New Offer - 10 000 Bonus Qantas Points via Bankwest Transaction Account (New Customers)
Bankwest has just launched a new deal which offers 10 000 Qantas Points for 'New Customers' that open a Bankwest Transaction Account between the 1st September and the 30th November and meet the specified conditions outlined below....
To be a 'New Customer' you must not have held a Bankwest Qantas Transaction Account in the last 24 months
For the First 3 months from the date of opening the account you must complete a minimum of 10 eligible transactions per month using a Bankwest Debit Mastercard.
Use the link below to see ALL the details and to sign up
https://www.bankwest.com.au/personal/bank-and-save/bank-accounts/qantas-rewards
Key Takeaways/Tips
This is a debit account not a credit account/card. You must be 18 plus so unfortunately can't sign up the kids!
If eligible and you enjoy collecting points I think this is a good deal. There are a few hoops to jump through (more on this below) but realistically you are going to earn 10 000 Qantas Points for perhaps an hour of 'stuffing about' spread over 3 months. 10k Qantas Points can be valued at an absolute minimum of $100 if used for reward seats and potentially in the $200 - $600 range. If you have an eligible partner etc - that's a relatively easy and 'free' 20 000 points.
To avoid the $6 monthly account fee you need to deposit $2000 a month. All you need to do for this is transfer money in and then transfer money back out (it doesn't have to stay there long term) Repeat each month.
The 10 eligible transactions can be completed in one go if you'd prefer. A little painful but you could do things like...
Buy 10 cheap items at the supermarket and pay in separate transactions (go at a quiet time!)
Split a payment into 10 (Just be warned there are some reports in forums of people buying a very cheap item and splitting into ten 1c/10c transactions etc and Bankwest refusing to give the points and shutting accounts down so maybe avoid this)
Personally I go on my Amazon Account and buy 10 digital gift-cards to email them to myself.
I know I will use these and can buy them at a minimal cost (e.g. $1 each)
The actual account does give some small Qantas Points bonuses (0.3 Qantas Points for every $100 in your account each day) but overall it IS NOT A GOOD LONG TERM BANK ACCOUNT due to the minimal 0.01% interest rates. Do not keep large amounts of savings in here for bonus points - a high interest savings account is better. Get the Bonus Points and then close it down is my advice.
You do earn 3 Qantas Points per Transaction - In the past people abused deals like this by making thousands of tiny transactions paying off phone bills etc and had accounts shut down (this was after they earned tens of thousands of points though so good on them!). You 99.9% likely won't get away with doing things like that these days.
As per the T&Cs the points will be credited within 60 days of meeting the eligibility criteria.
* If you have any further questions etc. please leave a comment on this post so all members can see the question and more importantly the answer.