Supersonic Swinger
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The alternative is that every time you book a fare on another airline which is cheaper than the QF fare, you deposit the difference into a bank account which you use to fund your travels in retirement. A "rewards scheme" which has a much lower likelihood of being continually 'enhanced' (subject to your views on what central banks will do).
For this reason, I credit to QFF when appropriate as I already have LTS, but I'm not chasing it to the detriment of my wallet. In the airline industry, I'm not banking on anything around currently still being in place when I retire.
I'm in a very similar situation (but only about 10 years to retirement), and while work continues to pay for most of my travel, LTG remains an ambition. Though, I do wonder about the long term value of it. Will the benefits continue to be "enhanced"? Will QF remain in One World? But in the absence of anything else, it remains a target and a safety net for future travels when I can no longer maintain SG/WP through frequent travel..
For this reason, I credit to QFF when appropriate as I already have LTS, but I'm not chasing it to the detriment of my wallet. In the airline industry, I'm not banking on anything around currently still being in place when I retire.