The Bankwest Qantas Transaction Account is a debit card and savings account that allows you to earn Qantas points on your bank balance and every time you make a purchase.
- Earn 0.3 Qantas Points for every $100 in your account each day on balances up to $50,000 (eg. a balance of $10,000 will earn ~900 Qantas points each month).
- Earn 3 Qantas points per eligible purchase (not per dollar, per transaction).
- Earn 5 Qantas points each time you withdraw cash overseas.
- $6 monthly account fee waived if you deposit at least $2,000 per month.
Whilst this used to be a compelling option back when interest rates were very low, it is difficult to recommend this account now that other banks are offering 5% interest on savings accounts. It is surprising that Bankwest hasn’t upped the points earning rate to compete, especially since it was only as recently as 2020 that this account offered 33% more points than it does today.
If you’re interested in this card because of its ability to earn points on purchases, you would be better off signing up for a points earning credit card. The only way to make the 3 points per purchase worthwhile would be to process thousands of 1 cent transactions, but Bankwest will very likely close your account if you try to game the system this way. For those who are unable or unwilling to obtain a credit card, the Qantas Travel Money card is a better option for a points earning debit card.
