In case anyone is wondering how to use the 120,000 points efficiently, I thought I'd share my research.
The best way to use these points are undoubtably by redeeming premium class flights.
And my research shows that Asia Miles is by far the best program to redeem flights with.
Here is an example award seat costs for
Sydney to Hong Kong:
Asia Miles Points + tax (AUD) / RRP minus tax /
Points per dollar (lower is better)
First Class Return - No First Class with Cathay Pacific (120,000 for similar destinations eg Tokyo)
Business Return - 80,000 + $145.6 / $6019 /
13.3
Economy Return - 45,000 + $145.6 / $805 /
55.9
Krisflyer Points (after 25% discount for booking online) + tax (AUD) / RRP minus tax /
Points per dollar (lower is better)
First Class Return - 127,500 + $550.9 / $6197 /
20.6
Business Return - 93,500 + $508.3 / $3303 /
28.3
Economy Return - 42,500 + $473.7 / $437 /
97.3
Velocity Points
Business Return - 702,900
Economy Return - 118,300
I have searched for many different destinations in Asia, as well as Europe, and Asia Miles 9 times out of 10 comes in cheaper than any other FF program.
So what I have done with my 120,000 points is booked a return business class flight with JAL to Tokyo for 80,000 points + $162 taxes. You will have to manually call Asia Miles to check availability and book flights that are not with Cathay Pacific.
I then did all my EOFY shopping and bills in the first month, and got enough for a one way business class flight with Cathay Pacific from Hong Kong to Sydney for 45,000 points + $57 taxes (I did this because most flights from Hong Kong are over night, and sleeping in economy is simply not an option). And I fly to Hong Kong via Manila through Cebu airlines (currently $199 one way!!).
This along with my free return flight to Queenstown worth $600, I will be going on 3 holidays this year saving approx $7000 in airfares.
And of course, I will be using the unlimited Priority Pass lounge access in all the cities I go through, so I think this card is the best thing to happen to me in my adult life
And as a note to those who might be thinking of transferring the points to the hotel programs, DON'T! Most of the hotels in major cities will set you back around 30,000 AMEX points per night! Simply not worth it considering they're only about $300-$350/night.
One thing that caught me by surprise is that SPG tranfer ratio is only 0.5:1, so definitely keep that in mind if you're planning to transfer points to SPG.
So stick with Asia Miles for best value!
Of course, if you're feeling generous, please use my referal link to sign up! Thanks!
http://amex.com.au/refer/doreek0Wdc