Australia’s prepaid travel card market got a lot hotter this week with news that Qantas will be launching a new chip-enabled card later in the year, which also doubles as the airline’s Frequent Flyer member card.
There are currently over 9 million Qantas Frequent Flyer members so this is a big opportunity for Qantas to cash in on the growing popularity of prepaid travel cards.
Frequent Flyer members will receive the card for free and will be able to load up to 9 different currencies on the card and make purchases using the card wherever MasterCard is accepted as well as withdrawing cash from ATMs. Yet to be released are all important details of the fees and exchange rates that Qantas will charge for the travel money feature. And as we have seen from our previous analysis of prepaid travel cards, not all cards are created equal. See here for details.
What the Qantas Frequent Flyer member card has going for it is the all-in-one convenience that other prepaid travel cards don’t have such as the ability to earn frequent flyer points and faster airline check-in and boarding on top of the CashTM feature.
The smart chip technology will also mean that the card will eventually have the ability to integrate with mobile devices. The card is pin protected and will have fraud protection provided by MasterCard’s Zero Liability.
For a full rundown on how the card compares to other prepaid cards on offer from the banks like Commonwealth Bank, NAB and ANZ, check back here in a few months time for a full rundown.