Qantas frequent flyer members will start receiving their “next generation” card tomorrow with the ability to store foreign currency and withdraw cash at ATM’s worldwide among the new features.

The carrier announced in February that it had aligned with MasterCard to launch the chip-enabled card that will allow members to load funds from nine currencies and lock in exchange rates.

It can be used to make purchases anywhere that MasterCard is accepted with card holders earning one frequent flyer point per $1 of spend in foreign currency and one point per $2 spent in Australian dollars.

The card will be progressively distributed from tomorrow with all eligible members expected to be in possession of the card by the end of the year.

“When you consider all the different things it does, this really is the Swiss Army knife of cards,” Qantas chief executive Alan Joyce said.

“The feedback from our members since we first announced this new Qantas card has been fantastic. The concept of a single card to check-in for your flight, access lounges, store foreign currency and make purchases at home or overseas has really struck a chord.”

Qantas loyalty chief executive Lesley Grant predicted it would encourage more people to join the scheme.

She said there is now a “broad understanding” that the loyalty program extends beyond travel.