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Bonus points: 60,000
Purchase rate: 23.99% p.a.
Reward points per $ spent: 1.25
Annual fee: $450 p.a.

Our verdict

This is an impressive frequent flyer credit card that offers 60,000 bonus Qantas Points, a yearly $450 Qantas travel credit and 4 complimentary lounge invitations.

The Qantas American Express Ultimate Card is packed with frequent flyer perks and currently offers 60,000 bonus Qantas Points when you apply online by 28 May 2024 and spend at least $3,000 on eligible purchases in the first 3 months. This is a competitive bonus Qantas Points offer, and would be enough to redeem a return economy flight from Sydney to Singapore (50,400 Qantas Points plus fees and taxes) or a one-way business class flight from Melbourne to Fiji (57,000 points plus fees and taxes).

This card also has one of the highest earn rates on the market, giving you 1.25 Qantas Points per $1 on everyday, eligible spending. And 1 additional point per $1 spent on Qantas products and services, which gives you up to 2.25 points per $1. After the first 100,000 points per year, the everyday earn rate drops to 1 point per $1, which is still competitive with other Qantas credit cards on the market. Other perks includes lounge passes, complimentary travel insurance and an annual $450 Qantas Travel Credit. It charges a relatively high annual fee and interest rate on purchases, so you would need to use and get value from these extras to make sure you got the most value from it.

Pros

60,000 bonus Qantas Points
Up to 2.25 Qantas Points per $1 spent on eligible purchases in Australia, uncapped
$450 Qantas Travel Credit each year
2 complimentary Qantas Club lounge invitations each year
Complimentary travel insurance

Cons

High $450 annual fee
High 23.99% p.a. interest rate for purchases
3% foreign currency conversion fee
Only offers up to 44 days interest-free on purchases, compared to other cards that offer 55 days

The Qantas American Express Ultimate currently offers the highest earn rate amongst Qantas-earning credit cards – with a rate of 1.25 Qantas Points per $1 on eligible spending. This means a purchase of $100 earns 125 points. Added value is available for new card members with a bonus points offer. To get the most out of a card like this, you need to make use of the other travel perks it offers; the annual fee is on the higher side when compared to other frequent flyer credit cards, but you could justify paying the relatively high $450 annual fee when you know you'll receive a $450 Qantas Travel Credit.

Note that the travel credit must be redeemed on the Amex Travel website, and terms and conditions apply around how it can be redeemed; for example, it can only be used once on 1 booking, and the value of the travel you purchase must be at least $450. Its other perks include 2 complimentary Qantas Club lounge invitations and 2 Centurion lounge invitations every year, complimentary travel insurance and complimentary Qantas Wine Premium membership.

Details

Product details

Product Name	Qantas American Express Ultimate Card
Purchase rate p.a.	23.99%
Interest-free period	Up to 44 days on purchases
Min credit limit	$3,000
Card type	American Express

Eligibility

Available to temporary residents	Yes - Conditions apply
Minimum income	$65,000
Joint application	No

Rewards

Rewards program	Qantas Frequent Flyer
Bonus points	60,000
Rewards points per $ spent	1.25
Rewards points cap	Uncapped

Fees

Annual fee	$450
Minimum monthly repayment	2.5% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3%
Additional cardholder fee	$0
Number of additional cardholders	4

How to apply

If you've compared your options and decided on the Qantas American Express Ultimate Card, you can apply online in around 10 minutes and may get a response within 60 seconds. Before you get started, make sure you meet the eligibility criteria and have all the essential documents and details to complete the application.

Eligibility criteria

New cardholder. The introductory bonus points offer on this card is only available if you have not held another card issued by American Express in the past 18 months.
Residency. You must be an Australian citizen, permanent resident or hold a current long term visa (12 months or more). Student visas are not eligible.

Age. You must be at least 18 years old.
Credit history. You must not have a history of bad debt or payment defaults. If you don't know your credit score or what's on your file, you can get a free copy of your credit report through Finder.

Required documents

Personal documents. This covers your full name, email address, date of birth, driver's licence number, marital status, number of dependants and contact number.
Frequent flyer number. You'll need to provide your Qantas Frequent Flyer number to collect points with this card. If you're not a Qantas Frequent Flyer member yet, check out our guide on how to join for free.
Employment details. This includes your current employment status, job title and your employer's contact details. You may also be asked for recent payslips, your most recent tax return or your accountant's contact details (particularly if you're self-employed).
Financial details. As well as your provide details of your savings, shares or other assets. You also need to include details of any existing debts and credit accounts, as well as estimates of your regular household expenses.

Go to American Express' site More info

Card benefits

60,000 bonus Qantas Points. You'll get 60,000 bonus Qantas Points when you apply online as a new Amex card member by 28 May 2024 and spend $3,000 or more on eligible purchases within the first 3 months. Eligible purchases include most everyday spending but do not include cash advances, interest, fees and charges or traveller's cheques and foreign currencies.
$450 Qantas Travel Credit. You can use this travel credit for eligible Qantas flights (with a QF number) booked through American Express Travel, including international and domestic flights for you or someone else. You can redeem the travel credit once you have paid the annual fee for that year and paid at least the minimum amount listed by the statement due date. When making a booking, you need to log in to your Amex account, select the "Travel Credit" option on the booking page and pay using your Amex card. The travel credit's then added to your account within 3 business days (but may take up to 30 days). As the booking must be made through American Express Travel, note that ticket prices may differ from those listed on the Qantas website or other booking services.

Qantas Points per $1 spent. You'll earn 1.25 Qantas Points per $1 spent on everyday purchases made with this card and 0.5 points per $1 for spending with government bodies in Australia. You'll also earn 1 additional Qantas Point per $1 when you use this card to pay for Qantas flights with a QF flight number through qantas.com.au, or for Qantas Frequent Flyer and Qantas Club membership joining/annual fees. But after the first 100,000 points earned in a calendar year, the earn rate for everyday spending changes to 1 point per $1 spent. This doesn't count points earned through an introductory offer. And all other earn rates stay the same. For people who applied and were approved for this card between 1 July 2023 and 9 January 2024, the annual points cap will come into effect from 10 July 2024.
Complimentary travel insurance. You'll get complimentary domestic and international travel insurance through this card when you use it to pay for your return trip – including cover for emergency medical expenses, trip cancellations and amendments and some cover for COVID-19. Your partner and dependent children are also eligible for this travel insurance when they're travelling with you and meet the requirements. See Finder's guide to American Express complimentary insurance for more details.
Airport lounge passes. This card gives you two complimentary Qantas Club lounge invitations after your first card spend each anniversary year when paying for selected Qantas products and services in Australia. You will also receive two entries to the Centurion Lounge at Sydney International (Kingsford Smith) Airport T1 or Melbourne International Airport T2 each year.
Complimentary Qantas Wine Premium membership. Qantas Wine offers a waived $99 annual fee on premium membership for Qantas American Express Ultimate cardholders, giving you access to benefits including free delivery on all orders within Australia and 3 points per $1 spent on wine (in addition to the points earned through your card).
Mobile payments. This card lets you make payments straight from your iPhone, Samsung or Android device when you add it to Apple Pay, Samsung Pay or Google Pay.

Rates & fees

Annual fee. This card charges a $450 annual fee.
Interest rate. The Qantas American Express Ultimate Card has an interest rate of 23.99% p.a. for purchases.

Interest-free period. If you pay your balance in full by the due date on each statement, you'll get up to 44 interest-free days on purchases.
Additional cards. You can get up to 4 additional cards for anyone over 18 years of age. Additional cards don't attract an extra fee and additional card members can earn Qantas Points too. However, you will be responsible for managing the account and card balance.
Foreign transaction fee. A 3% fee applies for transactions made in a foreign currency overseas or online.

I took out the Qantas Amex Ultimate Card specifically for my upcoming trip to the US. By booking my flights using this card, not only did I make progress towards the bonus points deal but also qualified for free travel insurance on my trip.

— Tom Stelzer, Finder Publisher

Go to American Express' site More info

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Monique

March 25, 2024

Hi there, if I meet the min. spend and requirements and are rewarded the Qantas points. Can I close the account after 4 months (assuming all my statement is paid off in full)? Are there any fees for early closure before 12 months?

Sarah Megginson Finder

March 25, 2024

Hi Monique, there are no fees for closing the account and no penalties or points clawbacks in the terms and conditions of this account.

Charlie

March 12, 2024

When are the bonus 100,000 points transferred into Qantas Frequent Flyer account?

Sarah Megginson Finder

March 14, 2024

The terms and conditions state up to 12 weeks, but in practice, once you’ve met the eligibility requirements, the points will usually be transferred within that statement month.

Michael

March 10, 2024

As a 60 year old person, semi-retired, asset rich/income reduced (permanent part time job) I have been having trouble finding a credit card provider willing to take my significant superannuation balance into account. Eligibility seems to be entirely dependent on income from employment.

My wife and I each work one day per week. Combined this amount would seem to satisfy the income requirements for this card, but taking only my single day per week into consideration the income is deemed to be too low.

Long winded intro… My question is, will Amex take both our incomes into consideration in an application or is it restricted to only the primary card holder.

Alternatively, how can I get our super to be recognized as a source of income in retirement?

Thanks.

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Elizabeth Barry Finder

March 26, 2024

Hi Michael,

Joint credit cards are not the norm and are not offered by most credit card providers. Many banks and card providers offer cards with additional cardholders but only the main cardholder’s income is considered.

We have a guide to some banks which may consider both people’s income for a joint credit card that you can take a look at here (Amex is not one of them).

Alternatively, you may want to consider a card with a lower limit that will be easier to be approved on your income alone. We have a guide to credit cards for pensioners here and a guide to low limit credit cards here.

Hope this helps,

Elizabeth

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Michael

January 30, 2024

Is there a maximum amount of days you can be away using the travel insurance, either in a single trip or multiple trips?

Amy Bradney-George Finder

January 31, 2024

Hi Michael,

You can get cover for an international trip of up to 180 days, as long as you meet the requirements. This includes booking a return trip and paying for the international flight or cruise through this card. It’s a good idea to read the policy document for further details. If you have other questions, you can also contact insurance provider Chubb on 1800 236 023. I hope this helps.

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Corey

January 26, 2024

If i kept the card until the anniversary date and got the $450 travel credit, would I then be able to close the card before being charged the second year annual fee?

Amy Bradney-George Finder

January 29, 2024

Hi Corey,

You can use the $450 Qantas Travel Credit in the first year you have this card, as long as you have paid the annual fee and the account is in good standing. But the terms and conditions specifically state that “you must have paid the annual fee” and the account must be active to be able to use the travel credit, so cancelling the card would mean you couldn’t use this benefit. I hope that helps.

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Qantas American Express Ultimate Card

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