Qantas FX Business Money rewards promotion

[am0985]

How does this deal look to people?

=============================

Earn up to 125,000 bonus Qantas Points as a new converter±:

Convert minimum $20,000 AUD and earn 40,000 bonus points.
Or, convert minimum $40,000 AUD and earn 80,000 bonus points.
Or, convert minimum $75,000 AUD and earn 125,000 bonus points.

============================

It's 1 point per dollar on the conversion too and 1.75% fees.

Converting 40k AUD would get 120k bonus points for $700. Not as good as a CC bonus points and not contributing to Points Club but no need to apply for credit etc?

It's interbank rates after the 1.75% fee so presumably it can be transferred back very quickly for only the minimal currency fluctuations in betweem?

 

[aeronthomas]

Yes I saw this too or convert $75,000 for total 200,000 points, and then if you convert straight back I think you actually lose the 1.75% fee on both directions so $1,312.50 x 2 would be total $2,625, Or if you are happy to store the funds in say USD for a week or two you could then transfer back and probably halve that fee amount (with movement in exchange rates over a week or two). You can use a website like AUD USD Historical Data - Investing.com AU too and change to weekly amount and you can see some weeks the change is as much as 2.82% and some weeks as low as 0.16% like the change last week. Weeks where interest rates change are often the bigger movers. I can't see anywhere in t and c the funds once converted have to be used for actual purchases in overseas currencies.

 

[am0985]

Yes I saw this too or convert $75,000 for total 200,000 points, and then if you convert straight back I think you actually lose the 1.75% fee on both directions so $1,312.50 x 2 would be total $2,625, Or if you are happy to store the funds in say USD for a week or two you could then transfer back and probably halve that fee amount (with movement in exchange rates over a week or two). You can use a website like AUD USD Historical Data - Investing.com AU too and change to weekly amount and you can see some weeks the change is as much as 2.82% and some weeks as low as 0.16% like the change last week. Weeks where interest rates change are often the bigger movers. I can't see anywhere in t and c the funds once converted have to be used for actual purchases in overseas currencies.

Ah, good point about the both directions thing. Becomes a much less attractive proposition! Exchange rate movements are always a tricky thing to pick especially given Fed will almost certainly move on rate cuts sooner than the RBA.

 

[elanshin]

Basically it runs off Airwallex's system. Airwallex themselves charge 0.3% (I have both) vs the 1.75% I think there was a period where it was around 1.2% but that may have just been a special.

So effectively QBM is paying 1.45% for the forex points. For 75k that's $1087.5 for 200k pts or 0.54375c per point. Now if you're just purely doing it for the points and no money transfer then the cost is a fair bit higher so I'm not sure if it'll be worthwhile.

If you do use FX this is a reasonable deal. Keep in mind too that the $1087.50 is tax deductible so the real cost is lower too after tax calculations.

Under normal circumstances this works out to be 1.45c per point - tax rate which if you have a 30% company tax means ~1c per point. Not insane but not bad either. It's then up to you to decide if the fee is worth it.

 

[opusman]

It's been around 1% ever since it launched I think, but was only paying 1 pt / $10.

 

[elanshin]

It's been around 1% ever since it launched I think, but was only paying 1 pt / $10.

Yeh when I first saw it it was 1pt for every $10 which I deemed not worthwhile at all vs Airwallex themselves.

At 1pt per $1 it's ok. Tradeoffs to be made, but not insanely bad value.

 

[Nigeldw]

I need to change $150 AU$ to buy GBP, so if i understand this offer correctly i would receive 400,000 qantas points. Doing the maths i would receive around £ 1,150 less than my usual FX provider, (approx AU$ 2,175). So the 400k points would be costing me AU$ 0.005 per point, which i think is 0.5436c. This does like a good deal, my only concern is whether i will actually receive the 400k points ?

 

[Nigeldw]

i guessed it. I think ive been ripped off. i changed $75k, and i got 200k frequent flyer points, including the bonus. and then a few days later i changed another $ 75k, and i only received 75,000 frequent flyer points.

the T&C's say;

Eligible to Qantas Business Rewards members who make their first foreign currency conversion for their business between 1 February 2024 and 30 April 2024 (Offer Period). Points are awarded according to the total amounts converted by the member during the Offer Period as follows: 40,000 bonus Qantas Points after converting minimum $20,000 AUD (or AUD equivalent), or 80,000 bonus Qantas Points after converting minimum $40,000AUD (or AUD equivalent), or 125,000 total bonus Qantas Points after converting minimum $75,000AUD (or AUD equivalent

i read this as the key point being "Points are awarded according to the total amounts converted by the member during the Offer Period as follows:".

this suggested to me that i would get bonus points for any FX made during the offer period;

am i wrong ?

can anyone suggest how i can get my missing points back ?

Thanks again
Nigel

 

[bcworld]

am i wrong ?

Yes...because the terms you quoted clearly state the max bonus is 125k during the promo period.