Looks like it's a targetted offer. Though not sure I'd take it - at that rate, they're saying 28,000pts = $100. Whereas you can buy $100 gift vouchers for 18,200 points (Bunnings, JB Hifi, Myer etc) which are the same as cash for me in general as I only get them when I have something specific I need to buy. Or up to 19,050 points for woolworths / westfield.
Can't convert to QFF Iso. But it will get you
1050 NZ pts
84,000 CX, Krisflier, MH or VA miles.
Edit: even better value pt/$ is if you have a home loan with them - can get $100 rebate off annual fee for 16,700.