Qantas launches a new credit card with “unparalleled benefits”, but does it actually offer value?

If you’re a big spender who’s being holding out for the right piece of plastic to come along, we’ve got good news.

Qantas has launched a new credit card, the Qantas Premier Titanium, which according to the credit card provider, offers “unparalleled benefits” compared to the existing Qantas Premier Everyday and Qantas Premier Platinum cards.

The luxe card features a 19.99% purchase rate, a 21.99% cash advance rate and an eye watering $1,200 annual fee, one of the highest on the market.

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Spenders will earn 1.25 points per dollar on Mastercard, up to $12,500 per month, then 0.5 points per dollar on Mastercard, uncapped.

But for rewards lovers who like to take their plastic overseas, you’ll earn 2 Qantas points per AUD $1 equivalent spend.

If you spend $5,000 within the first 90 days of approval, card holders will be rewarded with 150,000 bonus Qantas Points.

There’s also two complimentary Qantas First Class Lounge invitations every year, plus two complimentary lounge invitations for use at the domestic Qantas Club Lounges or Qantas operated International Business Lounges.

A complimentary Qantas Wine Premium Membership, valued at $99, is also up for grabs as well as a 10% saving on eligible Qantas flights for up to two bookings per year for two people on all fare classes, as well as a 20% bonus on Status Credits on Qantas operated and marketed flights.

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“While these flashy plastic perks are a rewards lovers dream, Aussies need to keep in mind that this is not a card for everyone,” warned Mozo Director, Kirsty Lamont.

“Seeing as you’ll need to budget for a $1,200 annual fee and have an annual income of $200,000 to apply, I imagine that small number of Aussies fit the bill. This is a card designed for high earners who are able to spend enough each month to offset the high annual fee.”

Getting down to the nitty gritty, the Qantas Premium Titanium credit comes comes with the rewards card perks you’d expect as standard, including complimentary travel insurance and concierge service.

Does the Qantas Premier Titanium actually hold value?

If there’s one thing that might be on the mind for many Aussie credit card holders, it’s knowing whether the Qantas Premier Titanium card will stack up in terms of reward value.

According to the Mozo database, based on a $60K annual spend, or $5,000 per month, the card has a rewards net value of $572.

And if you think the new Qantas Premier Titanium card isn’t for you, our credit card comparison tool compares a range of credit cards from platinum cards to low rate cards.