Qantas American Express Ultimate Review (2026)
Qantas American Express Ultimate Review (2026)Offer and details verified 9 September 2026
Rates can change without notice. Last verified: 9 September 2026 (AEST). Please confirm details on the bank’s official page.
Bonus Qantas Points
120,000
$5k spend in 3 months
Annual fee
$450
no first-year reduction
Qantas Travel Credit
$450
per year
Current Offer (Ends 17 November 2026)
The Qantas American Express Ultimate Card is a premium Qantas Points card with strong ongoing travel benefits. The welcome bonus of 120,000Qantas Points is available to new Card Members who apply by 17 November 2026and meet the spend requirement.
| Benefit | Value | Details |
|---|---|---|
| Bonus Qantas Points | 120,000 pts | First part: $5,000 in 3 months; second part: a further $5,000 in months 4 to 6. Ends 17 November 2026. |
| Qantas Travel Credit | $450/year | Applied to Qantas products each card year |
| 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 120,000 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.
Ongoing Earn Rates
| Spend | Qantas Points per $1 |
|---|---|
| eligible Qantas products and services | 2.25 pts |
| everyday purchases | 1.25 pts |
| spend at government bodies in Australia | 0.5 pts |
| Beyond 100,000 Qantas Points earned in a calendar year (everyday rate) | 1 pt |
Perks and Extras
| Lounge access | 2 Qantas Club visits a yearAfter your first spend on selected Qantas products each year |
| Travel insurance | IncludedComplimentary; cover, limits and activation rules are set by the issuer |
| Concierge | Not stated |
| Foreign transaction fee | Not stated |
- $450 Qantas Travel Credit each year, booked through American Express Travel
- Card purchase cover and refund cover
- Complimentary Qantas Wine delivery within Australia
Perks as listed on American Express's card page on 10 September 2026. Eligibility, registration steps and cover limits are set by the issuer and can change.
Pros and Cons
Pros
- ✓ $450 Qantas Travel Credit offsets the annual fee
- ✓ 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 17 November 2026; full bonus needs two spend targets
- ✗ 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
For bonus points volume, the Westpac and ANZ cards win convincingly. The Amex Qantas Ultimate earns its place through the travel credit and lounge invitations — ongoing benefits that don't diminish with time.
- Westpac Altitude Qantas Black150,000 pts — $295 fee (+$155 QFF), $6k in 90 days — more points, lower card fee
- ANZ Frequent Flyer Black100,000 pts — + $null back, $425 fee, $5k in 3 months
- American Express Qantas American Express UltimateReviewed here120,000 pts — $450 fee, $450 travel credit + lounge invitations
Compare head-to-head
Related guides
FAQs
How do I earn the 120,000 bonus Qantas Points?
Apply online by 17 November 2026, get approved, and spend $5,000 in the first 3 months for the first tranche, then a further $5,000 in months 4 to 6 for the rest. 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, and two complimentary Qantas Club lounge invitations, unlocked after your first spend on selected Qantas products.
Information is general in nature and may change without notice. Offer details verified 9 September 2026. Confirm current offer, fees, and eligibility on American Express's website before applying. This is not financial advice.