I expect their terms and conditions permit them to do almost anything they please. But if the points have already been spent/transfered then it will be a lot harder for them to do anything about it :wink: .
They may not be able to get it back from Qantas easily but they can put a negative amount against your accrued ANZ FF points. I had this done to me last month when money from a Qantas flight I cancelled came back. The points I got for spending the money in the first place had already been credited to my Qantas FF account but I had a negative 480 points to accrue before I got into positive territory again.
So, as it stands, I have recieved 10,000 points for the joining fee, it may be worth cancelling the card if they decide to take them back in the way you suggest they will.
Join Australian Frequent Flyer (AFF) for free and unlock insider tips, exclusive deals, and global meetups with 65,000+ frequent flyers.AFF members can also access our Frequent Flyer Training courses, and upgrade to Fast-track your way to expert traveller status and unlock even more exclusive discounts!