NAB credit card international transaction fee. The lowdown
If you regularly use your credit card for your everyday spend in Australia, it can be tempting to think this is the easiest solution while travelling too. In...
If you’re a regular traveller, you may have flown with Qantas Airlines before. Now, you can sign up for a Qantas American Express Ultimate card and accrue Qantas travel benefits while you spend.
Before you sign up, however, there are a few things you need to consider. It’s important to work out whether a credit card is right for you, and whether this card is going to meet your needs.
In this article, we look at the Qantas American Express Ultimate card, and we outline the specific benefits and limitations of this card, along with some surprises to watch out for.
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The Qantas American Express Ultimate card is a credit card. It provides you with a line of credit so that you can make purchases without cash, and then pay it off later.¹ ²
This card can be used to make online, as well as in-store purchases. As long as you’re making the required repayments, you won’t pay any interest on the amount you spend for up to 44 days.¹
While you won’t pay transaction fees on purchases made in Australian dollars, This card isn’t entirely free to use.³ You’ll need to pay a membership fee to use the card, additional fees on cash withdrawals or international transactions, and you’ll also be subject to late payment penalties and interest if you aren’t making your repayments on time.³ ⁴
If you live in Australia but you’re a regular traveller then this card might be right for you. It gives you the ability to earn Qantas Points on your eligible purchases, and it also comes with other travel bonuses, including complimentary airport lounge entry and travel insurance.¹
However, if you’re heading overseas and looking for ways to spend your money abroad, then this might not be the best option. As with many credit cards, the Qantas American Express Ultimate card charges a foreign transaction fee when you spend money outside of Australia or in foreign currency, and ATM cash withdrawals come at an extra cost.³
Signing up for a credit card like the Qantas American Express Ultimate card can make spending and managing your money easy, and helps you to earn rewards while you do. Here are some of its useful benefits¹:
Read more: Qantas ticket refunds. All you need to know |
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In addition to the annual membership benefits, you’ll continue to earn Qantas points when you spend on this credit card.
Specifically, the Qantas American Express Ultimate card gives you the following rewards¹:
Your Qantas Points can then be redeemed on flights and hotels or spent at the Qantas Rewards Store.¹
Note: After a total of 100,000 Qantas Points is earned in a calendar year, the everyday earn rate will change from 1.25 to 1 Qantas Point per $1 spent. For Card Members who applied for the Card between 1 July 2023 – 9 January 2024, this change will come into effect from 10 July 2024.¹ |
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If you’re thinking about signing up for the Qantas American Express Ultimate card, you need to be aware that there are significant fees.³
Additionally, this card can help you earn points towards paying for your travel, but using the Qantas American Express card may not be the best option for managing your money while you’re travelling.
You can use this card overseas, but it doesn’t provide you with a way to convert and hold additional currencies cheaply or easily. It also doesn’t provide you with fee-free access to cash while you’re travelling, as you’ll incur cash withdrawal fees when you use an ATM at home or abroad.⁴
The minimum credit limit for this card is $3,000.¹ This amount of credit is available to any cardholder, however, you can request an increase to this amount, which will be considered by American Express.⁵
Fees* in AUD | Qantas American Express Ultimate card¹ |
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Maintenance fees | $450 annual membership fee |
Points per $1 AUD spent |
|
Late repayments | $30³ |
Foreign exchange rates used | For charges to the card in a currency other than Australian dollars, American Express first converts the charge into US dollars, then into Australian dollars. The exchange rate used is from customary industry sources, and from the weekday prior to the day the foreign transaction is processed.⁴ |
Local/Foreign ATM fees | $2.50 or 2% cash withdrawal fee, in Australia and internationally.⁴ |
Foreign transaction fee | 3% of the converted amount.⁴ |
Interest/purchase rate | 23.99% p.a. |
Record of charge | $7 for AU charges and $10 for others |
Interest free days | Up to 44 days. |
*As seen on 25 Jan 2024
Note: After a total of 100,000 Qantas Points is earned in a calendar year, the everyday earn rate will change from 1.25 to 1 Qantas Point per $1 spent. For Card Members who applied for the Card between 1 July 2023 – 9 January 2024, this change will come into effect from 10 July 2024.¹ |
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Signing up for this credit card is a straightforward process¹:
You will then receive a decision on your application. If you’re successful, your new credit card will be headed for you in the mail.
Once you’ve submitted the application form, American Express will take anywhere between 60 seconds and up to 10 working days to approve your application.¹ ⁶ Upon approval, your new card should be with you in less than 10** **days.⁷
Read more: Qantas flight credits. All you need to know |
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If you haven’t held an American Express Card before, you might be eligible for the following additional points⁸:
These extra Qantas points are only available for new American Express Card Members.⁸
You must also be a Qantas Airlines Frequent Flyer Member to accrue and use Qantas Points. The membership fee is usually $99.50, however, if you aren’t already a Frequent Flyer, you’ll receive a complimentary membership upon signing up for an American Express credit card.⁹
For more information about this credit card, you can call American Express 7 days a week,** **between 6 am and midnight (AEST):
For 24/7 contact:
To find out more about Qantas Points membership you can contact Qantas Airlines 24 hours a day, 7 days a week:
If you’re planning to travel overseas, Wise offers easy solutions for avoiding hidden foreign transaction fees — with the Wise Account and the Wise Debit card.
Not only can you use your Wise Account to hold and convert over 50 currencies, but you can order your own Wise Debit card to connect to your Wise Account and spend online or overseas at the mid-market rate — just like the one you see on Google.
Forget unexpected international transaction fees or high conversion rates, say hello to the world with the Wise Account.
Safe travels.
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
Sources checked on: 25 January 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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