Citibank’s Citigold customers can earn 50,000 Qantas frequent flyer points by applying for the bank’s Qantas Signature Visa credit card.

With the annual fee waived (normally $395), you’ll pay just $49 each year for membership in the Citibank Qantas Rewards Program to earn Qantas Points on your everyday spend.

Also thrown into the mix is free Priority Pass Standard membership, which allows for two free visits each year to over 700 Priority Pass airport lounges – including the new Plaza Premium lounge at Macau Airport.

As you’d expect of a top-tier credit card, there’s also free interstate and international travel insurance cover.

To earn the sweet 50,000-point bonus, you’ll need to first be a member of Citigold – a wealth management service for clients with $100,000 or more invested through Citibank.

Then, simply apply for the Citibank Qantas Signature credit card by September 5 2014 and make a single purchase to qualify.

Other credit card deals on now: