Can You Earn Rewards Points On Your Personal Loan?

July 5, 2021

Searching for the perfect personal loan? As you compare options, you will likely focus on how much each loan will cost first, checking out essentials such as interest and fees. From there, you may delve a little deeper into the features on offer, such as whether you can make extra repayments – and then access those repayments via redraw.

Want more? What about rewards? Personal loans that earn rewards are few and far between. In fact, we are only aware of one option currently available.

Earlier this month, Symple announced its partnership with Qantas Frequent Flyer, in which it would allow applicants to earn up to 50,000 Qantas Points on their personal loan.

So, how does it work?

Earning Qantas Points on your Symple Personal Loan

Let’s start with who Symple is. Symple is an online lender based in Melbourne. Being 100% digital, it has no large manual processing centres or expensive physical branches and to run, which means it can keep costs down on its loans, offering lower rates to customers with the highest credit scores.

Operating online also allows Symple to offer a faster application and approvals process. The lender says applications take just seven minutes, with applicants receiving a response in 60 days. As long as Symple has all the required documentation and information, the requested funds are transferred to the applicant’s account the next business day.

What about the Qantas Points?

It’s pretty simple. You can earn up to 50,000 Qantas Points on your personal loan, at a rate of 1 Qantas Point for every $1 drawn down on the loan. This does not include fees. Symple notes that the offer is open to new customers applying for a personal loan, as well as Symple customers looking to top up their existing personal loan.

Obviously, to earn Qantas Points, you must be a Qantas Frequent Flyer member. If you’re not a member, you can join via Symple’s link to save on the standard $99.50 Qantas Frequent Flyer joining fee.

Once you’ve drawn down your funds, Symple will credit the appropriate number of Qantas Points to your Qantas account within 30 days.

You are then free to use them as you wish. That could mean booking a flight or upgrading a booking with Qantas, redeeming your points on a Qantas product or service (think Qantas Wine or Qantas Insurance), or using your points on merch or gift cards in the Qantas Store.

Where Else Can You Earn Rewards?

As we said previously, we are not aware of any other personal loans currently offering applicants the opportunity to earn rewards apart from Symple, but you can earn rewards on other financial products.

  • Credit Cards: There are heaps of credit cards out there offering rewards points on purchases. Simply use the card on your everyday spending, and you will earn a certain number of points for each dollar transacted. Depending on the card, you may also benefit from a bonus points offer as a new cardholder, helping to boost your points balance and get you started.
  • Savings & Transaction Accounts: There are a few savings and transaction accounts that offer rewards earning opportunities. Bankwest currently has a transaction account that earns Qantas Points, while Qudos Bank has a savings account that also earns on the Qantas program. Virgin Money recently launched a new transaction account that earns Virgin Money Points.
  • Car Loans: As with personal loans, car loans that earn rewards aren’t exactly common. Qudos Bank is one of the only options we are aware of that earns Qantas Points.
  • Home Loans: There are a few home loans out there offering rewards. Some examples include options from Macquarie Bank and Qudos Bank.

Keep reading

Can You Earn Rewards Points On Your Personal Loan?

July 5, 2021

Want more? What about rewards? Personal loans that earn rewards are few and far between. In fact, we are only aware of one option currently available. Earlier this month, Symple announced its partners

Read more

What To Do When Your Personal Loan Application Is Rejected

June 15, 2021

While yes, you may have been unlucky, perhaps filling out some details incorrectly on the application, it’s still not a good idea to reapply straight away. Unless you know exactly why your applicati

Read more

Reasons To Get A Personal Loan And Whether It’s A Good Idea

May 19, 2021

But, just because you can take out a personal loan, doesn’t always mean you should. Personal loans come at a cost. So, whatever you borrow now, you will need to pay back, alongside fees and interest

Read more
top
icon icon

Got a question? Leave us a message and we will get back to you