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Feb 20, 2013

Qantas Cash card may well challenge the banks

Qantas may have handed consumers a way to beat some bank charges or reconsider how they currently use bank issued credit cards with its new chip enabled frequent flyer cards

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The unveiling of a chip-enabled Qantas frequent flyer card this morning will be massive news in banking as well as loyal program circles, notwithstanding some soothing words from Qantas that the new FFP card is not  intended to replace bank credit cards or co-branded bank/Qantas cards.

The Qantas Cash feature in the card means that it can be used through advance depositing of funds just like a debit card for everyday purchases that will earn Qantas points at the bowser, at the grocers, in fact anywhere it is accepted for a payment here and abroad, as well as a cash withdrawal card in Australian and foreign currencies.

Consider the Qantas FAQ concerning the card, and then ask, to what extent could this replace the functions of my existing bank issued cards, for which in some cases, the banks charge a substantial annual fee?

As product disclosure statements always stipulate, consumers should carefully consider their position and take independent advice and so forth.

But when they do, there is little room to doubt that Qantas will have a competing offer for some retail banking ‘extra’ services, keeping in mind you will need to preset or precharge the Qantas Cash reserve from your bank account.

Given the poor standing of banks in relation to fees, it is possible that Qantas could score some major kudos for this initiative.

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