Today have been told by the Commonwealth Bank, that both Mastercard and Visa Platinum Cards will now require 2 points to to earn just 1 Qantas FF point. This starts from Feb 2010.

This is a huge change to the program, as there is now no difference to the earning on a standard, Gold or Platinum Visa/Mastercard.

They are now introducing AMEX cards for the first time (earning 1.5 FF points per $) but the rates charged are double, and the amount of places that take AMEX are no where near as many as Visa/MC.

This is enough of a reason to look elsewhere.