Most Australians are familiar with rewards credit cards, where you can earn points on your spending that can be redeemed for airline tickets or other perks. But an Australian fintech can now allow Australians to earn reward points on personal loans.
Symple Loans announced a new partnership with Qantas Frequent Flyer that will allow customers to earn 1 Qantas point for every $ 1 borrowed, up to 50,000 Qantas points, once approved for a personal loan. According to Symple Loans, this is the first such alliance between an airline and a fintech lender in Australia.
Existing Symple Loans customers can also earn Qantas points by reloading their loans, but only on the amount of the additional reload, and not on their already unpaid balance.
This could theoretically allow Symple customers to take out a personal loan to help pay for a vacation, or a car or trailer for road travel, and then use Qantas Points to help cover the costs of future flights, accommodation or other travel rewards as part of the program.
Australians can also earn Qantas Rewards or other points through financial products that participate in rewards programs, including credit cards and home loans. Before purchasing any financial product, it is important to compare the interest rates, fees, features, and other benefits of the options available and determine which offer can provide you with the most value in your personal financial situation.