Best Credit Card Rewards – Comparing Programs

Although reward programs are completely subjective to each individuals preference, there are cards which stand out among others in terms of points for dollar value.

A Universal Rewards Rule

While different programs offer different rewards, there is a simple relationship between credit cards which offer the same rewards. Lets compare 2 different reward programs to demonstrate:

American Express Rewards Maximizer – ‘Membership Rewards’







• $100 Myer Gift Card – 13500 points.
• 19.99% purchase rate and $192 on annual fees.

Commonwealth Bank Awards Card – ‘Awards’







• $100 Myer Gift Card – 16200 points.
• 18.99% purchase rate and a $59 annual fee.

While the American Express card requires you to spend $13200 on your card* before you can redeem a $100 gift card the annual fee is $133 more than the CBA Awards card.

In order for the American Express card to become more valuable than CBA, you would need to spend almost three times as much as the Awards card in the span of a year.

*While there are exceptions and other determining factors, such as point conversion rate, simply put: The more expensive your rewards program is, the cheaper its rewards will be. If you’re a high spender, a prestige card will benefit you whereas an everyday/regular spender would benefit from a standard rewards program.

The Influence of Interest

As mentioned frequently, reward programs become practically obsolete when you begin to pay interest on your reward cards.

Only apply for a card with a rewards program if you plan to pay your balance in full each month, otherwise you won’t be achieving the best credit card rewards. What’s the point of earning a $100 gift card when you had to pay $150 in interest to get it first?

Some rewards cards will also require you to wait a certain amount of time before you begin using rewards. Although the threshold isn’t as dominant as it used to be, some cards require you to wait ‘x’ months until you can redeem rewards.

If the minimum is 13 months for example, this is to ensure that you’ve spent an annual fee twice before redeeming anything.

While uncommon, it’s one of several reward traps that you’ll need to be on the lookout for when searching for the best credit card reward program for you.

A ‘Free’ Rewards Program

After a credit card which you can redeem rewards straight off the bat? Among a generous shopping rewards program, the Woolworths ‘Everyday Money’ card offers:

• A free $50 shopping voucher when your card application is approved. You can receive the card upon making your first purchase.
• No annual fee for the first year, followed by a low $49.
• See the official Woolworths ‘Everyday Money’ offer here.
• For more on reward cards, see our reward point guide and reward card comparison.

Related posts:

1. Credit Card Rewards Programs
2. Credit Card Loyalty Schemes & Rewards Programs
3. Credit Card Rewards Programs
4. Credit Cards with Travel Rewards Programs
5. Commonwealth Bank Awards – Credit Card Rewards Programs
6. Understanding Rewards Schemes & Programs
7. ANZ Credit Cards With Rewards Programs

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)
St George Vertigo	Editor's Choice: Low Interest 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
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 9 months on balance transfers	16.99%	16.99%	1.99% for 9 months	$0	55