Cashback Credit Cards | Compare, Review & Apply

Cashback Credit Cards

Cashback rewards are the purest form of rewarding customer loyalty. Apply for your cashback card below.

Save with a reduced ongoing $50 p.a. annual fee (normally $129 p.a.).
Earn 3 additional bonus Velocity Points per $1 spent (terms and conditions apply).
A $129 Virgin Australia Gift Voucher each year.

Cashback cards, as the name implies, offer one perk no other cards do: money in your pocket.

Typically, this rebate is around 1%, but it can go as high as 10% during promotional periods at partner retailers. Or a cashback card can give the new cardholder a lump sum credit / cashback into your account when you get approved for the card or start using the card in a store.

If your spending is low, the cashback may not be enough to offset the higher annual fees associated with these cards. If you anticipate carrying a balance, they may also not be the right choice for you as they do come with higher interest rates. But with careful consideration and monitoring, these cards could be the most seamless way to get something back from using a credit card. In addition, some of these cards also come with sign-up perks like bonus points.

The actual cashback rewards vary from card to card: some offer a set percentage on all spending; others have preferred merchants that yield a higher rate than other purchases, and if you shop with a particular store this could be the best option for you even if you don’t get anything back elsewhere. There are also tiered programs, in which the size of the purchase determines the rate of the cashback. Note that many cards do have a cap on how much you can receive each year.

balance transfer
purchase rate
annual fee
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Virgin Australia Velocity Flyer Credit Card $50 Annual Fee Offer
Apply by 31 aug 19
Save with a reduced ongoing $50 p.a. annual fee (normally $129 p.a.).
Earn 3 additional bonus Velocity Points per $1 spent (terms and conditions apply).
A $129 Virgin Australia Gift Voucher each year.
More info
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18 months
0% p.a.
then 20.99%
with a 0% fee
20.74% p.a.
ongoing
$50
ongoing
Citi Rewards Platinum Credit Card
Apply by 31 dec 19
17 reviews
0% p.a. for 13 months on retail purchases.
0% p.a. for 13 months on balance transfers. One-off 1% balance transfer fee applies.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
More info
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13 months
0% p.a.
then 21.74%
with a 1% fee
13 months
0% p.a.
then 20.99%
$49
1st year
then $149
Virgin Money Low Rate Credit Card
Apply by 31 aug 19
4 reviews
Low interest rate of 11.99% p.a.
10% cashback (capped at $100 total) on spend in the first 3 months from card approval.
0% p.a. for 14 months on balance transfers (reverts to cash advance rate). No balance transfer fee.
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14 months
0% p.a.
then 21.69%
with a 0% fee
11.99% p.a.
ongoing
$49
ongoing
ING Direct Orange One Platinum Credit Card
Earn 1% cashback on your eligible spend, up to $30 a month. (Conditions Apply)
Minimum credit limit of $6,000.
Receive complimentary international travel insurance.
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-
16.99% p.a.
ongoing
$149
ongoing
Citi Rewards Classic Credit Card
Apply by 31 dec 19
6 reviews
0% p.a. for 15 months on balance transfers (1.5% BT fee applies).
Enjoy up to $50 cashback, 5% cashback on all retail purchases (up to $1,000 spend) in the first 90 days from account approval.
Low annual fee of $49 p.a. in the first year ($99 p.a. thereafter).
More info
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15 months
0% p.a.
then 21.74%
with a 1.5% fee
20.99% p.a.
ongoing
$49
1st year
then $99
Get 50,000 Membership Rewards points when you apply online, are approved and spend $3,000 in the first 3 months.
Receive a $400 Travel Credit each year towards any flights, hotels and car hire when you book online with this card.
T&Cs and eligibility criteria apply. Available to new card members only.
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12 months
0% p.a.
then 20.74%
with a 1% fee
20.74% p.a.
ongoing
$395
ongoing
ANZ Rewards Platinum Credit Card
50,000 points and $50 cashback when you spend $2,000 on eligible purchases in the first 3 months.
A range of complimentary insurances for travel and purchases.
Earn ANZ Rewards Points on everyday purchases.
More info
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-
18.79% p.a.
ongoing
$95
ongoing
100,000 bonus Qantas Points and $200 back when you spend $4,000 on eligible purchases in the first 3 months.
Earn 1 Qantas Point per $1 spent on eligible purchases up to $7,500 per statement period.
Get complimentary Overseas Travel and Medical Insurance (eligibility criteria apply) provided by QBE Insurance.
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-
19.99% p.a.
ongoing
$425
ongoing
50,000 bonus Qantas points and $100 back when you spend $2,000 on eligible purchases in the first 3 months.
Complimentary Qantas Frequent Flyer Membership.
Eligibility criteria, T&Cs, fees and charges apply.
More info
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-
19.99% p.a.
ongoing
$295
ongoing

Q&As about Cashback Credit Cards from customers

Q: What’s the difference between a cashback and a rewards credit card?

Cashback cards, instead of earning points for rewards, pay money back into your account. Put simply, this means you save money on your monthly expenses, but individual cards pay cashback for different types of purchases.

Q: Do they all work the same way?

No.

The most straightforward cashback credit cards pay back a fixed rate percentage on all purchases made. This can provide an easy form of reward, without the need to focus on spending at specific stores or working out how best to increase the rate of cashback. Selected retailer cashback cards provide a bonus rate for shopping at participating outlets. Some credit cards also feature a tiered program, in which different size purchases receive a higher or lower percentage cashback rate depending on the particular deal.

Or another way that cashback cards work is to give new cardholders a lump sum credited to your account when you get approved for the card or when you start to use the card in a store.

Q: How much cashback can I expect to earn?

While the rates vary greatly between different offers, you can typically expect to receive 0.5% or 1% cashback on a flat-rate deal, rising to 5% or even 10% with participating retailer programs or during bonus periods.

Q: Is there a cap on how much is paid back?

Capping is quite common in some shape or form. Before you apply, check to see if cashback is eligible for all purchase, or just all purchases up to a preset value.

Q: Can I earn cashback on balance transfers, cash advances and travellers’ cheques?

Cashback is only applicable to purchases. Cash advances, buying foreign currency and travellers’ cheques, balance transfers or gambling payments do not earn any cashback.

Q: Can the money be used to reduce an outstanding balance or pay for the annual fee?

Yes, quite often you can use it to pay off the outstanding balance or the card’s annual fee, but not all cards allow it.

Q: What’s the best way to use a cashback card?

Like with any other credit card: Pay off your card in full and on time every month, otherwise the interest and late fees you pay on the outstanding balance will reduce the true value of the rewards.

Q: How can I maximise the rewards?

One of the easiest ways to maximise what you get back is to move regular bill payments over to the card, e.g. telephone bills and utility bills. Estimate carefully whether your credit limit is high enough to facilitate the additional spending.

Q: What other factors should I consider while selecting a cashback card?

It is very important to look at all the features of cashback credit cards before applying to make sure the deal will be genuinely beneficial:

Annual fee: Calculate your estimated annual spend and how much cashback this earns, and compare this figure with the annual fee. If the annual fee is greater, then you are not going to get any benefit from the card.

Interest rate: Cashback credit cards often feature a relatively high interest rate, which is applied to any outstanding balance on your account. If for any reason you are unable to pay your monthly bill in full, a high rate could quickly negate the savings you make on the cashback.

Introductory offers: Many cashback cards offer an introductory promotion of a bonus cashback rate for an initial period, typically a few months. Check to see how the rate changes at the end of the promotion.

Balance transfers: These cards also often feature the option to transfer a balance so you can repay your existing credit card debt at a lower rate. You should be aware that balances transferred do not earn any cashback, and if your priority is repaying your debt, you are probably better off choosing a different type of card with a better balance transfer deal.

Restrictions and penalties: Banks often impose restrictions on how much can be earned per month, the types of purchases that are applicable and penalties for missing payments or misusing your account. Study all the terms and conditions to ensure you can get the best return.

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