Cashback Credit Cards

Free money! Now that we’ve got your attention, learn about cash back credit cards.

Cashback offers and promotions are an enticing proposition for rewards chasers. Who doesn’t like a free lunch? Cashback credit cards can work a couple of different ways: Either get a percentage of your total spend as cash back at the end of the month, get a one off cashback payment when you enter into a special promotion, like a balance transfer, or convert your rewards points to cash. Just remember to pay your credit card balance otherwise you’ll be unnecessarily giving ‘cash back’ to your credit card provider. Here’s how to make a cashback credit card work for you.

Compare Cashback Credit Cards

Rates last updated July 22nd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
Virgin No Annual Fee Credit Card
$100 cashback and a no annual fee card with balance transfer offer. Spend criteria applies for cashback offer.
18.99% p.a. 0% p.a. for 18 months with 2% balance transfer fee $0 p.a. Go to site More info
Coles Low Rate MasterCard
Redeem $10 off your Supermarket shop when you reach 2000 flybuys points.
9.99% p.a. 0% p.a. for 6 months $49 p.a. Go to site More info
Citi Rewards Platinum Card - Cashback Offer
Earn $250 cashback on eligible spend, plus enjoy 0% p.a. balance transfer offer for 12 months, discounted annual fees for the life of the card and a complimentary travel insurance.
20.99% p.a. 0% p.a. for 12 months $99 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info
ANZ Platinum Credit Card
Receive $200 back when you spend $500 in the first 3 months. Also enjoy a $0 annual fee for the first year.
19.74% p.a. $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
ANZ First Visa Credit Card
Receive $200 back when you spend $500 in the first 3 months. Also enjoy low annual fee, interest-free days on purchases and a low minimum credit limit.
19.74% p.a. $30 p.a. Go to site More info
Bankwest Breeze MasterCard
Enjoy 5% cash back* (up to $300) on eligible purchases. Terms and conditions apply. Also receive a promotional balance transfer offer and low ongoing purchase rate.
12.99% p.a. 2.99% p.a. for 9 months $59 p.a. Go to site More info
Bankwest Breeze Platinum MasterCard
Enjoy no foreign transaction fees on online and overseas purchases, complimentary travel insurance and enjoy 5% cash back* (up to $300) on eligible purchases. Terms and conditions apply.
12.99% p.a. 2.99% p.a. for 9 months $99 p.a. Go to site More info
Bankwest Breeze Gold MasterCard
Receive premium card benefits, complimentary travel insurance and enjoy 5% cash back* (up to $300) on eligible purchases. Terms and conditions apply.
12.99% p.a. 2.99% p.a. for 9 months $89 p.a. Go to site More info

Compare Credit Cards with Rewards Program that allow you to redeem points for Cashback

Rates last updated July 22nd, 2016
Bonus Points Points per $ spent Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
1 14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
Coles Low Rate MasterCard
A low rate MasterCard with a competitive rate on purchases and a low annual fee.
VISA/MC: 0.5 AMEX: 0 9.99% p.a. 0% p.a. for 6 months $49 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
VISA/MC: 1 AMEX: 0 19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 40,000 bonus Qantas Points on eligible spend within 3 months. A balance transfer offer of 0% p.a. for 6 months with access to premium benefits and complimentary insurance.
40,000 bonus points VISA/MC: 1 AMEX: 0 19.99% p.a. 0% p.a. for 6 months $199 p.a. Go to site More info
ANZ Rewards Platinum
Receive 50,000 bonus Reward Points after your first eligible purchase is made within 3 months of card approval and earn up 2 Reward Points for every dollar spent on purchases.
50,000 bonus points VISA/MC: 1 AMEX: 2 18.79% p.a. $95 p.a. Go to site More info
Bankwest More Gold MasterCard
Receive up to 15,000 bonus points, earn 1.5 reward points for every $1 spent and take advantage of a low balance transfer offer as well as a complimentary insurance and protection.
15,000 bonus points VISA/MC: 1.5 AMEX: 0 19.99% p.a. 2.99% p.a. for 9 months $120 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
Enjoy a reduced annual fee on the first year, 0% p.a. for 24 months balance transfer offer, Citi Reward Points on eligible spend, plus a complimentary travel insurance.
VISA/MC: 1.25 AMEX: 0 20.99% p.a. 0% p.a. for 24 months with 1.5% balance transfer fee $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
Citi Rewards Credit Card - Signature
Receive 75,000 bonus Reward Points on eligible spend. A range of complimentary insurances.
75,000 bonus points VISA/MC: 1.5 AMEX: 0 20.99% p.a. 0% p.a. for 6 months $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Bankwest More MasterCard
Receive up to 8,000 bonus points, earn 1.5 points for every dollar you spend, plus take advantage of the 2.99% p.a. for 9 months balance transfer offer.
8,000 bonus points VISA/MC: 1.5 AMEX: 0 19.99% p.a. 2.99% p.a. for 9 months $70 p.a. Go to site More info
Bankwest More Platinum Mastercard
Enjoy all the extra special benefits including complimentary overseas travel insurance and emergency travel assistance 24/7 with no foreign transaction fees.
28,000 bonus points VISA/MC: 2 AMEX: 0 19.99% p.a. 2.99% p.a. for 9 months $130 p.a. Go to site More info
Citi Qantas Signature Credit Card
Earn up to 70,000 bonus Qantas Points on eligible spend, plus enjoy a 0% p.a. for 6 months offer on balance transfers.
70,000 bonus points VISA/MC: 1 AMEX: 0 20.99% p.a. 0% p.a. for 6 months $99 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Citi Prestige Card
Receive 70,000 bonus points on your first spend and a low interest rate on balance transfers.
70,000 bonus points 2 20.99% p.a. 0% p.a. for 6 months $700 p.a. Go to site More info
ANZ Rewards Credit Card
Get 25,000 bonus Reward Points after your first eligible purchase is made within 3 months of card approval and earn 1.5 points per dollar spent.
25,000 bonus points VISA/MC: 0.75 AMEX: 1.5 18.79% p.a. $80 p.a. Go to site More info
Citi Rewards Platinum Card - Cashback Offer
Earn $250 cashback on eligible spend, plus enjoy 0% p.a. balance transfer offer for 12 months, discounted annual fees for the life of the card and a complimentary travel insurance.
VISA/MC: 1.25 AMEX: 0 20.99% p.a. 0% p.a. for 12 months $99 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info

Compare debit cards with cashback on purchases

Rates last updated July 22nd, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
ING DIRECT Orange Everyday Account
$75 bonus and get up to 2% cash back on Visa payWave purchases.
Get a competitive ongoing variable rate when linked with a Savings Maximiser.
Visa $0 $0 No monthly fees, and you can use any ATM in Australia for free when you deposit $1,000 each month e.g your salary. Open More

Compare Credit Cards with gift cards or vouchers as part of their rewards program

Rates last updated July 22nd, 2016
Bonus Points Points per $ spent Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
VISA/MC: 1 AMEX: 0 19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
Coles Low Rate MasterCard
A low rate MasterCard with a competitive rate on purchases and a low annual fee.
VISA/MC: 0.5 AMEX: 0 9.99% p.a. 0% p.a. for 6 months $49 p.a. Go to site More info
Virgin Australia Velocity High Flyer Card - 30k Bonus Points offer
Receive 30,000 bonus Velocity Points and earn 1 Velocity Points per $1 spent. Receive an exclusive $129 Virgin Australia Gift Voucher and two complimentary Single Entry Virgin Australia domestic Lounge passes each year.
30,000 bonus points VISA/MC: 1 AMEX: 0 20.74% p.a. 0% p.a. for 6 months $144 p.a. annual fee for the first year ($289 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
VISA/MC: 0.66 AMEX: 0 20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Bonus Points and Balance Transfer Offer
Earn up to 10,000 bonus Velocity Points. Redeem your Velocity Points for more flights or other great rewards.
10,000 bonus points VISA/MC: 1 AMEX: 0 20.74% p.a. 0% p.a. for 14 months $129 p.a. More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Receive 0% p.a. for 12 months on purchases, 0% p.a. for 6 months balance transfers and a reduced flight offer up to four times a year.
VISA/MC: 0.66 AMEX: 0 0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. Go to site More info
American Express Platinum Edge Credit Card - Exclusive Offer
Receive 30,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Plus, enjoy 0% p.a. for 12 months on balance transfers.
30,000 bonus points VISA/MC: 0 AMEX: 1 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $195 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 40,000 bonus Qantas Points on eligible spend within 3 months. A balance transfer offer of 0% p.a. for 6 months with access to premium benefits and complimentary insurance.
40,000 bonus points VISA/MC: 1 AMEX: 0 19.99% p.a. 0% p.a. for 6 months $199 p.a. Go to site More info
ANZ Rewards Credit Card
Get 25,000 bonus Reward Points after your first eligible purchase is made within 3 months of card approval and earn 1.5 points per dollar spent.
25,000 bonus points VISA/MC: 0.75 AMEX: 1.5 18.79% p.a. $80 p.a. Go to site More info
ANZ Rewards Platinum
Receive 50,000 bonus Reward Points after your first eligible purchase is made within 3 months of card approval and earn up 2 Reward Points for every dollar spent on purchases.
50,000 bonus points VISA/MC: 1 AMEX: 2 18.79% p.a. $95 p.a. Go to site More info
American Express Platinum Card
Receive 100,000 Membership Rewards Bonus Points and earn up to 3 points per dollar spent. Gain access to travel insurance, $300 Platinum Travel Credit every year and access to 800 VIP airport lounges.
100,000 bonus points VISA/MC: 0 AMEX: 1 $1,200 p.a. Go to site More info
Commonwealth Bank Business Awards credit card
Receive an annual fee waiver in the first year and enjoy up to 1.5 Awards points for every dollar spent, plus 55 days interest-free on purchases.
VISA/MC: 1 AMEX: 1.5 20.74% p.a. $0 p.a. annual fee for the first year ($100 p.a. thereafter) Go to site More info
Citi Rewards Platinum Card - Cashback Offer
Earn $250 cashback on eligible spend, plus enjoy 0% p.a. balance transfer offer for 12 months, discounted annual fees for the life of the card and a complimentary travel insurance.
VISA/MC: 1.25 AMEX: 0 20.99% p.a. 0% p.a. for 12 months $99 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info
ANZ Platinum Credit Card
Receive $200 back when you spend $500 in the first 3 months. Also enjoy a $0 annual fee for the first year.
VISA/MC: 0 AMEX: 0 19.74% p.a. $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info

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What are cashback credit cards??

There are many different types of credit card rewards. Some credit card providers reward you with frequent flyer points, some offer points in a specific rewards program, like Woolworths Everyday Rewards or Commonwealth Bank points, and some just give you cash as an incentive for spending on your credit card.

A cashback credit card does what the name suggests: you get cash back when you spend on the credit card. Some provider also give you cashback when you take up a special promotional offer, like a balance transfer.

How do cashback cards work?

There are three ways you can earn cashback on your credit card purchases:

  1. Cashback via a credit card rewards program. You’ll need to manually redeem your points for cashback with this option.
  2. Instant cashback when you make an eligible credit card purchase. For example, say you make a credit card purchase of $1000 and there is a 2% cashback promotion, the credit card provider gives you $20 back.
  3. Cashback when you take up a promotional offer. Some products have a special promotion, like a balance transfer offer, you get cashback or a cash equivalent gift when you take up the deal.

For instant cashback and cashback via rewards, cashback is only given when you make an eligible credit card purchase. Transactions like cash advances are ineligible for cashback rewards. Check the credit card’s terms and conditions for a full list of transactions ineligible to earn rewards.

How can I compare cashback credit cards?

Compare cashback credit cards by the size of the return. On face value, the card that offers more will look the most appealing. But there are other factors to consider, too.

  • Think about how much you plan to spend on the card.
  • Can you pay off the entire balance at the end of the month. Cashback means very little if you’re accruing interest on your purchases.
  • What’s the product’s annual fee. You have to spend more on a card with a high annual fee before the value of the rewards is greater than the cost to own the product.
  • Also remember to compare the cashback offer against other credit card rewards options. Perhaps converting points to gift vouchers will give you a better return.

There’s more than a bit to think about before you enter into the world of cashback and credit card rewards. Do your due diligence and compare cashback credit cards so they don’t end up costing more than they’re worth.

How can I make money with a cashback card?

You’re probably wondering how much money you can actually make with a cashback credit card. Consider the following:

  • Total spend. You only get back what you put in. Your total eligible spend will dictate the cashback return, unless there’s a cap.
  • Rewards cap. Does the credit card provider have a cap on the number of rewards points you can earn in a month, or is there a limit on the value of cashback you can get. This information is available in the product’s fine print and on our credit card review and application pages.
  • Ineligible transactions. Also consider the type of purchases you’ll make on your card. Not all transactions are eligible for cashback. Cash advances, paying some bills and paying credit card fees and charges are considered ineligible transactions. Gambling purchases are also ineligible to earn cashback rewards.

The general rule is that Australian cash back customers can earn up to 1.4% cash back, after the annual fee is deducted, as a percentage of purchases according to analysis from Credit Card Finder.

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What are the advantages and drawbacks of cashback credit cards?

This may help you decide whether a cashback credit card is the right type of credit card for you.

Pros

    • Money in your pocket. Every time you spend you’re getting something back. Every return in value is a bonus, no matter how small.
    • It’s not just about the cash. Most credit cards with a cashback rewards program also have free goodies on offer like insurance, a concierge service and some even offer complimentary passes to airport lounges too.
    • Don’t like cashback? Some credit cards that offer cashback when you make an eligible purchase also offer other ways to get rewarded. If cashback isn’t your thing, you may be able to accrue rewards points that can be used for gifts, gift cards or flights.

Cons

  • The annual fee. Credit cards with cashback rewards generally charge a higher annual fee than low rate credit cards. Make sure your annual spend is high enough so the value you get back from the rewards is higher than the annual fee.
  • Rates of interest. These cards do offer interest-free days on purchases. But this is only if you pay your balance off in full each month. Rewards credit cards generally have a high purchase rate of interest. If you don’t pay off your balance, this type of credit card will cost you more than a low rate of low fee product.
  • Points cap. Some of these cards have a cap on the number of rewards points you can earn or a cap on the value of cashback you can receive over a period of time.
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What else should I take into consideration?

  • Balance transfers. Excluding cashback credit cards that offer an incentive for carrying out a balance transfer at the time of application, it’s not a good idea to get a cashback credit card when you want to do a balance transfer. A balance transfer often voids any interest-free days on the credit card, meaning interest is charged right away. Interest charges are sure to negate any rewards value. Go for a balance transfer credit card instead. If you really want the cashback rewards, you can always have two credit cards. One for the balance transfer balance and one for earning cashback. Some balance transfer credit card also don’t charge an annual fee.
  • Annual spend. Most cashback credit cards charge an annual fee. If the product is a no annual fee cashback credit card then great, any spend on the product is an instant bonus. However, if the card does charge an annual fee, you need to make sure you spend enough on the card so the return value of the rewards is greater than the cost of owning the credit card.
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How to apply and use a cashback credit card

Nearly all credit card applications can be completed online. Once you’ve compared products, and you’re ready to apply, follow the application links on our cashback credit cards review and application pages. You’ll be directed to a secure online application on the credit card provider’s website. Make sure you have the right information on hand to complete the application. You can read up about all the documents you need to complete the application on our review pages.

You should have a response shortly after you complete the credit card application and submit any additional information. Once full approval has been granted you can elect to pick your card up from a branch or you can have it sent to you in the mail, usually within a fortnight.

Conclusion

Cashback is a nice bonus for spending on your credit card. But don’t let the bonus go to the bank. Make sure you pay off your card in full each month to avoid interest charges and if the card has an annual fee, spend enough on the card to get out of the red.

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Frequently asked questions

How can I find out more about a cashback credit card?

If you have any questions about a cashback credit card that we have not answered on this page, or the product review pages, ask us a question using the form at the bottom of the article and a member of the finder.com.au will be in touch to assist you with your question.

How much cash can I expect to get back when I spend?

While the cashback rate varies from product to product, a general rule of thumb for cashback returns is somewhere between 1 and 2% of the total value of the transaction. This figure can jump up when you look at merchant and retailer bonus cashback rewards schemes.

Can I use cashback to pay the annual fee or my credit card debt?

The good news is yes, you can generally put the cashback rewards to pay the products annual fee or the outstanding balance of a credit card. It’s your cash, you can use it how you want.

Where can I find out more about cashback and rewards points capping?

The good news is yes, you can generally put the cashback rewards to pay the products annual fee or the outstanding balance of a credit card. It’s your cash, you can use it how you want.

Where can I find out more about cashback and rewards points capping?

We include all relevant information about cashback and rewards points capping on our cashback credit card review and application pages. Read our product reviews for all the ins and outs and about to best use a cashback credit card.

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* 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.

Was this content helpful to you? No  Yes
American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149
More info
NAB Low Rate Credit Card
NAB Low Rate Credit Card

Interest rate

13.99

Annual fee

59
More info
ANZ First Visa Credit Card - Exclusive Offer
ANZ First Visa Credit Card - Exclusive Offer

Interest rate

19.74

Annual fee

30
More info
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6 Responses to Cashback Credit Cards

  1. Default Gravatar
    ejay | April 27, 2016

    Did i get approved?

    • Staff
      Sharon | April 27, 2016

      Hi Ejay,

      Thanks for your inquiry.

      Please note that you have reached finder.com.au, an online comparison service, and is not directly connected with any credit card issuer. For the status of your application, you may get in touch with the bank directly. You may also check our review on how to check on your credit card application.

      I hops this helps.

      Sharon

  2. Default Gravatar
    Nat | September 30, 2014

    Can i transfer several card balances of under $5 each onto to 1 of these single prepaid woolworths money cards plz?

    • Staff
      Elizabeth | September 30, 2014

      Hi Nat,

      Thanks for your question.

      This will depend on whether all of these cards are yours or not. It might be best to get in contact with Woolworths directly to see if this will be possible with your account.

      Thanks,

      Elizabeth

  3. Default Gravatar
    ann | April 7, 2014

    How do I redeem money for cash back? I paid for my PC on my Westpac credit card.

    • Staff
      Jacob | April 7, 2014

      Hi, Ann.

      I’m not sure I understand the question. Can you please elaborate on what you’re looking for and the product you used to make the purchase. ‘

      Thanks for your question.

Credit Cards Comparison

Rates last updated July 22nd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Interest Visa Card offers 0% p.a. purchase and balance transfer offers for 15 months. Also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $59 p.a. Go to site More info

* 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 and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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