Signup bonus differences

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Jan 11, 2015
Hi all,

Looking at the signup bonuses for 2 cards on offer at present (Citi Prestige and Bank of Melbourne/St George Amplify) that give the option of earning program points or Qantas Frequent Flyer points.

In the case of the Citi card, the Velocity Points earn is superior when observing the earning rate and conversion ratio but the rate of Velocity vs QFF is identical when considering the same constraints for Bank of Melbourne/St George Amplify.

All that said, each card offers a signup bonus (70,000 for Citi, 60,000 for St George) that can be redeemed as either QFF points or program points. In both cases, the QFF point tally is higher after conversion! ANZ and Westpac also have examples of this happening.

Admittedly, Citi charge an additional fee for QFF direct earn with a rate that is inferior to Velocity earn after conversion but the others often have equivalent or superior earn for QFF.

Does anyone have any information as to why signup bonuses are somewhat counter-intuitive in this way?
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