Bankwest Qantas Transaction Account

Key features

The Bankwest Qantas Transaction Account lets you access your funds with a Debit Mastercard, which means you can use it everywhere Mastercard is accepted in Australia and around the globe. You’ll also have access to the largest bank ATM network in Australia, with free withdrawals available from Commonwealth Bank or Bankwest ATMs.

Speaking of ways to pay, customers can leave their wallets at home by tapping their smartphones via either Apple Pay or Google Pay. 

There is a $6 monthly fee attached to the account, but this will be waived as long as you deposit at least $2000/month (say, your monthly salary). If you do fancy taking your card abroad there's a 2.95% foreign exchange commission fee to watch out for, though you won't have to worry about being charged any overseas ATM withdrawal fees by Bankwest!

Let's get down to the Qantas Points on offer though because there are two ways to earn points: 

• Purchases: You can earn 3 Qantas Points per eligible purchases. What’s an eligible purchase you ask? It covers most regular purchases that you would make on your card such as groceries, petrol, clothing and restaurants. But it excludes foreign exchange purchases, BPAY payments and any gambling transactions.
  
• Account balance: You will also earn Qantas Points on your account balance up to $50,000. The rate of accrual is 0.3 Qantas Points for every whole amount of $100 in your daily balance. On a balance of $3,000 this means you’ll earn around 9 Qantas Points a day. Balances over $50,000 do not earn Qantas Points.

Just remember that you'll have to be a Qantas Frequent Flyer member to earn points, as all Qantas Points will be credited to your Qantas Frequent Flyer account. The good news is that the $99.50 membership fee will be waived if you join via Bankwest. 

Who is it good for

The Bankwest Qantas Transaction Account could be great for anyone looking to earn Qantas Points through everyday banking and spending, though you'll need to deposit at least $2,000 a month to avoid the monthly account fee.

Any catches

While this is the first transaction account that rewards you with Qantas Points for your day-to-day spending, just be aware that there is a flat earning rate of 3 points per eligible purchase. This means that a $15 lunch at the local cafe will earn you the same number of Qantas Points as those $150 leather shoes from Myer. It should be noted that balances over $50,000 will not earn Qantas Points.