Cashback Credit Card

Cash back is one of the most popular rewards when it comes to redeeming credit card reward points.

Reward yourself from your credit card spending by earning exciting cash back rewards. To find a cash back credit card, it is worth looking at the annual fees vs the rewards return, to choose the cheapest & best credit card for your spending habits. To find out more about cash back offers and the type of consumers they suit, read on for the guide below:

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

Rates last updated July 6th, 2015

Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Points per $ spent
Citi Rewards Credit Card - Signature
Citi Rewards Credit Card - Signature
Receive 60,000 bonus Rewards Points on your first spend. A range of complimentary insurances. 20.99% p.a. 0% p.a. for 6 months with 1% balance transfer fee $299 p.a. VISA/MC: 1.5 AMEX: 0 Go to site More info
Woolworths Money Everyday Platinum Credit Card
Woolworths Money Everyday Platinum Credit Card
0% p.a. for 14 months on balance transfers and earn up to 3.00 rewards points per $1 spent with $0 annual fee and receive a $100 Gift Card, offer ends 31 July 2015. 19.99% p.a. 0% p.a. for 14 months $0 p.a. annual fee for the first year ($49 p.a. thereafter) VISA/MC: 1 AMEX: 0 Go to site More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to prestige services including a personal concierge service and VISA Platinum reward program. 19.99% p.a. 0% p.a. for 8 months $0 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
Bankwest More Gold MasterCard
Bankwest More Gold MasterCard
Earn 15,000 bonus More Rewards points. Earn 1.50 rewards points for every $1 spent. 19.99% p.a. 2.99% p.a. for 9 months $120 p.a. VISA/MC: 1.5 AMEX: 0 Go to site More info
HSBC Platinum Qantas Credit Card
HSBC Platinum Qantas Credit Card
Receive 20,000 Bonus Qantas Points on their Frequent Flyer program plus a balance transfer offer. 19.99% p.a. 0% p.a. for 6 months $199 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
Citi Rewards Credit Card - Platinum Card
Citi Rewards Credit Card - Platinum Card
Consolidate your debt with a low balance transfer and a long purchase rate offer plus a host of platinum privileges. Earn up to Citibank Reward points for every $1 spend. 20.99% p.a. 0% p.a. for 24 months with 2.5% balance transfer fee $199 p.a. VISA/MC: 1.25 AMEX: 0 Go to site More info
Citi Rewards Credit Card - Classic Card
Citi Rewards Credit Card - Classic Card

The Citi Rewards Classic Card gives you automatic benefits and a security guarantee.

20.99% p.a. 0% p.a. for 18 months $89 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
Bankwest More Classic MasterCard
Bankwest More Classic MasterCard
Earn 8,000 bonus More Rewards points. Plus earn 1.50 points for every dollar you spend. 19.99% p.a. 2.99% p.a. for 9 months $70 p.a. VISA/MC: 1.5 AMEX: 0 Go to site More info
Bankwest More Platinum Mastercard
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. 19.99% p.a. 2.99% p.a. for 9 months $130 p.a. VISA/MC: 2 AMEX: 0 Go to site More info
BoQ Platinum Visa Card
BoQ Platinum Visa Card
A great balance transfer offer with a $49 p.a. annual fee for the first year. 20.74% p.a. 0% p.a. for 14 months $49 p.a. annual fee for the first year ($199 p.a. thereafter) VISA/MC: 2 AMEX: 0 Go to site More info
Citi Prestige Card
Citi Prestige Card
Enjoy a balance transfer offer with 0% p.a. for 6 months and up to 70,000 bonus points. 20.74% p.a. 0% p.a. for 6 months $700 p.a. 2 Go to site More info
ANZ Rewards Platinum
ANZ Rewards Platinum
Earn points for every dollar spent on purchases plus a 50,000 Reward Points when you spend $3,000 on purchases within the first three months and pay no annual fee for the first year. 18.79% p.a. $0 p.a. annual fee for the first year ($149 p.a. thereafter) VISA/MC: 1.5 AMEX: 3 Go to site More info

Compare Debit Cards with Cashback on Purchases

Rates last updated July 6th, 2015

$
Savings Account Monthly Account Fee Debit Card Access ATM Withdrawal Fee Interest Rate p.a. Fee Free Deposit p.m. Details
ING DIRECT Orange Everyday Account
A transaction account with no monthly fees, plus a range of bonus features to take advantage of.
Yes, Visa $0 0.00% $1,000 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 6th, 2015

Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Points per $ spent
HSBC Platinum Credit Card
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to prestige services including a personal concierge service and VISA Platinum reward program. 19.99% p.a. 0% p.a. for 8 months $0 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
Bank of Melbourne Amplify Classic - Amplify Rewards
Bank of Melbourne Amplify Classic - Amplify Rewards
Earn Amplify points on purchases to redeem for gift cards, appliances, events and experiences, travel through Amplify Travel and much more. 0% p.a. for 3 months (reverts to 19.49% p.a.) 0% p.a. for 16 months $79 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
BankSA Amplify Classic
BankSA Amplify Classic
The BankSA Amplify is a brand new rewards credit card from which allows you to earn more Qantas Points. 0% p.a. for 3 months (reverts to 19.49% p.a.) 0% p.a. for 16 months $79 p.a. 1 Go to site More info
American Express Platinum Edge Credit Card
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards Bonus Points as well as up to 3.00 points on every dollar spent, while enjoying a low interest rate of 0.99% p.a. on balance transfers for 6 months and a complimentary domestic return flight every year. Offer ends on 30 September 2015. 20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $195 p.a. VISA/MC: 0 AMEX: 1 Go to site More info
BankSA Amplify Signature - Amplify Qantas
BankSA Amplify Signature - Amplify Qantas
Enjoy generous introductory purchase and balance transfer rate plus lucrative rewards. 0% p.a. for 3 months (reverts to 19.49% p.a.) 0% p.a. for 16 months $279 p.a. VISA/MC: 0.75 AMEX: 0 Go to site More info
Woolworths Money Everyday Platinum Credit Card
Woolworths Money Everyday Platinum Credit Card
0% p.a. for 14 months on balance transfers and earn up to 3.00 rewards points per $1 spent with $0 annual fee and receive a $100 Gift Card, offer ends 31 July 2015. 19.99% p.a. 0% p.a. for 14 months $0 p.a. annual fee for the first year ($49 p.a. thereafter) VISA/MC: 1 AMEX: 0 Go to site More info
Bank of Melbourne Amplify Signature
Bank of Melbourne Amplify Signature
Take advantage of travel benefits plus a low introductory interest rate offer on purchases and balance transfers. 0% p.a. for 3 months (reverts to 19.49% p.a.) 0% p.a. for 16 months $279 p.a. VISA/MC: 1.5 AMEX: 0 Go to site More info
St.George Amplify Classic
St.George Amplify Classic
A low interest rate on balance transfers of 0% p.a. for 16 months. 0% p.a. for 3 months (reverts to 19.49% p.a.) 0% p.a. for 16 months $79 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
St.George Amplify Platinum
St.George Amplify Platinum
This card features a balance transfer rate, a low annual fee, plus a low introductory purchase rate offer. 0% p.a. for 3 months (reverts to 19.49% p.a.) 0% p.a. for 16 months $99 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
HSBC Platinum Qantas Credit Card
HSBC Platinum Qantas Credit Card
Receive 20,000 Bonus Qantas Points on their Frequent Flyer program plus a balance transfer offer. 19.99% p.a. 0% p.a. for 6 months $199 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
BankSA Amplify Platinum
BankSA Amplify Platinum
Enjoy a generous earn rate, plus the ability to tailor your rewards with your choice of rewards programs. 0% p.a. for 3 months (reverts to 19.49% p.a.) 0% p.a. for 16 months $99 p.a. 1 Go to site More info
St.George Amplify Signature
St.George Amplify Signature
Low interest rate offer on purchases. Also get a low 0% p.a. for 16 months on balance transfers. 0% p.a. for 3 months (reverts to 19.49% p.a.) 0% p.a. for 16 months $279 p.a. VISA/MC: 1.5 AMEX: 0 Go to site More info
Bank of Melbourne Amplify Platinum
Bank of Melbourne Amplify Platinum
Take advantage of low introductory purchase rate offer and 24/7 concierge service, all for a low annual fee. 0% p.a. for 3 months (reverts to 19.49% p.a.) 0% p.a. for 16 months $99 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
ANZ Platinum Credit Card
ANZ Platinum Credit Card
A low interest rate offer on balance transfers with a $0 annual fee for the first year. 19.74% p.a. 0% p.a. for 16 months with 2% balance transfer fee $0 p.a. annual fee for the first year ($87 p.a. thereafter) VISA/MC: 0 AMEX: 0 Go to site More info
Woolworths Money Qantas Platinum Credit Card
Woolworths Money Qantas Platinum Credit Card
Earn 1.000 Qantas Frequent Flyer point per $1 spend plus earn extra points if you spend through Everyday Rewards partners such as Woolworths. 20.49% p.a. 0% p.a. for 14 months $99 p.a. annual fee for the first year ($139 p.a. thereafter) VISA/MC: 1 AMEX: 0 Go to site More info
ANZ Rewards Credit Card
ANZ Rewards Credit Card
Apply for the ANZ Rewards Credit Card and get 50,000 Reward Points after you spend $3,000 on purchases within the first three months. 18.79% p.a. $0 p.a. annual fee for the first year ($89 p.a. thereafter) VISA/MC: 1.5 AMEX: 2 Go to site More info
ANZ Rewards Platinum
ANZ Rewards Platinum
Earn points for every dollar spent on purchases plus a 50,000 Reward Points when you spend $3,000 on purchases within the first three months and pay no annual fee for the first year. 18.79% p.a. $0 p.a. annual fee for the first year ($149 p.a. thereafter) VISA/MC: 1.5 AMEX: 3 Go to site More info
Citi Rewards Credit Card - Platinum Card
Citi Rewards Credit Card - Platinum Card
Consolidate your debt with a low balance transfer and a long purchase rate offer plus a host of platinum privileges. Earn up to Citibank Reward points for every $1 spend. 20.99% p.a. 0% p.a. for 24 months with 2.5% balance transfer fee $199 p.a. VISA/MC: 1.25 AMEX: 0 Go to site More info
NAB flybuys Rewards Card
NAB flybuys Rewards Card
Receive up to 10,000 bonus flybuys points for eligible purchases. Plus a low offer on balance transfers. Apply by 11 October 2015. 19.99% p.a. 0% p.a. for 15 months $95 p.a. VISA/MC: 1 AMEX: 0 Go to site More info
Westpac Altitude Card
Westpac Altitude Card
Low interest rate offer on purchases and balance transfers. Redeem Altitude points for flights on any of the world's major airlines plus earn reward points for every dollar spent. 0% p.a. for 3 months (reverts to 20.24% p.a.) 0% p.a. for 16 months $100 p.a. VISA/MC: 1 AMEX: 2 Go to site More info
American Express Platinum Card
American Express Platinum Card
Receive 80,000 Membership Rewards Bonus Points and earn up to 3.00 points per dollar spent. Gain access to travel insurance, 600 VIP airport lounges and transfer points to any of 9 leading airline rewards programs. $1,200 p.a. VISA/MC: 0 AMEX: 1 Go to site More info
Westpac Altitude Platinum Card
Westpac Altitude Platinum Card

Receive low interest rate offer on purchases and balance transfers. Card benefits include a concierge service, free insurance and travel benefits.

0% p.a. for 3 months (reverts to 20.24% p.a.) 0% p.a. for 20 months $150 p.a. VISA/MC: 1 AMEX: 2 Go to site More info

What are cash back credit cards?

Cash back credit cards are credit cards that give you money back on purchases made with the credit card. At the time of writing, the only type of cash back credit cards on the market in Australia are indirect cash back cards — which allow customers to choose cash back options from their reward points from a range of other shopping options.

How do cash back cards work?

Australian cash back credit cards all accrue cash back value according to how much money you spend on your card on eligible purchases. There are, generally, two different types of cash back programs. They are:

    1. Indirect earn:

This is just a regular rewards program, where points can be used to redeem cash back, along with many other rewards options.

    1. Direct earn:

These cards, none of which were on the market at the time of writing, earn cash back directly as a percentage of eligible purchases made on the card — say, one percent, for example.

To redeem cash back, use your rewards programs’ online store to redeem a cash back value. Cash back will either be paid directly into you account or into a nominated account.

 


Pros and Cons of cash back credit cards

Pros of cash back credit cards

  • Earning cash rewards gives you money in your back pocket to spend as you choose.
  • Most cash back credit cards give you flexibility to choose normal rewards options as well, such as shopping vouchers, merchandise and frequent flyer points.
  • There are a range of extra benefits are included with cash back credit cards, such as complimentary travel insurance and other benefits you’d expect with premium rewards cards

Cons of cash back credit cards

  • Annual fees tend to be higher with rewards cards than they are with low interest credit cards and the like. Cash back card users need to spend enough money on their card to earn more in rewards than they pay for the annual fee.
  • Interest rates on cash back credit cards are higher than interest on credit cards without rewards. Consumers who don’t pay their balance in full each month may save money by choosing a low interest credit card.
  • It is hard to compare cash back credit cards, not to mention any credit cards with rewards. Rewards are confusing — perhaps intentionally so. It is hard to work out the value of rewards points.

 


Choosing the right Cashback Credit Card

How much cash back can I receive?

How much cash back you receive depends mainly on the type of card that you decide to use and whether there is points capping. Your credit card provider will give you all of the details when you sign up for your card.

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.

How much cashback can you receive back?

What spending can I earn cash back on?

When you use your credit card, you are only eligible to receive cash back on purchases. The amount of points you can earn will depend on the earn rates on your card. Earn rates can be higher for spending overseas and at supermarkets and partner organisations.

What spending can’t I earn cash back on?

You won’t receive cash back on any cash withdrawals, balance transfers, credit card fees and charges, paying your credit card interest or transactions related to gambling.

Important factors to compare cash back programs

The net percentage of cash back per dollar spent is probably the biggest objective factor you can evaluate when deciding upon a cash back credit card. Although, another consideration is that cash back is often of less value that shopping vouchers or other rewards that can be purchased with rewards points. So it is worth thinking carefully about whether you value cash or the full gamut of a reward program’s offerings.

Compare Cashback Credit Cards

Making money on cash back credit cards: Dos and don’ts

  • Do pay off your debt in full each month. If you overspend and can not repay the debt you have cancelled out any potential cash benefit you will receive.
  • Don’t use your credit card for cash advances. Cash advances begin accruing interest immediately and aren’t eligible for any interest free days.
  • Do use your cash back credit card for everyday purchases to earn the most cash back possible.
  • Don’t purchase something that you will not be able to pay off by your statement due date. If you need to carry a balance, consider using a low interest credit card.

Beware of these…

  • Capped cash back

    These are one of the biggest deterrents when you are searching for the perfect cash back credit card. These ‘caps’ are limits on how much cash back you can earn on your card. It is also referred to as a ‘capped rewards points’’

    Not every card has capped cash back, but some of them do. If you are likely to spend enough on the card so that you exceed the cash back cap, it may be worth looking for a card with a higher cap or a card with uncapped cash back.

  • Balance Transfers

    Balance transfers are GREAT, but they should not be done on cash back credit cards. The reason for this is because of the hierarchy of payments.

    Let’s say you chose to move a balance over from a higher interest credit card over to your cash back credit card. This may seem like a good idea at first but after you start making your payments, you will begin to see why this is not such a great idea.

    The payments will be applied to the balances that have the lowest interest rates first. That means if you have high balance at a low interest rate, you will pay on that balance first while all of your purchases will continue to accrue at the higher interest rate. Not only will your cash back revenue be cancelled out but you will end up paying even more in interest.

    Your safest bet is to find a good balance transfer card and move your balance over to that card and use your cash back credit card for purchases only. There are many great balance transfer offers out there and you will likely save a lot more money if you take this option instead.

    Have more than one card will cost you more in annual fees, but it could save you interest in this situation.

learn more about balance transfers

What’s the cash back catch?

Essentially, there’s no real catch to cash back. You can redeem it just as much as any other reward. However, you’ll find that the value of cash back is slightly less than what can be bought with rewards points, such as shopping vouchers. Using cash back, therefore, should be a conscious decision with this in mind.

Is it worth aiming for cash back rewards in the end?

Just like any regular rewards credit card, if you don’t spend enough per annum to offset the value of your annual fee, or pay excessive interest, the value of your rewards will be nil or less. Be smart and ensure you are actually going to get any ‘cash back’

 


How to apply and use a cash back credit card

1. Apply for a cash back card – The good thing is that you can do all of this online these days — directly from the comparison table above. Click ‘Apply’ on the card you’ve chosen.

You will need to have some information ready. For example, your address, your salary before taxes and other personal information. If the details are in close proximity, you will be able to finish your application in no time.

Once you have applied, the credit card company will respond to you to confirm your application. If necessary, you will be asked to provide additional information to assist your application. Once you’ve received approval for your credit card, you’ll receive your brand new credit card via post, often a week or so later.

2. Keep your old card open until all direct debit payments are switched over – You do not want to be stuck being penalised for missed payments. The surefire way to combat this is by keeping your old credit card account open for an extra couple of months until you are sure all your direct debits are transferred over to your new card. If you fail to make a minimum payment, you stand to lose money in fees and charges.

3. Spend!! – It is time to earn cash back! You will not earn any cash back rewards if you do not spend so you need to spend. We all have to spend money each month. Bills and expenses stop for no one. The nice thing is that you can be rewarded for making these basic and fundamental purchases.

So, with that said, buy your groceries, fill your car with petrol, buy some flowers for your sweetheart. Whatever you do, just be sure you are paying with your cash back credit card. Just be sure that all of your purchases are eligible. Note: gambling and cash advances are never eligible for cash back rewards.

4. Know when promotional offers end – If you have a card that has a promotional offer, then you will want keep track of when that promotional offer ends. Make a calendar reminder alerting you of the end date as soon as you get the card.

Compare Cashback Credit Cards

* 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.

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4 Responses to Cashback Credit Card

  1. 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

  2. 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 6th, 2015
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
St.George Vertigo Platinum
St.George Vertigo Platinum
A platinum card with a low interest rate on balance transfers and purchases with a low annual fee. 0% p.a. for 3 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. 21.49% p.a. Go to site More info
NAB Low Rate Credit Card
NAB Low Rate Credit Card
Low ongoing interest rate on purchases and balance transfers. 0% p.a. for 12 months (reverts to 13.99% p.a.) 4.99% p.a. for 6 months $59 p.a. 21.74% p.a. Go to site More info
Westpac Low Rate Card
Westpac Low Rate Card
A low interest rate credit card with a low annual fee and balance transfer offer. 0% p.a. for 3 months (reverts to 13.49% p.a.) 0% p.a. for 18 months $59 p.a. 21.49% p.a. Go to site More info
American Express Velocity Escape Card
American Express Velocity Escape Card
Exclusive Offer to finder.com.au
Enjoy 15,000 bonus Velocity Points when you spend $300 within the first 3 months and up to 2.00 points for every dollar you spend, together with a $0 annual fee. Offer ends on 30 September 2015.
20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $0 p.a. Go to site More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to prestige services including a personal concierge service and VISA Platinum reward program. 19.99% p.a. 0% p.a. for 8 months $0 p.a. 21.99% 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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