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Open a Bankwest Qantas Transaction Account, Receive 10,000 QFF Points with 10 Eligible Transactions in First 2 Months

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I was looking at wearable payment options to avoid buying a new watch and saw this offer in the T&Cs of Bankwest's Qantas account.

To get the points you need to make 10 eligible transaction in the first 2 calendar months of opening the account.
Transaction must be $2 or greater and you need to have your account still open at he end of the promo period (31/08/18).
Check the terms for the full list of excluded transactions but pretty the standard gambling, Bpay, government etc.

Monthly fee is $6 but waived if you deposit $2k.
You earn 12 points per $100 in the account each month (0.4 per day) depending on your points valuation and tax brackets may not be too bad for some.

The more important feature in my personal view is 5 points per eligible transaction and with no reference to a dollar value on this normally. This is greater return for sub $5 transactions if you value a point at 1 cent but obliviously depends on your own valuation.

A snapshot of the relevant points offer terms.
And full terms.

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  • Limited time offer
    {{qantas tran-bonus points}}
    Earn {{qantas tran-bonus points}} when you open a new Bankwest Qantas Transaction Account and make 10 eligible Debit Mastercard® transactions within the first 2 months of account opening.
    New Bankwest Qantas Transaction account customers only. Ends {{qantas tran-campaign end date}}. T&Cs and min purchase applies.

    LOL coding fail

  • Seems to be updated now.

    An account that can take you places
    Get closer to your next holiday with 10,000 bonus Qantas Points when you open a new Bankwest Qantas Transaction Account. 1

    Limited time offer
    10,000 bonus Qantas Points
    Earn 10,000 bonus Qantas Points when you open a new Bankwest Qantas Transaction Account and make 10 eligible Debit Mastercard® transactions within the first 2 months of account opening.

    New Bankwest Qantas Transaction account customers only. Ends 31 August 2018. T&Cs and min purchase applies.

  • Opened!

  • Signed up and opened!

    • Did you get any email conformation for the 10K bonus points? or anything that you saw during the signup process confirming the point eligibility?

      • I didnt.

        • aah!..ok thanks mate..

      • I did not, no.

    • -2

      Just contact Bankwest via chat, and ask them to add QFF number manually.

      • +3

        Thanks mate - but that was not my question.

  • Is the following correct? Not sure I am reading it right.

    open the account > deposit $2,000 > withdraw most of it immediately + make 10 eligible transactions in the first 2 months = get 10,000 points and no monthly fee?

    • +3

      yes

      • Thank you. What a deal!

    • -2

      you don't even need to deposit the $2k, that's what I've been told. Also nothing in the T&C's about it.

      You just cop the $6 (*2 monthly fees). $12 is nothing.

      • +10

        But surely better to deposit $2k and not pay $6/month.

    • +1

      Only thing you missed is repeating the $2k deposit and withdrawal in the second month

  • Is there any limit to the number of Qantas points that can be awarded per month/year with the 12 points/$100/month? I tried unsuccessfully to get this info from the online chat.

    • Confirmed there's no limit. $10M receives 1.2M Qantas points/month.

      • what about $100M?

        • +1

          you'd have better ways to invest that money if u had 100M

  • should I choose normal or Platinum ??????

    • Normal

      • Oh no! And I chose the platinum
        So I won't be eligible?

        • You are still eligible - "10,000 bonus Qantas Points when you open a new Bankwest Qantas Transaction Account" so it could be either account. Personally I'd choose the platinum for the added perks over the normal card.

        • @jdogg: looks like if you want platinum you are supposed to deposit minimum $4000pm. Not too sure what happens if you don't

        • +1

          @lakers1222:
          Confirmed with live chat.
          Type of card doesn't matter.
          You can get platinum as long you bank in 4k per month

  • +1

    ref t/cs " If you already hold an existing Bankwest transaction account or if you have closed one in the last 30 days, or if you have previously held a Bankwest Qantas Transaction Account, you are ineligible for this promotion. " does that mean even you had a Qantas transaction account more than 2 years ago closed and no current Bankwest trans accounts you will still not qualify?

    • +1

      if you have previously held a Bankwest Qantas Transaction Account, you are ineligible for this promotion

      More than 2 years ago with a Qantas transaction account does seem to fit into this category, IMHO.
      Perhaps instead you could put $83,400 into a new account for one month to get 10,008 QFF non-bonus points?

    • +1

      you are correct, good spotting, me and wife opened years ago, guess we are ruled out of this promo!
      that is hidden deep inside their t and c, unbelievable.

  • Hey all, is the offer tied to each qff number? Can my partner and I each get bonus points signing up with an account each with the same qff number?

    • +2

      No, tell her to get a new qff number then she can family transfer it to you after she gets her 10k

  • +2

    Open the account last Wednesday before the promotion up, and chatted to their online chat today ask if I still eligible. The answer is NO. It must open the account after 16/June… :-(

    Guess I just put 100k into the account to earn 12k points each months then.

  • Can anyone tell me what’s the minimum age to open this account?

  • While I wait for my credit score to improve from 2 credit cards over the past few months I was considering this, does anyone know if signing up would cause a credit enquiry on my file?

    • It's a debit card so no

  • Heat added, signed up myself & the Mrs, hopefully 20k easy QF and doesn't look like a terrible account either so I'll probably keep it

  • Thanks OP, great deal. Signed up today but need to verify my ID first.

  • +2

    Opened!!
    Now have to remember to close it after August so I don't have to tranfer $2000 in and out every month to avoid the $6 fee

  • Looking at opening..

    Wouldn't it be better to open it on 1st July , to avoid needing to transfer $2k this month?

    • I didn't think of that. I was worried the offer might get pulled early. Would it make a difference if you don't activate the account until July?

      • Just checked terms . A bit hard to understand but sounds like no fee in first month?

        4 FEES AND CHARGES
        4.1 Monthly Maintenance Fee
        If the aggregate of deposits made to the account in a month up to close of business on the last business day of the month is less than $2,000, a $6.00 Monthly Maintenance Fee will be charged on the first business day of the next month. This fee does not apply in relation to deposits before the end of the first full month after the account is opened.

        https://www.bankwest.com.au/content/dam/bankwest/documents/l…

        • You are right, going by that last statement. It only makes sense, if I were to sign up on the 29th of June, without that waver for the first partial month I'd be due to pay $6 as I hadn't met the terms ($2,000 aggregate deposit by COB end of month).

      • +1

        Decided to open anyway… And transferred $$ in (then once it hits, leave $20, for spending X 10 transactions).

        Thanks OP

  • +1

    open the account for the points, but be careful where you use it.
    Foreign transaction fee? 2.95% of the transaction amount

    • Comment deleted
      accidently replied to you instead of comment above

  • +1

    Applied Monday, cards (2x) arrived today. Easy online process for both application and ID etc.

  • Is it true that Bankwest charges fees for account withdrawals or scheduled transfers using internet banking?

    Say, if i deposited my salary of $4000 each month into this transaction account to avoid the account keeping fee, but then transferred $3900 of that to an external account.

    The Bankwest Guide to Fees seems to suggest that I would pay each time I withdraw or transfer funds using internet banking.

    The internet banking fee appears to not be charged for payments to credit card accounts. But I'm not sure if that is limited to Bankwest branded credit card accounts.

    What are your experiences?

    Thanks

  • Anyone know how long it takes to recieve both the 10k bonus points and also normal spend points? I assume they are credited once a month?

    • You won't get the 10K points until at least the last day of August, as it's a condition of the promo that you retain an active account until the end of the promotion period at a minimum. In reality, it's probably then going to be up to another month to credit it afterward.

  • Hi OP,

    Applied but didn't yet receive the new debit card.

    Question. Can we use the debit card to pay bills (NOT via BPAY), and do 10 X $2 transactions online, or do we need to use the 'payment watch' device?

    Thanks

    • +1

      Yes you can pay bills using it as a debit Mastercard, and no, the payment watch device neither comes with the account nor is it necessary for it to be used to earn QANTAS points.

      • Awesome, Thanks heaps!

  • Funny.
    I applied they sent me a form needing to confirm my identity.
    Got busy at work. So haven't done it.
    Got a call from Bankwest.
    Person left their name.

    I call back, they have no idea of my application nor can they locate the staff as it's a common name

    • Just get form, go to post office to confirm ID, then a few days later you'll get the email of the account. and probably the cards sent out to you not long after.

      • all good some local branch store calledme and sorted it out

        looking fwd to my 10k pts but not worth the 5 pts per transaction for me

  • -1

    Hi Guys - New here and just trying to find whether there's a catch. Seriously isn't this better than a credit card that usually offer a max of 1 qantas point per $1 spend with annual fee?

    This is offering 5 points per $1 spend (and no fees if deposit $2k a month). If a household spend $3k a month on health insurance, groceries, petrol etc and pay using this card, wouldn't it mean we get $15k qantas points each month and that's worth 180,000 qantas points a year? Am I missing something here?

    Thanks

    • +1

      Yep you're missing something.

      It's 5 points per transaction, not dollar. So $1 transactions are brilliant. $5 ones too I think. $6 not so great

    • I'm only in it for the 10k bonus points…

      Then once credited, will be closing the account.

      Thanks

  • Got my card. Activated by phone.

    Do they send you account details and pin separately?

    Trying to deposit 2k to avoid fee

    Edit: phoned but the wait time was 20minsplus

    • +1

      You could've activated the card and setup your PIN online.

  • oh crap i submitted without issuing a debit master card. not sure why i did that :S
    now how i get my 10k QFF. argh i need some coffee

  • is there a cap on the QFF points earn? eg if i had 500k in cash and chucked it into this account would I earn 2,000 QFF a day?

    • yes

      • woah thats awesome

        • Would it be better to deposit into RAMS savings account and get $41 in interest a day?

        • @Future Kids: Depends on: 1) How much you value a QFF point, 2) Your tax bracket, 3) How long before you withdraw (compound vs. simple interest), 4) How tedious you find getting the interest/earn rate (regular deposits, regular spend, withdrawal restrictions, etc.).

  • Just curious, would local shire rates count as Government charges? Has anyone done this before?

  • 5 points per transaction, does it matter whether I select saving or credit on the card?

  • is there a way to tell how many transactions youve done?

    I accidentally thought it was $2 or greater and did a few at $2 :(

    • +4

      It is $2 or greater. The description is wrong.

  • How long does it take for the 10k points to be awarded? I already got the points for the transactions themselves.

  • Not sure if this has been asked yet but does it qualify if you do 10 $2 transactions by using the split payment at wollies/coles self checkout?

    • It has to. Bankwest wont know if its a split transaction

  • Ive opeend mine. Deposited 2k. Withdraawn it
    10x $2 trans done

    Now to wait for my points end of aug

    Howevr i just realised i had a bankwest savings account about 12 yrs ago for a few months.
    Hope this doesnt exclude me:(

    • You should be eligible as savings isn't transaction. May I ask how did you do your 10 transactions? Did you do split payment at Coles/Woolworths?

      • Hope so!

        For my transactions.
        I went to self serve bought a 30 dollar item.
        2 dollar per trans. 12 times for good measure!

  • -7

    could not believe it, used to have an account with them like 3 years ago, when signed up for this, they just … reopened my closed account instead and there would be no bonus points. have it closed the same day and got ANZ QF instead

    • Yes next time read the OP and terms

      • +1

        No reason to neg when the blunder was your own fault

  • Hi gents - you guys are pretty savvy with this,

    I currently have a bankwest homeloan has anybody managed to get a no annual fee credit card with a rewards structure at all?

    Thanks for your info this way i can ring the bastards and know what to ask for!

  • I was starting the application and saw this:

    "I have read and accept the Privacy Statement and Consent, which includes consent to Bankwest electronically verifying my identity with a credit reporting body so that they can provide an assessment based on matching the information I provide with any credit files they hold. "

    Does this mean they are going to do a credit check for a transaction account?

    • No, at least they did not for mine nor has anyone else in this thread reported it.

  • Did anybody get a letter from Bankwest saying that their account would be closed? I got one and i haven't gotten my 10k points yet :(

    • No, no letters here yet..did you ask them to close your account?
      I think the points are expected to be credited in Aug end or Sep, but if ur account is getting closed then don't expect any points..

      • I didn't ask for the account to be closed, Bankwest decided to close it. So weird…

        I've dropped their customer relations an email. Hopefully it's just me!

        • +1

          Are you able to say how many points you've recieved so far?

          Have you been making significant numbers of microtransactions?

        • i just heard back from bankwest so apparently i broke their terms and conditions on “gaming” so thus they are closing it :(

          I did do about 15 transactions at 10-20cents on a few occasions at the self serve checkouts at coles and clearly they didnt like it haha! Serves as a warning for others!

        • Interesting, thanks for letting us know and sorry to hear about your account closure. Out of interest, did they tell you if this would affect other applications for Bankwest accounts in future?

        • @trotsky: No mention of future applications, but i'll shoot them an email and ask that.

          Forgot to answer one of your previous questions on receiving points - i haven't got my first statement yet, thus no points.

    • Here to report that they never closed my account and i got my 10K points today too. Guess i have to close it myself!

      • That's equal parts bizarre and stupid on their part. Guess your cancellation will be easier - just send back a message saying you dare them to… ;)

  • It will be interesting to see this week if anyone else gets a letter, I've read about two so far. I'm a bit surprised tbh, since the key sources of micropayments last time were Telstra (now $1 min), Citylink (going with CC fee at the end of this month) and Coles/Woolies which seem to have attracted at least one ban. I was of the belief that most of the previous channels of abuse had dried up but it seems 10-20c payments may still trigger a ban.

    The 10K bonus isn't available at a minimum until 31st of Aug. Anyone who has their accounts closed prior won't be getting it.

    • The points could be available as early as 17 August. (18 June + 60 days, ignore time to receive the card and make the payments)

      • +1

        I doubt that, as the terms explicitly state that the account must be open at the date of the promotion close, which is 31st of August.

    • It's not the 20 cent transactions, but the successive payments at the one terminal. That is gaming and not permitted

      • While I do understand that, I also wonder how exactly they plan to enforce this. It is entirely possible to do several $2 transactions at different terminals in one day buying different items and it would look identical to a split payment.

        Other examples include auto top up transactions and phone plans such as optus's $1 per day phone plans.

        These would all potentially violate terms?

        Another example I have is using the card for international withdrawals. Since no bankwest side ATM fee is enforced, if you have access to fee free ATMs overseas, withdrawing a small amount at a time attracts the same fees as one big withdrawal, yet the smaller amounts earn 5 QFF per wdl.

        Would it be unreasonable for someone to withdraw small increments at a time to both avoid larger notes that they would then need to break, and also to avoid returning with excess foreign currency that they did not use and now need to convert back?

        • Yes the examples you give are not gaming. Successive payments at one terminal are

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