Credit cards that reward spending

Information verified correct on September 27th, 2016
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Want more from your credit card? A credit card that rewards spending through a reward scheme enabled you to receive more value from purchases and benefits

Different credit cards offer different reward schemes that encourage you to spend more. Reward cards may offer you bonus points for each purchase allowing you to accumulate flyer reward points that can be redeemable for flight perks or even give you back a percentage of your total spending as cash-back at stores.

All cards that reward spending are specifically designed to reward you for using that card, be it while booking a flight, shopping in stores, dining or making hotel reservations. With a reward card that offers a reward scheme that suits your spending needs, you can accumulate reward points faster and get more value from every dollar you spend. However, you have to ensure that the rewards you get from your card are enough to offset other costs associated with it such as annual fees.

Comparison of credit cards that reward spending

Rates last updated September 27th, 2016.

Commonwealth Bank Business Platinum Awards credit card

First year annual fee waiver has been extended until 31 October 2016.

September 2nd, 2016

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

Balance transfer offer has been extended until 31 October 2016.

September 26th, 2016

Virgin Australia Velocity High Flyer Card - 30k Bonus Points offer

Balance transfer offer has been extended until 31 October 2016.

September 26th, 2016

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Rewards Points per $ spent (AMEX) Rewards Points per $ spent (VISA/MC) Bonus Points Annual fee
ANZ Rewards Platinum
Earn points for every dollar spent on purchases plus a 50,000 Reward Points after your first eligible purchase is made within 3 months of card approval.
2 1 50,000 bonus points $95 p.a. Go to site More info
Citi Qantas Signature Credit Card
Receive a 15% discount to help you get fast-tracked through immigration at over 280 international airports and access to Citibank World Privileges.
0 1 70,000 bonus points $99 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn bonus Velocity Points in the first 3 months plus a low balance transfer offer of 0% p.a. for 18 months
0 0.66 $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Enjoy an annual fee refund every year if you meet the spend requirement with a balance transfer offer, high credit limits and prestige services including a personal concierge service and VISA Platinum rewards program.
0 1 $149 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
0 1 60,000 bonus points $199 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards bonus points when you meet the minimum spend requirement and a complimentary Virgin Australia flight each year. Enjoy a low balance transfer offer of 0% p.a. for 12 months.

1 0 10,000 bonus points $195 p.a. Go to site More info
American Express Explorer Credit Card
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 2 months of Card Membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
2 100,000 bonus points $395 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Earn Velocity Points plus enjoy an introductory interest-free offer of 0% p.a. on purchases for 12 months, and 0% p.a. for 6 months on balance transfers.
0 0.66 $129 p.a. Go to site More info
American Express Velocity Platinum Card
Enjoy up to 50,000 bonus Velocity Points when you meet the minimum required spend and earn up to 3 rewards points per dollar spent. Also receive a complimentary return flight every year.
1 0 50,000 bonus points $349 p.a. 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.
1 $0 p.a. Go to site More info
ANZ Frequent Flyer Platinum
Earn up to 1.5 Qantas Frequent Flyer points per $1 spent on purchases. Plus 50,000 Qantas Points after your first eligible purchase is made within 3 months of card approval.
1.5 0.5 50,000 bonus points $295 p.a. Go to site More info
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases and receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months.
2 1 $225 p.a. Go to site More info
ANZ Rewards Black Credit Card
Earn 75,000 Reward Points after your first eligible purchase within the first three months. Up to 3 reward points per dollar spent and unlimited access to airport lounges with complimentary travel insurance.
3 1.25 75,000 bonus points $375 p.a. Go to site More info
ANZ Frequent Flyer Black
Earn up to 75,000 bonus Qantas Points after you make your first eligible purchase within 3 months of card approval plus earn 1.5 points per $1 spent. Easier payments with Apple Pay.
1.5 0.75 75,000 bonus points $425 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.
0 1 30,000 bonus points $144 p.a. annual fee for the first year ($289 p.a. thereafter) Go to site More info
American Express Qantas Discovery Card
A no annual fee frequent flyer credit card with Earn 7,500 bonus points and enjoy 0% p.a. on balance transfers for 12 months when you apply and are approved. Earn 1 Qantas Point per $1 spend.
1 0 7,500 bonus points $0 p.a. Go to site More info
Citi Rewards Credit Card - Classic Card
Earn 1.00 point per $1 spent on eligible purchases and a year long balance transfer offer for approved applicants.
0 1 $99 p.a. Go to site More info
American Express Velocity Escape Card
Enjoy 7,500 bonus Velocity Points when you meet the minimum spend requirement and earn up to 2 points for every $1 you spend, together with a $0 annual fee.
1 0 7,500 bonus points $0 p.a. Go to site More info
ANZ Business Black
Receive 50,000 bonus points when you spend $10,000 within the first 3 months and get access to a range of premium rewards and travel benefits.
1 50,000 bonus points $450 p.a. Go to site More info
American Express Qantas Premium Card
Earn as much as 30,000 bonus Qantas Points when you meet the minimum spend requirement. Enjoy frequent flyer benefits including uncapped Qantas Points per $1 spent, complimentary travel insurance and Qantas Club lounge invitations.
1 0 30,000 bonus points $249 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
Consolidate your debt with a low balance transfer offer of 0% p.a. for 24 months and a host of platinum privileges. Earn up to 1.25 Citi Reward Points for every $1 spend.
0 1.25 $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
Citi Rewards Credit Card - Signature
Get 75,000 bonus Reward Points on your first eligible purchase. Convert them to Qantas Points.
0 1.5 75,000 bonus points $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
ANZ Frequent Flyer
Get Qantas Points after your first eligible purchase is made within 3 months of card approval and earn up to 1 points per $1 spent on purchases.
1 0.5 25,000 bonus points $95 p.a. Go to site More info
American Express Qantas Ultimate Card
Enjoy 50,000 bonus Qantas Points when you meet the minimum spend requirement and earn up to 3 Qantas Points for every $1 spent. Also enjoy a complimentary return flight every year.
1 0 50,000 bonus points $450 p.a. Go to site More info
American Express Platinum Card
Receive 80,000 Membership Rewards Bonus Points when you meet the minimum spend requirement 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.
1 0 80,000 bonus points $1,200 p.a. Go to site More info
David Jones American Express Platinum Card
Receive 40,000 Membership Rewards points or 30,000 Qantas Points. Plus earn up to 4 rewards point per $1 spend.
1 40,000 bonus points $295 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.
0 1.25 $99 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info
David Jones American Express
Receive 30,000 Membership Rewards points and earn up to 3 Rewards points for every dollar spent on everyday item and access exclusive in-store benefits to David Jones cardholders.
1 30,000 bonus points $99 p.a. Go to site More info
Commonwealth Bank Business Platinum Awards credit card
Earn up to 3 Awards points per dollar spent, enjoy complimentary insurances and $0 annual fee for the first year.
3 1 $0 p.a. annual fee for the first year ($300 p.a. thereafter) Go to site More info

What is a credit card that rewards spending?

Credit cards that reward spending are designed to give you points that you can redeem for travel costs, merchandise, gift cards, electronics and more. Different rewards cards will offer varying forms of perks and features depending on the reward scheme attached to them. For instance, some cards will be linked to a frequent flyer reward scheme that lets you earn points every time you book a flight with your card. Whereas others will allow you to earn points that can be redeemed for merchandise discounts at selected stores.

Some cards will reward you with more points when you spend more cash, while others give you points for signing up or applying for them. As lucrative as they may seem, credit cards with rewards are complex and are often better suited to frequent spenders. The type of reward program on the card will also determine what type of person it is most appropriate for.

How am I rewarded for spending?

Most credit cards that reward spending come attached to some form of rewards program, be it a frequent flyer reward scheme like Qantas or a supermarket card like Coles. These cards all work in the same way, allowing you to accumulate reward points whenever you use the card. Some cards will allow you to accumulate points faster depending on the points value and amount, while others will reward you for shopping at selected retail stores or booking flights with certain associated airlines.

Finding out how many points you are getting for each dollar spent is the key, as it helps you determine if the rewards will be enough to offset the annual fees on the card and any other additional fees that cover the reward program. In order to get the most from these types of credit cards, you need to determine the reward program that is most valuable to you, be it a flyer reward program or a reward program with a cashback reward, and then go for that type of card. You also need to know how much you will need to spend before you get reward points and budget accordingly.

What are the types of credit cards that reward my spending?

Each reward card is designed to reward a certain spending habit, such as frequent flyers, shoppers in supermarkets and petrol stations – so be sure to get one that gives the rewards you want depending on your unique spending habits.

  • Platinum cards. These cards offer exclusive travel perks that are not included on other standard cards. Customers get rewarded with perks such as superior complimentary travel insurance and emergency insurance while on local and international flights, access to exclusive airline lounges and gift vouchers for hotels and restaurants.

Platinum Credit Cards

  • Cashback credit cards. If you want a card that will reward you with gift cards and cash for spending, a cashback credit card might be for you. These types of cards can either allow you to accumulate points that can later be redeemed for cash or give you a certain percentage of your total monthly spending in cash. Frequent shoppers stand to benefit most from such cards.

Cashback Credit Cards

  • Petrol credit cards. As the name suggests, these cards reward you with points for fueling your car at selected petrol stations within the country. Most such cards carry a reward scheme jointly hosted by a certain fuel company and your credit card issuer, meant to reward you for using your card at the pump. With the reward points you accumulate, you can receive fuel vouchers or discounts from fuel retailers.

Petrol Credit Cards

  • Frequent flyer credit cards. Designed to reward frequent flying, these types of cards usually carry a frequent flyer reward program, such as Qantas or Velocity, which allows customers to earn points whenever they make flight bookings on associated airline companies using their cards. Such points are then redeemable for priority check-ins at airports, flight discounts, additional flight miles and flight upgrades.

Frequent Flyer Credit Cards

  • Rewards credit cards. These cards reward spending on certain transactions, especially for merchandise purchases at leading stores. Each time a customer uses their card at specific outlets, they earn a certain number of points usually determined by how much they spend. These points can then be used to get preferential treatment at exclusive stores or to claim discounts on high end merchandise at leading stores. Points earned on purchases can also be used to offset annual fees on the card.

Rewards Credit Cards

  • Bonus points credit cards.These cards are often rolled out by banks as a way to encourage new customers to apply for credit cards. New card members can earn higher points for purchases in the first year or so, points that can offset annual fees on the card.

Credit Cards with Bonus Points

What are the pros and cons of these credit cards?

Pros

  • Additional perks. Other than the standard features found on normal credit cards, credit cards that reward spending will have extra perks designed to make spending more fun and lucrative. Such bonuses may include superior travel insurance, gift vouchers, access to VIP treatment at stores and airports and a chance to earn points on more transactions.
  • Bonus points. To encourage more spending, credit cards that reward spending often offer bonus points that cannot be earned while using standard cards. These bonus points make it possible to accumulate points faster so as to earn enough rewards to offset annual fees on the card and get more gift items and retailer deals.
  • Reward points. The main reason for getting one of these credit cards is to get rewarded for spending. Credit cards that reward spending make it easy for you to earn reward points by having a reward scheme that is either hosted by the card issuer or by a frequent flyer reward program.

Cons

  • Higher annual fees. These cards usually have higher annual fees than standard cards. Some cards may also charge additional fees for membership to the reward program.
  • Reward limitations. Some cards have reward point caps that punish big spenders.
  • Points caps and expiry. Some rewards credit cards pose a points cap or expiry which can limit the potential use of your points.

Things to avoid and to keep in mind

While getting a credit card that rewards spending, it is important to read through the terms and conditions to see if the interest rates on purchases are very high. High interest rates would offset the benefits of your reward points and leave you with high credit card debt. Complicated points redemption procedures are also a possible pitfall with some reward cards, so be sure to get a card that has a straightforward redemption method with no delays and multiple redemption options.

It is also important to note that these cards only reward you if you pay your card balance in full monthly. Otherwise, the interest on purchases and penalties for late payments would overshadow the freebies you get from the card. Also, ensure that there is no cap on the amount of points you can earn on the card you pick especially if you are a big spender, as this would deter you from earning maximum points.

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Frequently asked questions

What is the eligibility criteria for one of these credit cards?

The specific eligibility will depend on the issuer, but generally, you will need to be over the age of 18, be a permanent Australian resident and have a good credit rating. You may also need to meet a minimum income requirement.

Can I convert my points into points with another rewards scheme or issuer?

This will depend on your rewards program issuer and whether you’re using a direct or indirect earn card. Some rewards programs don’t allow members to directly convert their points for points with another system. However, some options, such as Qantas Frequently Flyer or Virgin Velocity, allow cardholders to earn and redeem points with partnered airlines and organisations. Read the terms and conditions or contact your rewards program directly to confirm where else you can earn and use your points.

How many points will I need for a particular reward?

As a financial comparison service, not a rewards program or airline, we cannot confirm how many points you’ll need for certain flights or rewards.

The amount of points you’ll need will depend on your issuer, the product and the details of the flight. In terms of flights, most frequent flyer programs have a points calculator available on their website. If you enter your preferred route and ticket status, the calculator can determine how many points you’ll need to cover the flight.

In regards to other types of rewards, most programs have an online catalogue that’ll allow you to browse the rewards on offer and how many points you’ll need to redeem a certain product or service

Which rewards card is right for me?

There is no such thing as the one ideal credit card. The right credit card for you will depend entirely on your own financial situation as well as what you want and need out of a credit card. Compare the credit card options available with your financial situation, and make sure to calculate whether the rewards you’ll receive will outweigh the costs of the card.

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Credit Cards Comparison

Rates last updated September 27th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 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.
19.99% p.a. 0% p.a. for 15 months $149 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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