Qudos Bank Qantas Visa Platinum credit card

Review: Qudos Bank Qantas Visa Platinum credit card

What's Hot

  • Pocket 1.5-2 Qantas Points per dollar on Qantas flights, lounge membership

What's Not

  • Now with a higher annual fee to earn fewer points
  • Overly-restrictive travel insurance cover

X-Factor

  • Earn up to one Qantas Point per dollar on everyday Visa spend

Introduction

Qudos Bank: it's not a brand many Australians will recognise, but it used to be known as the more-familiar Qantas Credit Union, or QCU, known for its great Qantas Platinum Visa credit card with its solid frequent flyer earning rates.

However, Qudos' latest version of the card – now branded the Qudos Bank Qantas Visa Platinum credit card – swaps that high frequent flyer earn rate for one considerably less-so, while at the same time, increasing the card's annual fee.

That's not a typo: you'll now pay even more to earn even less, as Australian Business Traveller discovers in this week's credit card review.

Qudos Bank Qantas Visa Platinum credit card: fast facts

  • Grade/tier: Platinum
  • Card type: Visa
  • Loyalty program: Qantas Frequent Flyer
  • Qantas Points earned per $1 (first $2,500 spent per month): 1*
  • Qantas Points earned per $1 (monthly spend over $2,500): 0.5*
  • Bonus points earned per $1 – eligible Qantas spend: 1
  • Points capping: Earn points on spends of up to $200,000 per year*

*Applicable from December 1 2016. Prior to this date, cardholders can earn one Qantas Point per dollar spent with no monthly tiering or annual cap.

Fees, charges and interest: 3/5

  • Annual fee: $195 ($249 from December 1)
  • Additional/supplementary cardholder fee: $0
  • Interest rate on purchases: 18.99% p.a.
  • Interest-free days on purchases: Up to 55
  • Interest rate on cash advances: 18.99% p.a.
  • International transaction fee: 3.65%
  • Minimum income requirement: None defined
  • Minimum credit limit: $6,000

Earning points for free flights: 3/5

With no current sign-up bonus, Qudos Platinum Visa cardholders can instead earn one Qantas Point per dollar spent, uncapped, until November 30 2016.

But from December 1, that's restricted to the first $2,500 spent per month, after which the earn rate lowers to 0.5 Qantas Points per dollar until the new statement period begins. A new annual cap of $200,000 is also being introduced from the same date.

In practical terms, if you spent $8,000 per month under the current system, you'd earn 8,000 Qantas Points – enough for a near-free flight from Sydney to Melbourne – but spend the same from December and you'd earn a lower 5,250 Qantas Points instead.

Payments made to the ATO from December will also earn no points when using this card.

Airport lounge access: 0.5/5

Complimentary airport lounge access isn't a feature offered to Qudos Visa Platinum cardholders, although you can earn an extra Qantas Point per dollar when using your Qudos card to purchase a Qantas Club membership (and when booking Qantas flights).

Free international travel insurance: 1.5/5

As with the previous Qantas Credit Union Visa Platinum card, the complimentary international travel insurance offered to Qudos customers remains the most restrictive we've seen on any Australian card to date.

That's because you'll need to charge at least 50% of your total pre-paid and ongoing travel costs to the card, both before and during your trip, in order to both qualify for the cover and remain insured throughout your travels.

Yes, whip out the wrong credit card at hotel check-out time and the travel insurance you'd been enjoying could instantly be cancelled – as can also happen if your trip isn't solely and completely for "leisure purposes", even if that's just a quick coffee catch-up with a business contact during what's otherwise a holiday.

As a result, you'll also be stung by the bank's hefty 3.65% international transaction fee on all overseas charges to remain insured: so you may find better value (and peace of mind) in simply purchasing a standalone travel insurance policy before your trip.

There's one competitive aspect to the policy: if you book at least 50% of your travels using Qantas Points, or with a mix of Qantas Points and real money (charged to the card), you can also be covered.

Qudos Bank Qantas Visa Platinum credit card: the verdict

Although Qudos is cutting its Qantas Frequent Flyer earning rates from December, those new rates remain comparable to many other banks in the market – but with an also-increased $249 annual fee, the card does lose its competitive edge.

That's because you could earn the exact same number of points per dollar spent via the Woolworths Money Qantas Platinum Visa, yours for a lower $99 in the first year and $169 thereafter, or the HSBC Qantas Platinum Visa for a still-lower $199/year charge.

If you frequently shop where American Express is accepted, you could also use the Qantas American Express Discovery card to reel in one Qantas Point per dollar spent, uncapped, and with no annual fee.

With the Qudos Platinum Visa's strong frequent flyer earning rates whittled away from December, a very high international transaction fee and travel insurance that's needlessly complex, it's hard for us to see why anybody would now apply for this card in favour of a more competitive product.

Follow Australian Business Traveller on Twitter: we're @AusBT

Chris Chamberlin
Chris Chamberlin is a senior journalist with Australian Business Traveller and lives by the motto that a journey of a thousand miles begins with a single step, a great latte, a theatre ticket and a glass of wine!
 

5 comments

  • drgmarshall

    drgmarshall

    7 Nov, 2016 12:21 pm

    Laughing they chose Quentin Crisp as the name on the card. "If at first you don't succeed, failure may be your style". A bit like the card by the sound of it.
    Member who gave thanks

    1 guest

  • Satoshi Takayama

    Michael Kao

    7 Nov, 2016 04:24 pm

    Any other non-Amex cards out there they still earns uncapped 1:1 except Citiprestige (which is not available to many people)? 

    No member give thanks

  • Chris Chamberlin

    ChrisCh

    7 Nov, 2016 04:29 pm

    Hi Michael, as you're not discussing the Qudos card featured in this review, please post your question in our dedicated credit card discussion forum, located in our new Community area.
    No member give thanks

  • Chris Chamberlin

    ChrisCh

    7 Nov, 2016 04:41 pm

    Just a friendly reminder to keep discussion below articles and reviews on-topic: that is, if the question you're asking doesn't relate to the article itself or the product featured in a review, kindly post that question in the appropriate forum of our new Community area instead.
    No member give thanks

  • travpass

    travpass

    7 Nov, 2016 08:27 pm

    I replaced a HSBC Platinum Card with a QCU (now Qudos) Platinum card when HSBC introduced capping last year! Also opened deposit accounts with QCU which I realised was a big mistake in the first couple of months and deposited elsewhere.
    Will not spend more than 2 k per month on their card from December on and will cancel every account with them before the next anniversary. Qudos are the worst financial institution I have experienced. I was actually attracted to them due to the brand name and they even changed that LOL!!
    No member give thanks

Guest

21 Jul, 2019 10:49 am

×
×

Forgot Password

If you’ve forgotten your password, simply enter your email address below, then click 'Submit'. We’ll send you an email to re-activate your account and enter a new password.

×

Resend activation email

If you have not received the activation email, simply enter your email address below, then click 'Submit'. We’ll send you an email containing the activation link.

×