Qantas Cash is a functionality on Qantas Frequent Flyer membership cards. The functionality enables members to transfer money onto their Frequent Flyer card and use it for shopping at 35 million locations where MasterCard is accepted.
Frequent Flyer members have the opportunity to earn Frequent Flyer points on eligible transactions and with the card doubling as a travel card, members have the ability to withdraw cash and foreign currency from over 2.1 million ATMs in Australia and overseas.
To develop the product, Qantas needed to partner with an Authorised Deposit-taking Institution (ADI) which has appropriate credentials and capabilities. That’s where Heritage came in.
Heritage is an issuer of the cards, holds all monies loaded onto them, and looks after settlement as the cards are used and then reloaded.
The partnership provides a new business stream for Heritage and generates additional income for the Bank, helping us to continue to provide great products and services to our customers.
For more information visit the Qantas Cash website.
Heritage Bank has a number of other innovative relationships. Check out our latest project with Visa and MJ Bale called Payweave.
* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
The information provided is intended as general information only. Blogs have been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs. You should consider obtaining personal investment, taxation and/or legal advice before making any decision. Please consider the Guide to Heritage Deposit Products and Guide to Heritage Credit Card Products (available in-branch, or at www.heritage.com.au) before you decide whether a product is right for you. All loans and credit cards are subject to application and approval. Conditions, criteria and fees apply and are subject to change without notice.