Balance Transfer Cards That Earn Qantas Points

What is a balance transfer credit card that earns Qantas Points?

A balance transfer credit card that earns Qantas Points allows you to transfer your existing debt from another credit card while also earning Qantas Points on eligible transactions. These cards offer the dual benefit of reducing interest on transferred debt during the 0% or low-interest period while still enabling you to accumulate rewards points for future Qantas flights, upgrades, or other travel-related perks.

Helpful tip: Use our Balance Transfer Savings Calculator to see how much money you could save!

What to consider when earning Qantas Points with a balance transfer credit card

1. Revert rate: Once the balance transfer period ends, the card's interest rate will revert to the regular purchase rate, which could be as high as 20-25%. It’s important to have a plan to pay off your balance within the introductory period to avoid high interest charges.
2. Balance transfer fee: Many cards charge a fee to transfer your debt, which is usually a percentage of the amount transferred. Look for a card that minimises this cost.
3. Qantas Points earn rate: The earn rate is a fundamental aspect of the overall credit card offer and can make a big difference to the number of Qantas Points you accumulate. For example, if you spend $5,000 per month and earn 1 Qantas Point per $1 instead of 0.75 Qantas Points per $1, you earn 15,000 more Qantas Points in a single year.
4. Points-earning cap: Check if there are any caps or limits on the number of Qantas Points you can earn with your new card, particularly if you’re a big spender.
5. Bonus Qantas Points requirements: Check how much you need to spend and how quickly in order to get the bonus Qantas Points. Are you able to do this with your normal spending?

Credit Card Compare expert on choosing a balance transfer card with Qantas Points

David Boyd, the co-founder of Credit Card Compare suggests looking for balance transfer cards that align with your financial goals.

If your goal is to manage debt while also maximising Qantas Points, focus on a card that offers a long 0% interest period and generous Qantas Point earning potential.

Cards that offer sign-up bonuses for meeting a minimum spend could also provide a significant boost to your Qantas Points balance, but only if you can comfortably meet the spending requirements.

Balance transfer terms to know before applying

• Introductory rate: The 0% or low-interest rate that applies to balance transfers for a specific period.
• Balance transfer fee: A one-time fee charged when transferring a balance, typically between 1-3% of the transferred amount.
• Revert rate: The standard interest rate that applies once the introductory period ends.

How to do a balance transfer

1. Calculate your balance: Determine how much you wish to transfer from your current credit card to the new balance transfer card.
2. Check if you are eligible: Make sure you earn enough and that you can prove it, especially if you are self-employed or run your own business. Check your credit report before applying. You're specifically looking for recent missed payments or defaults that decrease your chances of being approved.
3. Apply: The easiest way is online. If you need to find documents, you can usually save your progress and come back to the application later when you have what you need.
4. Transfer your balance: Provide the details of the credit card balance you want to transfer on the application form. The new provider will handle the transfer, and your balance will move to the new card at the introductory rate.
5. Repay during the 0% period. Ensure you pay off as much of the transferred balance as possible during the 0% interest period to avoid high revert rates.

How to get the most value from using a balance transfer and earn Qantas Points

To maximise your savings and rewards, focus on repaying the balance transfer within the introductory period. While doing so, use the card for everyday purchases that earn Qantas Points, but avoid spending more than you can afford to repay each month.

Taking advantage of promotional offers, like bonus points for reaching a spending threshold, can help boost your Qantas Points balance quickly.

Expert opinion on using a balance transfer card for Qantas Points

Andrew Boyd, the co-founder and credit card expert at Credit Card Compare explains what you should look out for when choosing a balance transfer credit card.

Choosing a balance transfer credit card that earns Qantas Points can be a great way to reduce your debt and earn rewards, but only if you manage it properly. The key is to focus on repaying the transferred balance before the 0% interest offer ends, so you don’t fall into the trap of paying high interest later.

Use the card for your regular spending and pay it off each month to keep earning Qantas Points without accumulating new debt.

Benefits of credit card balance transfers with Qantas Points

1. Save on interest: Paying no interest on your transferred balance for a set period means you can save on interest charges while paying off your debt faster.
2. Consolidate debt: If you have multiple debts, you can consolidate them into one balance transfer card, making it easier to manage and track your repayments.
3. Earn Qantas Points: While reducing your debt, you can also earn Qantas Points for future flights, upgrades, or other rewards, making your credit card work for you even more.
4. Additional benefits: Common features on this type of card include airport lounge access and complimentary travel insurance.