Two Aussie banks are offering new Qantas Points deals - so what's the catch?

If you’re a frequent flyer fan looking for new ways to boost your points balance, there’s more than one path to take.

Generally speaking, you earn frequent flyer points by spending money on your credit card – but what if you could instead earn them by saving? If you’re hankering to head off on your next adventure, then every little bit helps, and there are several bank accounts on the market right now that allow you to earn Qantas points on your savings—albeit in two different ways. 

Both AMP and Qudos Bank have Qantas offers available right now, however, one awards you differing amounts of points based on your average account balance, and the other awards you guaranteed points as long as your savings meet a certain monthly threshold. 

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Could one of these accounts work for you?

How do you earn Qantas points with AMP?

AMP lets you earn 1 Qantas point for every $10 on your average monthly balance when you link your frequent flyer account to your AMP Bank Go Everyday Account. If you’re not already a Qantas Frequent Flyer member and you’re interested in joining up, AMP will cover the $99.50 membership fee for you. The bank is also offering double points between now and July 31, and with no monthly account-keeping fees or ongoing spend; all you need to do is save and earn points.

How do you earn Qantas points with Qudos Bank?

The Qudos Bank offer is different to AMP’s. Rather than an everyday transaction account, the Qudos Qantas Points Saver is designed as a longer-term savings account. Qudos Bank says you’ll earn 400 Qantas points per annum for every $1,000 of your balance, credited monthly. Assuming that you were to deposit $20,000 in this account and leave it sitting untouched for a year, earning interest at 3.85%, you might expect to earn around 8,000 Qantas points in a year. There are no account-keeping or application fees and no penalties for withdrawing funds from your savings. Plus, Qudos says it’ll also cover the standard Qantas Frequent Flyer joining fee if you’re not already a member.  

So what’s the catch?

While both of these accounts allow you to earn points for saving – meaning you can potentially save up for a holiday and put some of that towards points – it’s worth remembering that the amount you have in your account will dictate your points earn, so depending on how much you keep in your saving and transactions accounts, you’re unlikely to cover the full cost of a flight with either offer.

If your goal is to build your Qantas points balance fast, there are options available. Credit cards that offer Qantas points on everyday spending—especially those with generous sign-up bonuses—can give your balance an instant boost. Keep an eye out for promotional offers that reward bulk points for meeting minimum spend thresholds, and remember you can also earn points through partner loyalty programs like Woolworths’ Everyday Rewards, which allows you to transfer your Everyday Rewards points directly into your Qantas Frequent Flyer account.

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