Bankwest Qantas Platinum Mastercard | Comparison & Review

Bankwest Qantas Platinum Mastercard

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Save money
Earn points
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Points earned
Bankwest Qantas Platinum Mastercard
Apply by 31 aug 19
4 reviews
Bankwest Qantas Platinum Mastercard
Receive 50,000 bonus Qantas Points when you apply by 31 August 2019, are approved and spend $3,000 on eligible purchases for the first 3 months. This offer is available to new Card Members only.
$80 p.a. annual fee for the first year. ($160 p.a. thereafter)
2.99% p.a. on balance transfers for 9 months.
Terms and conditions apply.
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
0.75 pts
per $1 spent
up to $2,500
then 0.3 pts
per statement period
More info
after spend criteria

Pros & cons

What's good?

What's not so good?

Receive 50,000 bonus Qantas Points when you apply by 31 August 2019, are approved and spend $3,000 on eligible purchases for the first 3 months. This offer is available to new Card Members only.
$80 p.a. annual fee for the first year. ($160 p.a. thereafter)
2.99% p.a. on balance transfers for 9 months.
Enjoy complimentary insurances along with this card including international travel insurance for you and family travelling with you.
There is no cap on points earned.
Bankwest has organised for new cardholders to have the Qantas Frequent Flyer membership joining fee to be waived, saving you $99.50.
No foreign transaction fees on online and overseas purchases.
Up to 3 additional cardholders for free.
Enable for Apple Pay, Google Pay or Samsung Pay.
0.75 points per dollar up to $2500 per month on eligible purchases and 0.3 points per dollar thereafter.
Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

Our review

Our review of the Bankwest Qantas Platinum MastercardReviewed by Yvonne Taylor

Would you be prepared to pay a reasonable annual fee in order earn Qantas Frequent Flyer points on purchases, be covered by six insurance policies, including multi-trip overseas travel cover, plus be able to make as many foreign purchases as you liked (either online or while travelling) without paying a cent in foreign transaction fees? Looked at in this way, the ongoing cost of the benefit-laden Bankwest Qantas Platinum Mastercard is more than justifiable. But there are also 50,000 bonus QFF points up for grabs in the first three months, and a discounted annual fee in the first year. (Other fees, T&Cs apply, ends 31st August 2019.)

50,000 bonus QFF points

New customers will receive 50,000 bonus QFF points (T&Cs apply) when they spend $3,000 on eligible purchases within the first three months of holding the card. That’s just $1,000 per month, an amount that most platinum cardholders are likely to spend on everyday items like groceries, petrol and utilities.

$160 annual fee halved in the first year

New cardholders will also be welcomed aboard with a 50% annual fee discount in the first year, paying only $80. The ongoing annual fee is $160, and it’s possible to add three supplementary cardholders for no extra charge. (Other fees, T&Cs apply.)

It’s fairly easy to see that you’re likely to come out ahead every year, not just the first if you compare the cost with the benefits.

Value of Qantas points

If we were to allocate $100 of the $160 ongoing annual fee to the charge for points earning, it would be quickly recovered.

The points earning rate on this card is 0.75 QFF points per dollar spent, with no cap on points earning. There is, however, a points threshold of $2,500 worth of purchases per month, beyond which the rate drops to 0.3 points per dollar spent.

You can extract a value of 1.5 cents per QFF point fairly easily if you save them up for long-haul flights and/or premium seats. So your 50,000 bonus points would put you well on the way towards qualifying for a one-way Qantas Economy flight to Europe or New York (60,000 points) and are worth at least $750.

And you would need to spend only $8,890 per year on eligible purchases before you have earned the number of points you need to offset the $100 portion of the ongoing annual fee we have allocated to points earning: $8,890 spent = 6,667 QFF points (provided you don’t exceed the monthly threshold) = $100 worth of long-haul flight or premium seating. Looked at in this way, points earned on any spending in excess of $8,890 per year are a free gift.

Value of insurance cover and foreign purchase transaction fee waiver

The remaining portion of the ongoing annual fee – say $60 for insurance cover and foreign purchase transaction fee waiver – is even easier to justify. There are six insurance policies included with this card:

  • Overseas travel insurance
  • Interstate flight inconvenience insurance
  • Overseas transit accident insurance
  • Extended warranty insurance
  • Purchase cover insurance
  • Price guarantee insurance

These policies are worth a total estimated amount of at least $1,300 per year, but in reality the one most likely to be purchased on the retail market is an overseas travel insurance policy. The kind of cover offered here (multi-trip family cover, each trip potentially lasting up to six months) would cost more than $600 per year. But even the cheapest cover (such as ‘bare essentials cover’ for one person travelling to Bali for seven days) will have a premium of around $30. An ultra-conservative valuation of $30 for the insurance cover is a long way below the actual value.

This leaves $30 for the value of the foreign purchase transaction fee waiver. Bankwest normally applies a fairly typical 2.95% fee to foreign transactions. That’s any transaction where the merchant’s processing is located overseas, even if you paid in Australian dollars. Most cardholders would be likely to incur more than $30 of overseas transaction fees per year through online purchases alone. At a charge of 2.95%, $30 is only $1,017 of foreign purchases.

Conclusion: $60 is a mere fraction of the true annual value to cardholders of the insurance cover and foreign transaction fee waiver. (And the $60 is wiped out altogether by the first year annual fee discount – other fees, T&Cs apply.)

Additional first year and other ongoing benefits are therefore absolutely free

Since the $160 ongoing annual fee has already been recouped several times over in Qantas points, insurance cover and foreign transaction fee waiver, the remaining benefits are also totally free. They include:

First-year-only benefits (in addition to the 50,000 bonus points and reduced annual fee)

  • Optional 2.99% p.a. for nine months, with no upfront fee, on a balance transfer (involves temporarily sacrificing your interest-free days on purchases, so you might miss out on the bonus points)
  • Waived QFF joining fee of $99.50 if you are not already a member

Every year benefits

  • Up to 44 interest free days on purchase transactions (provided you have no outstanding purchases balance or balance transfer)
  • 10% food and beverage discount at RAC Arena Perth, Backstage Lounge access, ticket competitions and giveaways
  • Free worldwide emergency card replacement (some cards charge over $200 for emergency card replacement overseas)

Not everything is perfect

Sadly, the world isn’t perfect, and neither is this card. There’s a nasty $25 to pay if you don’t make at least the 2% minimum monthly repayment on time. The interest rates are a high 20.49% p.a. for purchases and 21.99% for cash advances. If you want paper statements, the cost is $1.25 for each one. But these are all features you can avoid or do without, because they pale into insignificance compared with the value you can potentially extract from the card.

Check out other platinum and black QFF cards

If this combination of benefits and value is not exactly what you’re looking for, you can compare it with similar cards on our Qantas page. (Click ‘Features’ at the top right of this page, then ‘Qantas’ under ‘Earn points’.) You’ll find cards with points earnings rates, fees and benefits both higher and lower. It’s just a question of working out which card is likely to deliver the best value for your spending pattern.

A card for the regular traveller

Qantas points, travel insurance and freedom from foreign purchase transaction fees, for a minimal cost that’s easily recovered: it all adds up to a card designed for the budget-conscious frequent flyer. And in the first year, you’ll be showered with additional benefits, including bonus points and a reduced annual fee.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

4.0 out of 5.0 based on 4 reviews100% of reviewers would recommend this card

Rates and fees
Customer service

Reviews from users

Good rewards for a non-AmEx card, dispute problems

Reviewed and recommended by Mark on 04 May 2017

It’s an average card with a medium fee. The benefits of travel insurance and no overseas transaction fees are also a plus.

As with all non-American Express cards, the points earning rate is not great, but better than nothing if you pay the card off in full.

The circa 20-day repayment period is also very short, so be prepared to settle your card quickly every month.

The online banking is good and interfaces nicely with your other Bankwest accounts.

The major downside was that the application process was laborious, time-consuming and arbitrary as to who gets approved. Also another real bugbear is disputing transactions. This requires paperwork, and quite significant amounts of it. This has to get faxed or posted to a back office department which takes quite a long time to acknowledge the claim. Refunds take even longer – sometimes up to four weeks. They require you to pay the amount rather than marking the amount as disputed, to be resolved later. There are also fees if your claim is rejected. The staff at branches are not able to do much and always refer you to a back office team or email address.

I am only recommending this card for its reward program. The other aspects are very poor indeed.

Great for travelling

Reviewed and recommended by Yvette on 19 Sep 2016

I originally got this card for the 'no foreign transaction fees’, which is great, but since they have reduced the interest-free days and also the amount of QFF points redeemed, i am considering a change.

Love the customer service — always very helpful and convenient, as it is a MasterCard.

Great for overseas trips

Reviewed and recommended by Robert on 22 Jun 2016

The Bankwest Platinum Qantas card is great for overseas trips and purchasing goods and services online from overseas as there are no foreign transaction fees. At $150 p.a. it also comes with travel insurance and is linked to my Qantas Frequent Flyer account. I received 50,000 miles when I opened the account, but the rules have changed so it is harder to earn points. I am also not sure if the foreign transaction fee—which is waived—is recovered via a lower exchange rate, which is hard to compare. It is easy to use and access online. Providing fees don’t go up too much, it appears to be good value.

Best Qantas FF rewards card

Reviewed and recommended by Krythe on 01 Sep 2013

It’s a MasterCard, so it is accepted in more places than Amex, and it has no international transaction fees, which is great for online shopping and going overseas. This makes it well worth the price for the moderate spender who wants a Qantas FF card (if you want it cheaper, consider the qantas Am Express Discovery Card, but it doesn’t have the above features).

Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Qantas Frequent Flyer
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 44 days on purchases
Minimum repayment

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers2.99% p.a.9 months0%95% of credit limit20.49% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
95% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the Bankwest Qantas Platinum Mastercard at the promotional balance transfer rate from:

  • Bankwest

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers2.99% p.a.9 months0%95% of credit limit 20.49% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.83% 21.99% p.a.
Purchases 1.71% 20.49% p.a.


Annual fee
$80 p.a.
Annual fee 2nd year
$160 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee

Rewards & points

Cool stuff you can get with your points

Disclaimer: Points required accurate as of the 31st March 2018.

Earn rates

Spend typeSpend
Airline spend
Up to $2,500
0.75 pts per $1 spent
per statement period
0.3 pts per $1 spent
Points capUnlimited

Rewards program basics

First purchase bonus
50,000 points
Reward points expiry
Never as long as you keep your account active (earn or redeem points within an 18-month period)
Rewards program
Qantas Frequent Flyer
Spend required for bonus points

Earning points with this card

Frequent flyer points
0.75 pts per $1 spent up to $2,500 then 0.3 pts per $1 spent per statement period
Overseas earn rate
Same as standard earn rate
Points cap per month
Points cap per year
Points earned on ATO payments
Reward points

Additional benefits

Airport lounge access
Complimentary flight voucher
Concierge service

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Temporary residents are eligible
Age Pension is acceptable.
Joint applications are not allowed
Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are not acceptable.
Income from pensions is not allowed
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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