Especially concerned that if I take up this new card directly with AMEX that will mean I wont be eligible for other much more generous bonus point offerings on other AMEX products
I have an Earth Black (mastercard + amex) where the points go straight to Qantas. I'm not taking up the offer for this new Amex card, as the bonus points at 30K are weak and there is an annual fee (something I've never had to pay before).
IMO if you are a Qantas FF then are two better options direct with amex that you can apply for:
1. The Qantas American Express Discovery card - which has no annual fee ever (and no annual fee for up to 4 supplementary cards), awards $1 = 1 point (no cap) and 2 points for each $1 of Qantas Spend. Easy to qualify for as only requires income of $35k.
or
2. The Qantas American Express Ultimate Card - sure it has a $450 annual fee (but you get this back as a Qantas Travel credit every year, so basically free if you buy at least 1 Qantas flight a year), earns 1.5 points / $1 (2.5 points / $1 for Qantas purchases) and currently giving 100k points sign-up bonus and free epicure membership. It has a $65k income requirement (which is lower than WBC black card requirement).
I will keep the wbc earth black mastercard for the time being as i dont pay an annual fee for it (due to home-loan package) and because I have used it to guarantee some hotel bookings later in the year.
However, I went with option #2 above, as will effectively get it free as I will have no problem spending $450/year with Qantas each year; and 6 weeks in, I've already achieved the minimum spend for the sign-up bonus (i signed uo this a week before wbc sent out their offer, which was thankfully not as good).
I also think I will go with a ANZ Frequent Flyer Black Visa which has 75k bonus points for sign-up (no card fee in first year) and higher points earn that the WBC Earth/Altitude Black MasterCard. Then before it renews I will see what else is on offer.
The Qantas points earn has weakened with WBC over the past few years, I think this poor offer for direct amex card will see a lot of wbc black earth/altitude holders go with other amex offers with more generous points earn and sign-up bonuses.