Bankwest Qantas Transaction account [being withdrawn in 2025]

[Mattg]

Well the new interest/earn rates are in effect but I've decided to hang onto my account for now. The regular interest rates elsewhere are so low at the moment that it's still more or less worth it for me to keep some savings in this account and earn some Qantas points in lieu of (barely any) interest.

I'll now only bother using the card for transactions of $3 or less, rather than $5 or less, however.

 

[Danger]

Does anyone have an Excel calculator or the like they use to track their points earning with the transaction account? I feel as though I'm getting jibbed.

 

[MEL_Traveller]

Does anyone have an Excel calculator or the like they use to track their points earning with the transaction account? I feel as though I'm getting jibbed.

It's odd - a couple of months I seem to get a lot less than expected, and the third month I get a whole bunch more. Over a 6-month period it seems to average out, give or take a few points. Lots of things seem to affect it like the day of calculation (not sure if it's calculated on weekends?), the number of days in the month, and the posting date - which can vary by a few days if a weekend is included (or not).

 

[Danger]

Hmmm. Yeah, pretty opaque it seems.

 

[MEL_Traveller]

Hmmm. Yeah, pretty opaque it seems.

I think if you sat down and worked it out day by day it would probably add up. The formula is available, but the calculation date by Bankwest, transmission date to QFFF and the difference between the QFFF receive and posting date are the unknowns.

 

[Mattg]

Does anyone have an Excel calculator or the like they use to track their points earning with the transaction account? I feel as though I'm getting jibbed.

@madrooster do you have any thoughts on this?

 

[NoName]

From memory (been nearly 5 years since they closed my account) points were calculated up to the last WA business day of the month and credited on or around the 5th of the next month.

For example for March the earn dates would have been Sat 27 Feb (the last day for Feb points being Fri 26 Feb) to Wed 31 Mar - so a total of 33 days. With points transferred to QFF on or around 5 April - perhaps delayed a bit due to the public holidays. You can see how depending on where weekends and public holidays fall you could have months with less earn days in them which would explain why you haven’t received as many as you though you should have.

As I said this is just from memory. Definite information will be earlier in this thread.

 

[MEL_Traveller]

From memory (been nearly 5 years since they closed my account) points were calculated up to the last WA business day of the month and credited on or around the 5th of the next month.

For example for March the earn dates would have been Sat 27 Feb (the last day for Feb points being Fri 26 Feb) to Wed 31 Mar - so a total of 33 days. With points transferred to QFF on or around 5 April - perhaps delayed a bit due to the public holidays. You can see how depending on where weekends and public holidays fall you could have months with less earn days in them which would explain why you haven’t received as many as you though you should have.

As I said this is just from memory. Definite information will be earlier in this thread.

Thanks! Although even using that calculation - my points are still out for both Feb and Mar. Feb well over. Mar slightly under. (Other months are also out, but on average, the total points seem to be there.)

 

[NoName]

Thanks! Although even using that calculation - my points are still out for both Feb and Mar. Feb well over. Mar slightly under. (Other months are also out, but on average, the total points seem to be there.)

I can’t explain that one.

It may also have had something to do with when the transactions are finalised rather than when they are made. I still have my PAN somewhere so can probably still log in. I’ll try to have a look at a few statements when I get the chance and see if I can work it out exactly.

Of course it’s also possible that what was done 5 years ago is nothing like what is done now. So who knows, my info may be useless.

 

[Rick93]

From memory (been nearly 5 years since they closed my account) points were calculated up to the last WA business day of the month and credited on or around the 5th of the next month.

For example for March the earn dates would have been Sat 27 Feb (the last day for Feb points being Fri 26 Feb) to Wed 31 Mar - so a total of 33 days. With points transferred to QFF on or around 5 April - perhaps delayed a bit due to the public holidays. You can see how depending on where weekends and public holidays fall you could have months with less earn days in them which would explain why you haven’t received as many as you though you should have.

As I said this is just from memory. Definite information will be earlier in this thread.

Five years, since you got cancelled ?

I must have been one of the first to get shafted. I think I've been out for seven years !!

Arrh, the memories ...

Taking my two cards to Coles, and doing a thousand 1 cent transactions a day .....

Those were the days. About 5,000 QF points a day for around four months I think. Then wham!! Cards deactivated, and there was a few letters, stating T&Cs etc.

But basically, they never thought of people like us ( ok then, like ME ... )
..... and the cough I copped on THIS site too .....

 

[ramamba]

Those were the days.

I'm surprised I managed to keep my account even though a family member got the letter and was doing exactly same number of transactions to the same biller from the same browser window.

The only regret is we didn't go hard enough and only kept it to two cards each.

Surprisingly straight after the saga I started to use Bankwest as my main transaction account and still use it to the day, something about their app and the UI, it just seems less clunky then the other apps and online banking sites of the other banks I used.

 

[NoName]

It must be just about time to try again. I applied in 2019 and was rejected and told “maybe” they’d allow me to hold a product again after 5 years. Come September I might just give it another crack.

 

[coles525]

Are you still

Five years, since you got cancelled ?

I must have been one of the first to get shafted. I think I've been out for seven years !!

Arrh, the memories ...

Taking my two cards to Coles, and doing a thousand 1 cent transactions a day .....

Those were the days. About 5,000 QF points a day for around four months I think. Then wham!! Cards deactivated, and there was a few letters, stating T&Cs etc.

But basically, they never thought of people like us ( ok then, like ME ... )
..... and the cough I copped on THIS site too .....

Are you still blacklisted from cc use?

I asked a few years ago, which they mentioned I was currently not eligible for a new cc (hint hint ).

They couldn't provide any further info on the reason ( ), or the length of time I shouldn't bother applying.

 

[EestiTiger]

I received the letter too saying they were going to close my account. They never did and I still use it to this day. I applied and received a CC from them too a few years back with no drama.

Those were good days

 

[Duffa]

 

[Duffa]

And they didn't send me a message - I just happened across it when I was signing up Mrs D for same account. Sneaky buggers. I wonder when they were going to tell me?

 

[MEL_Traveller]

Hmmm. Thanks for the heads up. I wonder if there are any worthwhile alternatives?

 

[MEL_Traveller]

Double 'hmmm'... just checked the terms and conditions of the BW Qantas transaction account - clause 10 says they will give us at least 30 days' written notice of any changes. And right under that:

You agree that we may give you such notice in writing by publishing notice in a national newspaper, or on the Bankwest Qantas Rewards website located at Bankwest Personal Banking | Accounts, Credit Cards and Loans.​

​

So they don't have to write to us individually - just put it on their website. Job done

 

[Kangol]

Looks like it wasn't making great business sense for them. The maximum you can earn after the change is 150 points per day, or 54,750 a year (4,562/month).

The other alternative is this:

Qantas Points Saver | Qantas Savings Account | Qudos Bank

Earn Qantas Points with our Qantas Points Saver. Enjoy the a competitive interest rate on savings and earn Qantas Points at the same time. Fnd out more!

www.qudosbank.com.au

Earn 400 Qantas Points* per annum for every $1000 of your balance, credited monthly

https://asset.qudosbank.com.au/files/TermsConditions/QPointsBanking_RewardsTCs.pdf

Qantas Points Saver
400 Ordinary Qantas Points per annum for each $1,000 of the Average Balance in credit, up to a total Average Balance per Member of $1,000,000.

Ordinary Qantas Points will be calculated on a monthly basis using the following formula:
(Average Balance for relevant account / 1000 ) x (number of Ordinary Qantas Points for relevant product / 12 ) = monthly points

Qantas Points Banking | Earn Qantas Point with Qudos Bank

By simply switching your loan, deposit or credit card to a Qantas Points Banking product you'll be rewarded with Qantas Frequent Flyer Points each month

www.qudosbank.com.au

Using the calculator:
$50,000 gives you 20,038 points per year.
$1,000 gives you 33 points per month and 396 points per year.

A BW balance of $1,000 gives you 3 points per day or 1,095 points per year

2.75x difference in earn.

 

[Duffa]

And that's my Points Club Plus membership screwed as well....