Reward Program Credit Cards
Reward credit cards allow you to earn points while you spend, with benefits such as free flights, gifts, cashback and other rewards – just by using your credit card!
The credit cards on this list compare a selection from Cannex spend levels, combined with recommendations made by our credit card editors. The goal with any rewards credit card is to earn the maximum amount of points for the money you spend.
Table of Contents: Guide to Rewards Credit Cards
- Compare rewards credit cards
- Which is the best rewards credit card?
- How do rewards credit cards work?
- How to Compare Rewards Credit Cards
- How to use a rewards credit card
Best Rewards Credit Card*
The Westpac Earth Platinum Credit Card, will allow you to maximise the Qantas Frequent Flyer points you can earn, without any points capping
- $250 annual fee
- 19.14% p.a. on purchases
- 20.64% p.a. on cash advances
- 1.99% p.a. for 9 months on balance transfers
- Complimentary International Travel Insurance
- Earn 1.5 Qantas Frequent Flyer points on your American Express purchases
- Earn 0.5 Qantas Frequent Flyer points on your MasterCard purchases
- Minimum income requirement of $65,000 per annum for application approval.
Best Reward Credit Cards ($12,000 Yearly Spend)*
$12,000 is generally a very low amount to spend per year for a rewards credit card, thus there are limited choices which will actually benefit you and reward you as a consumer.
The following table includes credit cards have been rated best* for consumers who spend an average of $12,000 on their card per annum. The ratings assume that no interest or fees are charged throughout the year. The ratings are assigned by Cannex, Australia’s largest specialist financial research institution.
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) | |
|---|---|---|---|---|---|---|---|
 Citibank Silver Card | 1 reward point for every $1 spent, with Citibank ‘Automatic Benefits’. No point expiry. Free purchase cover. FraudShield protection. Cannex 5 star rating.
| 20.49% | 20.99% | 2.90% for 12 months | $89 | 55 |   |
 Commonwealth Bank Awards Credit Card | Earn up to 50,000 points per year. Online security guarantee. Cash back and Frequent Flyer Awards system, including Bonus Partner Reward Offers. Earn 1.5 Awards points for every $1 spent with a Commonwealth Bank American Express® Card | 19.74% | 20.74% | 5.99% for 5 months | $89.00 | 55 | |
 Woolworths Everyday Money | Generous and popular rewards program. 1-4 reward points for every $1 you spend. Gain most rewards while grocery shopping. *$0 annual fee first year. Reverts to $49 after. | 18.74% | 20.99% | 5.99% for 6 months | $49 | 55 | |
Best Reward Credit Cards ($24,000 Yearly Spend)*
$24,000 is a solid annual spend as far as reward programs for credit cards go. $24,000 is the commonly perceived minimum necessary to benefit from Frequent Flyer credit cards. These credit cards offer travel and purchase security benefits, which you’ll need to take into consideration whether you need or not.
If you don’t, you can still benefit from a different rewards card level of spend.
You’ll need to be earning at least $45,000 a year on average in order to be considered for approval on these cards.
The following table includes credit cards have been rated best* for consumers who spend an average of $24,000 on their card per annum. The ratings assume that no interest or fees are charged throughout the year. The ratings are assigned by Cannex, Australia’s largest specialist financial research institution.
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) | |
|---|---|---|---|---|---|---|---|
 American Express Gold Ascent Card | No annual fee. Earn 1 Membership Reward point for every $2 spent.
Pay an $80 annual fee and earn 1 Membership point for every $1 spent. | 19.99% | 20% | N/A | $0 | 44 | |
 Citibank Gold Card | 1 reward point for every $1 spent. Complimentary International Travel Insurance. No point expiry. Free purchase cover. FraudShield protection.
Cannex 4 star rating.
| 20.49% | 20.99% | 2.9% for 12 months | $149 | 55 | |
 ANZ Rewards Visa Card | 1 reward point for every $1.50 spent. Earn up to 3 points per dollar at a huge range of ANZ bonus partners. Purchase security insurance. | 18.99% | 20.24% | N/A | $48 | 44 | |
 Commonwealth Bank Gold Card | Earn up to 100,000 points per year. Free International Travel/Hospital Insurance for up to 3 months*. Points exchangable for Frequent Flyer Points. Earn 2 Awards points for every $1 spent with a Commonwealth Bank American Express® Card and enjoy acceptance at 29 million locations with MasterCard® | 19.74% | 20.74% | 5.99% for 5 months | $144.00 | 55 | |
Best Reward Credit Cards ($60,000 Yearly Spend)*
$60,000 is a high annual spend, and yields the potential to earn over $500 of rewards a year. $60,000 is necessary to spend on these cards as their annual fee is so high – but after you breach the annual fee offset, you can access a world of luxury and rewards. These credit cards offer travel, 24/7 specialist services, purchase security benefits and a wide range of prestige benefits which you’ll need to take into consideration whether you need or not.
If you don’t, you can still benefit from a different rewards card level of spend.
You’ll need to be earning at least $70,000 a year on average in order to be considered for approval on these cards.
The following table includes credit cards have been rated best* for consumers who spend an average of $60,000 on their card per annum. The ratings assume that no interest or fees are charged throughout the year. The ratings are assigned by Cannex, Australia’s largest specialist financial research institution.
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) | |
|---|---|---|---|---|---|---|---|
 Citibank Platinum Card | 1 reward point for every $1 spent. 1 reward point = 1 FF point. No point expiry. Complimentary International Travel Insurance. 24/7 personal concierge service.
Cannex 5 star rating.
| 20.49% | 20.99% | 4.9% for life | $250 | 55 | |
 Citibank Emirates Platinum Card | For high balances that need to be paid off over more than a couple of years, you won’t find a better offer than this. | 20.49% | 20.49% | 3.9% for 9 months | $229 | 55 | |
 Commonwealth Bank Platinum Card | Earn up to 150,000 points per year. Travel Insurance for up to 12 months. Extended Insurance /Purchase/Security benefits. Commonwealth Awards Program plus extra Platinum Rewards. Earn 3 Awards points for every $1 spent with a Commonwealth Bank American Express® Card and enjoy acceptance at 29 million locations with MasterCard® | 19.74% | 20.74% | 5.99% for 5 months | $280.00 | 55 | |
 American Express Qantas Premium Card | Earn 1.25 Frequent Flyer points for every dollar spent. Earn up to 7,500 introductory bonus points after application approval. | 19.99% | N/A | N/A | $249 | 44 | |
 Westpac Altitude Card | 1 reward point for every $1 spent on your Altitude MasterCard. 3 reward points for every $1 spent on your Altitude American Express card. | 19.14% | 20.99% | 1.99% for 9 months | $100 | 45 | |
Reward Program Credit Card Comparison Table
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) | |
|---|---|---|---|---|---|---|---|
ANZ Rewards Visa Card | Each purchase works towards reward points, including paying your debts. Comes in Gold. Huge range of Awards, Vouchers and Discounts in Rewards Program. | 18.99% | 20.24% | N/A | $48 | 44 | |
 ANZ Balance Visa Credit Card | Earn 1 Reward Point for every dollar you Repay off your Balance. Cashback, Giftcards and Vouchers redeemable in Rewards Program. | 13.74% | 20.99% | 0% for 6 months | $79 | 50 | |
Citibank Silver Card | 1 Frequent Flyer point for every $1 spent. A comprehensive range of Security and Insurance. Includes Citibank World Privileges. | 20.49% | 20.99% | 2.90% for 12 months | $89 | 55 | |
Citibank Gold Card | 1 Frequent Flyer point for every $1 spent. Free Rewards Programme. Purchase Cover, Security and Insurance. International Travel Insurance. | 20.49% | 20.99% | 2.9% for 12 months | $149 | 55 | |
Citibank Platinum Card | 4.9% on balance transfer for the Life of your balance. A horde of other platinum benefits and features included. | 20.49% | 20.99% | 4.9% for life | $250 | 55 | |
Citibank Emirates Platinum Card | Earn up to 1.5 points per $1 spent on Citibank’s unique and generous ‘Skyward Miles’ reward program. | 20.49% | 20.49% | 3.9% for 9 months | $229 | 55 | |
 Macquarie Bank Platinum Visa Card | Macquarie Bank Rewards Program. Earn up to 3.25 reward points for every $1 spent. Redeem your points for flights, gift cards and other products. | 19.70% | 20.70% | 0% for 6 months | $200 | 55 | |
Commonwealth Bank Awards Credit Card | Earn up to 50,000 points per year. Online security guarantee. Cash back and Frequent Flyer Awards system, including Bonus Partner Reward Offers. Earn 1.5 Awards points for every $1 spent with a Commonwealth Bank American Express® Card | 19.74% | 20.74% | 5.99% for 5 months | $89.00 | 55 | |
Commonwealth Bank Gold Card | Earn up to 100,000 points per year. Free International Travel/Hospital Insurance for up to 3 months*. Points exchangable for Frequent Flyer Points. Earn 2 Awards points for every $1 spent with a Commonwealth Bank American Express® Card and enjoy acceptance at 29 million locations with MasterCard® | 19.74% | 20.74% | 5.99% for 5 months | $144.00 | 55 | |
Commonwealth Bank Platinum Card | Earn up to 150,000 points per year. Travel Insurance for up to 12 months. Extended Insurance /Purchase/Security benefits. Commonwealth Awards Program plus extra Platinum Rewards. Earn 3 Awards points for every $1 spent with a Commonwealth Bank American Express® Card and enjoy acceptance at 29 million locations with MasterCard® | 19.74% | 20.74% | 5.99% for 5 months | $280.00 | 55 | |
 NAB Velocity Standard Card | Gain velocity reward points and redeem for rewards. You gain both an Amex and Visa card which are linked to one single account and annual fee. | 19.24% | 19.24% | 3.99% for 6 months | $65.00 | 44 | |
 NAB Velocity Gold Card | Gain velocity reward points and redeem for rewards. | 19.24% | 19.24% | 3.99% for 6 months | $150.00 | 44 | |
 NAB Qantas Gold Card | Comes with a Visa and American Express card, both linked to one account and annual fee. No point expiry. | 19.24% | 19.24% | 6.99% for 6 months | $145.50 | 44 | |
 NAB Qantas Platinum Card | Comes with a Visa and American Express card, both linked to one account and annual fee. No point expiry. No points cap. | 19.24% | 19.24% | 6.99% for 6 months | $290.00 | 44 | |
Woolworths Everyday Money | A generous Woolworths shopping rewards program. *No first year annual fee, followed by $49. Promotional offer: Bonus $30 credit if you apply by 10 January 2010 and make a purchase on your new card by 28 February 2010. | 18.74% | 20.99% | 5.99% for 6 months | $49 | 55 | |
 Bankwest 'More' MasterCard | Grace period on purchases, 1.5 points for every dollar you spend, large range of rewards. Also available in ‘More’ Gold and Platinum. | 18.24% | 20.99% | N/A | $89.00 | 55 | N/A N/A |
 Bendigo Bank Red Credit Card | Earn 1 point for every $1 spent, and 1.5 points for Gold. Bonus partner offers available. | 18.55% | 18.55% | N/A | $45.00 | 44 | N/A N/A |
 GE Money 'Go' MasterCard | GE Money’s rewards card. Earn 1 point for every dollar spent, and 1.25 spent at a range of bonus partners. *Card establishment fee of $25 applies. Monthly fee of $3.95 charged if monthly balance is over $10. | 19.99% | 29.49% | N/A | $0.00 | 62 | N/A N/A |
 NAB Standard Card | NAB reward cards now have the option of linking to FlyBuys, Velocity or FrequentFlyer. See here for more details on these programs. Available in Gold. | 18.74% | 18.74% | N/A | $30.00 | 44 | |
NAB Velocity Standard Card | Gain Velocity reward points and redeem for rewards. Also available in Gold | 19.24% | 19.24% | 3.99% for 6 months | $65.00 | 44 | |
Westpac Altitude Card | A unique ‘Altitude’ rewards program. Higher conversion rates and introductory bonus points on Gold and Platinum. | 19.14% | 20.99% | 1.99% for 9 months | $100 | 45 | |
How Do Rewards Credit Cards Work?
Reward credit cards allow you to earn something back from your spending. The points you accumulate when you spend on a rewards credit card can be redeemed in various ways, including cashback, frequent flyer miles, and discounts on goods or services.
Let’s take a look at these different option in a bit more detail.
Points Redemption Options
Cashback – This means what it says. You get a certain amount of cash back for your spending. There are two ways in which cashback works: some credit cards offer a percentage of your total spend back, which is usually 1%. This type of scheme usually operates outside a rewards scheme; other rewards credit cards offer cashback within a rewards scheme, whereby you redeem your accumulated points for cash, although this option may take more points than the equivalent value in, say, shopping vouchers. Cashback is either paid back onto your card or as a cheque, monthly or yearly, depending on how your provider operates.
Air miles and travel rewards – Air miles have become very popular in recent years, and are now only rivaled by the above cashback option. Clearly, they suit those people who travel frequently and are looking for free or cheaper flights. Some rewards credit cards are dedicated frequent flyer cards, meaning the rewards scheme is geared towards this end. Each card will have affiliated airlines, so it is best to check which service suits your needs. You may also be able to take advantage of VIP airport lounge access and priority check-ins. Travel rewards can be redeemed with affiliated travel operators, and are more wide-ranging than just flights.
Merchandise – There are two ways in which a rewards credit card can work with retail goods. You can earn points for shopping at certain retail locations (possibly earning more points) or whenever you make any purchase (possibly less points); or you can have discounts applied at the time of purchase simply because you are making payment with a specific card. Some providers
Charities – Charity credit cards are rewards credit cards tied to a certain charity. These work in a similar way to cashback cards in that they will earn your chosen charity a percentage of your total spend. The charities are affiliated with particular providers, so your choice of credit card might be dictated by any preference you may have for a worthy cause. Charity credit cards sometimes involve an annual donation as well.
How to earn rewards
Earning points on a rewards credit card is hardly rocket science – you just need to spend on the credit card. More dollars spent means more points earned. However, you should be aware that a balance transfer made to a reward credits card will not count towards your points, and the same goes for any cash withdrawals you make make. One easy way to earn more points would be to begin using your credit card for those everyday purchases you would ordinarily use cash or debit cards to cover. If you do this, you must make certain you keep a check on your statement online, or you may get a nasty shock when it arrives at month-end. One thing you should never do is make purchases purely with the intention of earning points. If you end up not being able to pay off your balance at the end of the month, the value of any points earned will be more than wiped out by the interest payments you will be liable for.
If you shop wisely, your rewards credit card can build up points more quickly. This would involve you spending at affiliated retailers or airlines, in which case you may find that you are earning double points on your purchases. Also look out for introductory points offers, where you will earn a bonus number of points for spending within a certain period of time, or with named merchants within a set period. Again, only do this if such a purchase was inevitable anyway, and shifting your allegiance does not have any negative impact that would wipe out the value of any points earned.
How to tread carefully with rewards credit cards
Unfortunately, you do need to be wary with rewards credit cards. Although some people may think they are getting something for nothing, that sort of thinking can be naive. Apart from the above-mentioned advice that you shouldn’t spend unnecessarily to earn points, the key issue is whether there is a fee involved for being a part of the scheme. To give you an example, if you were to pay a $100 annual fee (which would be high), you would have to be spending at least $20,000 annually just to get that fee back. In a recent survey across sixty-three rewards credit cards, one website found that unless you’re spending more than $1,000 a month, you are most likely paying more in reward scheme fees over the year than you are receiving back in rewards. The message here is to find a rewards scheme that is free.
Points calculations
In any breakdown of the features of a rewards credit card you will clearly see quoted how many points per dollar you will earn. The usual amount is one point per dollar. However, that equation is fairly meaningless if you don’t know how many points are then required for redemption on the available rewards. Your thousand points earned with one provider may get you a product twice as expensive as with the same amount of points earned elsewhere. Points are currency. You wouldn’t equate rupees with dollars, or yen with sterling. The fickle value of points may be evident within the redemption system of just one provider. You may have to redeem 500 points for a shopping voucher, but 1000 points for cashback to the same value.
This requires investigation on your part, so you know you are receiving your maximum points value.
How to kill the value of your points
Earning points to the value of $5 when you end up paying interest to the value of $15 is just plain silly. Ending up with an unpaid balance one month because you had to make a large purchase is one thing; failing to pay off your debt in full because you’ve been on a points-accumulation spending spree is the worst type of false economy. You must not spend to earn points, and no matter why you are spending, your intention should always be to clear your balance in full every month. The easiest way to make sure your rewards credit card is paid in full each month is to set up a direct debit to pay it off, but this can be fraught with danger if your spending effectively takes you overdrawn on your bank account, so you get hit with bank fees and credit card interest.
Other issues to be aware of
No credit card – not just rewards credit cards – should be used for cash withdrawals. These are not only charged at a higher rate of interest, but they are always charged from the moment the cash is in your hand – they do not benefit from the interest-free days facility you may have on purchases. You should equally avoid making a balance transfer to a rewards credit card you regularly use for purchases. Not only does it not count towards your points, but if you have made it because of a low or zero percent offer, then any repayments you make will go to the debt at the lowest rate of interest first, leaving your purchases untouched until it is paid off. It’s something called the “adverse order of payments”.
Make sure your free rewards scheme is not being subsidised by a higher than average annual account maintenance fee.
Check if there is a cap on the amount of points you can earn in a year. This will punish the big spenders whose purchases above a certain level will then not count.
Make sure your points do not expire. This will punish the low spenders who will not have the chance to build up points for a decent reward.
How To Compare Rewards Credit Cards
When you compare rewards credit cards, you should not be blinded by the idea that they offer something for nothing. You should take every aspect of the credit card into account and make sure you make comparisons with other rewards credit cards to ensure you are getting the benefits you desire.
Reward credit cards are advertised as providing something for nothing; or at least something for doing what you would normally do, which is spend money on your credit card. The points you accumulate when you spend on a rewards credit card can be redeemed in various ways, including cashback, frequent flyer miles, and discounts on goods or services.
However, for the more canny consumer who knows there is rarely such thing as a free lunch, a certain amount of research is required before an application is made. In a recent survey, only 6% of Australians said they bothered to check out a credit card comparison site before making a credit card application. Around 50% only applied to their own bank. The need to compare rewards credit cards is perhaps more important than ever, because if you are not sure of the facts, you may be basing your application on vague or misleading information.
Here are the main point to consider when you compare rewards credit cards:
How can a rewards credit card work against me?
This should be your first question. The credit card provider’s intention is to create a paradise scenario. You’re spending anyway, so why not get something back for your trouble?
Don’t be naive about this. Some rewards schemes charge an annual fee. One financial website recently discovered that taking an average across sixty-three rewards credit cards that charged a fee, unless you’re spending more than $1,000 a month, you will probably be paying more in reward scheme fees over the year than you receive back in rewards. Individual cases may prove this right or wrong, but the consensus on charged-for reward schemes is not good.
What are your points worth?
Generally speaking, one dollar will equal one point, but that is not what’s important. When you compare rewards credit cards, you need to go beyond this and ask what value your points will have. Ultimately, your rewards points are effectively translated back into a dollar value. One provider may have the following calculation: one dollar = one point = 5cts; another may dictate that one dollar = one point = 50 cts; yet another may say that one dollar = two points = 75cts. You will need to dig deep to uncover the truth, but if you don’t do this then your attempts to compare rewards credit cards will not be based on fact. If cashback is your goal, then you need to know whether you will have to exchange more points for cashback than for a shopping voucher of the same value.
How can you redeem your points?
You need to know that the rewards scheme will work for you and the way you shop. The last thing you want is to start adjusting your spending habits to fit your card. Your credit card provider might love that, but your bank manager definitely will not. You need to look at how your reward scheme works with regards to points redemption. Here are the main options:
- Air miles and travel rewards – Air miles have become very popular in recent years, and are now only rivaled by the cashback option. These rewards are prefect for those people who travel frequently and are looking for free or cheaper flights. Some rewards credit cards are actually dedicated frequent flyer cards, meaning the whole point of ownership is to accumulate air miles. When you compare rewards credit cards in this area, you should make sure that your chosen card is affiliated with an airline that you often use and that services the routes you frequently fly on. You may also be able to take advantage of VIP airport lounge access and priority check-ins. Travel rewards are used with affiliated travel operators, and cover more than just flights.
- Retail goods – There are two ways in which a rewards credit card can work with retail goods. You can earn points for shopping at affiliated retail locations or whenever you make any purchase (the former may earn more points per dollar); or you can have discounts applied at the time of purchase simply because you are making you payment with that specific card.
- Cashback – This means you get a certain amount of cashback for your spending. This works in two ways: the first often operates outside a rewards scheme and offers a percentage of your total spend back, which is usually 1%; other rewards credit cards offer cashback within a rewards scheme, whereby you redeem your accumulated points for cash. Cashback can be paid directly into your card account as a credit, or as a cheque, and it may be paid monthly or annually.
- Charities – Charity credit cards are tied to a certain charity, according to the credit card provider. These work like cashback cards in that they earn the charity a percentage of your total spend.
How do you earn your points?
This is standard across the industry. Points are earned when you spend on your card. But you must be aware that any balance transfer made to a reward credits card will not count, and the same goes for any cash withdrawals you make. You should never think it a good move to spend purely to earn points. If you end up not being able to pay off your balance at the end of the month, the value of any points earned will be more than wiped out by your interest payments. Earning points to the value of $5 when you end up paying interest to the value of $15 is a false economy. If it happens because you had to make a large and necessary purchase you couldn’t pay off, that cannot be avoided, but getting into debt because you went on a spending spree with the purpose of building up points is frankly stupid.
Cap and expiry:
Find out when you compare rewards credit cards if there is a limit imposed on how many points you can earn in a certain period. If so, and you spend a lot on your card, you will not be able to claim your full entitlement. Also see if your points expire if you keep them for too long. This prevents people who do not spend much from saving up for a decent reward because they are forced to redeem their points before they are ready.
Other considerations when you compare rewards credit cards:
Rewards credit cards are no different to regular credit cards in that you will be hit by interest charges if you do not pay off your balance in full each month. In this respect, you should check that the regular rate of interest is no higher than average. Some rewards schemes that do not charge an annual fee may have hidden that charge within the annual credit card fee, or may have a higher APR to compensate.
Do you benefit from a period of interest-free days? This is pretty standard nowadays, and it would be disappointing to find you lacked this, especially if it has been omitted to balance any benefits you may gain from your rewards scheme. A lack of this feature removes the normal reward for paying off your balance in full every month: no interest charges.
Find out more details of these Reward Credit Cards
If you’re interested in finding out the more specific reward program details, such as point capping, point expiry and the real value of each reward point you earn, check out our reward program comparison page.
St George do not have a typical ‘points’ reward program, and thus are not listed here.
They do however offer Gold & Platinum credit cards which offer travel, insurance and security benefits.
How To Use A Rewards Credit Card
The first thing to say about using a rewards credit card is to use it sensibly. That means you should never spend on your card just to earn yourself points. However, there are certainly ways to maximise your points accumulation and make your rewards credit card work entirely in your favour, and not just to benefit your credit card provider.
Key points for points accumulation:
Spend on your card:
You cannot accumulate points on your rewards credit card if you do not spend any money on it. One key trick to to start using your credit card for the everyday purchases, such as fuel and groceries, that you would usually use cash or a debt card to pay for. This means you will not be spending any more than you would normally, but you are now getting something back for that spending.
There is one huge caveat here, though: You must keep an eye on your spending and not look at the extra cash in your pocket or bank account as available to spend on other things. The cash you do not touch by switching everyday spending to your rewards credit card must be kept to pay off your credit card statement at the end of each month. This requires discipline to achieve, and if it goes wrong you will end up losing more than you gain, because you will not be able to pay off your balance at the end of every month, and you will then have to pay interest, thus negating any value of points earned.
Take advantage of bonus points offers:
These offers may apply to the first few months you own your rewards credit card, or they may appear every so often as you go along. With the former, you may be awarded extra points in the first few months, such as two points for one dollar, instead of the normal one point. Offers beyond this initial period will involve specific affiliated retailers or airlines. Again, the proviso with both these situations is that you do not spend on anything you would not have bought anyway. It’s perfectly okay to switch allegiance to a different retailer to take advantage of these offers, so long as you can genuinely justify your purchases as necessary. Ideally, you should have chosen your rewards credit card in the first place because the affiliated retailers or airlines are ones you regularly do business with.
Use your points:
Make certain you actually use the points you build up. Saving up for a large reward is one route to go down, but only if the conditions of your rewards credit card allow for this. Some schemes impose an expiry date on your points, so if they are not used within a certain time, they will be lost. Make sure you know if your scheme does this, and if so, make a note of when you must start thinking of redeeming them.
Pay off your balance each month:
This is a must, not just for rewards credit cards, but for any credit card. The interest charges that kick in on any unpaid part of your debt will go a long way towards canceling out the benefit of any reward points you may have earned in the previous month. In most cases, you will simply be out of pocket. Whilst this may be unavoidable if you have had to make certain essential purchases that bust the budget for that month, it is very silly if it has come about because you have been reckless for any reason.
Read the Terms & Conditions:
This is essential with rewards credit cards, as you will need to know exactly how they operate to take full advantage. For example, is there a stipulation that your points are nullified if you are considered in default because you fail to pay your minimum payment amount in time?
Balance transfers and cash withdrawals:
Be aware that you will not be awarded any points for either of these transactions. Moreover, balance transfers, whilst allowing for a lower interest rate, will attract a balance transfer fee, and cash withdrawals will be charged at a higher rate of interest that will activate the moment your cash leaves the ATM. Remember also that, according to the “adverse order of payments” method use by nearly all credit card providers, debts at the lower rate will be paid off first, so any balance transfer made to a rewards credit card will need to be wiped completely before purchases at a higher rate are touched. Rewards credit cards are therefore the wrong card to transfer a balance to, unless you are prepared to clear the rewards credit card balance first and then cease making any more purchases on it.
Is it worth getting a Credit Card with a Rewards Program?
There are an abundance of Australians who own a rewards credit card, yet who aren’t getting any benefit from it.
Infact, most of these people would be paying more in interest and fees than in value of the rewards they redeem. You should avoid a credit card with a rewards program if you ever:
- Pay interest on your balance.
- Don’t spend significant amounts on your credit card per year. This amount varies from card to card. Some require $12,000+ of spending, while others are as high as $60,000.
- The rewards are of no use to you.
Most credit cards have an annual fee of around $60-250. Generally, you’ll need to spend $10,000 a year on a rewards card to offset an annual fee as low as $60. Therefore, if you’re spending less than this, let alone paying interest (which is very high on reward cards) there truly isn’t any benefit of owning a reward program card.
As a general rule of thumb, credit cards which offer high dollar to point conversion tend to cap (limit) the period in which you receive the high conversion rates.
Take a look at our selection of best credit cards or top low interest rate credit cards if you believe a rewards credit card is not suitable for you.
This page compares and offers credit cards with reward programs. To find out more about the reward programs themselves, view Credit Card Finder’s unique stockpiling of reward program details here.
Read more about reward program cards in our credit card reward program resources page.
* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from. ‘Best and ‘Top’ are ratings which are subject to our consideration and is not rated against all Australian credit cards. We recommend you take this information into account when comparing credit cards.
- Diners Club International Velocity Rewards Points Credit Cards
The Diners Club Rewards program is one of the top rewards programs and has even been awarded 5 stars by Cannex in the reward star ratings. So if you are an existing Diners Club credit card member then you have the opportunity to participate in this great awards program by transferring your points over to earn Velocity Rewards. This article shows you how.
- Card Services Direct Credit Cards – Earn Velocity Rewards Points
Are you an existing Gold or Platinum Card Services Direct credit card holder? If so then you have the opportunity to transfer your reward points over to your Velocity Membership account. This article provides all the details of how to do this transfer successfully.
- Velocity Rewards: Credit Cards That Earn You Velocity Rewards Points
Are you tired of limited rewards programs which don’t offer much value? If so then switch over to the Velocity Rewards Credit Cards program. This program has a wide range of partners that allow you to redeem your points with such as Suncorp Bank, American Express, ANZ Rewards Visa and Citibank. Provided are more details about these Velocity rewards credit cards.
- Commonwealth Bank Velocity Rewards Points Program Credit Cards
Commonwealth Bank Velocity Rewards Points Program Credit Cards allow you to earn 1 Commonwealth Awards point for every dollar you spend at selected partner stores. You can then transfer your Commonwealth Awards points to your Velocity Account to redeem rewards.
- Loyalty Credit Cards vs Cashback Credit Cards
It is easy to become confused when deciding between loyalty credit cards and cashback credit cards. The difference between the two is often not very clear as some loyalty programs include a cashback element, and some cashback programs work on a loyalty basis. Understand the difference between them in this article.
- ANZ Rewards Visa – Earn Rewards Points With An ANZ Rewards Credit Card
The ANZ Rewards Visa credit card is one of the most flexible reward programs in Australia. You also get to choose from over 500 rewards such as cash back and shopping vouchers. Find out more details about this great rewards program offered by ANZ.
- David Jones Credit Card: Understanding credit card interest
This article will help you understand how to use your David Jones Credit Card properly so you can get as much value out of it as possible. One important thing to understand is avoiding interest on the card by using it the right way. Find out more about the David Jones Credit Card here.
- Guide To MasterCard Applause
MasterCard Applause is a ticketing service offered to MasterCard members allowing them to purchase and book tickets online for Australian sporting events, concerts, theatre and much much more. Find out more about this great rewards program offered by MasterCard.
- Credit Card Feature: Extended Warranty On Australian Goods
Once you’ve purchased something new you are often offered an extended warranty however this can be an extra cost you don’t usually need. The good news is that some credit cards offer this as a reward so you may be interested in checking some of these offers out. Find out more about extended warranty cover here.
- Credit Card Feature: Car Rental Insurance Cover
One of the great benefits provided by numerous general rewards credit cards is car rental insurance cover. Find out how you can save money with this type of reward from various providers.
- Credit Card Feature: Concierge Services
Credit card concierge services have become a common feature on most premium and platinum credit cards. However not many credit card owners know how to get the most out of their concierge services. This article will show you how.
- Extra Credit Card Benefits Without Costing You Anything
There are ways to enjoy the benefits of a platinum credit card without having to pay extra. In this article we use the BankWest Zero Platinum MasterCard and the Citibank Clear Platinum as examples to show you how.
- AMEX David Jones Credit Card
If you consider yourself a keen shopper and want to be rewarded for your purchases at David Jones & selected stores then you may like to checkout the AMEX David Hones Credit Card. Find out more about how you can be rewarded with this great card.
- David Jones Credit Card
If you are a regular shopper at David Jones then you may like to consider a David Jones credit card. David Jones offers a unique program to help you maintain total control of your finances while being rewarded for shopping at the same time.
- Australian Rewards Credit Cards Review
Here is a review of the most popular Australian rewards credit cards currently on offer. You decide if you’re getting the most value out of your rewards program.
- Credit Card Rewards Programs
If you are looking for a rewards credit card then this article is for you. You will understand exactly how rewards cards work, the types of rewards cards on offer, and the most value for money reward card for you.
- Woolworths Everyday Rewards
If you are considering getting a new credit card which rewards you for making purchases then you definately should consider a Woolworths Everyday Rewards card. Some of the benefits of this reward card is that you can earn points which go towards fuel discounts and Qantas frequent flyer points. Read more benefits of this card here.
- Guide To Credit Card Rewards Points
Before choosing to apply for a rewards credit card it’s important you understand exactly how rewards points work, and how they can benefit you if you manage your credit card spending.
- How To Get Rewards Points On Your Credit Card Faster
Credit card rewards points can be tricky. You have to figure out how to get as many of them as possible to cash in for different products, usually this means spending on your credit card. Card owners should be careful that they do not overspend to the point where they spend more on interest then the value of the rewards.
- Credit Card Loyalty Schemes & Rewards Programs
Credit card loyalty schemes and rewards programs are so intrinsic that most people are lost when it comes to choosing the right scheme with their card. Find some of the answers here.
Best Balance Transfer Credit Card Offer
The Bankwest Lite MasterCard is Australia's cheapest credit card offer, giving you the lowest MasterCard purchase rate of just 9.99% p.a. as well as a long balance transfer offer on your existing credit card balance at 1.99% p.a. for 12 months!
Editor's Choice: Our Top Credit Cards
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) | |
|---|---|---|---|---|---|---|---|
 Bankwest Lite MasterCard |
 Editor's Choice:Cheapest Credit Card The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 9.99% p.a. |
9.99% | 20.99% | 1.99% for 12 months | $59 | 55 | |
 St George Vertigo |
 Editor's Choice:Best Bank Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks. |
2.99% for 6 months (reverts to 11.99%) | 20.74% | 2.99% for 6 months | $55 | 55 | |
 Coles Group Source MasterCard | The Coles Group Source MasterCard has no annual fee, a 0% p.a. balance transfer offer for 6 months, with a rewards program including savings on fuel and FlyBuys Points | 19.74% | 21.99% | 0% for 6 months | $0 | 62 | |
 Citi Clear Platinum Visa |
Editor's Choice: Low Interest An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers . |
11.49% | 20.99% | 0.99% for 6 months | $49 (First Year, Save $50) | 55 | |
 Bankwest Zero Platinum MasterCard |
Editor's Choice: No Annual Fee Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 12 months on balance transfers |
15.99% | 15.99% | 1.99% for 12 months | $0 | 55 | |
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