Over the past few years the frequent flyer points earning craze has spread and you can now earn Qantas Points on everything from your groceries, health insurance premiums through to your home loan.
And now, thanks to Bankwest, you can earn them on your everyday banking as well.
The Bankwest Qantas Transaction Account, just launched, is Australia’s first and only transaction bank account that earns you Qantas Points on your spending as well as on your account balance.
You will earn 5 Qantas points per eligible purchase plus 12 Qantas Points per month per $100 in your account. Don’t fret about the word ‘eligible’, it covers most day-to-day purchases such as groceries, petrol, restaurants etc but excludes things like foreign exchange, cash-out transactions at retailers, BPay payments and gaming and gambling transactions.
Unlike credit cards that have points earning rates based on dollars spent, e.g. earn 1 point per $1 spent, this account allocates a flat 5 Qantas points per purchase. So regardless of whether you spend $20 or $200 on a new t-shirt you will only earn 5 points.
Qantas Points aside, this is still a cracking everyday bank account. There is no account fee when you deposit $2000 or more each month and you get free access to the largest bank ATM network as you can use your card at any Commonwealth Bank or Bankwest ATM for free. The account comes with a MasterCard debit card with PayPass functionality so you can use it everywhere MasterCard is accepted. But like most transaction accounts you won’t get much interest on your money (0.01% p.a.) but at least with this account you will earn Qantas Points on your daily balance.
Another plus for the frequent overseas traveller is that there are no overseas ATM fees charged by Bankwest with this account. Other banks charge up to $5 per overseas ATM withdrawal which can add up if you’re away for long periods or travel frequently. The foreign exchange margin on overseas purchases and transactions is 2.95%, which is also lower than majority of the major banks.
How long before you can redeem a free flight?
There is a limited time 10,000 bonus point offer for new Bankwest customers who apply by 31 May, 2014 and deposit $2000 a month for the first 3 months, so if you fit this criteria you could be on your way to enjoying a free domestic flight in no time as a round-trip Melbourne-Sydney economy flight requires 16,000 Qantas points plus taxes.
Otherwise, how quickly you will fly free will depend on your spending and saving habits. If you have a monthly balance of $3000 in the Qantas Transaction Account, you will earn approximately 360 Qantas points a month. And say you make 80 transactions a month, that will give you another 400 points a month, so all up you are looking at accruing around 9120 points annually.
While it’s unlikely that the points accrued solely via the account will lead to a free first class around-the-world trip, a free domestic flight every 18 months isn’t bad for simply spending your money how you normally would.
We look forward to reading your reviews of the Bankwest Qantas Transaction Account in the coming months. Want to review your bank now? You could win a $1000 to go with that free flight, see here for details.
Please note, any rates or features mentioned in this blog were available at the time of writing and may have changed. To check on today’s product information, please click on the blue ‘go to site’ button below.