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Earn Qantas Points with Bankwest Qantas Transaction Account ($6/Month Fee, Waived with $2000 Monthly Deposit)

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Earn Qantas Points with Bankwest Qantas Transaction Account ($6/Month Fee, Waived with $2000 Monthly Deposit)
Go to Deal
MattL on 04/03/2022 - 18:48 bankwest.com.au (501 clicks)
Last edited 01/09/2023 - 17:23 by 1 other user

Nice way of accumulating some extra Qantas points as interest rates are almost non-existant.

For example, $10,000 saved in your account will earn you 900 points per month.

  • 0.3 Qantas Points for every $100 in your account each day on balances up to $50,000 (9 points for every $100 per month)
  • 3 Qantas Points per eligible purchase on Debit Mastercard
  • $6 Monthly maintenance fee (waived when you deposit at least $2,000 per month)
  • 5 Qantas Points each time you withdraw cash from Overseas ATM (The overseas bank may charge a fee for using their ATM. Other fees and charges, including foreign transaction fees, may apply.)
Financial Bank Account Frequent Flyer Qantas Frequent Flyer Reward Points Transaction Account

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Comments

  • sauce2k6 on 04/03/2022 - 18:52
    +2

    don't they cap the points now?

    • dogzilla on 04/03/2022 - 19:42
      +1

      Yes used to be on all monies in the account - now capped at $50k, finished late last year :(

      • 1Kenobi on 05/03/2022 - 07:32
        +1

        If you had 100k can you do 2 accounts? 50k each
        Is that the work around or is it also a cap per person

        • gza on 20/03/2022 - 10:33

          Can only get one qantas acc pp

  • atlas on 04/03/2022 - 18:52

    Points for withdrawal is from overseas ATMs, not domestic.

  • Boscom123 on 04/03/2022 - 18:53
    +1

    For example, $10,000 saved in your account will earn you 9000 points per month.

    .. Are you sure not 900 points per month?

  • Samsungnote10 on 04/03/2022 - 18:53

    For example, $10,000 saved in your account will earn you 9000 points per month.

    0.3 Qantas Points for every $100 in your account each day on balances up to $50,000 (9 points for every $100 per month)

    According to my maths
    9 pts per $100
    = 900 per month for $10,000

    • MattL on 04/03/2022 - 18:55

      corrected. math=bad

      • Samsungnote10 on 04/03/2022 - 18:57

        You had me excited for a second!

  • PopCounty on 04/03/2022 - 18:54
    -1

    For example, $10,000 saved in your account will earn you 9000 points per month.

    Should be 900 points per 30 days.

    FYI, if trading 1 Qantas point per cent, this would equate to roughly 1% in terms of dollar value.

  • Drakesy on 04/03/2022 - 18:56

    *maths are off, it's 900 points per $10,000

    @ 1.9c per point (current valuation) you're looking at $17/month per $10,000 or $204 a year.

    So around 2% return in frequent flyer value.

    not amazing, not bad either.

    • abc on 04/03/2022 - 19:03
      +3

      It’s not as good as cash of course but I guess it would be tax effective.

    • capslock janitor on 06/06/2023 - 10:41

      where do get accurate valuations?

  • The Judge on 04/03/2022 - 19:10

    Free ATM withdrawals in Aus? I refinanced my property loans to Bankwest, but retain a few Macquarie accounts, purely for the fee free ATM usage.

    • douglasac10 on 04/03/2022 - 19:23
      +3

      Free only at the big four ATMs, no rebates for ATMs that charge you fees.

  • indianregulator on 04/03/2022 - 19:11
    +1

    Was on this when it was 0.5 points and unlimited, but now it's just not worth it, Max you can get is 4500 points a month, you have to park $50k in there for that, and deposit $2k a month!

    • abc on 19/03/2022 - 15:42

      You can just move $2K in and out from another account but I guess yeah it makes that money “captive”.

  • shraky on 04/03/2022 - 20:16

    I had terrible experience with my previous Bankwest credit card. They randomly blocked my card and asked me to go to their branches to reactivate. Considering they only have 5 branches across whole Sydney it's really inconvenient. Bankwest is not bank less but less banks.

  • BoundedRationality on 04/03/2022 - 21:26
    +3

    This has been a thing for 5+ years (how long I've had this), has something changed?

  • j00828 on 04/03/2022 - 23:09

    It just getting worse. It was no limit couple years ago. I used to earn from 30000+ point a month to 20000+ and now only about 4200 points a month. I know it is still better than nothing.

    • indianregulator on 13/03/2022 - 19:17
      +1

      My math not be the best, but you kept $200k in a bankwest account just for points?

  • fxwwj on 05/03/2022 - 10:18

    Is it 3 qantas points per purchase or per dollar of purchase?

    • djandau on 05/03/2022 - 16:36

      Per purchase

      • Its4me on 05/03/2022 - 22:02

        Any minimum purchase amount?

        Could be worth a few $0.01 payments at self service checkouts otherwise.

        • VantageXL on 06/03/2022 - 15:05

          I'd be careful with that as some people have reported having their accounts closed for making multiple 1c transactions.

  • jadamd on 07/03/2022 - 11:23

    It was a mistake applying.
    Worst application process, had to do it 3 times and then online identity checks fail so I have to go into a branch.
    No confirmation email of application…

    • Ladideeda on 18/05/2022 - 10:03

      Also having issues applying. Also had to go into the branch for identity check, and they're still sending me extra forms to fill out. Still haven't been able to open the account yet and it's been 2 weeks….

  • capslock janitor on 06/06/2023 - 16:02

    any sign-up bonus?

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