Just a word of warning. I applied for this card on 29 June. At the time, it said quite clearly "You will be automatically opted-in to Qantas Frequent Flyer Direct as your rewards program (an annual $10 opt-in fee applies)" - I took a PDF of the webpage as I was applying.
I got the card in early July and spent the minimum $500 within a week, and received my first statement last week. However, no QF points have shown up - not even the 1.25 pts per $ on my spend so far. I just checked my account online - I haven't been charged the $10 QFF opt in fee, and my rewards balance shows >1,000 CBA awards points. So I phoned up, and was told "that's because you haven't opted in to the QFF awards program". I pointed out that the website said I would be "automatically" opted in, and he said "yes, that's right, once you call us up we will automatically opt you in"! I kid you not. So in other words, it seems it is not automatic - or at least not in all cases. Therefore, to anyone who has not seen the $10 QFF charge show up, and who has not received any QFF points, I strongly suggest you call them up to check if you have been opted in.
Anyway, I'm now opted in - and he claimed I will get the bonus points within 3 months. I specifically asked if I need to spend another $500, since I'm only being opted in today. He said no, definitely not, I've already met that criterion. However, I'm not convinced. I'm considering directing another $500 of spend onto this card just to be safe.