Reward schemes and using points

[WWTFC]

Having been helped before I look forward to your ideas/answers again.

My wife and I have 315,000 Qantas FF points between us. Mostly from AMEX and Woolies cards and a few o/seas and domestic flights - been Qantas & thus One world loyal.
We are looking to go o/seas in 2014 to Europe - any ideas as to best way to use points? Upgrades? buy one return fare and get one on FF points?

Also our Amex card is the Qantas Ultimate which was 1.5 points for every $ plus double when buying a Qantas product and a return trip from Adelaide to either Sydney, Melbourne or Brisbane each year - annual fee is $450, although was waived in first year and reduced in second year. We have been pleased with Amex service and dont particularly want to leave them but not keen on new point structure.

Would we be better moving to the Amex credit card at $195 annual fee, Amex points at 3 per $1 for most things and points can be used with 8 airlines (Virgin plus Singapore, Malaysia, Thai etc. but not Qantas though).
From Adelaide get a return trip with Virgin each year to same destinations. I think you keep you points in Amex bank until needed and can then use with Amex travel or move 1 for 1 to say Krisflyer or one of the other schemes.

Also should we sign up to one of the other FF schemes anyway?

A few questions I know but would appreciate any advice.

Many Thanks
Col D

 

[serfty]

What class are you looking to travel. You have enough for the economy up to 16 segments and up to 35000Km having up to 5 stopovers oneworld explorer from 140,000 points + $$$ each.

More here: http://www.australianfrequentflyer....ogram/oneworld-award-140k-280k-420k-8228.html

If looking to book that you need to allow 11-12 months. e.g. say for August 2014, you need to start looking in September -

 

[WWTFC]

would be economy or premium economy as wouldn't have enough to do business - could we do a points and pay option with the one world award and then be able to look at business?

 

[serfty]

would be economy or premium economy as wouldn't have enough to do business - could we do a points and pay option with the one world award and then be able to look at business?

I don't believe 1) you could do a P&P and, 2) upgrade the award.

Note that it's 128K each for a r/t economy award to europe. (2 x 64K)


A PE award is 96K one-way, so maybe a combination of 2 one-ways for 160K each - that's 320K for both - you only need another 5000 points which qantas will sell you for $190.