Verdict up front: Yes – if you spend $2,500–$3,000+/month and you’ll fly Qantas at least twice a year. At $399 the Premier Platinum is now cheaper than its closest rival, the NAB Qantas Signature ($420), holds its full earn rate to twice the NAB’s monthly spend threshold, and the two lounge passes do real work if you actually use them. Below $2,500/month or if you rarely fly Qantas, skip the category entirely – a flat-rate rewards card will serve you better than any Qantas card.
Last updated: June 2026 | [Affiliate disclosure: I earn a commission if you apply via my links – it never affects which cards I recommend.]
The Qantas Premier Platinum is one of the most-applied-for credit cards in Australia. It also has one of the higher annual fees of any “everyday” rewards card – $399 a year. That’s the kind of money where I want you to do the maths before you apply, not after.
So I did them for you. Here’s whether this card actually pays off.
What’s actually in the box
- Annual fee: $399
- Earn rate: 1 Qantas Point per $1 on eligible everyday spend up to $10,000 per statement period, then 0.5 points per $1 after that
- Qantas-direct bonus: extra points per $1 on selected Qantas products and services (flights, Qantas Hotels – check current terms)
- Earn rate (foreign currency): reduced – check the current PDS
- Interest-free days: Up to 55 if paid in full each month
- Sign-up bonus: Varies – typically a large bonus Qantas Points offer with a minimum spend in the first months. Check the current offer before you apply; the headline number moves around.
- Lounge passes: 2 complimentary Qantas Club lounge invitations per year (conditions apply – typically triggered by eligible spend)
- Travel insurance: Domestic and international (read the PDS – there are conditions and exclusions)
One thing older reviews mention that you should ignore: the birthday points bonus. It’s no longer part of the current offer. If a guide is still selling you on it, that guide is out of date.
The sign-up bonus carries Year 1 – what about Year 2?
Most reviews bury this. I’ll lead with it. The sign-up bonus is the easy part. At 70,000 Qantas Points, you’re looking at roughly $400–$700 in flight value before you’ve thought about the annual fee. Year 1 makes sense for almost anyone who can hit the minimum spend.
The real question is Year 2 onward, when the bonus is gone and the card has to stand on its own.
What 70,000 Qantas Points typically buys you:
| Redemption | Points required | Approx value |
|---|---|---|
| Sydney–Melbourne return (economy) | ~16,000–20,000 | $200–$350 |
| Sydney–Gold Coast return (economy) | ~12,000–16,000 | $150–$250 |
| Sydney–Perth return (economy) | ~24,000–30,000 | $300–$500 |
| Singapore in business class (one way) | ~70,000–80,000 | $1,500–$2,500 |
| Woolworths gift card ($50) | ~8,000 | $50 |
My take: if you’re going to redeem these for Woolworths gift cards, this isn’t your card. You’re getting roughly 0.6c per point that way – a 1.5% cashback Visa with no annual fee will beat it. Qantas Points earn their value when you redeem for flights. Domestic economy redemptions on the east coast are reliable; reward seat availability gets thinner during school holidays and around Christmas.
The earn rate isn’t special – but the structure is better than its rivals’
At 1 point per $1 on everyday spend, the Premier Platinum sits squarely in the middle of the Qantas-earning pack. What’s quietly good is where the earn rate tapers: you hold the full 1 point per $1 to $10,000 a statement period. Compare:
| Card | Qantas pts/$1 | Full-rate threshold | Annual fee | Notable difference |
|---|---|---|---|---|
| Qantas Premier Platinum | 1.0 | $10,000/statement | $399 | 2 lounge passes |
| Amex Qantas Ultimate | 1.25 | Uncapped | $450 | Highest earn but Amex acceptance gap |
| NAB Qantas Rewards Signature | 1.0 | $5,000/statement | $420 | Costs more, taper kicks in at half the spend |
| ANZ Frequent Flyer Black | 1.0 | $7,500/statement | $425 | Different sign-up offers |
My take: this comparison used to favour the NAB on price. It doesn’t anymore – the NAB now costs $21 more per year and halves your earn rate after $5,000 a statement period. Among Qantas Visas, the Premier Platinum is currently the value pick, which is not a sentence I expected to write about a $399 card. The Amex Qantas Ultimate still wins on raw earn if your retailers take Amex.
Are the 2 lounge passes worth $160?
A walk-up Qantas Club visit costs about $80. Two passes = $160 in stated value.
Worth it if: You fly Qantas domestically at least twice a year and you actually arrive early enough to use a lounge.
Not worth it if: You only fly with Virgin, you always sprint to the gate, or you already have Qantas Club membership.
I’d value the passes at the full $160 if you’ll definitely use both, $80 if you’ll probably only use one, and $0 if you’re being honest with yourself and you won’t use either. Note the passes come with conditions – typically you need to make an eligible purchase to trigger them each year. Check the current terms.
The most useful moment for a lounge pass isn’t the planned use – it’s a flight delay. Free food, drinks, comfortable seating, and power outlets while everyone else is staring at the departure board. That’s the lounge pass earning its keep.
Break-even: when does this card actually pay for itself?
Setting aside the sign-up bonus (one-time event), at 1 Qantas Point per $1 valued at 1.2c each (a fair domestic-economy redemption rate):
| Monthly spend | Annual points | Points value | Net after $399 fee |
|---|---|---|---|
| $1,500/month | 18,000 | $216 | −$183 |
| $2,000/month | 24,000 | $288 | −$111 |
| $2,500/month | 30,000 | $360 | −$39 |
| $3,000/month | 36,000 | $432 | +$33 |
| $4,000/month | 48,000 | $576 | +$177 |
| $5,000/month | 60,000 | $720 | +$321 |
Now add the lounge passes ($160, if you’ll genuinely use both):
| Monthly spend | Net (points only) | + Lounge passes | True net after fee |
|---|---|---|---|
| $2,000/month | −$111 | +$160 | +$49 |
| $3,000/month | +$33 | +$160 | +$193 |
| $4,000/month | +$177 | +$160 | +$337 |
My take: with the lounge passes honestly valued, the real break-even is around $2,000/month. Without them, you need roughly $2,800–$3,000/month of points-eligible spend to come out clearly ahead. Your spend, your flying habits – pick the row that’s actually you.
Get this card if…
- You spend $2,500+/month on eligible purchases
- You fly Qantas domestically at least twice a year
- You’ll use both lounge passes (or you won’t begrudge the wasted ones)
- You can hit the minimum spend for the sign-up bonus
- You want a single Qantas-earning card without tracking category bonuses
Don’t get this card if…
- You spend under $2,000/month – no Qantas card pencils out at that level; see the non-traveller hub instead
- You prefer Virgin – earn Velocity points on a different card instead
- You carry a balance – interest charges erase every point you earn
- You already have Qantas Club membership – the lounge passes are wasted
- You spend a lot in foreign currency – the earn rate drops and there’s a foreign transaction fee on top
What about the NAB Qantas Signature?
For years the standard advice was “same earn rate, get the cheaper NAB.” That advice has expired. The NAB Qantas Signature now costs $420 – more than this card – and its earn rate halves after $5,000 a statement period versus $10,000 here. Unless NAB is running a first-year discount or an outsized bonus when you read this, the Premier Platinum wins the head-to-head.
The one question that decides it
Do I spend at least $2,500/month, and will I take at least two Qantas flights this year?
Yes to both → Premier Platinum. The lounge passes and the $10,000 full-earn threshold make it the best-value Qantas Visa right now.
No to either → skip the Qantas card category. A general rewards card or a no-fee card will return more for your spending.
Ready to apply?
➡️ Apply for the Qantas Premier Platinum (current offer) → (affiliate link – I earn a commission if your application is approved)
Or compare it side-by-side with the NAB Qantas Signature →
FAQ
How many Qantas Points do I need for a domestic flight?
Reward seats on short routes (Sydney–Canberra, Melbourne–Adelaide) start around 8,000 points one-way. Sydney–Melbourne is typically 8,000–10,000 one-way. East coast to Perth return is usually 24,000–30,000 points. Availability is the catch – popular dates and peak periods get tight.
Is there a cap on points I can earn with the Premier Platinum?
Yes – you earn 1 Qantas Point per $1 up to $10,000 per statement period, then 0.5 points per $1 after that. For most households that threshold is academic; if you regularly put more than $10,000 a month on the card, the Amex Qantas Ultimate’s uncapped 1.25 points per $1 is worth a look.
Can I earn extra Qantas Points on Woolworths purchases?
With the Premier Platinum specifically, no – Woolworths is treated as a regular purchase at 1 point per $1. If Woolworths is a big part of your spend, look at the ANZ Rewards cards, which convert to Everyday Rewards under the October 2025 ANZ–Woolworths partnership.
Does the Premier Platinum charge a foreign transaction fee?
Yes. There’s a foreign transaction fee on overseas purchases (around 3% – check the current PDS), and the earn rate also drops on foreign currency. Don’t use this card for international online shopping or overseas travel – pair it with a no-FX-fee card for that.
How long do my Qantas Points last?
Qantas Points expire 18 months after your last earning or redemption activity. As long as you earn or redeem at least once every 18 months, your balance never lapses.
Does the Premier Platinum still have a birthday points bonus?
No. The birthday bonus (10% of your annual points earn) was a feature of earlier versions of this card and no longer appears in the current offer. Reviews that still list it are working from old information.
Premier Platinum or Amex Qantas Ultimate?
Ultimate earns 25% more points per dollar (1.25 vs 1.0, uncapped) but costs $51 more per year and has the usual Amex acceptance gap. If your big retailers all accept Amex and you don’t need the lounge passes, Ultimate edges it. If you want broader Visa-style acceptance plus the lounge benefit, Premier Platinum.
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This article is general information only. Credit cards are financial products – consider whether this product suits your personal circumstances and read the product disclosure statement before applying. Interest rates, fees, sign-up offers and reward seat availability are accurate at time of publishing and subject to change. I earn a commission if you apply via the affiliate links on this page.
