Amanda Smith
Georgia Rose
The Qantas American Express Ultimate Card is a high-end option for Qantas flyers who spend big on travel. It comes with a bonus points welcome offer, uncapped rewards and exclusive travel benefits. But its sizeable annual fee ($450) and higher-than-average interest rate (23.99%) may not be worth the perks for everyone.
Fees, interest rates and other details
Toggle product details
| Feature | Qantas American Express Ultimate Card |
|---|---|
| Annual fee | $450. |
| (Variable) purchase rate | 23.99% per annum. |
| (Variable) cash advance rate | Not offered. |
| Balance transfer rate | Not offered. |
| Minimum credit limit | $3,000. |
| Interest-free days on purchases | Up to 44 days interest-free (if the statement balance is paid in full by the due date). |
| Additional cardholders | Four free additional cardholders (must be at least 16 years old). |
| Card network | American Express. |
| Intro offer | 50,000 bonus Qantas Points if you spend $5,000 on eligible purchases in the first three months of approval. Offer valid at the time of this writing. |
| Rewards program | Qantas Frequent Flyer. |
| Rewards details | You can earn:
Important: After you reach 100,000 points in a calendar year, the earn rate drops to 1 point per $1, regardless of the purchase category. |
| Included insurance |
|
| Benefits |
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Basic overview
The Qantas American Express Ultimate Card ticks a lot of boxes for avid travelers — a sizable sign-up offer, an annual Qantas travel credit ($450), complimentary travel insurance and free airport lounge passes.
The $450 annual fee’s value:
Over time, the rewards and benefits of a credit card could potentially outweigh the annual fee, depending on your usage.
Here are a few ways you could ‘cover’ the $450 annual fee:
- Redeem the $450 Qantas Travel Credit each year. Aim to use the credit on a trip you were already planning to avoid extra spending.
- Spend strategically to earn the most points. If you spend $5,000 per month, you could earn 75,000 points per year. These points could help cover flights that would normally cost more than $450. For example, a Sydney flight to Honolulu, Hawaii, costs around 63,000 points — a trip that can cost over $1,000.
Note: Additional fees or taxes may apply. See this card’s Key Facts Sheet for more information.
Promotional offers and rewards
Earn 50,000 bonus Qantas Points when you spend $5,000 in the first three months.
This offer is valid as of this writing, and is only available for new American Express customers.
What’s the welcome offer worth?
The value of 50,000 Qantas Points comes down to how you redeem them – e.g. as a free flight, a seat upgrade, hotel stays or experiences. For example:
- Sydney to Los Angeles (economy, one-way): 41,900 points.
- Sydney to Fiji (business, one-way): 41,500 points.
Know the true cost of rewards
To earn credit card rewards, your account typically needs to be in good standing, and you may need to meet spending minimums. It’s important to keep in mind that in doing so, you may also incur fees and interest charges in addition to the annual card fee. These costs may offset the overall value of the rewards you accumulate and potentially any ‘savings’ you make through an introductory offer or through redeeming points for other benefits. So, it’s crucial to balance your spending and account management to maximise benefits whilst mitigating costs.
There are three ways to earn Qantas Frequent Flyer points using the Qantas American Express Ultimate Card:
- Everyday spending: Earn 1.25 points per $1 spent on everyday purchases (excluding purchases from government bodies).
- Qantas purchases: Earn 2.25 points per $1 spent on Qantas products and services.
- Government bodies: Earn 0.5 points per $1 spent through government services like the ATO or Australia Post.
Keep in mind, if you exceed 100,000 points in a calendar year, the everyday earn rate will drop to 1 point per $1 spent.
You can redeem Qantas Points on flights, seat upgrades, hotels, experiences and retail.
Our take
The below pros and cons are based in part on NerdWallet’s editorial expertise and analysis of 100+ Australian credit cards.
Pros
- Competitive welcome offer and uncapped points.
- $450 Qantas Travel Credit every year.
- Complimentary travel insurance (domestic and international).
- Four free lounge passes — two for The Centurion Lounge (in Sydney or Melbourne airport) and two for Qantas Club. The Qantas Club passes require a flight purchase directly from qantas.com.au with your card.
- Access to Plan It, the card’s instalment plan service.
Cons
- At 23.99%, the interest rate is higher than the average of 18.99%.
- Annual fee ($450) is steep.
- 3% foreign transaction fee.
- Applicants must have no history of bad debt or payment default, making it harder to secure for some.
Eligibility
Who may be eligible?
To apply for Qantas American Express Ultimate Card, you need to:
- be 18 years or older
- be an Australian citizen, permanent resident or hold a long-term visa
- have no history of bad debt or payment default
- agree to a credit check as part of your application.
For up-to-date details, check directly with American Express.
Who might be suited to this card?
According to the American Express Target Market Determination (TMD), the Qantas American Express Ultimate Card is designed for customers who:
- want to make purchases on credit with the ability to earn Qantas Points and to access additional travel benefits
- earn a sufficient income to enable them to pay their outgoings and living expenses, in addition to their card repayments each month without experiencing financial hardship
- are willing and able to pay an interest rate of 23.99% p.a. and an annual fee of $450.
Who might not be suited to this card?
According to the above TMD, the Qantas American Express Ultimate Card is not designed for customers who:
- do not meet a significant number of the objectives and needs of the Target Market or do not meet the financial situation of the Target Market
- require a low or no annual fee credit card
- require a low interest credit card
- cannot make repayments within their means or without experiencing financial hardship
- are not, or not intending to be, a Qantas Frequent Flyer member
- do not meet the Key Eligibility Criteria outlined above
- intend to pay off purchases with the card over a longer than reasonable period.
How to submit an application
To complete the credit card application online, you will need:
- an Australian driver’s license
- financial information including current income, expenses, and debts
- proof of income, such as payslips.
Customer satisfaction ratings
Note: Customer review websites can be insightful, but keep in mind that the reviews may not accurately reflect the average experience; for example, unhappy customers may be overrepresented in these reviews. Products also change over time, and reviews may reflect experiences with features and benefits that are no longer available. Nevertheless, these sites are just one way to learn more about the company and the products on offer before you make a decision.
As of this writing:
- Based on more than 4,600 Trustpilot reviews, American Express Global scored: 1.4 out of 5 stars.
- Based on more than 85 ratings from Product Review, Qantas American Express Ultimate Card scored: 3.3 out of 5 stars.
NerdWallet does not endorse Trustpilot or Product Review scores and provides them for illustrative purposes only.
Frequently asked questions about Qantas American Express Ultimate Card
American Express does not publicly list an income requirement, but Qantas estimates applicants must earn at least $65,000 annually.
You can redeem it when booking a Qantas flight via the American Express Travel portal. Simply select ‘Qantas Travel Credit’ at checkout.
Note: The Qantas Credit is valid for one year. If you cancel your card, you won’t be able to redeem the credit.
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