I have had the Qantas BankWest Transaction account for about 8 months now and use it to keep some savings. It’s a great way to earn points by not actually doing anything. By having around $11,000 – $12,000 sitting in the account each day you will earn about 1,500 points per month. The points are credited into your Qantas frequent flyer account each month.
Like what the others said, I would not recommend doing 1¢ purchases as I would give the bank less than a week to know something odd is up and close your account. Even if it did go unnoticed for a month I’m thinking they wouldn’t credit you the Qantas frequent flyer points.
The card is useful however for small purchases as every transaction you make earns you 5 Qantas frequent flyer points. Most credit cards earn rates are a maximum of $1 = 2 Qantas frequent flyer points so for any purchase under $2.50 you should use the card to get the maximum amount of points.