Bankwest Qantas World Mastercard | Compare, Review & Apply

Bankwest Qantas World Mastercard

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Save money
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purchase rate
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Bankwest Qantas World Mastercard
Uncapped points-earning potential.
Up to 44 days on purchases.
No foreign transaction fees and free international credit card travel insurance.
Add to comparison
9 months
2.99% p.a.
then 20.49%
with a 0% fee
20.49% p.a.
ongoing
$270
ongoing

Pros & cons

What's good?

What's not so good?

Uncapped points-earning potential.
Up to 12 months complimentary credit card travel insurance, conditions apply.
Enjoy complimentary insurances along with this card including international travel insurance for you and family traveling with you.
Up to 3 additional cardholders for free.
No foreign transaction fees on overseas and online purchases.
Worldwide emergency card replacement.
Bankwest has organised for new cardholders to have the Qantas Frequent Flyer membership joining fee to be waived, saving you $99.50.
Enable for Apple Pay, Google Pay or Samsung Pay.
The annual fee of $270 p.a.
The earn rate of 0.66 pts per $1 spent on eligible purchases is less than 1 pt per $1 spent.
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 World MastercardReviewed by Yvonne Taylor

Big-spending Qantas point collectors now have very limited choices if they are looking for a credit card completely free of any points cap or threshold. Unless they are prepared to carry an American Express card, they won’t find many options where points earning is totally unlimited. However, the Bankwest Qantas World Mastercard is a possibility worth serious consideration, since it comes with uncapped points and many other complimentary features to benefit the traveller.

Look beyond the points earning rate on the first few thousand dollars per month

The points earning flat rate of 0.66 QFF points per dollar spent (on all eligible purchases) is not particularly impressive at first sight. But consider the fact that it is not capped (so never falls to zero in any month or year where you exceed a points cap) and is not subject to a threshold (so never falls to 0.5 points per dollar, or even lower, in any month where you exceed a points threshold). Many competing cards do have a points cap or threshold.

Case study

Consider the situation where you spend $10,000 in a single month, using a credit card which earns 0.75 QFF points per dollar up to a threshold of $5,000, and 0.5 QFF points per dollar thereafter. At first sight, the 0.75 points per dollar looks quite good. You would earn 3,750 points on the first $5,000 and $2,500 points on the second $5,000, a total of 6,250 QFF points.

But if you were to spend the same amount using this Bankwest card, you would earn 6,600 QFF points, even though the earning rate appears lower, and you would never have to worry about whether you were nearing the monthly threshold.

Even worse is a card with an absolute cap, at $6,000 per month for example. If the earning rate were as high as 1.0 points per dollar, you would still earn only 6,000 QFF points in that month, compared with this Bankwest card’s 6,600 QFF points.

Redeeming Qantas points

There have been a number of recent studies devoted to discovering how to use Qantas points in order to extract the best value per point used. The consensus appears to be that each Qantas point is worth at least 5.0 cents if used for a domestic business class flight, even after allowing for the taxes and charges payable on award flights.

However, if used for merchandise from the Qantas store, hotel accommodation, car hire or retail gift vouchers, the value of each point drops to between 0.4 cents and 0.8 cents, while domestic economy flight redemptions usually score more than 1.5 cents.

The best value of all – around 7.0 cents per point – is derived from using points to upgrade a purchased international fare from business to first.

Top level complimentary insurance cover

A premium card like this one naturally has first class complimentary insurance cover. The six policies in question are:

  • International travel insurance: Use the card to spend at least $500 on prepaid travel costs (airfares, accommodation, activities) for each person needing to be insured, to activate cover for individual trips of up to three months’ duration for the cardholder, their spouse and dependent children. It includes emergency medical expenses, luggage, delay, unavoidable trip cancellation, loss of income, rental vehicle insurance excess, and more.
  • Interstate flight inconvenience insurance: Covers flight and luggage delay, damage to or loss of luggage, and unavoidable trip cancellation. Activate by using the card to pay return airfares for all immediate family members to be covered.
  • Transit accident insurance: Cash compensation for serious injury sustained on planes or overseas public transport, after paying fares with the card.
  • Extended warranty insurance: Manufacturer’s Australian warranty is doubled, up to a maximum of 12 extra months, for all items purchased with the card.
  • Purchase security insurance: Three months’ cover against loss, theft or accidental damage, for items purchased using the card.
  • Price guarantee insurance: Price difference refunded if you see a recent major purchase advertised locally at a lower price in a printed catalogue.

Other travel-related perks

Since this is most definitely a card aimed at regular travellers, it has several more travel-related benefits:

  • QFF joining fee waiver: Bankwest will pay your $99.50 Qantas Frequent Flyer program joining fee if you are not already a member.
  • Overseas transaction fee waiver: Bankwest’s normal 2.95 percent foreign transaction fee, whether incurred online or while travelling overseas, is waived.
  • Free worldwide emergency card replacement: Many other banks charge a hefty fee for replacing cards lost or stolen overseas.
  • Platinum Mastercard benefits: Access to Mastercard Luxury Hotels & Resorts program, Mastercard Flight Delay Pass to airport lounges, zero liability for unauthorised transactions, connection to Wi-Fi hotspots worldwide, eCommerce protection and Mastercard concierge.
  • Perth RAC Arena privileges: Discount offers, competitions and special experiences connected with this popular WA venue.

Low-interest balance transfer if you need it

Potential premium cardholders may not be looking for a low-interest balance transfer, especially since its presence on your account will very likely delay your access to points earning and other purchase-related benefits. (This is because you will pay the purchases interest rate of 20.49 percent p.a. from each transaction date, forfeiting the normal up to 44 interest-free days, if you have an unpaid balance transfer.)

However, if you are prepared to sacrifice your QFF points and other benefits for a few months, it could be a convenient form of finance at a very low rate, without the rigours of a formal loan application. Transfer from other non-Bankwest cards an amount up to 95 percent of your approved Bankwest credit limit, and pay only 2.99 percent p.a. for nine months, with no upfront transfer fee.

The balance transfer revert rate, charged on any balance transfer amount uncleared after nine months, is the 20.49 percent p.a. purchases rate, not the higher 21.99 percent p.a. cash advance rate.

It’s not cheap, but the price is competitive

That’s a long list of potential benefits, even for a premium card, so the steep $270 annual fee will not come as too much of a surprise. It is in fact very similar to the fees charged by competing Visa cards and Mastercards offering a similar QFF points earning rate and array of complimentary benefits, but these competing cards often have a restrictive points cap or threshold.

Compare competing cards

For an easy way to compare the merits of this card and its competitors, simply select ‘Qantas’ in our Features section at the top right of this page.

A card for big-spending regular travellers

This card should appeal to anyone who baulks at the prospect of having to think twice about the timing of a major purchase because it could limit their Qantas points earning potential in a given month. Similarly, anyone with a particularly high household income, and matching expenditure, may find themselves regularly hitting the points earning ceiling if they have a card with a points cap or threshold.

The Bankwest Qantas World Mastercard’s travel-related benefits make it particularly well suited to regular travellers with a high income, especially if they are committed to Qantas and can add Bankwest-earned QFF points to their points earned for purchasing Qantas airfares.

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.

Q&As about the Bankwest Qantas World Mastercard

Q: What are the Terms & Conditions ^* ?

You must be a member of the Qantas Frequent Flyer program to earn and redeem Qantas Points. A joining fee usually applies. However, complimentary membership is available from Bankwest if you join at qantas.com/joinffbankwest. Membership and the earning and redemption of points are subject to the terms and conditions of the Qantas Frequent Flyer program. Qantas Points are earned in accordance with and subject to the Bankwest Qantas Rewards Terms and Conditions. Qantas Points are earned on eligible purchases only, see Bankwest Qantas Rewards Terms and Conditions (PDF). Exclusions, limitations and points caps apply. The total Qantas Points (including any bonus points) that can be earned in each year are: 50,000 Qantas Points if your Card is a Bankwest Qantas Classic MasterCard; 66,667 Qantas Points if your Card is a Bankwest Qantas Gold MasterCard and 200,000 Qantas Points if your Card is a Bankwest Qantas Platinum MasterCard. Qantas Points, including any bonus points on your Qantas Gold or Qantas Classic MasterCard, will only be transferred to your Qantas Frequent Flyer Account at the end of the 2 month period from account opening and once you have spent at least $1,500 on eligible purchases.

One Bankwest Qantas MasterCard account per customer.

We reserve at all times the right to apply your payments to any amounts debited to your Card Account in any order permitted by law. Usually, payments are applied as follows:

for Old Payment Order Accounts, payments are first applied to the amounts which attract the lowest annual percentage rate and then in ascending order up to the amounts which attract the highest annual percentage rate;
for New Payment Order Accounts payments are first applied to the last statement’s closing balance starting with transactions which attract the highest annual percentage rate as at the statement date and then in descending order down to the amounts which attract the lowest annual percentage rate, until the closing balance is paid in full. Payments are then applied to repayable amounts from the current statement period. New Payment Order Accounts are all Card Accounts opened after 1 July 12 and any other Card Account which you request be nominated as a New Payment Order Account after 1 July 12. Old Payment Order Accounts are all other Card Accounts.

User reviews

4.9 out of 5.0 based on 1 review100% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

A great product with perfect service

Reviewed and recommended by Bek_em on 20 Sep 2016

There are no hidden fees and it’s a great product. Bankwest are great to deal with and the customer service is perfect.

Qantas points have accumulated steadily and they offer a wide range of products available to redeem points. Items are sent and received quickly.

The interest rate is competitive and low enough to maintain, as the card is only used occasionally.

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
Single
Card tier
World
Card type
Mastercard
Card use
Personal
Credit rating
N/A
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$75,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
Qantas Frequent Flyer
Temporary residents
Yes

Cardholders

Additional cardholders
3
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$12,000
Maximum credit limit
$25,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 44 days on purchases
Minimum repayment
2%

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
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
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
No

Banks you can't balance transfer from

You can't balance transfer to the Bankwest Qantas World 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

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

Fees

Annual fee
$270 p.a.
Cash advance fee
2%
Dishonour fee
$10
Duplicate statement fee
$1.25
Foreign exchange fee
0%
Late payment fee
$25
Over limit fee
$30
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$4
Overseas emergency card replacement fee
$0
Transaction verification fee
$12

Rewards & points

Cool stuff you can get with your points

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

Rewards program basics

First purchase bonus
N/A
Reward points expiry
No expiry as long as you keep your account active (earn or redeem points within a 18 month period)
Rewards program
Qantas Frequent Flyer
Sign up bonus
N/A
Spend required for bonus points
N/A

Earning points with this card

Frequent flyer points
0.66 pts per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
N/A
Points cap per year
unlimited
Points earned on ATO payments
N/A
Reward points
0.66 pts per $1 spent

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $75,000 per year
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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