Should you consider a credit card offering up to 120,000 bonus Qantas Points?

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Plus, discover February’s featured Qantas card bonus offers.

Are you looking to up your Frequent Flyer game this year? Right now, Australian credit card providers are pumping out offers of up to 120,000 bonus Qantas Points. So, it isn’t hard to see why our appetite for collecting Qantas Points is bigger than ever.

But is it worth your while chasing a hefty sign on bonus? And what is one Qantas Point actually worth?

Qantas Premier Platinum credit card

The fact is, provided you pay it off in full each month, a Qantas-linked rewards credit card could make sense. Above and beyond the sign on bonus, there’s potential to unlock ongoing travel and lounge perks, plus the opportunity to use your Qantas Points for aspirational airline jaunts, hotel stays and more.

Ok, so what is the value of 120,000 bonus Qantas Points?

120,000 Qantas Points is enough to fly almost anywhere in the world in economy return with Qantas or a partner airline. It’s also enough to book a one way Qantas business class classic reward flight to the USA (all flights subject to availability and taxes/fees).

I personally use my Qantas Points for business and first class flights, and my goal is to extract at least 5 cents value or more from each Qantas Point. While some travellers complain that it’s difficult to find availability, searching far in advance and close to departure has seen me score many high value redemptions using Qantas Points in the past 12 months.

emirates first class
I regularly use my stash of Qantas Points to book Emirates A380 first class.

Of course, everyone’s redemption goals are different, so the perceived value of a Qantas Point differs from person to person. However, even if we apply a very conservative ballpark valuation of 1 cent per point (as published by Choice in 2019) then 120,000 Qantas Points is worth the equivalent of $1,200 AUD.

At the lower end of the spectrum, you could obtain between 0.5 cents to 0.6 cents value per point by converting your Qantas Points to gift cards at the Qantas Store or using Qantas Points Plus Pay. At the other end of the spectrum, a medium to long-haul premium cabin flight (including a business class jaunt on the Dreamliner from Australia to the USA, less taxes/fees) could be within reach.

Whatever your redemption goal, when you consider that multiple card providers are currently offering up to 120,000 Qantas Points with a reduced first year annual card fee, that’s an incredible value proposition.

But what about the time cost of applying for a new card?

Sure, applying for a new credit card might take up some of your time (you’ll need to complete the application form and possibly compile payroll and expense information for review by the card provider). However, for many people, the initial effort is well worth it for the potential to unlock serious rewards.

Think of it this way: For the investment of just 30 minutes and the effort to meet a minimum spend, you could score enough points to sit in business class for 12 hours 😉.

Just one new credit card could unlock enough points to fly the Qantas first class suite between Melbourne and Singapore (102,600 Qantas Points plus taxes/fees, subject to availability)

Ready to boost your Qantas Frequent Flyer balance? These cards are offering some of the tastiest Qantas Points sign on bonuses right now:

ANZ is offering new cardholders 120,000 bonus Qantas Points and $275 back with the ANZ Frequent Flyer Black. This sees the first year annual fee effectively reduced to just $150.

You’ll pocket 120,000 bonus Qantas Points and get $275 back to your new ANZ Frequent Flyer Black when you apply, are approved and spend a minimum of $4,000 within the first 3 months of approval. Eligibility criteria, T&Cs, fees and charges apply (including an annual fee of $425).

What’s to love:

Along with the hefty sign on bonus, the ANZ Frequent Flyer Black comes with a range of ongoing benefits that far outweigh the upfront cost. This includes two complimentary Qantas Club Lounge passes each year, access to a range of insurances and the potential to save up to $497 on Qantas Club membership.

Am I eligible?

To be eligible to receive the 120,000 bonus Qantas Points, you must not currently hold or have opened or closed an ANZ Frequent Flyer card in the past 12 months. If you currently hold or have held an ANZ Rewards card or another type of ANZ credit card in the past 12 months (such as the ANZ Rewards Travel Adventures card), this does not preclude you from earning the bonus points on the ANZ Frequent Flyer Black.

Pocket 100,000 bonus Qantas Points and $450 to spend on Qantas flights each year with the Qantas American Express Ultimate Card.

The bonus points are awarded when you apply by 14 April 2020, are approved and spend a minimum of $3,000 within the first 3 months of approval. The offer is available to new Card Members only T&Cs, fees and charges apply.

What’s to love:

When it comes to perks, this card is ahead of the pack. First up, there’s a $450 Qantas travel credit awarded each membership year. Simply by using this benefit, it’s possible to fully offset the annual card fee. There’s also two Qantas Club lounge invites and two Amex Airport Lounge invites (for a total of four lounge invites) awarded to Card Members each year.

Amex’s top Qantas-linked consumer credit card also delivers an extremely high earn rate of 1.25 Qantas Points per $1 on eligible spend in Australia, with no cap on how many points you can earn per month or per year.

Am I eligible?

To be eligible for the bonus points, you must not currently hold, or have held a direct-issued American Express card in the previous 18 months. To apply for this card, you’ll also need to be 18 years or over and to report an income of at least $65,000 p.a.

For a limited time, you could pocket up to 120,000 bonus Qantas Points with the popular Qantas Premier Platinum Card from Qantas Money.

To receive the full 120,000 bonus Qantas Points, new cardholders need to spend $1,500 or more on eligible purchases per month, for a total of 120,000 points over the first 6 months. This offer ends on 26 Feb 2020. Eligibility criteria, spend criteria and T&Cs apply.

What’s to love:

This Qantas Money credit card is packed with perks, including two Qantas Club lounge invitations each membership year and a reduced first year annual fee of $199 (a saving of $100).

When it comes to ongoing points earn, not all credit cards are created equal. The Qantas Premier Platinum Card unlocks a high earn rate of one Qantas Point per $1 on eligible spend in Australia (capped at $10,000 per statement period).

Am I eligible?

To be eligible for the bonus points, you must not currently hold, or have held a Qantas Premier Platinum Mastercard in the previous 12 months. To apply for this card, you’ll also need to be 18 years or over and to report an income of at least $35,000 p.a.


Right now, NAB’s top of the line Qantas Rewards Signature Credit Card is delivering a huge sign on bonus of up to 120,000 Qantas Points.

To receive the full sign on bonus of 120,000 Qantas Points, you must apply for a new personal NAB Qantas Rewards Signature Card, be approved, spend $3,000 on everyday purchases within 60 days of opening your account and keep your card open for over 12 months. T&Cs, eligibility criteria, fees and charges apply.

What’s to love:

You’ll enjoy NAB’s highest Qantas Points earn rate and a reduced annual card fee of $295 for the first year (reverting to $395 thereafter). Plus, get access to a range of other benefits, including domestic and international travel insurance and access to NAB Concierge.

Am I eligible?

The bonus point offer is not available to existing customers who have received or are entitled to receive bonus points from a personal NAB Qantas Rewards credit card in the last 12 months or those transferring from another NAB credit card account.

Looking for a different Qantas credit card? From $0 annual fee, to points and perks, you can browse our featured Qantas-linked credit card here

Note: The Champagne Mile may receive a commission when you are approved for a credit card using an outbound link published on this post. 

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7 thoughts on “Should you consider a credit card offering up to 120,000 bonus Qantas Points?”

  1. I have around 500,000 Qantas points which I’ve been saving up for years. I’m wondering if I’m better to use these for upgrades or outright redemptions. I’ve heard upgrades are difficult to get nowdays, and would be interested in your thoughts.

    1. Hi Selina, if you don’t hold elite Qantas status, upgrades can be very difficult to achieve, particularly on popular routes. Qantas prioritises travellers based on status and ticket type, so it’s very much a ‘lottery’. Bear in mind also, that you still need to pay for a ticket outright to redeem your points in this way. Planning in advance to use your points on a classic award flight usually makes more sense. Best of luck finding your dream redemption!

  2. Great article. It never ceases to amaze me how some people complain about Qantas Points being useless, and low availability of award seats. I’ve redeemed two first class seats Melbourne to London with Qantas this year already, and will continue to aim for an earn of 500k points per year, mainly via cycling through card offers with large sign on bonuses and low annual fees.

  3. Great information thank you as I have so many points and really find it hard to ever book international travel with them.

    1. Thanks Stephen. We’ll have a post outlining the best award seats available to book with Qantas Points coming out shortly, so stay tuned!

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