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 - rates updated daily

Search promoted rewards credit cards below or do a full Mozo database search. Advertiser disclosure.
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    American Express Qantas Ultimate Card

    Receive 110,000 bonus Qantas Points plus $200 back when you apply online by 27 October 2021, are approved and spend $3,000 on your new Card within the first 3 months. Offer available to new Card Members only. Plus, receive up to 40,000 extra Qantas points with Shop Small (T&Cs apply)

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Qantas Frequent Flyer
    $450
    110,000
    1.25 points uncapped
    Go to site
    Details
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    NAB Qantas Rewards Signature Card

    NABs fastest way to earn Qantas Points. 110,000 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. Access to 6 complimentary insurances when you make eligible purchases.

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Qantas Frequent Flyer
    $395 $295 in the first year
    110,000
    1 point up to $5,000/month, then
    0.5 points up to $20,000/month
    Go to site
    Details
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    St.George Amplify Qantas Signature

    Earn 90,000 bonus Qantas Points - when you spend $6,000 on eligible purchases within 90 days of card approval (T&Cs apply)

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Qantas Frequent Flyer
    $279
    90,000
    0.75 points uncapped
    Go to site
    Details
  • placeholder
    Bank of Melbourne Amplify Rewards Signature

    Earn 90,000 bonus Qantas Points - when you spend $6,000 on eligible purchases within 90 days of card approval (T&Cs apply)

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Qantas Frequent Flyer
    $279
    90,000
    0.75 points uncapped
    Go to site
    Details
  • placeholder
    BankSA Amplify Rewards Signature

    Earn 90,000 bonus Qantas Points - when you spend $6,000 on eligible purchases within 90 days of card approval (T&Cs apply)

    Rewards program
    Annual fee
    Bonus points
    Earn rate per $1
    Qantas Frequent Flyer
    $279
    90,000
    0.75 points uncapped
    Go to site
    Details

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