Hi All,
I have a question with the Bankwest Qantas Transaction Account, I have thought about getting this account and making 1 cent transactions. I have read the PDS and it does not say anything to contravene this. And if it was to work it would be very good value at $100/ 50000 Points.
Thanks,
Eli
I have this card mainly for the points accrued on the daily balance.
Can you please inform us what you can buy for 1 cent?
I would imagine that if the bank became aware of that kind of usage they would close the account.
an excerpt from clause 1 of the PDS related to purchases excluded from earning points…’ transactions we decide are disputed due to being fraudulent or which involve an abuse of your Card Account’
If you are making 1c transactions by splitting a transaction into many small transactions, they will eventually close the account.
Hi Eli,
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.
Cheers,
Thomas