This week in banking - Qantas upgrades its Frequent Flyer program
In this week’s banking recap, we take a look at the latest news in fintech, energy, and rewards cards, plus revisit the latest debacle in Aussie property development.
Do we need a Royal Commission into residential building?
The recent Mascot Towers fiasco has shone a spotlight on Australia’s shoddy development problem. With apartments going up quick, builders cutting corners, and defects appearing left and right, there’s mounting concern among owners that their properties will plummet in value. Mozo’s property expert, Steve Jovcevski, weighs in on the state of development in Australia and whether or not a Royal Commission is in order.
New ACCC rules to increase transparency, save consumers money
On Tuesday, the ACCC released its Electricity Retail Code, a set of rules that will apply to energy providers in South Australia, New South Wales and South East Queensland. Under these new rules, headline discounting will be banned and caps will be introduced on ‘standing offers,’ which will be set annually by the Australian Energy Regulator (AER).
“These new rules, based on recommendations by the ACCC, increase transparency in advertising of electricity offers, and put consumers in a stronger position by enabling them to trust retailers’ advertised discounts and find a better deal,” said ACCC Commissioner, Cristina Cifuentes.
Revolut launches in Australia
Following a string of successes in Europe, Revolut has finally arrived on Australian shores. Valued at $US1.7 billion ($AUD2.4 billion), the plucky young neobank is currently awaiting its local banking license, but will offer customers a transaction account and debit card in the meantime.
“Revolut already has an established European market and when you combine this with the all the flak major banks have copped since the Royal Banking Commission and with some not passing on the RBA rate cut, big banks should be sweating over innovative fintechs like this,” said Mozo’s banking expert, Peter Marshall.
Qantas announces overhaul of rewards program
On Thursday, Qantas announced it will be revamping its rewards program, giving members access to more rewards, reducing points requirements for certain flights, and introducing a new Points Club program, which will treat members to an even greater array of offers.
“Australians love earning Qantas Points and that momentum has seen us expand our number of retail partners and extend into new areas like financial services and insurance. The result is that people have lots of opportunities to earn points, so this overhaul is about making sure they have more opportunities to use them,” said Qantas CEO, Alan Joyce.
If you’re thinking about signing up for a Qantas rewards card, we’ve compiled some options below.
Rewards credit card comparisons on Mozo - last updated February 27, 2021
American Express Qantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 5 April 2021, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
Rewards program
Annual fee
Bonus points
Earn rate per $1
Qantas Frequent Flyer$450100,0001.25 points uncappedCompareCompareQantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 5 April 2021, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
- Intro rate
- -
- Ongoing Purchase rate
- 20.74% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 100,000
- Rewards
- Points
- 8,000 points
- 110,400 points
- 18,770 points
- Card Benefits
- Travel Insurance,
Purchase Protection,
Account alerts by SMS
Read our Mozo Review to learn more about the Qantas Ultimate Card
NAB Qantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 130,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Qantas Frequent Flyer$395 $295 in the first year130,0001 point up to $5,000/month, then
0.5 points up to $20,000/monthCompareCompareQantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 130,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
- Intro rate
- -
- Ongoing Purchase rate
- 19.99% p.a.
- Balance transfer rate
- 0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1 point per dollar on Visa, up to $5,000 per month, then
0.5 points per dollar on Visa, up to $20,000 per month
- Reward point expiry
- Never
- Bonus points
- 130,000
- Rewards
- Points
- 8,000 points
- 110,400 points
- 18,770 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing,
Domestic Hotel Burglary Insurance
Read our Mozo Review to learn more about the Qantas Rewards Signature Card
NAB Rewards Platinum Card
Up to 60,000 bonus points (T&Cs apply). Also get 1 NAB reward point for every $1 spent on everyday purchases.
Rewards program
Annual fee
Bonus points
Earn rate per $1
NAB Rewards$19560,0001 point uncappedCompareCompareRewards Platinum Card
Up to 60,000 bonus points (T&Cs apply). Also get 1 NAB reward point for every $1 spent on everyday purchases.
- Intro rate
- -
- Ongoing Purchase rate
- 19.99% p.a.
- Balance transfer rate
- 0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1 point per dollar on Visa, uncapped
- Reward point expiry
- Never
- Bonus points
- 60,000
- Rewards
- Points
- 15,600 points
- 239,200 points
- 19,240 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing,
Domestic Hotel Burglary Insurance
Read our Mozo Review to learn more about the Rewards Platinum Card
American Express Qantas Discovery Card
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020^.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Qantas Frequent Flyer$0No current offer0.75 points uncappedCompareCompareQantas Discovery Card
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020^.
- Intro rate
- -
- Ongoing Purchase rate
- 20.74% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 0.75 points per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- No current offer
- Rewards
- Points
- 8,000 points
- 110,400 points
- 18,770 points
- Card Benefits
- Purchase Protection,
Account alerts by SMS
Read our Mozo Review to learn more about the Qantas Discovery Card
NAB Qantas Rewards Premium Card
30,000 bonus Qantas Points when you spend $2,500 within 60 days (T&Cs apply).
Rewards program
Annual fee
Bonus points
Earn rate per $1
Qantas Frequent Flyer$25030,0000.66 points up to $3,000/month, then
0.33 points up to $6,000/monthCompareCompareQantas Rewards Premium Card
30,000 bonus Qantas Points when you spend $2,500 within 60 days (T&Cs apply).
- Intro rate
- -
- Ongoing Purchase rate
- 19.99% p.a.
- Balance transfer rate
- 0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 0.66 points per dollar on Visa, up to $3,000 per month, then
0.33 points per dollar on Visa, up to $6,000 per month
- Reward point expiry
- Never
- Bonus points
- 30,000
- Rewards
- Points
- 8,000 points
- 110,400 points
- 18,770 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing,
Domestic Hotel Burglary Insurance
Read our Mozo Review to learn more about the Qantas Rewards Premium Card
^See information about the Mozo Experts Choice Rewards Credit Cards Awards
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