AMP new Qantas partnership to allow bank customers to earn Qantas Frequent Flyer points

Customers can now earn up to 500,000 Qantas Points per month just by having money in their account under a new partnership with one of the big banks.

AMP will allow customers to earn up to 500,000 Qantas points each month as part of its push into the banking space for personal and small business owners. Picture: Saeed KHAN / AFP

Qantas Frequent Flyer and Qantas Business Rewards members will now be able to earn points on their transaction account balances under a new partnership with AMP Bank, as the airline deepens its push into financial services.

In a move designed to attract both personal and small business banking customers, AMP Bank said it would offer one Qantas Point for every $10 held in its Everyday Account or Everyday Business Account, up to a balance of $5m.

The tie-up marks the latest push by Qantas Loyalty into the banking sector, building on longstanding credit card partnerships and existing arrangements with banks such as Bankwest, Bank of Queensland and Qudos Bank that offer points on eligible purchases.

AMP Bank group executive Sean O’Malley said partnering with the largest airline loyalty program in Australia would enable the digital banking offering to better serve its customers, majority of which are small business owners.

“We did a deal of research that said, actually, the things that Australians, particularly small business, wanted about their account were no fees, which we have delivered, security which we have delivered, and then points or loyalty programs came third,” he said.

“We’re really hopeful that this will get a really strong reaction. It’s the first for small businesses in Australia – no other bank offers points for transaction account balances in Australia for small businesses.”

The number of Qantas points awarded are calculated monthly and deposited into a customer’s transaction account based on their average monthly balance until AMP Bank rolls out interest-bearing savings accounts later this year.

For example, a customer with a $10,000 balance would earn 1,000 Qantas Points in that month, while someone with the $5m maximum would earn 500,000 points each month – enough for three business class trips between Sydney and London and about eight economy class trips between Melbourne and Sydney.

Qantas Loyalty financial services executive manager Simon Rowlands said the deal would help customers get closer to rewards “simply by doing their everyday banking”.

“Australians love earning Qantas Points and partnering with AMP Bank provides customers with even more opportunities to boost their points balance and make their everyday banking more rewarding,” he said.

To mark the launch, AMP Bank will offer double points until July 31. Customers will also receive complimentary membership to both Qantas Frequent Flyer and Qantas Business Rewards programs through AMP’s mobile banking app.

AMP launched its new mobile-first bank in February, targeting small and micro business owners – segments it says are overlooked by major banks. The offering is also open to everyday banking customers. It features Australia’s first numberless debit cards, enhanced fraud protection and accounting capabilities from Xero.

In January, Qantas announced changes to its loyalty program that will take effect from August, including higher points requirements for seat redemptions and upgrades, and increased carrier charges on some routes.

From July, the airline will boost the number of points earned from flying and lower the minimum points needed for a Jetstar economy seat to 5700. It will also release one million more Classic Reward seats on partner airlines such as Hawaiian Airlines, Finnair, KLM, Air France and Iberia.

Originally published as AMP new Qantas partnership to allow bank customers to earn Qantas Frequent Flyer points