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You can now earn frequent flyer points on your personal loan

You can now earn frequent flyer points on your personal loan

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 benefits. But an Australian fintech may now allow Australians to earn reward points on personal loans.

Symple Loans has announced a new partnership with Qantas Frequent Flyer that will allow customers to earn 1 Qantas Point per $1 borrowed, up to 50,000 Qantas Points, when approved for a personal loan. According to Symple Loans, this is the first alliance of its kind between an airline and a fintech lender in Australia.

Current Symple Loans customers may also be able to earn Qantas Points by topping up their loans, though only on the extra top-up amount, not their already outstanding balance.

This could theoretically allow Symple customers to take out a personal loan to help pay for a holiday, or a car or caravan for a road trip, then use the 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 from financial products that participate in reward programs, including credit cards and home loans. Before signing up for any financial product, it’s important to compare the interest rates, fees, features and other benefits of the available options and consider which offer may offer you the most value in your personal financial situation.

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This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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