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 28 April 2025
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Apply By 1 Jul 2025
American Express Qantas Ultimate Card
Qantas Frequent Flyer
$450
50,000
1.25 points up to 100,000 points/year, then
1 point uncappedReceive 50,000 bonus Qantas Points1 when you apply online by 1 July 2025, are approved, and spend $5,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available for new American Express Card Members only.
CompareCompareQantas Ultimate Card
Receive 50,000 bonus Qantas Points1 when you apply online by 1 July 2025, are approved, and spend $5,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available for new American Express Card Members only.
- Rewards program
- Qantas Frequent Flyer
- Annual fee
- $450
- Bonus points
- 50,000
- Earn rate per $1
- 1.25 points up to 100,000 points/year, then
1 point uncapped
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- Up to 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Amex, up to 100000 points per year, then
1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 50,000
- Sydney to Melbourne
- 8000.0
- Sydney to London
- 110400.0
- $100 Gift card
- 20010.0
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover
- Rewards Bonus Points
- 1.25 points per dollar on everyday purchases. Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2.25 Qantas Points per $1 spend on selected Qantas products and services.Exclusions apply. After a total of 100,000 Qantas Points is earned in a calendar year, the everyday earn rate will change from 1.25 to 1 Qantas Points per $1 spent.*
Read reviews and learn more about rewards credit cards
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NAB Qantas Rewards Premium Card
Qantas Frequent Flyer
$295 $195 in the first year
70,000
0.66 points up to $3,000/month, then
0.33 points up to $6,000/month70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
CompareCompareQantas Rewards Premium Card
70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
- Rewards program
- Qantas Frequent Flyer
- Annual fee
- $295 $195 in the first year
- Bonus points
- 70,000
- Earn rate per $1
- 0.66 points up to $3,000/month, then
0.33 points up to $6,000/month
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- Up to 44
- Foreign exchange
- 3.50%
- 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
- 70,000
- Sydney to Melbourne
- 8000.0
- Sydney to London
- 110400.0
- $100 Gift card
- 20010.0
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Rental Vehicle Excess in Australia Insurance
- Rewards Bonus Points
- Bonus points on selected Qantas products and services, including eligible Qantas flights.
Read reviews and learn more about rewards credit cards
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St.George Amplify Qantas Signature
Qantas Frequent Flyer
$370
120,000
0.75 points up to $250,000/year
Earn 90,000 bonus Qantas Points - when you spend $6,000 on eligible purchases within 90 days of card approval (T&Cs apply)
CompareCompareAmplify 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
- Qantas Frequent Flyer
- Annual fee
- $370
- Bonus points
- 120,000
- Earn rate per $1
- 0.75 points up to $250,000/year
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- Up to 55
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 0.75 points per dollar on Visa, up to $250,000 per year
- Reward point expiry
- Never
- Bonus points
- 120,000
- Sydney to Melbourne
- 8000.0
- Sydney to London
- 110400.0
- $100 Gift card
- 20010.0
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection
- Rewards Bonus Points
- 10% points bonus on total points earned in previous year on birthday of cardholder.
Read reviews and learn more about rewards credit cards
-
NAB Qantas Rewards Signature Card
Qantas Frequent Flyer
$420
120,000
1 point up to $5,000/month, then
0.5 points up to $20,000/monthEarn up to 120,000 Bonus Qantas Points on a new NAB Qantas Signature Card. Min $3,000 spend on everyday purchases in first 60 days and keep your card open for 12 months.
CompareCompareQantas Rewards Signature Card
Earn up to 120,000 Bonus Qantas Points on a new NAB Qantas Signature Card. Min $3,000 spend on everyday purchases in first 60 days and keep your card open for 12 months.
- Rewards program
- Qantas Frequent Flyer
- Annual fee
- $420
- Bonus points
- 120,000
- Earn rate per $1
- 1 point up to $5,000/month, then
0.5 points up to $20,000/month
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- Up to 44
- Foreign exchange
- 3.50%
- 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
- 120,000
- Sydney to Melbourne
- 8000.0
- Sydney to London
- 110400.0
- $100 Gift card
- 20010.0
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Rental Vehicle Excess in Australia Insurance
- Rewards Bonus Points
- Bonus points on selected Qantas products and services, including eligible Qantas flights.
Read reviews and learn more about rewards credit cards
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