To earn 20,000 Qantas points, you’d need to join AustralianSuper as a new member and deposit at least $350 into a new super account within the first six months. The bonus points will then be deposited into your Qantas Frequent Flyer account “approximately 2-3 months” after reaching this target.
This offer is available only to Australians that join AustralianSuper as a Super or Choice Income member via AustralianSuper’s promotional page before 5 May 2019. This deal is not available to existing AustralianSuper members, nor when opening a Transition to Retirement (TTR) account.
The main catch is the fees applicable to super accounts. AustralianSuper charges an administration fee of $1.50 per week, which is deducted monthly. This fee will increase to $2.25 per week from 30 March 2019. An investment fee charged as 0.66% of the account balance may also apply, and you may be charged insurance premiums if you don’t opt-out of the insurance products offered with the super account. That said, you should earn some interest on the balance of your account to offset these fees.
If you decide to take up this offer, you wouldn’t be able to withdraw the $350 (or more) deposited until you retire. However, you can roll the amount over to any existing super funds that you may already have. AustralianSuper currently charges a $35 exit fee if you choose to do this, but the Australian government will ban exit fees from 1 July 2019.
As long as the promotion is ongoing, it may be wise to wait until April to sign up if you plan to roll the amount into another fund after 3 months. By the time your Qantas points arrive (i.e. after 3 months), exit fees will be outlawed in Australia. That said, there is a tiny chance the offer could be withdrawn before then. The following clause is included as part of the terms & conditions of this promotion:
If for any reason this offer is not capable of running as planned, AustralianSuper reserves the right in its sole discretion to cancel, terminate, modify or suspend this offer.
To be clear, we don’t recommend signing up for a new superannuation account just for 20,000 frequent flyer points. But if you were thinking about joining AustralianSuper anyway, the Qantas points are a nice little bonus.
Join the discussion on the Australian Frequent Flyer forum: 20k QFF Points for joining Australian Super
Disclaimer: This article is not financial advice. You should consider your personal circumstances and seek professional financial advice before purchasing financial products.