Qantas American Express Ultimate Review (2026)
Offer and details verified 17 May 2026
Rates can change without notice. Last verified: 17 May 2026 (AEST). Please confirm details on the bank’s official page.
Bonus Qantas Points
50,000
$5k spend in 3 months
Annual fee
$450
no first-year reduction
Qantas Travel Credit
$450
per year
Current Offer (Ends 28 July 2026)
The Qantas American Express Ultimate Card is a premium Qantas Points card with strong ongoing travel benefits. The welcome bonus of 50,000 Qantas Points is available to new Card Members who apply by 28 July 2026 and meet the spend requirement.
| Benefit | Value | Details |
|---|---|---|
| Bonus Qantas Points | 50,000 pts | Spend $5,000 in first 3 months. Offer ends 28 Jul 2026. |
| Qantas Travel Credit | $450/year | Applied to Qantas products each card year |
| Centurion Lounge | 2 entries/year | Complimentary Qantas Centurion Lounge access |
| Qantas Club | 2 passes/year | Complimentary Qantas Club lounge invitations |
Is the $450 Annual Fee Worth It?
The $450 Qantas Travel Credit effectively makes the card fee neutral in the first year — and every subsequent year — if you spend on Qantas flights, hotels, or car hire. The credit offsets the fee dollar-for-dollar, making the ongoing cost for heavy Qantas spenders close to zero.
Add 50,000 bonus Qantas Points (worth roughly $750–$1,000 at 1.5–2c per point on premium redemptions) and the year-one value proposition is strong. In ongoing years, the value depends on whether you use the travel credit and lounge access.
Pros and Cons
Pros
- ✓ $450 Qantas Travel Credit offsets the annual fee
- ✓ Centurion Lounge access — premium airport lounges
- ✓ 2 Qantas Club lounge invitations per year
- ✓ Direct Qantas Points earning — no conversion
- ✓ Complimentary travel and purchase insurance
- ✓ Up to 44 interest-free days
Cons
- ✗ $450 annual fee — no first-year reduction
- ✗ Offer expires 28 July 2026
- ✗ New Amex Card Members only
- ✗ Amex acceptance lower than Visa/Mastercard at some merchants
- ✗ Travel credit must be spent on Qantas — not flexible cash
How It Compares
- Westpac Altitude Qantas Black: 150,000 Qantas Points, $295 fee (+$75 QFF), $6k in 90 days — more points, lower fee
- ANZ Frequent Flyer Black: 130,000 Qantas Points + $200 back, $425 fee, $5k in 3 months
- Amex Qantas Ultimate: 50,000 Qantas Points, $450 fee, $450 travel credit + Centurion Lounge
For bonus points volume, the Westpac and ANZ cards win convincingly. The Amex Qantas Ultimate earns its place through the travel credit and Centurion Lounge — premium benefits that don't diminish with time.
FAQs
How do I earn the 50,000 bonus Qantas Points?
Apply online by 28 July 2026, get approved, and spend $5,000 on eligible purchases within the first 3 months. New Amex Card Members only.
What is the annual fee?
$450. There is no reduced first-year fee, but the $450 Qantas Travel Credit effectively offsets the fee each year.
What Qantas benefits are included?
A $450 Qantas Travel Credit each year, two complimentary Qantas Centurion Lounge entries, and two complimentary Qantas Club lounge invitations.
Information is general in nature and may change without notice. Offer details verified 17 May 2026. Confirm current offer, fees, and eligibility on American Express's website before applying. This is not financial advice.