The bonus looks to be worth it, but otherwise (my numbers may not be precise) this seems to be a great way for Qantas "Loyalty" and Bankwest to skim some of the banking margin. Given that the cash interest on this account is 0.01% and Any Seat awards and the Qantas Store effectively value each QFF point at roughly 0.78 cents:
- for the $100 in the account, 12 points equates to 9.36 cents, and effectively zero cash interest. Keep that $100 in an account earning 2.5% cash interest, or 20.83 cents. 11.47 cents to QF/Bankwest on every $100 you leave banked.
- 5 QFF points per transaction works out to be 3.9 cents per transaction. Assuming the Mastercard interchange fee is 0.4% per $, only transactions less than $9.75 are worth it, anything above and you're leaving the additional on the table for QFF/Bankwest.