Having looked at the details, I would urge you to reconsider your view. The Jetstar dollars are very restrictive in terms of expiry and better value can be obtained with Qantas. For a spend of $100,000 you can get the maximum on both programs of either $2000 (10x$200) Jetstar dollar vouchers or 100,000 QFF points. The Jetstar dollar vouchers expiry after 3 months and can book flights out to 6 months. The QFF points nominally expiry are 18 months for flights out to 30 months. However, that expiry can be prolonged by earning more points, such as when using the card.
In terms of value, 100,000 QFF points can easily be used to redeem domestic business flights that sell for $3200. Better value can be obtained on international flights. I'm not sure that $2000 worth of jetstar flights would be that good a value by comparison.
My only thoughts would be if
aikman preferred to get rewards on lots of short haul flights, or take advantage of Jetstar sales specials overseas, then Jetstar Dollars may be a better prospect.
The economics are quite thin within, but for example on some short haul flights if you can grab the best lead-in fares on Jetstar then you may be able to make more out of that compared to spending 16,000 points for a return flight. Say for example a SYD-MEL return, which with good Jetstar lead fares should cost only about $150 return or so. With $2000 in Jetstar Dollars, you can get 13 return trips; with 100,000 QFF points, you can only get 6 return trips (at 16,000 apiece). (Incidentally, the lead in return fare would need to be about $333 on Jetstar for the economics to "break even" in this case).
Ditto for overseas trips; for example, say SYD-NRT, where the Classic cost of 72,000 points return in Economy needs to be weighed up against the cost in a good Jetstar sale.
Of course, this relies on
aikman preferring to fly Jetstar where it can be had for a good deal. Many of us do not do this as a matter of preference and procedure, and many would regard an
award on Jetstar even more an anathema. If one doesn't fly Jetstar, then there is no point in selecting the Jetstar Dollars option at all. But, if one does (for reasons that may be foreign to a sizable percentage of this board), then a closer inspection is required.
However, let's be more pragmatic. I notice,
medhead, you mention that the vouchers come in lots of $200. I'm not sure what are the provisions of using the vouchers or part thereof. If this is a problem then the economics change quite a bit. Ditto if there are problems with transforming Jetstar Dollars into said vouchers.
More importantly, I consider
aikman's low credit limit of $5k. This will probably mean that the annual spend on the card will be fairly low and no where near earning the maximum annual limit. Do Jetstar Dollars have an expiry? If they do, certainly QFF is a better option since continual activity will keep some QFF points rolling in that eventually can be used for a useful reward.