Qantas Frequent Flyer members can now pocket 20,000 bonus Qantas Points when opening a new account with AustralianSuper.
In order to get the 20,000 Qantas Points, you have to join AustralianSuper as a new member, then deposit at least $350 into a new super account within the first six months. Once you have done that, the bonus points will make there way to your Qantas Frequent Flyer account within 3 months of reaching the target.
Originally finishing in early May, the offer has now been extended to June 30. So, if you missed out the first time around, you are still in with chance.
The same restrictions apply. You can only get the points if you are a new AustralianSuper member. Existing members are not eligible. In addition, the points are not handed out when you open a Transition to Retirement (TTR) account.
Strictly speaking, the points aren’t exactly free. There are some fees attached to the account that may eat into your $350. The main fee is an administration fee of $2.25 per week, which is charged monthly. On top of that there is an investment fee charged as 0.66% of the account balance, which may apply.
And finally, you need to consider insurance products that might be included. If you don’t opt out, you will be charged some premiums for these.
It’s not all bad. It is, after all, an investment account, so hopefully your funds will actually grow while in the account.
At the end of the day, you will need to judge for yourself whether it is worthwhile to get into the scheme. But, if you were planning on getting into AustralianSuper anyway, 20,000 bonus Qantas Points is a nice little bonus.