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American Express Qantas Premium Credit Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
American Express Qantas Premium Credit Card
APPLY BY 01 may 17
2 reviews
Earn 60,000 QFF points when you apply by 1st May 2017 are approved and spend $1,500 on eligible purchases within the first three months. Conditions apply.
Relax with 2 complimentary Qantas Club invitations every year.
Complimentary domestic and international travel insurance.
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1.25 pts
per $1 spent
60,000
QFF points
after spend criteria

Pros & cons

What's good?

What's not so good?

Earn 60,000 QFF points when you apply by 1st May 2017 are approved and spend $1,500 on eligible purchases within the first three months, for New Card Members and bank-issued Amex companion cardholders.
2 x complimentary Qantas Club Lounge invitations every year.
Complimentary domestic and international travel insurance when you pay for eligible travel on this card.
Earn 1.25 pts per $1 spent on card purchases.
Earn 1 additional Qantas Point per $1 spent on selected Qantas products and services in Australia.
No cap on how many points you can earn.
No cost for 4 supplementary cards so you can earn more points.
0% p.a. for 12 months for balance transfers and a one-off credit plan establishment fee of 1%.
The annual fee is $249 p.a. each year.
Interest rates on purchases are at the higher end of the range.
You won’t qualify for the bonus points if you have held any kind of AmEx card in the previous 18 months.

Review

Our review of the American Express Qantas Premium Credit Card

Get your Qantas Frequent Flyer points account off to a flying start – or give it a significant boost if you’re already collecting QFF points – with a sign-up bonus of 60,000 points when you choose the American Express Qantas Premium Credit Card. While it may not be the best QFF bonus points offer around, the card does have one of the highest ongoing points earning rates, uncapped. In the end it’s this ongoing rate which will have the greater impact on the regularity with which you can redeem points for something worthwhile.

It’s a card all about flying, giving its cardholders comprehensive travel insurance (not just for overseas travel but for domestic trips too), airport lounge access, and fee-free supplementary cards to further boost QFF points earning. And if you need to lick your finances into shape before you can afford an overseas trip, there’s even a zero-interest balance transfer option.

60,000 QFF points

Providing you haven’t held any other card directly issued by American Express in the last 18 months, to qualify for a 60,000 QFF points bonus all you need to do is make purchases with your new card amounting to $1500 in 3 months.

That’s a mere $500 per month, certainly not an onerous target. And even if you’ve recently held a companion AmEx card issued by one of the Big Four banks, you will still qualify for this substantial bonus.

Where can you go with 60,000 QFF points?

With this many points you could almost get four return economy flights between Sydney and Melbourne (16,000 points each) and you could definitely have a one-way economy flight to Europe (60,000 QFF points).

You’re not restricted to flying with Qantas. Points can be used with any Qantas partner airline, including Jetstar, Emirates, British Airways, American Airlines, Cathay Pacific, Japan Airlines and more than 20 others.

You can also use your points to upgrade to business class on a flight where you have already booked an economy seat. If you don’t have enough points to fly to your chosen destination you can take advantage of the Points Plus Pay system by paying the balance in cash.

Other ways to use Qantas points

While it’s generally accepted that award flights and upgrades deliver the best- value method of using Qantas points, you’re not limited to using them just for flights. You can also:

  • Book a range of hotel accommodation – 100,000 options worldwide
  • Hire cars from Avis and Budget in Australia and New Zealand
  • Use points to join or renew membership with Qantas Club. (140,000 points to join plus first year membership – which would cost $895 if you paid in cash – and 75,000 points to purchase a $510 one-year renewal.)
  • Buy merchandise, retail gift cards (starting at 3,100 points for a $25 card), movie tickets (e.g. 8,800 points for two Hoyts tickets) and more, at the online Qantas Store
  • Purchase wines from Qantas epiQure

Robust ongoing points earning rate

There’s no need to worry that once you’ve spent your bonus points you’ll never earn enough points to be able to redeem again. That’s because the continuing earning rate is more than respectable, and relatively uncomplicated:

  • 2 points per dollar for spending with Qantas (not Jetstar) – flights, upgrades, Qantas Club &c
  • 0.5 points per dollar for spending with government bodies like Australia Post and the ATO
  • 1 point per dollar on all other purchases

So, even when you pay your tax bill, you can ease the pain with half a point for every dollar it costs you.

More good news: there’s no cap on the number of points you can earn each month or year.

Complimentary travel insurance

One of the exceptional features of the complimentary travel insurance that comes with AmEx credit cards is that it provides comprehensive cover for domestic travel as well as overseas trips, unlike many competing cards which provide limited local travel insurance under the heading 'interstate flight inconvenience cover’. This is the travel cover built into the card:

  • International annual multi-trip travel insurance for the primary cardholder, and immediate family members on the same trip.
  • Domestic travel insurance for journeys more than 150 kilometres from your normal place of residence.
  • Transport accident cover, providing compensation for serious accidents sustained on public transport and commercial flights.

The travel insurance policies cover such things as emergency medical expenses, baggage loss and delay, delayed flights and missed connections, and unavoidable trip cancellation. They are activated either by purchasing the full fare with the card or QFF points (for both international and domestic trips) or by booking at least four nights’ consecutive accommodation with the card (for domestic trips only).

Unfortunately, AmEx proves to be a further exception to the rule in not covering supplementary cardholders in its personal credit card travel insurance policies (except where the supplementary cardholder is a spouse travelling with the primary cardholder). If you need stand-alone cover for supplementary cardholders and still want to use an AmEx card, you’ll need to consider one of the extensive range of American Express business cards.

Complimentary shopper’s insurance

Few American Express cards, this one included, come with extended warranty insurance, so you’ll need to look elsewhere if that kind of cover is important to you. But you will get a type of cover unique to AmEx cards: refund protection. Although major Australian retailers will accept return of an unused item without hesitation, some smaller vendors do not have this policy. If return for a refund is refused within 90 days of purchase, you can instead claim a refund of up to $500 from American Express.

Another form of 90-day protection for items bought with the card is the purchase protection policy covering theft, loss or damage (maximum claim $2,500 per event and $20,000 per year). AmEx lets you not only travel, but also shop, with peace of mind

Qantas Club access

A frequent flyer’s card isn’t truly complete without airport lounge passes. Your first purchase of a Qantas product in each year of holding the card will earn you two single visit passes to a Qantas Club international lounge. It isn’t possible to purchase single entries to a Qantas lounge, so it’s difficult to put a value on this benefit, but anyone who has experienced the superior comfort of a Qantas-operated lounge in the course of a long-haul flight will agree that this is truly a perk worth having.

Zero-interest balance transfer offer

You can consolidate onto this card your balances from any non-AmEx cards you currently hold, and pay 0% p.a. interest for 12 months. This sounds like a good offer, but there are a couple of catches. Firstly, you’ll pay a 1% credit establishment fee upfront on the total amount transferred, so, considering that you will be reducing the balance with minimum monthly repayments, you will fork out more than the equivalent of a 1% interest charge.

Secondly, if you do choose to transfer a balance, you will be presented with a dilemma. The presence of an unpaid balance means that you will forfeit your interest-free days on purchases (Up to 44 days on purchases). If you postpone using the card for purchases altogether you’ll miss out on your 60,000 QFF points entirely, and forfeit the regular points, complimentary insurance and lounge passes in the first year. So if you do have a balance transfer, you should at least plan to meet the minimum spending target of $1500 in 3 months bonus points, but pay off the purchase balance immediately to avoid being slugged with 20.74% p.a. in interest charges from the date of purchase.

Fairly high annual fee, but free supplementary cards

Credit card annual fees are definitely in the 'You get what you pay for’ category. While $249 p.a. per year isn’t cheap, it’s not unreasonable given the regular annual benefits, and it’s more than reasonable in the first year because of the generous bonus points. Add to this the fact that you can have up to four supplementary points-earning cards without paying an extra cent, and it begins to look like, if not a bargain, certainly a more-than-value-for-money transaction.

Where else to look for a deal like this

If the bonus points are really important to you, there are some other good deals available.

The ANZ Frequent Flyer Black Credit Card will give you 75,000 Bonus points, but though it’s fee-free in the first year it will cost you a high $425 p.a. thereafter. The standard earning rate is 1.0 points per dollar, but it drops to 0.5 pts per $1 spent after a threshold of $7,500 per month is reached.

The HSBC Platinum Qantas Credit Card offers 60,000 points for a higher target spending of $3,000, a basic earning rate of 1.0 points per dollar but a very restrictive threshold of $2,500 per month before the rate falls to 0.5 points per dollar. The annual fee is lower at $199 p.a., but it doesn’t come with complimentary airport lounge access.

Ideal cardholder profile for this card

If you’re checking out this card you are probably already a member of the Qantas Frequent Flyer program, so the bonus points may bring a long-haul flight within your reach. The solid ongoing points earning rate could turn you into a regular leisure traveller, and when that happens it will be comforting to know that you’re backed by dependable travel insurance and Qantas Club lounge access.

This is a card for someone who wants to increase their rewards without running into the monthly points cap or threshold that mars so many other cards, and understands that $249 p.a. is not an excessive price to pay for the privileges attached to it.

User reviews

1.3 out of 5.0 based on 2 reviews0% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Rewards are misleading

Reviewed and not recommended by Brett on 03 Jan 2017

I applied for this card because of the rewards it offered, including two visits to the Qantas lounge. When I tried using the visit to the Qantas lounge I was told I was not eligible because I booked my flights through Flight Centre (pretty big travel agent in Australia). Apparently there are certain travel agents you have to book through to receive this offer. When I asked customer service for a list of these travel agents they were unable to provide me with the list. Feels like a bit of a rort to me.

With the $250 annual fee and the additional charges many places add for using American Express, there are better cards that offer both dual Amex and Visa. This card also doesn’t provide 2 points per dollar on all purchases. Some are only 0.5 points per dollar, on the likes of telecoms and insurance.

Watch out, don't be conned

Reviewed and not recommended by Paul on 23 Jun 2016

They penalise you for being a day late with your repayment. They give no consideration if you have lost your job. Making the standard repayment requires a reduction in the monthly repayment. Consideration should be given to reduce your payment without being penalised for late payments. I still attempt to make my payments even though it is difficult. I have not given up hope.

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
American Express
Card use
Personal
Credit rating
No bad credit history
Gambling transactions allowed
N/A
Joint application
No
Minimum age
18 years old
Minimum income
$40,000
Minimum income for pensioners
Same as standard
Pensioners
N/A
Rewards program
Qantas Frequent Flyer
Temporary residents
N/A

Cardholders

Additional cardholders
4
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$2,000
Maximum credit limit
$50,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 44 days on purchases
Minimum repayment
2.5%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 months1%50% of credit limit20.74% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
50% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the American Express Qantas Premium Credit Card at the promotional balance transfer rate from:

  • American Express

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 months1%50% of credit limit 20.74% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances N/A N/A
Purchases 1.73% 20.74% p.a.

Fees

Annual fee
$249 p.a.
Cash advance fee
N/A
Dishonour fee
N/A
Duplicate statement fee
$10
Foreign exchange fee
3%
Late payment fee
$30
Over limit fee
$30
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$2.50
Overseas emergency card replacement fee
$0
Transaction verification fee
$7

Rewards

Cool stuff you can get with your points

Disclaimer: Does not include taxes, fees, or charges. Accurate as of 25th January 2016.

Rewards program basics

First purchase bonus
60,000 QFF points
Reward points expiry
Never, as long as you keep your account active
Rewards program
Qantas Frequent Flyer
Spend required for bonus points
$1500 in 3 months

Earning points with this card

ATO payment earns rewards
0.5 pts per $1 spent
Frequent flyer points
1.25 pts per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
N/A
Points cap per year
N/A
Reward points
N/A

Additional benefits

Airport lounge access
Yes, 2 passes per year
Complimentary flight voucher
No
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $1,127

ShoppingEstimated value
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Refund cover if retailer refuses return
Most major retailers have 100% guaranteed returns, but not all do. Valuation assumes making a $100 claim once every 5 years.
$20
Travel
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days. -Andrew Boyd
$627
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,127
Annual fee$249
Net customer value$878
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $40,000 per year
Have no history of bad credit
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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