Qantas Business Money: How many Qantas Points will it offer?
Qantas' new product promises 25,000 points for sign-up.
Qantas is expanding into global payments.
The newly-announced Qantas Business Money will let businesses earn points when using a Qantas-backed currency exchange service, and set up virtual Visa Business Debit cards to make payments online in different currencies.
Users will earn 25,000 Qantas Points when they sign up, plus 1 Qantas Point for every AUD$1 transacted through the platform.
"Earning Qantas Points on everyday business expenses is a real drawcard for businesses and helps them maximise the value they get from our program," Qantas Loyalty head Olivia Wirth said.
Qantas Business Money, due to launch in the second quarter of calendar 2022, will only be available to members of Qantas Business Rewards, Qantas' loyalty scheme for businesses.
It's not an option for regular Qantas Frequent Flyer members.
While anyone with an ABN can join Qantas Business Rewards, this is only going to be a useful points strategy if your business does regularly make transactions in multiple currencies. (Solo travellers looking to earn extra Qantas Points could look at the Qantas Travel Money card as an alternative.)
Qantas is using technology from Australian fintech Airwallex to power the service.
Qantas Business Money: What to watch out for
The killer detail for Qantas Business Money will be the rates it charges.
Qantas' announcement says it will offer "highly competitive" rates which will be up to 70% lower than big banks.
But the real test will be if it's cheaper than online exchange services, which generally have lower rates than banks already.
And we won't know that until the service actually launches.
Want to keep your frequent flyer points balance growing? Check out the latest credit card sign-up deals.
Angus Kidman's Findings column looks at new developments and research that help you save money, make wise decisions and enjoy your life more.