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.

0% p.a. for 22 months on balance transfers with no Balance Transfer fee (reverts to cash advance rate).
Earn 3 bonus Velocity Points for every $1 spent.
Receive $129 Virgin Australia Gift Voucher each year.
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NEW
American Express Qantas Ultimate Credit Card
Apply by 14 apr 20
2 reviews
Get 100,000 bonus Qantas Points when you apply by 14 April 2020, are approved and spend $3,000 within the first 3 months. New Card Members only.
Earn 1.25 Qantas Points for every $1 spent on Card purchases, except spend at government bodies in Australia where you will earn 0.5 Qantas Points per $1 spent.
$450 Qantas Travel Credit each year. (Conditions Apply)
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12 months
0% p.a.
then 20.74%
with a 1% fee
20.74% p.a.
ongoing
$450
ongoing
Virgin Australia Velocity Flyer Credit Card 22 Months Balance Transfer Offer
Apply by 24 feb 20
0% p.a. for 22 months on balance transfers with no Balance Transfer fee (reverts to cash advance rate).
Earn 3 bonus Velocity Points for every $1 spent.
Receive $129 Virgin Australia Gift Voucher each year.
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22 months
0% p.a.
then 20.99%
with a 0% fee
20.74% p.a.
ongoing
$129
ongoing
NEW
St.George Amplify Platinum Credit Card (Amplify Rewards)
Apply by 29 apr 20
4 reviews
Receive a $400 e-gift card (terms and conditions apply).
0% p.a. for 6 months on Balance Transfers with 0% BT fee.
$99 p.a. annual fee.
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6 months
0% p.a.
then 21.49%
with a 0% fee
19.74% p.a.
ongoing
$99
ongoing
Virgin Money Low Rate Credit Card
Apply by 24 feb 20
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
Receive 50,000 bonus Qantas points and $195 back with your new ANZ Frequent Flyer Platinum Credit Card (terms and conditions apply).
Complimentary Qantas Frequent Flyer Membership.
Eligibility criteria, T&Cs, fees and charges apply.
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-
20.24% p.a.
ongoing
$295
ongoing
Get 50,000 Membership Rewards points when you apply online, are approved and spend $3,000 in the first 3 months. New Card Members only.
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
NEW
Bank of Melbourne Amplify Platinum Credit Card (Amplify Rewards)
Apply by 29 apr 20
Receive a $400 e-gift card (terms and conditions apply).
0% p.a. for 6 months on balance transfers. Reverts to cash advance rate.
$99 p.a. annual fee.
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6 months
0% p.a.
then 21.49%
with a 0% fee
19.74% p.a.
ongoing
$99
ongoing
Receive 50,000 bonus Velocity Points when you apply online, are approved and spend $3,000 within the first 3 months. New Card Members only.
Earn 1.25 Velocity Points per $1 spent, except government bodies where you will earn 0.5 Velocity Points per $1 spent.
A complimentary domestic return flight every year with travel insurance and entry into Virgin Australia Lounges.
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12 months
0% p.a.
then 20.74%
with a 1% fee
20.74% p.a.
ongoing
$375
ongoing
NEW
BankSA Amplify Platinum Credit Card (Amplify Rewards)
Apply by 29 apr 20
Receive a $400 e-gift card (terms and conditions apply).
$99 p.a. annual fee.
Enjoy 0% p.a. for 6 months with 0% fee on balance transfers.
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6 months
0% p.a.
then 21.49%
with a 0% fee
19.74% p.a.
ongoing
$99
ongoing
Commonwealth Bank Low Rate Credit Card
Apply by 20 apr 20
85 reviews
Get up to $300 cashback. Enjoy 5% cashback on eligible purchases, up to $100 per month, for the first three months (Terms and conditions apply).
$59 p.a. annual fee.
Cheap ongoing purchase interest rate of 13.24% p.a.
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5 months
5.99% p.a.
then 21.24%
with a 0% fee
13.24% p.a.
ongoing
$59
ongoing

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Q&As about Cashback Credit Cards from customers

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

Cashback cards, instead of (or sometimes as well as) earning points for rewards, give you money back (or some kind of cash equivalent, such as a travel voucher) on your spending. Put simply, this means you save money on your expenses, usually for a limited time.

Do they all work the same way?

No.

The most straightforward cashback credit cards pay back in cash either a fixed percentage (e.g. 10%) on all purchases made with the card, or a fixed amount of cash for reaching a specified spending target (e.g. $200 for spending $4,000). However, the cashback amount is almost always capped. E.g. a 10% cashback might be capped at $100.

There is also usually a time limit on when you can earn cashback, for example only in the first three months after card approval. (The ING Direct Orange One Platinum Credit Card is an exception to the time-limit rule, since cardholders can continue to earn cashback every month.)

Other cashback cards may award an annual travel voucher (e.g. a voucher worth $400) to be spent with a particular airline or with a travel agency operated by or affiliated with the card issuer. This is a particularly valuable kind of cashback for regular travellers, since it is awarded every year and the amount may totally offset the card’s annual fee.

Yet another form of cashback is an annual free return flight with the airline affiliated with the card for the purpose of earning frequent flyer points.

Finally, a card may offer to refund the annual fee every year to cardholders who reach a specified spending target (e.g. $6,000) during the year.

How much cashback can I expect to earn?

Cashback paid in cash is usually limited to a few hundred dollars at most.

Cashback paid in travel vouchers or travel credit or annual fee refund may vary from around $125 up to the value of a relatively long domestic return flight (e.g. Sydney to Perth).

Is there a cap on how much is paid back?

Cards delivering a cashback in the form of a percentage rebate on purchases will almost always have both a cap on the amount of rebate that can be earned and a limit to the time during which cashback can be earned.

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

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

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.

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

As with any other credit card, pay off your card balance 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.

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 cashback 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.
  • Rewards points: Many cashback credit cards also offer ongoing rewards points or frequent flyer points on purchases.
  • Introductory offers: Some cashback cards offer a large quantity of bonus rewards or frequent flyer points as well as cashback for reaching a specified spending target within the first two or three months after card approval. (E.g. 50,000 frequent flyer points plus $100 cashback for spending $2,000 in the first three months.)
  • 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 interest rate, or even 0% interest. 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: As well as placing a cap on the amount of cashback, banks usually impose restrictions on the type of spending that is eligible, excluding all cash equivalents such as cash advances, buying foreign currency and travellers’ cheques, balance transfers and gambling payments. There will also be penalties for missing payments or paying late. Study all the terms and conditions to ensure you can get the best return.

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