Bankwest’s Qantas transaction account has been around for sometime, but as of today, they’re enticing new members to join and receive 10,000 Qantas bonus points for doing so.

There are only two catches; one is that you will need to make 10 eligible transactions within 2 months of opening your account, easy. The other one requires a minimum $2000 per month deposit to avoid the $6 account holding fee which is charged otherwise. Depositing your salary would do the trick in this case.

The Bankwest Qantas Transaction account also earn points per transaction and on top of that, also awards points on your total monthly balance. Here are the details:

bankwest qantas transaction account

Bankwest Qantas Transaction Account

  • 5 Qantas points per eligible purchase (not per dollar!)
  • 12 Qantas points per month per $100 balance in your account
  • 5 Qantas points for overseas ATM withdrawals (keep in mind they will charge you a 2.95% fee so you’d be much better off getting the free HSBC Everyday Global Account for overseas ATM use)
  • No monthly account fee if you deposit at least $2000/month ($6/month fee otherwise)
  • Unlimited use of Bankwest and Commonwealth Bank ATMs in Australia

The product disclosure statement has an extensive list of transactions which aren’t eligible to earn points. Essentially the purchases you will earn points on are obvious; when you actually buy something via EFTPOS. So cash out etc. aren’t eligible for earning points.

For smaller transactions this card might even beat some of the best credit cards, since you earn 5 points per transaction. Pulling out this card for your next coffee could be an excellent idea (unless you hold a platinum charge card). Split bills anyone? If you’re desperate enough, supermarket self-checkouts are perfect for splitting bills.

Earning points on your account balance

The Bankwest Qantas Transaction account earns interest at a miserable rate. This is of course due to the fact they pay you out in Qantas points instead. Essentially you’re buying points if you were to compare it to keeping your money in a high-interest account.

In the end, it all comes down to how much you value Qantas points and at which rate you will be taxed on interest earned otherwise. Considering it’s hard to tax Qantas points, this could be an advantage for some. On a balance of $10,000, you’d earn 1200 Qantas points. An account with 3% P.A. would earn you around $25 per month before tax. After tax, you might end up with less than $17.5. Would you pay $17.5 for 1200 Qantas points?

Conclusion

Even if you don’t plan to keep this account, a few minutes work will net you a tidy 10,000 Qantas Frequent Flyer points; you’ll just have to remember deposit at least $2000 each month in order to avoid the $6 fee which could quickly chip away on your gains if left untouched.

You can find the details over at Bankwest: https://www.bankwest.com.au/personal/bank-accounts/qantas-rewards

New Bankwest Transaction account customers only. Ends 31 August 2018. T&Cs and min purchase applies.