I currently run an Amex Platinum CC (transferred by Amex when they closed the gold Rewards Maximiser program) without the flights for $192 pa. but obviously can't transfer points to QFF. I currently don't have any Qantas/Amex cards.
After reading many of the threads re. the Qantas Ultimate Point 50,000 point offer, I applied today via the link
https://www.qantas.com.au/fflyer/dyn/memberSpecials/cards/qantas-american-express-ultimate which is still active.
Following that, I called Amex and discussed whether they were able to offer any incentives for running both cards. Based on the fact that I held a complementary card (the Amex Platinumm CC) they advised that the annual fee would be $250 instead of $450. I'm not sure if my annual $40k spend was a factor. I mentioned that I just applied online for the current offer, and there was no mention that I wouldn't be awarded the 50,000 points. I will be active in dialogue with Amex if they don't appear.
Hope this of some help for those considering signing up.