What’s to stop you loading $20,000 AUD worth of any foreign currency onto a Qantas Travel Money Card, and then just straight away transferring the $20,000 straight back off the card and straight back to your bank account? You’d get 40,000 points for having “loaded” $20,000 AUD in foreign currency onto it (even though you straight away transfer it back out of the card and back to your bank). Am I missing something here, or is this an easy 40,000 points? I don’t have any use for a travel card so I don’t understand how they work, but is this an easy 40,000 points?
I’m afraid that yes, you’re missing something, and what you’re missing is the exchange rates that Qantas charges to transfer money into a foreign currency, and then back again.
Of your original $20,000, if you transfer it into a foreign currency and then back, you’ll end up with about $18,000. You’ll have paid $2000 for your 40,000 points: a whopping 5 cents per point.
This thread from last year explains things in more detail.
Thanks sixtyeight. As they say, if it sounds too good to be true it usually is! Thanks for the link to your earlier response and for explaining it so well.