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 was originally released in January 2019 and was due to expire in May, but it has been extended until the end of this year. This offer is now available to Australians that join AustralianSuper as a Super or Choice Income member via AustralianSuper’s promotional page before 31 December 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 $2.25 per week, which is deducted monthly. 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 used to charge a $35 exit fee to do this, but the Australian government banned exit fees from 1 July 2019.
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.