Qantas Frequent Flyer's biggest revamp in its 35-year history, Classic+, promises 20 million new rewards seats and at a cost to Qantas of Au$ 120 million. Citi believes only 10% to 20% of these seats will be redeemed and, hence, a lower cost to Qantas of $70m. The 20 million rewards seats offering in Classic+ is about 50% of its capacity (based on 2019 figures and a load factor of 80%) according to Citi's analysis.