Australian Super 20,000 Qantas Points for $60 – Extended

Before we get started with this deal, I just want to clarify that we will be looking purely at the points aspect. I have no idea if Australian Super has a competitive product so if you're genuinely looking to switch your superannuation; DYOR (do your own research).

The Deal

Australian Super is an Industry Superfund which is running a promotion right now for new members who join through this page before June 30, 2019 (Extended from May 5th, 2019) The Superfund is offering an attractive 20,000 Qantas Frequent Flyer points for new members.

The offer reads:

"This offer is available only to Qantas Frequent Flyer members who join AustralianSuper for the first time – simply follow the steps below.

To be eligible for this offer, you must join AustralianSuper via this page before June 30, 2019 and contribute at least $350 within the first six months. If you join through another channel, you won’t be eligible for this offer. Your bonus Qantas Points will then be credited to your account approximately 2-3 months after meeting the join and contribution criteria. Read the Frequently Asked Questions and the full Terms and Conditions to learn more. "

Naturally, with these kinds of deals, we always need to try to figure out if there's a catch. The terms and conditions of the promotion are pretty straightforward:

Terms and Conditions

1. New members who join AustralianSuper (the Fund) during the period of 29 January 2019 to 30 June 2019 (inclusive) will receive 20,000 Bonus Qantas Points, subject to satisfying these Terms and Conditions.
2. To take advantage of this offer, new members must:
   (a)           at the time of joining the Fund, be an existing Qantas Frequent Flyer member.  New members will be asked to provide their Qantas Frequent Flyer membership number to AustralianSuper when they join;
   (b)           join the Fund online using the following link www.australiansuper.com/qantas.  Joining the Fund through another channel will mean that the new member is ineligible for this offer; and
   (c)           contribute a minimum of $350 to their AustralianSuper account within 6 months from the date they join the Fund (being the date the new member is allocated an AustralianSuper membership number).
3. This offer is only available to new AustralianSuper members.  Members with an existing AustralianSuper account are ineligible for this offer.
4. This offer is only available to new members who join the Fund by opening a super account or Choice Income account.  It is not available to new members who join the Fund by opening a TTR Income account.
5. AustralianSuper’s products may be subject to certain conditions and/or eligibility criteria.  This offer does not affect these conditions/criteria, which will continue to apply.  For more information on AustralianSuper’s products, please refer to the relevant Product Disclosure Statement available at https://www.australiansuper.com/-/media/australian-super/files/tools-and-advice/forms-and-fact-sheets/superannuation/product-disclosure-statements/pds.pdf.
6. Bonus Qantas Points will be provided as a one-off allocation approximately 2–3 months after the $350 contribution threshold is met (see condition 2(c)).  AustralianSuper will not notify new members once the Bonus Qantas Points have been allocated.  New members should contact AustralianSuper if they are concerned that their Bonus Qantas Points have not been appropriately allocated. 
7. AustralianSuper is not responsible for the Qantas Frequent Flyer program.  Qantas Frequent Flyer membership, the earning and redemption of Bonus Qantas Points and the Bonus Qantas Points themselves are subject to the Terms and Conditions of the Qantas Frequent Flyer program available at www.qantas.com/terms.  You may receive Bonus Qantas Points only in a Qantas Frequent Flyer program membership account that is in your name. The number of seats available for Award Flights (as defined in the Terms and Conditions of the Qantas Frequent Flyer program) bookings under the Qantas Frequent Flyer program are limited and some flights may not have any Award Flight seats available.
8. If for any reason this offer is not capable of running as planned, AustralianSuper reserves the right in its sole discretion to cancel, terminate, modify or suspend this offer.
9. This offer cannot be used in conjunction with any other advertised or promotional offer.

Short Version of the terms:

Essentially you need to open an Australian Super account, deposit $350 and wait 2-3 months for your points to get credited. Total time required: 15 minutes give or take.

What are the costs?

Based on the PDS, I've narrowed the total cost down to the following (once again I plan to sign up; deposit the minimum and close the account once I receive the Qantas points).

• $24 admin fees (4 weeks @ $1.50, 8 weeks @ $2.25) (note that the admin fee will increase to $2.25 from March 30, 2019. See the details here)
• $1.75 cash investment fee
• $35 exit fee
• = $60.75 total

(the fees can be found here on page 6 and here on page 2 )

This is a total cost outlay based on a 3 month period (which should be the maximum timeframe if you're doing this just for the points).

Here's a step by step summary of what you need to do…

1. Join Australia Super via https://www.australiansuper.com/campaigns/qantas
2. Enter your Qantas Frequent Flyer number and surname to validate your details
3. Choose to open a new 'Super' account
4. Enter your personal and employer details (have your TFN and Employer’s ABN handy)
5. Next, when choosing what to do with your money select 'Customise', click the drop down menu and under 'DIY Mix' allocate 100% to cash fund (this will help to limit the losses on your super)
6. Nominate a beneficiary (I chose to skip this step)
7. Cancel all insurance cover (keep costs down to a minimum!)
8. Accept the duty of disclosure and declaration
9. Validate your account via email
10. Complete a direct debit form for your $350 super contribution
11. Repeat for your partner or family member (with their consent of course!)
12. Wait 2-3 months for your bonus points to credit
13. Rollover what’s left ($350 minus the fees) to your primary super fund

Is this a good deal?

I'm going for it; 20,000 Qantas Points are rather tempting. My strategy will be to ask my current super provider to roll up the Australian Super account once the points are credited; they will do this for free, and it will save me having to do extra paperwork to get the remainder of my $350 back.

What about you? Is this a deal or are you sitting this one out?

H/T: https://www.facebook.com/straight2thepoints/