Bank with Qantas Credit Union and Earn points

[pshepvic]

Re: Earn points on your savings

some more sums by me: so if you value QF points at $0.01 per point, 400QF points per $1000 balance equates to an extra 0.4% interest PA (but tax free!)

Although a lot of people value the points at more than $0.01. If you're using towards J or F fares, they could be "worth" 3-6 cents/point or more. At just 3 cents that is 1.2% interest PA, but it doesn't compound so that probably negates the tax free bit!

 

[footy99]

Re: Earn points on your savings

On $100K balance, you get $2500 + 40K points (~$500 value) per year. So 3% interest rate. That would be close to the worst on the market anywhere. Even my ubank saver earns 4.62%. No doubt there are better deals around than that too.

 

[pauly7]

Re: Earn points on your savings

On $100K balance, you get $2500 + 40K points (~$500 value) per year. So 3% interest rate. That would be close to the worst on the market anywhere. Even my ubank saver earns 4.62%. No doubt there are better deals around than that too.

Yup there sure is.

Ubank used to be the best online savings account but they did an 'ing direct' and got too popular and now don't bother having the best rate anymore :/

 

[lovestotravel]

Re: Earn points on your savings

On $100K balance, you get $2500 + 40K points (~$500 value) per year. So 3% interest rate. That would be close to the worst on the market anywhere. Even my ubank saver earns 4.62%. No doubt there are better deals around than that too.

40K points can worth about $1500

$2500+$1500=$4000

4% - Getting better but still not great

 

[Mr_Orange]

Re: Earn points on your savings

Sorry to take this slightly OT, but a few questions to the UBank savings account (UBank - A good place for money - Backed by NAB.) holders among you.

It seems to compare favourably (well better really) with the CBA Goalsaver, which is my existing savings account:

1. Higher interest rate;
2. Minimum deposit of $200 via ASP as opposed to a balance increase of $200;
3. No limitations on number of withdrawals;
4. Base interest rate is higher if you don't meet the criteria (CBA is 0.01%)
5. can be linked to any Aus bank account.

Has anyone had any real world issues with operating one of these accounts?

What are the time scales like for transferring money out of the USaver to the linked account (not UBank)?

Has web site downtime been a problem?

Is the ASP set and forget?

TIA.

 

[chrisishere]

Re: Earn points on your savings

what sparked my interest is the points for the home loan. the rate doesn't seem to competitive though.

5.18% variable when I'm currently getting 4.98 variable with one of the big 4.

 

[Cynicor]

Re: Earn points on your savings

Sorry to take this slightly OT, but a few questions to the UBank savings account (UBank - A good place for money - Backed by NAB.) holders among you.

It seems to compare favourably (well better really) with the CBA Goalsaver, which is my existing savings account:

1. Higher interest rate;
2. Minimum deposit of $200 via ASP as opposed to a balance increase of $200;
3. No limitations on number of withdrawals;
4. Base interest rate is higher if you don't meet the criteria (CBA is 0.01%)
5. can be linked to any Aus bank account.

Has anyone had any real world issues with operating one of these accounts?

What are the time scales like for transferring money out of the USaver to the linked account (not UBank)?

Has web site downtime been a problem?

Is the ASP set and forget?

TIA.

Love my Ubank account.

To my nab it transfers instantly, as in I can stand in front of an ATM, transfer it and withdraw it. To my credit union I would allow 2 days.

The account is great and works as advertised. Don't get the "ultra" bit though.

Not had any issues with down time and ASP is set and forget, very simple to use.

 

[scheps]

Re: Earn points on your savings

how much can you transfer (to another a/c) from ubank at once? and if you do, do you lose the interest for that month?

Actually, 40k per business day so maximum 200 a week......

 

[Jacques Vert]

Re: Earn points on your savings

what sparked my interest is the points for the home loan. the rate doesn't seem to competitive though.

5.18% variable when I'm currently getting 4.98 variable with one of the big 4.

Their rate varies depending on the size of your loan (as do most institutions) and for $1m+ without points is 4.93%. Of course if you want points you have to pay for them somehow and the rates are higher. As is often pointed out on this forum, what is a good deal and what is not depends mostly on the situation of the individual and what value they put on things such as points. For example, those with more points than they can ever spend, it is poor value; for someone needing some extra points to take that once in a life time trip it may be very worthwhile.

I moved my loan to them about 2 years ago when their rate (without points) was significantly below my bank's. For the record I have found their customer service excellent and their website excellent = very user friendly.

JV

 

[JohnK]

Re: Earn points on your savings

40K points can worth about $1500

$2500+$1500=$4000

4% - Getting better but still not great

I am not sure I want to convert all my earning opportunities to FF points and then be forced to use them.

The economy airfares to SIN at the moment are great and almost cost nothing.

 

[netgrom]

[FONT=Arial, Helvetica, sans-serif]Just received the Qantas Credit Union Newsletter with an announcement that you can earn points with banking products.[/FONT]

[FONT=Arial, Helvetica, sans-serif]What looks interesting is the points earn is per annum you can earn off home loans..$295 may buy quite a few points at 150 points per $1000 on a home loan.

Likewise for a savings account.[/FONT]




[FONT=Arial, Helvetica, sans-serif]Bank with us and watch your [/FONT]

[FONT=Arial, Helvetica, sans-serif]Qantas Points take-off[/FONT]


Introducing Qantas Points Banking.
The great thing about our new Qantas Points Banking range is that you’re rewarded for what you’re already doing.
By simply switching your loan, savings or credit card to a Qantas Points Banking product you could be rewarded with Qantas Points[SUP]1[/SUP] each month.
Calculate your Qantas Points earn potential.
To find out what your Qantas Points earn potential is for your loans and savings, try out our easy points calculator at qantascu.com.au/rewards
Earning Qantas Points[SUP]1[/SUP] with our new range is easy.
Qantas Points Home Loan

• Earn 150 Qantas Points for every $1000 on your loan balance p.a.
• No application or establishment fees
• $299 Annual Package fee (charged upon funding and annually thereafter)
• Complimentary Visa Platinum Credit Card[SUP]2[/SUP]

Qantas Points Car Loan

• Earn 1,000 Qantas Points for every $1000 on your loan balance p.a.
• Competitive fixed interest rate (See our current rates on our website)
• Loan amount from $15,000. Available on cars, caravans, boats and motorcycles up to 5 years old
• $0 upfront fees (See our fees and charges brochure at qantascu.com.au, early repayment and dishonour fees may apply)

Qantas Points Saver

• Earn 400 Qantas Points for every $1000 on your average monthly balance p.a.
• $0 application fee
• $0 account keeping fee

Visa Platinum Credit Card

• Earn 1 Qantas Point for every $1 spent on eligible purchases[SUP]3[/SUP]
• Earn 2 Qantas Points for every $1 spent on selected Qantas Products and services in Australia[SUP]4[/SUP]
• Annual fee of $195 (charged upon account opening and annually thereafter)

 

[MEL_Traveller]

oh... I got a bit excited prematurely... I didn't see the 'pa' after the 400 points per $1000 monthly balance. I thought it was 400 per $1000 each month!

 

[netgrom]

oh... I got a bit excited prematurely... I didn't see the 'pa' after the 400 points per $1000 monthly balance. I thought it was 400 per $1000 each month!

That would be nice! Looking further into this it seems their Home Loan Points interest rate is also higher than their previous Step ahead loans, still may be value for some though.

Qantas Points Home Loan
$150,000 & over 5.18%




Step Ahead Home Loans - from
$150,000 to $249,999.99 5.13%
$250,000 to $499,999.99 5.03%
$500,000 to $749,999.99 5.03%
$750,000 to $999,999.99 4.98%
$1 million & over 4.93%

 

[tasimana]

The ability to amass points is enormous. A $500k loan gives 75,000 points. Use the bundled credit card and spend say $3k a month a d earn another 36,000 points. A $40k car loan would give 40,000 points. In all 151,000 points in one year. Points paid monthly for the life of the loan.

 

[ncairns]

Agree there is a massive points earning potential available here. But like all financial products, you should always consider shopping around for a better deal.

For example, compare the Qantas Points Saver with the popular UBank USaver product. Assuming a starting balance of $50,000, interest compounded monthly and no regular savings plan is required

QF Points Saver - 2.50% pa - $50,000 over 3 years = $4,002 interest earned + 62,286 QF points (as per QF calculator)
UBank USaver - 4.26% pa - $50,000 over 3 years = $6,803 interest earned
Interest foregone over 3 years = $6,803 - $4,002 = $2,801

Hence you are effectively "paying" $2801 for 62,286 QF points which is about 4.5 cents/point which is not good value.

Of course there are other things to consider. For example, you must pay tax on interest income and also a lot of financial institution have conditions that must be met in order to earn "bonus" interest (such as setting up a regular savings plan or no withdrawals allowed in the month).

If, however, any of these financial products are something you have already been considering and the ability to earn points is an extra sweetener, then by all means sign up.

 

[vicsta]

Would be interested to see how good the service is from QF CU. When with one of the Big 4 banks you can usually get on your personal banker's back when there's a change in interest rate, and negotiate for a better rate.
Would be great if QF Credit Union matches/beats interest rates of other banks. Anyone else here with experience with QF Credit Union?

 

[Jacques Vert]

Would be great if QF Credit Union matches/beats interest rates of other banks. Anyone else here with experience with QF Credit Union?

I took up the CC offer and subsequently changed my home loan and personal banking to them; that was BEFORE the points earning bit (except on the credit card, of course).

Website: superb! Customer Service: Excellent. It will be a long time before I go back to a big bank.

Don't think they are in a position to "match" other institutions' rates as they tend to treat everyone the same. By the way, with their standard home loan (without the points), make sure you look at the comparison rate rather than the headline rate. QSCU have no fees, so comparison rate and headline rate are the same: most unusual.
And when I wanted to do a redraw on our home loan, I just sent them an email; the money arrived in our account within 20 minutes

 

[Jacques Vert]

I note that QSCU are offering 60,000 bonus points for new home loans over $250,000 (including investment properties) at present, as well as the 150 points per year per $1000 of average loan balance. You can get 120,000 bonus points for a home loan + an investment property.

Interest rate 5.18%: https://www.qantascu.com.au/home-lo...tm_term=QP&utm_content=banner&utm_campaign=HL

Need to apply by 31 July and fund the loan by 31 October.

T & Cs here: https://www.qantascu.com.au/bonus

May be useful for some. JV

 

[awilcockson]

So ... got the email this morning about the 60K bonus points and after realising that if I switch my mortgage and savings to QCU I not only pay less interest but will also earn points I started looking into switching.

However, I read that you need to be a QF employee to be a member and use their services ... does anyone know if this is enforced?

Seems weird to mail out the offer from AFF to the entire user base when only a very, very small percentage would be QF employees ...

 

[markis10]

So ... got the email this morning about the 60K bonus points and after realising that if I switch my mortgage and savings to QCU I not only pay less interest but will also earn points I started looking into switching.

However, I read that you need to be a QF employee to be a member and use their services ... does anyone know if this is enforced?

Seems weird to mail out the offer from AFF to the entire user base when only a very, very small percentage would be QF employees ...

Where does it say you have to work for QF, you just need to have worked in Aviation etc or be family or a friend of someone who is a member, stacks of members here.

[h=1]Who can join?[/h]At Qantas Credit Union, we welcome anyone who works or has worked in the travel and aviation industry.
If you'd like to join but not sure if you're eligible, please contact us.
[h=4]What organisations are eligible?[/h]

• Aviation
• Hospitality
• Travel
• Freight and Logistics
• Local, State and Federal Government
• Family and friends of Members