Receive a $50 credit when you apply online, are approved and spend $500 on your new Card within the first 2 months of Card Membership.
Smartphone Screen Insurance for up to $500 for screen repairs to your Smartphone when you pay for your phone or contract with your Essential Credit Card.

Rewards Credit Cards

Earn points as you spend to get free flights, upgrades, free gifts, shopping vouchers, cash back and more with rewards cards.

A rewards credit card gives users something extra for spending money they would have spent anyway. Competition among banks means there are many such cards to choose from. Of course, for something extra, the banks also expect something in return.

The types of rewards include points per dollar spent that can be redeemed for flights, hotel stays, merchandise, gift cards and cash back. The cards vary in what they offer, and you should consider your habits when deciding on the right one. If you don’t travel often, for example, there is little point in getting a card that awards points toward miles on a particular airline. In addition, the value of award points can be deceiving: even if you do get 2 points per $1 spent on a certain credit card, you may need three times as many points for, say, a flight, than on a card that only awards one-for-one. The best way to understand what you get is through maths: calculate the worth of each point in dollar terms. And keep in mind that plenty of reward programs, particularly the ones that sound too good to be true, are actually betting that consumers will not redeem the rewards at all because of cumbersome restrictions they impose on redemption. Then there’s the fine print – on some cards, points will expire due to inactivity, for example.

Banks do consider rewards programs an added feature, so the annual fee and the purchase rate on a rewards card could both be higher than on a standard card. But with the variety of rewards programs and constant competition, there is probably a card that will suit you. Many cards listed in this table also offer sign-up bonus points, some offer programs that can be redeemed on any airline, and a few have added benefits for travellers, such as complimentary travel insurance. If there is something you are looking for in particular, the Smart Search tool can help you winnow your choices down.

Read less

My monthly spend: 
$5,000
 
Reward programs: 
All reward programs
  • only
  • only
  • only
  • only
  • only
  • only
  • only
  • only
  • only
  • only
Features: 
All features
  • only
  • only
  • only
  • only
  • only
  • only
  • only
Types: 
All types
  • only
  • only
  • only
rewards program
earn rate
sign up bonus
your earnings
Receive a $50 credit when you apply online, are approved and spend $500 on your new Card within the first 2 months of Card Membership.
Smartphone Screen Insurance for up to $500 for screen repairs to your Smartphone when you pay for your phone or contract with your Essential Credit Card.
More info
Add to comparison
Membership Rewards Gateway
Membership Rewards Gateway
1 pt
per $1 spent
-
75,000 points after the first eligible purchase in the first 3 months.
Use your ANZ Frequent Flyer Black card to purchase your Qantas Club Membership and save up to $455 in your first year of membership.
Earn uncapped Qantas Points and get premium travel benefits.
More info
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1.5 pts
per $1 spent
75,000
points
after spend criteria
50,000 points after a first eligible purchase in the first 3 months.
Earn Qantas Points and get complimentary Overseas Travel and Medical Insurance
Complimentary Qantas Frequent Flyer Membership.
More info
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1.5 pts
per $1 spent capped
50,000
points
after spend criteria
0% p.a. on purchases and 0% p.a. on balance transfers for 15 months.
20,000 points when you make an everyday purchase within the first 90 days.
Seven complimentary insurances including overseas travel insurance.
More info
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1.5 pts
per $1 spent capped
20,000
points
after spend criteria
Bonus 40,000 points with Qantas (spend criteria applies).
Earn Qantas points at participating retailers.
Useful package of travel insurances for international travel.
More info
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1 pt
per $1 spent
40,000
points
after spend criteria
25,000 points after a first eligible purchase in the first 3 months.
Complimentary Qantas Frequent Flyer membership.
Complimentary Overseas Travel and Medical Insurance provided by QBE Insurance.
More info
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1 pt
per $1 spent capped
25,000
points
after spend criteria
American Express Velocity Escape Card
No annual fee to pay each year.
Base earn rate is 1 pt per $1 spent. Get 2 points per $1 when spending with Virgin Australia.
A very low rate 0% p.a. on balance transfers for 12 months.
More info
Add to comparison
Velocity Frequent Flyer
Velocity Frequent Flyer
1 pt
per $1 spent
7,500
points
after spend criteria
ANZ Rewards Black Credit Card
75,000 points after a first eligible purchase in the first 3 months.
Unlimited access to participating airport lounges outside Australia, through veloce.
Earn up to 3 pts per $1 spent on the American Express card.
More info
Add to comparison
ANZ Rewards
ANZ Rewards
3 pts
per $1 spent
75,000
points
after spend criteria
Take off sooner with a bonus 30,000 QFF points.
Relax with 2 complimentary Qantas Club invitations every year.
Complimentary domestic and international travel insurance.
More info
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1 pt
per $1 spent
30,000
QFF points
after spend criteria
American Express Qantas Ultimate Credit Card
Earn 50,000 points with Qantas.
Enjoy complimentary travel insurance and a domestic return flight every year.
Base earn rate of 1 pt per $1 spent. Earn up to 3 Qantas points per $1 dollar on Qantas goods and services. Points transferable to various partner airlines.
More info
Add to comparison
Qantas Frequent Flyer
Qantas Frequent Flyer
1 pt
per $1 spent
50,000
points
after spend criteria
Show more cards

Q&As about Rewards Credit Cards from Customers

Q: Is this the right card for me?

If you travel a lot, for business or pleasure, you’ll be spending enough on flights and hotels and other things to earn good points toward more flights and hotel stays. Keep in mind that not all reward points programs give you the option of redeeming points for travel, but most do. On the other hand, if you’re spending more than, say, $2,000 per month, you’ll be able to earn good points whether you travel or not. If you don’t use a credit card often, you won’t be earning many points unless you’re happy to change your lifestyle and use your credit card for everything, making sure you pay back the balance on time each month of course.

Q: Am I eligible to get one?

To qualify, you’ll need to be over 18 and an Australian resident. If you have a poor credit rating, or your income is very low, you might have trouble getting approval for a new rewards credit card and the rejection could damage your credit rating, so be careful.

Q: What types of rewards are available?

There are a host of programs with which you can redeem your points for flights. Make sure you check whether they’re just redeemable with specific airlines, like Qantas or Virgin, or whether you can choose between a good selection of reputable airlines.

Other cards allow you to redeem points for things like hotel stays. Sometimes you have to book through certain partner travel agencies or with certain hotel brands, so check to see how much freedom you actually have. If you’re a traveler, you might also want to check if you get complimentary travel insurance included in the features of the card.

If travel isn’t your thing, you’ll be looking for other ways to redeem points. Many programs have online stores where you can purchase a range of products and merchandise – everything from watches, to technical gadgets, to cologne. Have a look at the store before you sign up and make sure they sell things you’d actually want or need and that items are a good deal.

Fourthly, you can redeem points for gift cards or cash back. Sometimes it is more efficient to do one rather than the other so you want to read the fine print.

Q: How can you tell a good rewards program from a bad one?

There are several factors to consider:

Points are not equal across programs: You usually earn 1 point per $1 spent, but sometimes this goes as high as 3 points. But a point with one program is not equivalent to a point with another program – it depends on what those points actually buy.

Points capping, points expiration: Most programs limit the amount of points you can earn in, say, a year. For the big spender particularly, this can be limiting and frustrating. Secondly, some points expire. This is a frustration for the lower spender who might take a while to build up enough points to get anything of real value. Both capping and expiry information will be found in the small print of the program.

Annual fees and interest rates – You should see whether there are annual or start up fees involved in signing up for the reward program and for the credit card. In addition, rewards points credit cards often come with both higher fees and interest rates.

Flexibility – Some cards only allow points for flights on one airline; others allow users to exchange them for flights on several airlines, or redeem them for cash back, merchandise or gift certificates.

Ease of points redemption – Unfortunately, some companies make it quite difficult to redeem points in the hope that people won’t bother. You might have to squint through the depths of the fine print to find out how on earth to get something back for your points. Look for a rewards points program that makes redemption simple and straight forward. Some even offer automated redemption, where cash back goes straight into your account at the end of the month based on the points you’ve earned.

Bonus points – As an introductory offer, many reward credit cards will offer you the opportunity to earn bonus points. Sometimes to get them you have to spend a lot of money or shop in a particular store.

Q: Do balance transfers and cash advances earn reward points?

They do not. And, in fact, a rewards credit card may have higher interest rates on these transactions than a regular card.

Still need help? Ask us a question

Fire away
We welcome your questions but we cannot help if you need personal financial advice or if have lost your card or need to resolve a dispute with your bank.
you are here
rewards credit cards
"Now I’m saving loads of moola thanks to Credit Card Compare."
Trevor Kirk
"Not too complicated for a credit card novice to understand."
Dom Fell
"Very helpful for those who want to choose the best credit card."
Yash Kapoor
as seen in