Qantas has launched a double points and double status credits promotion running until September 2, giving frequent flyers a window to rapidly build rewards just weeks before Reserve Bank of Australia regulations are expected to fundamentally reshape how credit card loyalty programs operate across the country.
From Wednesday, Qantas Frequent Flyer members can earn double points or double status credits on any marketed flight booking. The offer also extends to Qantas Hotel and Holiday purchases, broadening the opportunity for members to boost their balances ahead of what industry insiders are calling a watershed moment for Australian loyalty schemes.
What the double points promotion covers
The promotion gives members a choice between two incentives: double points, which can be banked and redeemed for flights and other rewards, or double status credits, which accelerate a member's progression through the program's tiers — bronze, silver, gold and platinum. Status credits unlock tangible perks including lounge access and priority services.
Reaching silver requires 300 status credits, while gold demands 700 status credits. Some loyal members strategically time their bookings around promotions like this — which typically run once or twice a year — to lock in tier upgrades at a faster rate.
Loyalty strategist Adele Eliseo noted the timing is significant. The promotion lands immediately after an aggressive Qantas domestic airfare sale, which complicates the decision for deal-hunters. "Since double status promos usually land during full-fare periods — designed to drive full-fare forward bookings — travellers do need to do the maths to determine if paying full fare for the extra status credits makes more sense than waiting for another sale," she said.
RBA changes set to reshape the loyalty industry
The promotion arrives roughly a month before October 1 regulations from the Reserve Bank take effect, targeting the interchange fees that banks charge merchants on card transactions. Those fees have long been the funding mechanism through which banks purchase points from airlines, which are then passed on to cardholders as rewards.
With that revenue stream set to shrink, banks have already begun pulling back — offering fewer points on credit card sign-ups and on everyday spending. The downstream impact on airline loyalty programs is expected to be substantial.
David Parsons, chief executive of customer loyalty consultancy Ellipsis, described the coming changes as "the biggest modern reset" of credit card and airline loyalty schemes. He foresees a market split, with smaller merchants pocketing savings from reduced fees, while major supermarket loyalty programs — particularly those run by Woolworths and Coles — absorb the spending and attention that had previously been driven by credit card loyalty mechanics.
"The airlines lose the daily reinforcement of a co-branded card tap," Parsons said, highlighting the structural challenge facing programs like Qantas Frequent Flyer as card-linked rewards diminish in appeal.
Against this backdrop, CommBank last week unveiled its Yello rewards scheme, allowing customers to earn points from everyday spending and redeem them across shopping, gift cards and airline transfers — with Virgin's Velocity program as its airline partner.
What to expect at Qantas' full-year results
The timing of the promotion is no coincidence, with Qantas due to release its annual financial results on Thursday. Eliseo believes the airline may use results day to announce further loyalty initiatives. "I think we will see a few additional loyalty initiatives timed for release on financial results day," she said.
One expected announcement is the start date for a change flagged at Qantas' half-year results in February — allowing members to earn status credits through shopping, not just flying. Eliseo said it is possible that date will be confirmed when the full-year figures land.
The broader backdrop is a loyalty market under intense pressure and opportunity simultaneously. With cost-of-living pressures keeping consumers acutely focused on value, and appetite for travel remaining strong, airlines and retailers are competing fiercely for engagement. For Qantas frequent flyers eyeing a tier upgrade before the loyalty landscape shifts, the window between now and September 2 may be the most valuable one of the year. Separately, consumers tracking broader changes to their financial obligations may want to factor the evolving rewards environment into their spending decisions.
