Rewards Credit Cards

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

Receive 50,000 Membership Rewards Points when you apply by 30th Aug 2018, are approved and spend $750 within the first 3 months.
Start your holiday with a $200 Travel Credit every year.
Range of travel insurances including overseas medical emergency expenses, travel cancellation cover and more.
Eligibility criteria, T&Cs, fees and charges apply.

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.

My monthly spend: 
$5,000
 
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rewards program
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Points earned
Woolworths Everyday Platinum Credit Card
Apply by 30 sep 18
27 reviews
10% off your first shop at Woolworths on selected dates – Saving you up to $50 every month.
$0 annual fee for the first year, saving you $49.
0% p.a. on balance transfers for 14 months and then 21.99% p.a.
More info
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Shopping Card Points
Shopping card points
1 pt
per $1 spent
-
American Express Platinum Edge Credit Card
Apply by 30 aug 18
CREDIT CARD COMPARE EXCLUSIVE:
Receive 50,000 Membership Rewards Points when you apply by 30th Aug 2018, are approved and spend $750 within the first 3 months.
Range of travel insurances including overseas medical emergency expenses, travel cancellation cover and more.
More info
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Membership Rewards Ascent
Membership Rewards Ascent
1 pt
per $1 spent
50,000
points
after spend criteria
Transfers to 50,000
Velocity points
75,000 bonus Qantas Points and $200 back when you make one eligible purchase in the first 3 months.
Earn 1 Qantas Point per $1 spent on eligible purchases up to $7,500 per statement period.
Eligibility criteria, T&Cs, fees and charges apply.
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Qantas Frequent Flyer
Qantas Frequent Flyer
0.5 pts
per $1 spent
75,000
points
after spend criteria
Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase Offer
Apply by 02 sep 18
2 reviews
0% p.a. for 14 months on purchases.
Earn Velocity Points on your everyday spend.
$129 Virgin Australia Gift Voucher each year.
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Velocity Frequent Flyer
Velocity Frequent Flyer
0.66 pt
per $1 spent capped
-
Get 55,000 bonus Qantas Points when you apply online, are approved and spend $3,000 in 3 months.
Earn 1.5 pts per $1 spent on card purchases.
Complimentary domestic and overseas travel insurance.
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Qantas Frequent Flyer
Qantas Frequent Flyer
1.5 pts
per $1 spent
55,000
points
after spend criteria
American Express Platinum Business Card
Apply by 29 aug 18
7 reviews
Receive 120,000 points when you apply before 29th Aug 2018, are approved and spend $5,000 within your first 2 months of Card Membership. (Conditions Apply)
Earn up to 2 Membership Rewards points per $1 spent.
Platinum benefits including a metal card right out of the envelope.
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Membership Rewards Ascent
Membership Rewards Ascent
2 pts
per $1 spent
120,000
points
after spend criteria
Transfers to 120,000
Velocity points
Get 50,000 points when you apply online, are approved and spend $3,000 in 3 months.
Receive a $400 Travel Credit each year towards any flights, hotels and car hire when you book online with this card.
Enjoy up to two entries per year to the American Express Lounge at Sydney or Melbourne Airports.
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Membership Rewards Gateway
Membership Rewards Gateway
2 pts
per $1 spent
50,000
points
after spend criteria
Transfers to 37,500
Velocity points
Citi Rewards Signature Credit Card Points Offer
Receive 120,000 bonus reward Points when you spend $3,000 in 90 days from Card approval.
2 pts per $1 spent on selected purchases and receive a complimentary Priority Pass membership with two airport lounge visits per year.
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Citi Rewards
Citi Rewards
1 pt
per $1 spent
120,000
points
after spend criteria
Bendigo Bank Platinum Rewards Mastercard
Earn 1.5 Bendigo rewards points for every $1 spent.
$89 p.a. annual fee.
Extended warranty on purchases.
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Bendigo Bank Rewards
Bendigo Bank Rewards
1.5 pts
per $1 spent
-
0% p.a. for 12 months for balance transfers and a one-off credit plan establishment fee of 1%.
Pay no annual card fee.
Earn up to 2 Qantas points per $1 spent on Qantas flights, goods, and services.
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Qantas Frequent Flyer
Qantas Frequent Flyer
1 pt
per $1 spent
-
American Express Platinum Card
Apply by 30 aug 18
18 reviews
Earn up to 120,000 points when you apply online, are approved by 30th Aug 2018 and meet the minimum spend criteria. (Conditions Apply)
Complimentary access for you and a guest to over 1,200 Airport lounges across 130 countries.
Platinum benefits including a metal card right out of the envelope.
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Membership Rewards Ascent Premium
Membership Rewards Ascent Premium
1 pt
per $1 spent
120,000
points
after spend criteria
Transfers to 120,000
Velocity points
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90,000 Qantas Points*
when you spend $4,000 on everyday purchases in 60 days.
NAB Qantas Rewards Signature Card
90,000 Qantas Points when you spend $4,000 on everyday purchases in 60 days.
0% p.a. for 6 months on balance transfers. (2% balance transfer fee applies). Reverts to cash advance rate.
Up to 44 days on purchases.
Earn 1 Qantas Point per $1 spent on everyday purchases up to $5,000 per statement period.
Seven complimentary insurances when you make an eligible purchase.
24 hour, 7 day Platinum Concierge Service.
Fast 60 second instant approval process.

Promotion. Credit criteria, fees and charges apply. Read the terms and conditions before making a decision.

 

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.

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