As you would expect, Qudos Bank offers a full range of banking products, including credit cards, home loans, personal loans and saving accounts. However, as it is owned by its members, Qudos Bank works slightly differently to Australia’s bigger banks, in that its profits go back to its members in the form of better rates and fairer fees. As the bank itself says, it is made up of “real people who really care”, who are “here to help you get the best deal and the best advice”.
Why should you choose Qudos Bank over all the other banks in Australia? Here are just some of the reasons why you may be interested in joining Qudos.
Qudos Bank beats the big banks on a range of its loan and deposit accounts. To prove it, each week Qudos publishes a weekly competitor report, available on its website. As for credit cards, you can check its credit card offering to find low cost options with no annual fee cards and low rate cards available.
Qudos Bank is one of the only financial institutions in Australia that rewards its members with Qantas Points on a range of banking products including home loans, savings accounts, car loans and credit cards. If you want to earn Qantas Points on your credit card spending, check out the Qudos Bank Platinum Credit Card.
The experienced team of personal bankers and lending specialists at Qudos Bank is dedicated to ensuring you receive the highest level of service. Customer service and support are important to member-owned banks like Qudos, working to help members to feel more valued than they perhaps would at bigger banks.
Qudos Bank members enjoy their own exclusive Member Lounge at Qudos Bank Arena, with access to special ticket offers and competitions offering VIP experiences.
Want to know more about where Qudos Bank came from? Let’s take a closer look at where this member-owned bank started out. In 1959, Qantas Staff Co-operative Credit Union Limited was established to offer banking services to Qantas employees in the Sydney Metropolitan Area. After the first month, 50 of Qantas’s 6,700 employees had joined.
In 1964, after five years of operation, 1,772 loans had been approved and funded. Membership was at 1,310, and assets stood at £182,524. A year later, membership opened up to employees from British Airways and Air New Zealand, before, in 1966, Qantas employees located outside the Sydney Metropolitan were allowed to join.
It was only another year later before membership was opened to employees at all Qantas locations. Membership was also made available to family members. In 1969, ten years after starting out, 50% of Qantas employees were members, and membership was growing at 100 per month. This growth continued, so that by 1980, 90% of all Qantas's Australian-based employees were members.
Three years later – now called Qantas Staff Credit Union – it became the biggest credit union in Australia when its total assets passed $100 million. But, it wasn’t until 1996, when the credit union opened up membership to non-Qantas employees that it passed the $500 million mark.
In the 2000s, Qantas Credit Union took home a host of awards. In 2008, it was awarded the Money Magazine Service Excellence Award, and then in 2014, it received the Canstar Innovation Award for its Qantas Points Banking suite of products. In 2016, the credit union started trading as Qudos Bank, and just two years later it was awarded ‘Australia’s Best Small Bank’ in the 2018 Mozo Experts Choice Awards.
If Qudos Bank sounds like it might be the bank for you, why not check out its range of credit cards. Currently, the bank has three credit cards within its range. Here’s the lowdown on what each of them has to offer.
This is a no annual fee card with a low ongoing purchase rate. This card may suit you if you’re looking for a no frills card that keeps costs low, especially if you carry a balance.
This is another no annual fee option, offering a lower than average purchase rate. As it provides up to 46 days interest free on purchases, it could work well for you if you clear your balance each month, and want to keep your costs to a minimum.
As a Qantas Points earning credit card, this card allows you to earn rewards on your card spending. It could be a good option for you if you want to earn Qantas Points while taking in a few platinum perks.
You can find out more about these cards – including essential info and our reviews – on each card’s dedicated page.
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