new card in the first 90 days, and receive 80,000 extra points. 80,000 QFF points is almost enough for a return economy flight from Sydney to Los Angeles (90,000 points).
Points earning rates
Points accrue at 0.75 QFF points per dollar spent, a higher rate than all other BankSA Qantas cards. Although the rate is not as good as some competing cards, it is quite respectable. Points are uncapped, which is a plus. (There are few things more irritating than making a major purchase in a particular month, only to discover that a large part of your expenditure isn’t earning points.)
Birthday bonus points
Every year you’ll get a present from BankSA when your birthday comes around: a credit to your points account equivalent to 10 percent of your points earning in the previous 12 months. For example, if during the year you spent $24,000 (an average of $2,000 per month), you would earn 18,000 QFF points, and your bonus would be 1,800 QFF points.
Redeeming your points
Qantas points are best used for long haul flights, business class flights or flight upgrades. Avoid the merchandise catalogue unless you are desperate to burn points, because it doesn’t offer good value for money spent.
Other credit cards loaded with benefits
The extensive built-in benefits are the standout feature of this card. But of course there are others with similar attributes.
The American Express Platinum Edge Credit card, for example, has rewards points and slightly less insurance cover but also includes other travel benefits. Amex cards are not accepted everywhere, however, or sometimes incur a transaction surcharge.
The ANZ Frequent Flyer Black Credit Card has insurance cover almost identical to the BankSA card and more generous airport lounge access, but Qantas is the only rewards program available, whereas the BankSA card is also available in an Amplify Rewards points version.
The benefit-laden Citi Prestige Card stands head and shoulders above its competitors. The accompanying huge annual fee may seem a mere snip if you can meet the Citi card’s annual income requirement of $150,000.
Check out these and other Qantas points cards on the Qantas page in our Features section.
Is the price worth it for you?
Even though it costs only $179 in the first year, the ongoing annual fee of $279 makes it a pricey card, although it’s far from being the most expensive of prestige cards. But the value of the complimentary benefits is well above that of some other cards which charge more.
If you are a regular overseas and interstate traveller who channels all possible expenditure through a credit card, you should be able to make good use of most of the ten inbuilt benefits while accumulating a hoard of rewards points. It could be the best value $179 you’ll spend this year.
I’ve had this card for about 12 months now. It earns Qantas points, which is why i got it. I also got a big points bonus to kick things off. The only downside is it only earns at 0.75 points per dollar. Otherwise it is a standard Visa card.
BankSA service is always exceptional.
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