The card doesn't seem all that bad when you consider SQ. As far as I know it's the only Visa or Mastercard in Australia which lets you earn SQ KF miles. And the redemption rates are the same as what Amex and Diners have on their cards. Though, I think you're better sticking with a visa/mastercard which gives you 1:1 to QF without capping as you'll probably get better buyng value on QFF awards.