Rewards Credit Cards

Compare the best rewards credit cards in Australia that earn points on everyday spending and sign-up bonuses.

Vidhu Bajaj avatar
Written by   |  
Andrew Boyd avatar
Edited by   |  
David Boyd avatar
Verified by
Updated 12 Dec 2024   |   Rates updated regularly

Comparing of 37 rewards credit cards

Featured
Citi Rewards 100,000 Bonus Citi Reward Points Offer

On Citi's website

Rewards program

Citi Rewards

Points per $1 spent

1 Citi Rewards Point

Sign up bonus

100,000 Citi Rewards Points

Annual fee

$99.00 for 1st year

Details

  • Receive 100,000 bonus Citi reward Points after spending $5,000 on eligible purchases within the initial 3 months from approval. Terms and Conditions apply.
  • The initial year presents a discounted annual fee of $99 ($199 p.a. thereafter).
  • Comes with complimentary mobile phone insurance. See Terms and Conditions here.

This product is provided by National Australia Bank Limited, using certain trademarks under license from Citigroup Inc.

Pros & cons

Pros
  • Earn 100,000 bonus points when you meet the criteria.
  • Discounted annual fee.
  • You can shop and use your points to receive a credit back.
  • 10% off Limited Time Lux Exclusive hotel offers (up to $250 per booking) booked by 1 March 2025.
Cons
  • No ongoing introductory balance transfer or purchase offer.
Citi Rewards Card Balance Transfer and Purchase Offer

On Citi's website

Rewards program

Citi Rewards

Points per $1 spent

1 Citi Rewards Point

Sign up bonus

N/A

Annual fee

$199.00 p.a. ongoing

Details

  • 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate.
  • Complimentary mobile phone insurance when you pay your monthly mobile plan bill with your Citi Rewards Credit Card . See Terms and Conditions here.
  • Earn up to 1 Citi reward point for every $1 spent.

This product is provided by National Australia Bank Limited, using certain trademarks under license from Citigroup Inc.

Pros & cons

Pros
  • 0% p.a. on balance transfers and purchases for the first 15 months.
  • $10 monthly cashback with BINGE.
  • Receive Purchase Protection Insurance and Extended Warranty Insurance for eligible purchases.
  • Earn 1 Citi reward point for $1 spent.
  • 10% off Limited Time Lux Exclusive hotel offers (up to $250 per booking) booked by 1 March 2025.
Cons
  • There is a 2% BT fee.
  • Balance transfer changes to a 22.99% p.a. cash advance rate after 15 months.
  • Fee for an additional card is $90.
Apply by 25 March 2025

Rewards program

Membership Rewards

Points per $1 spent

2.25 Membership Rewards Points

Sign up bonus

250,000 Membership Rewards Points

Annual fee

$875.00 for 1st year

Details

  • Get 250,000 bonus Membership Rewards points by applying before 25 March 2025, getting approved, and spending $12,000 on your card within the initial 3 months. Exclusive to New American Express Card Members.
  • Reduced first-year annual fee of $875 (regularly $1,750 per year).
  • Earn up to 2.25 pts per $1 spent.
  • Enjoy exclusive Platinum travel, experience, and dining privileges.

Pros & cons

Pros
  • The offer of 250,000 bonus Membership Rewards points when you meet the criteria.
  • Earn up to 2.25 pts per $1 spent and 1 point per $1 spent at the ATO.
  • Access to more than 1,400 lounges globally, including The Centurion® Lounge.
  • Gold status match at Marriott Bonvoy, Hilton Honors, and Premium status at Radisson Hotel Group.
  • Get the Amex Experiences App to access information on Platinum benefits, travel offers, events and recommended merchants.
  • Add up to 99 employee cards at no extra cost.
Cons
  • The annual fee of $1,750 p.a. after the initial year.
  • Since this is a charge card, the balance must be cleared every statement.
  • No balance transfer facility.

Rewards program

Membership Rewards

Points per $1 spent

1.50 Membership Rewards Points

Sign up bonus

75,000 Membership Rewards Points

Annual fee

$169.00 p.a. ongoing

Details

  • Get 75,000 bonus Membership Reward points upon application approval and spending $1,000 on your card within the initial 2 months. Exclusive to New American Express Card Members.
  • Earn up to 1.5 Membership Rewards points for every $1 spent.
  • Experience enhanced flexibility with no pre-set spending limit.
  • Benefit from Travel Insurance covering up to $2.5 million in medical emergency expenses.

Pros & cons

Pros
  • Receive 75,000 bonus Membership Reward points when you meet the criteria.
  • Earn up to 1.5 Membership Rewards points for every $1 spent.
  • No cap on how many points you can earn.
  • No pre-set spending limit means more flexibility.
  • Spend with Dell Technologies to receive up to $75 credit until 31 December 2024.
  • Membership Rewards points can be transferred to a number of airlines, giving you options when booking travel.
Cons
  • The $119 fee for every additional card added.
  • Doesn't offer airport lounge access.
  • No access to concierge services.
Virgin Money Anytime Rewards Credit Card (Virgin Money Points offer)

On Virgin Money's website

Virgin Money Anytime Rewards Credit Card (Virgin Money Points offer)

Rewards program

Virgin Money Rewards

Points per $1 spent

1 Virgin Money Reward

Sign up bonus

80,000 Virgin Money Rewards

Annual fee

$149.00 p.a. ongoing

Details

  • Earn 80,000 bonus Virgin Money Points when you spend $3,000 on eligible purchases within 3 months of card approval. Terms and conditions apply.
  • Earn 1 Virgin Money Point for every $1 you spend.
  • You can also earn additional points when you spend at The ICONIC, Menulog and more.
  • There is no limit to the points you can earn.

Pros & cons

Pros
  • Earn 80,000 bonus Virgin Money Points when you meet the criteria.
  • Redeem points for cashback, gift cards, Velocity Frequent Flyer transfers, partner hotel stays, or to pay off purchases.
  • Visa Platinum Concierge Service offers the convenience of a personal assistant at your fingertips
  • Visa Platinum Benefits give you priority access to Australia’s top concerts, shows, and sports events before pre-sales and public release.
  • Up to 55 interest-free days.
  • The credit limit starts at $6,000.
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • The ongoing annual fee of $149 p.a.
  • Does not include complimentary international travel insurance.
  • Cash advance rate is 20.99% p.a.
Apply by 30 April 2025
St.George Amplify Signature Credit Card (Amplify)

On St.George's website

Rewards program

Amplify Rewards

Points per $1 spent

1.50 Amplify Rewards points

Sign up bonus

150,000 Amplify Rewards points

Annual fee

$199.00 for 1st year

Details

  • Earn 150,000 Bonus Amplify Rewards Points (equivalent to up to $675 in eGift cards) by spending $12,000 on eligible purchases in your first year. Terms and Conditions apply.
  • Earn 1.5 points for every $1 spent on eligible domestic and overseas purchases.
  • Redeem your points for gift cards, travel, transferring to partner airline programs, and other rewards.
  • Get 2 free Priority Pass lounge visits each year.
  • Use the Concierge Service to book experiences online, including exclusive tickets, last-minute reservations, and more.
  • Comes with complimentary insurance, including Interstate Flight Inconvenience, Rental Vehicle Excess, international travel coverage, extended warranty, purchase protection, and overseas transit accident insurance.

Pros & cons

Pros
  • Earn 150,000 Bonus Amplify Points when you meet the criteria.
  • No limit on the points you can earn, which is great for high spenders.
  • The discounted annual fee for the first year.
  • Access Visa’s Luxury Hotel Collection, offering perks like room upgrades and late checkouts.
  • Add 1 additional cardholder at no extra cost.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • After the first year, the annual fee reverts to $295 p.a., so factor this into long-term costs.
  • There is no introductory balance transfer offer, so it’s better suited for everyday spending than consolidating debt.
  • A 3% fee applies to foreign transactions made with your card.
Apply by 30 April 2025
Westpac Altitude Black Credit Card (Altitude)

On Westpac's website

Rewards program

Altitude Rewards

Points per $1 spent

1.25 Altitude Rewards points

Sign up bonus

100,000 Altitude Rewards points

Annual fee

$200.00 for 1st year

Details

  • Earn up to 150,000 bonus Altitude Points (equivalent to up to $700 in eGift cards). Receive 100,000 Altitude bonus points by spending $6,000 on eligible purchases within 120 days of card approval. Additionally, get 50,000 points after your first eligible purchase in year 2. Exclusions apply.
  • Earn 6 Altitude points per $1 on Qantas, Jetstar, Singapore Airlines, and Emirates flights bought in Australia, subject to eligibility criteria.
  • Redeem your points for gift cards, travel, transferring to partner airline programs, and other rewards.
  • Get 2 free Priority Pass lounge visits each year.
  • Use the Concierge Service to book experiences online, including exclusive tickets, last-minute reservations, and more.
  • Comes with complimentary insurance, including Interstate Flight Inconvenience, Rental Vehicle Excess, international travel coverage, extended warranty, purchase protection, and overseas transit accident insurance.

Pros & cons

Pros
  • Earn up to 150,000 bonus Altitude Points when you meet the criteria.
  • The discounted annual fee for the first year.
  • Earn 2 points per $1 spent at Spotify Premium, David Jones, Myer, THE ICONIC, Airbnb, Uber and Uber Eats
  • Earn 1.25 points per $1 spent on other eligible purchases.
  • No limit on the points you can earn, which is great for high spenders.
  • Add 1 additional cardholder at no extra cost.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • The high annual fee of $295 p.a. after the initial year.
  • There is no introductory balance transfer offer, so it’s better suited for everyday spending than consolidating debt.
  • A 3% fee applies to foreign transactions made with your card.
Apply by 30 April 2025
Westpac Altitude Platinum Credit Card (Qantas)

On Westpac's website

Rewards program

Qantas Frequent Flyer

Points per $1 spent

0.50 Qantas Points

Sign up bonus

60,000 Qantas Points

Annual fee

$119.00 for 1st year

Details

  • Earn up to 80,000 bonus Qantas Points. Get 60,000 Qantas Points when you spend at least $4,000 on eligible purchases in the first 90 days from new card approval, and an additional 20,000 points after your first eligible purchase in the second year. Terms and Conditions apply.
  • Earn 0.5 points for every $1 spent on eligible domestic and overseas purchases.
  • Points are automatically transferred to your Qantas Frequent Flyer account, ready to use for flights, upgrades, shopping, and more.
  • Comes with complimentary insurance, including Interstate Flight Inconvenience, Rental Vehicle Excess, international travel coverage, extended warranty, purchase protection, and overseas transit accident insurance.

Pros & cons

Pros
  • Earn up to 80,000 bonus Qantas Points when you meet the criteria.
  • The discounted annual fee for the first year.
  • Add 1 additional cardholder at no extra cost.
  • Split purchases over $100 into 4 payments over 6 weeks with PartPay, making it easier to manage larger expenses.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • Earnings are capped at $100,000 annually, but bonus Qantas Points are excluded from this limit.
  • The earning rate of 0.5 points is lower than that of others.
  • A $75 annual fee applies for the Qantas Rewards Program, worth it if you regularly earn points.
Apply by 30 April 2025
St.George Amplify Platinum Credit Card (Amplify)

On St.George's website

Rewards program

Amplify Rewards

Points per $1 spent

1 Amplify Rewards point

Sign up bonus

100,000 Amplify Rewards points

Annual fee

$49.00 for 1st year

Details

  • Earn 100,000 Bonus Amplify Points when you spend at least $3,000 on eligible purchases in the first 90 days from new card approval. Terms and Conditions apply.
  • Earn 1 point for every $1 spent on eligible domestic and overseas purchases.
  • You can use your points for gift cards, travel, transferring to partner airline programs, and other rewards.
  • Comes with complimentary insurance, including Interstate Flight Inconvenience, Rental Vehicle Excess, international travel coverage, extended warranty, purchase protection, and overseas transit accident insurance.

Pros & cons

Pros
  • Earn 100,000 Bonus Amplify Points when you meet the criteria.
  • No limit on the points you can earn, which is great for high-spenders.
  • The discounted annual fee for the first year.
  • Get access to Visa’s Luxury Hotel Collection, offering perks like room upgrades and late checkouts.
  • Add 1 additional cardholder at no extra cost.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • There is no introductory balance transfer offer, so it’s better suited for everyday spending than consolidating debt.
  • A 3% fee applies to foreign transactions made with your card.
Apply by 30 April 2025
St.George Amplify Platinum Credit Card (Qantas)

On St.George's website

Rewards program

Amplify Qantas

Points per $1 spent

0.50 Qantas Points

Sign up bonus

50,000 Qantas Points

Annual fee

$99.00 for 1st year

Details

  • Earn 50,000 Qantas Points when you spend at least $3,000 on eligible purchases in the first 90 days from new card approval. Terms and Conditions apply.
  • Earn 0.5 points for every $1 spent on eligible domestic and overseas purchases.
  • Points are automatically transferred to your Qantas Frequent Flyer account, ready to use for flights, upgrades, shopping, and more.
  • Comes with complimentary insurance, including Interstate Flight Inconvenience, Rental Vehicle Excess, international travel coverage, extended warranty, purchase protection, and overseas transit accident insurance.

Pros & cons

Pros
  • Earn 50,000 bonus Qantas Points when you meet the criteria.
  • The discounted annual fee for the first year.
  • Get access to Visa’s Luxury Hotel Collection, offering perks like room upgrades and late checkouts.
  • Add 1 additional cardholder at no extra cost.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • Earnings are capped at $100,000 annually, but bonus Qantas Points are excluded from this limit.
  • The earning rate of 0.5 points is lower than that of others.
  • A $75 annual fee applies for the Qantas Rewards Program, worth it if you regularly earn points.
NAB Qantas Rewards Premium Credit Card

On NAB's website

Rewards program

Qantas Frequent Flyer

Points per $1 spent

0.67 Qantas Points

Sign up bonus

70,000 Qantas Points

Annual fee

$150.00 for 1st year

Details

  • Receive 70,000 bonus Qantas Points upon spending $2,000 within the initial 60 days.
  • First-year annual fee reduced to $150 p.a. from $250 p.a. (saving $100).
  • Earn 1 Qantas Point per $1.5 spent on everyday purchases up to $3,000 per statement period, and 1 Qantas Point per $3 spent thereafter (capped at $6,000).
  • Enjoy complimentary Qantas Frequent Flyer membership, saving $99.50.

Pros & cons

Pros
  • The 70,000 bonus Qantas Points.
  • The discounted annual fee for the first year.
  • Free Qantas Frequent Flyer membership (a saving of $99.50).
  • Comes with a host of complimentary insurances when you make an eligible purchase.
  • Visa Premium Access and NAB Concierge Services 24/7.
Cons
  • Points earning capped at $6,000 spent per statement period.
  • Higher annual fee compared to other Qantas cards.
  • Interest rates are high, which is typical for most rewards-earning cards.
Apply by 30 April 2025

Rewards program

Amplify Rewards

Points per $1 spent

1 Amplify Rewards point

Sign up bonus

100,000 Amplify Rewards points

Annual fee

$49.00 for 1st year

Details

  • Earn 100,000 Bonus Amplify Points when you spend at least $3,000 on eligible purchases in the first 90 days from new card approval. Terms and Conditions apply.
  • Earn 1 point for every $1 spent on eligible domestic and overseas purchases.
  • You can use your points for gift cards, travel, transferring to partner airline programs, and other rewards.
  • Comes with complimentary insurance, including Interstate Flight Inconvenience, Rental Vehicle Excess, international travel coverage, extended warranty, purchase protection, and overseas transit accident insurance.

Pros & cons

Pros
  • Earn 100,000 Bonus Amplify Points when you meet the criteria.
  • No limit on the points you can earn, which is great for high-spenders.
  • The discounted annual fee for the first year.
  • Get access to Visa’s Luxury Hotel Collection, offering perks like room upgrades and late checkouts.
  • Add 1 additional cardholder at no extra cost.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • There is no introductory balance transfer offer, so it’s better suited for everyday spending than consolidating debt.
  • A 3% fee applies to foreign transactions made with your card.
Apply by 30 April 2025

Rewards program

Amplify Qantas

Points per $1 spent

0.50 Qantas Points

Sign up bonus

50,000 Qantas Points

Annual fee

$99.00 for 1st year

Details

  • Earn 50,000 Qantas Points when you spend at least $3,000 on eligible purchases in the first 90 days from new card approval. Terms and Conditions apply.
  • Earn 0.5 points for every $1 spent on eligible domestic and overseas purchases.
  • Points are automatically transferred to your Qantas Frequent Flyer account, ready to use for flights, upgrades, shopping, and more.
  • Comes with complimentary insurance, including Interstate Flight Inconvenience, Rental Vehicle Excess, international travel coverage, extended warranty, purchase protection, and overseas transit accident insurance.

Pros & cons

Pros
  • Earn 50,000 bonus Qantas Points when you meet the criteria.
  • The discounted annual fee for the first year.
  • Get access to Visa’s Luxury Hotel Collection, offering perks like room upgrades and late checkouts.
  • Add 1 additional cardholder at no extra cost.
  • Offers fraud monitoring, secure online shopping, and a Fraud Money Back Guarantee.
  • Works with Apple Pay, Google Pay, and Samsung Pay.
Cons
  • Earnings are capped at $100,000 annually, but bonus Qantas Points are excluded from this limit.
  • The earning rate of 0.5 points is lower than that of others.
  • A $75 annual fee applies for the Qantas Rewards Program, worth it if you regularly earn points.
NAB Qantas Rewards Signature Credit Card

On NAB's website

Rewards program

Qantas Frequent Flyer

Points per $1 spent

1 Qantas Point

Sign up bonus

90,000 Qantas Points

Annual fee

$295.00 for 1st year

Details

  • Gain up to 120,000 bonus Qantas Points. Acquire 90,000 bonus points upon spending $3,000 within the initial 60 days from account approval date and an additional 30,000 bonus points upon maintaining your card open for over 12 months. Terms and conditions apply.
  • Benefit from 0% on balance transfers for 12 months with a 3% Balance Transfer Fee.
  • First-year annual fee reduced to $295 p.a. from $395 p.a. (saving you $100).

Pros & cons

Pros
  • Complimentary Qantas Frequent Flyer membership fee valued at $99.50.
  • Six complimentary insurances when you make an eligible purchase.
  • Earn 1 Qantas Point per $1 spent on everyday purchases up to $5,000 per statement period then 0.05 pts per $1 spent thereafter (capped at $20,000).
Cons
  • Annual fee of $395 p.a. is quite high.

Rewards program

Bendigo Bank Rewards

Points per $1 spent

1.50 Bendigo Bank Rewards Points

Sign up bonus

N/A

Annual fee

$89.00 p.a. ongoing

Details

  • Receive 1.5 Bendigo rewards points for each $1 spent.
  • Enjoy up to 90 days of international travel insurance.
  • No charge for supplementary cardholders.

Pros & cons

Pros
  • Earn 1.5 Bendigo Bank Rewards points for every dollar spent.
  • Up to 90 days of international travel insurance in any 12-month period.
  • Comes with an extended warranty on purchases.
Cons
  • No sign up bonus offer as of the moment.
  • No introductory balance transfer offer.

What are rewards credit cards exactly?

Rewards credit cards let you earn points on eligible purchases, which can be redeemed for various rewards through the card's rewards program. Transactions that do not earn rewards include balance transfers, cash advances, and other "cash equivalents". There are cards that earn points on ATO payments, often at reduced earn rate, and some classify ATO spending as ineligible for rewards.

A typical points earn rate would be 1 point per $1 spent. Points are typically valued in or around at 1 cent each, but this varies widely between programs and is significantly affected by what you redeem them for.

Business and corporate credit cards offer an enhanced package of rewards with earn rates and travel benefits that are generally better than their consumer counterparts.

Types of rewards programs

  • Bank rewards. Points earned with programs such as Amex Membership Rewards, ANZ Rewards, Commbank Awards, NAB Rewards, Westpac Altitude Rewards can be redeemed be the usual garb, but the most valuable redemption is to transfer points to one of the program's partner airline or hotel program and book travel.
  • Cashback. If you'd rather just have cold, hard cash instead of points, then cashback cards are worth considering.
  • Frequent flyer rewards. Qantas and Velocity are the two most popular programs. If you are not loyal to either, you may be interested in a Star Alliance-linked card instead.

Benefits of rewards credit cards

  • Earn rewards on everyday spending. One of the main advantages of rewards credit cards is the ability to earn rewards on everyday purchases like groceries, petrol, and bills. They're a way to get more value from your normal spending.
  • Travel benefits. Many rewards credit cards offer travel perks such as airport lounge access and travel insurance. Some come with travel creditor vouchers you can use to offset the cost of travel booking.
  • Sign-up bonuses. New cardholders who meet spending requirements can earn points often worth hundreds of dollars or more when redeemed for premium class flights.

What you can use reward points for

Different cards have a different mix of available rewards, but they are generally some or all of the following:

  • Consumer goods like clothing, cosmetics, electronics, etc.
  • Donations to partner charities
  • Flight, hotel, and cruise bookings, car rental, etc.
  • Gift vouchers, cashback, and statement credits
  • Home, car, and travel insurance
  • Tickets for concerts, movies, sports matches, etc.

Are rewards credit cards worth the effort and money?

It all comes down to your spending patterns, financial diligence, and the card you choose.

When working out if a rewards credit card is worth it for you, take the card's entire offer into consideration. Weigh the annual fee against the combined value of the sign-up bonus points, the value of the points you'd earn from normal spending, and the value of whatever perks the card (has like insurance). If the card has perks you know you won't ever use, discount their value to zero.

Say a card has an annual fee of $300 and we value a point at 0.5 cents each. The example card comes with 100,000 sign-up bonus points, two airport lounge passes valued at $50 each if resold, and earns 1 point per dollar spent. If you spend $2,500 each month on it (based on your current spending), you'd earn 30,000 points over the year. With the total points earned valued at $650 (130,000 x 0.5 cents) and the passes at $100 (2 x $50), and assuming you pay it off in full each month, you would be coming out ahead.

How to choose a rewards credit card

With Australians now using their credit cards more than ever before, a rewards credit card can be used to get more for your money. The problem is they don't come free and you want to come out ahead after the annual fee is taken into consideration.

It’s worth spending time weighing the benefits against the costs in light of your normal spending from month to month.

Here are some key points to consider before applying for a rewards credit card.

Lifestyle alignment

Would you rather earn cash or save up points for travel? If so, do you have a preferred airline or alliance? Would you actually make use of perks like access to airport lounges or is it just nice to have?

Your normal spending pattern

Do not spend money just to earn points since this is likely to end with you being in debt.

Estimate how much you would normally spend each month and use that to calculate how many points you would earn.

Annual fees

Rewards cards usually have higher annual fees than cards that aren't linked with a rewards program.

If the annual fee is higher than the combined value of the rewards points earned from whatever sign-up bonus there is, your normal spending, and the card's benefits, then you aren't really coming out ahead.

Interest rates

Rewards credit cards typically have higher interest rates than no-frills cards.

If you regularly carry a balance, interest charges are likely to quickly outweigh the value of the rewards and you might want to consider a low rate credit card instead or using a 0% balance transfer to get your debt paid off.

Sign-up bonus spending targets

Many rewards cards offer attractive sign-up bonuses, but you've got to meet a minimum spend requirement in order to get them. Targets vary between cards, but it's typically a combination of spending a certain amount on the card within the first few months of being approved.

Given your normal spending pattern, are you able to hit the target?

Expiration, caps, and tiers

Check if the rewards points have an expiry date. Most don't, but some — like Qantas — expire if you don't use them within a certain period.

Some cards limit how many points you can earn in a given period, e.g. 10,000 points per statement period, 120,000 points per annum, or a combination of both. They may also have tiered earn rates such that the earn rate per dollar is reduced when you spend more. If you're a big spender, this can make a big difference.

Here’s a Credit Card Compare expert's top tip for comparing rewards credit cards

David Boyd of Credit Card Compare

David Boyd, co-founder of Credit Card Compare, shares an important tip that's often overlooked.

Don't take the card's earn rate at face value if you plan on using points for flights since you are most likely going to have to transfer them to a partner frequent flyer program. Check what the transfer ratio is. It's not always 1 airline point per 1 reward point.

How to maximise your rewards credit card points

Maximising the benefits of a rewards credit card takes more than just using the card for occasional purchases. To truly get the most out of your card and points, here are some effective tips that can help:

  1. Look for bonus points offers. Many rewards credit cards come with attractive sign-up bonuses if you meet a minimum spend within the first few months. Taking advantage of these offers is a quick way to boost your points balance, but ensure the minimum spend aligns with your budget and typical expenses.
  2. Choose cards with higher earn rates. Compare cards that offer higher earn rates on categories you regularly spend on. Some cards offer more points per dollar on groceries, fuel, or dining. Make sure the overall value of the card, including fees, justifies these higher earn rates.
  3. Know about eligible purchases. Not all purchases earn points. Review the card’s terms to ensure you know which purchases qualify for points accumulation, as certain expenses like utility bills or government payments may be excluded.
  4. Match the card to your spending habits. If you’re a frequent traveller, a frequent flyer credit card could be ideal as it offers extra points for travel-related purchases. For everyday spending, a general rewards card might be more suitable, especially if it covers more spending categories.
  5. Use your card for everyday purchases. Make your rewards card your primary payment method for everyday purchases such as groceries, fuel, and bills—provided you can comfortably pay off the balance in full each month. This helps you avoid interest charges while earning points on regular spending.
  6. Add additional cardholders. Many credit cards allow you to add additional cardholders, such as family members, at no extra cost. This can help increase your points earning potential, as multiple people using the card will accumulate points faster. Just be mindful of overspending.
  7. Pool points with family or friends. Certain rewards programs allow you to transfer points between family members or friends. Pooling points together can help you reach higher-value rewards faster.
  8. Pick up the bill in group situations. When dining or splitting expenses with friends or family, offer to pay with your credit card and have others transfer their share to you or give you cash. This allows you to earn points on the full amount of the bill, helping you accumulate points faster.
  9. Redeem your points wisely. Maximise the value of your points by redeeming them for high-value rewards like flights or accommodation, rather than lower-value options like gift cards or merchandise. Always ensure you use the points before they expire and make the most of your rewards program’s best offerings.

Expert opinion: What is the mistake people make most often with reward cards?

Andrew Boyd, co-founder of Credit Card Compare

Andrew Boyd, co-founder of Credit Card Compare, explains the common mistake Australians make when using rewards credit cards.

Rewards credit cards can be valuable if used correctly, but the biggest mistake people make is focusing too much on earning points and not enough on managing their spending.
  • American Express Membership Rewards. Offers flexible points that can be redeemed for travel, gift cards, or transferred to various frequent flyer programs.
  • Amplify Rewards.St.George, BankSA, and Bank of Melbourne members can earn points on everyday purchases, which can be redeemed for flights, gift cards, or merchandise.
  • ANZ Rewards. Earn points that can be used for travel, cashback, and a wide range of rewards, including gift cards and electronics.
  • Bankwest More Rewards. Offers points on eligible purchases that can be redeemed for cashback, gift cards, and travel options.
  • Bendigo Bank Rewards. Provides a simple rewards program where points can be redeemed for a wide variety of products, gift cards, and experiences.
  • Citi Rewards. A flexible rewards program offering points redemption on travel, merchandise, and cashback options.
  • CommBank Awards. Offers points that can be redeemed for flights, merchandise, gift cards, and shopping with partner retailers.
  • Flybuys Rewards. A popular program where points can be earned at various retailers and redeemed for groceries, travel, and gift cards.
  • HSBC Rewards. Allows cardholders to redeem points for travel, shopping vouchers, and other rewards through the HSBC Rewards store.
  • Latitude Infinity Rewards. Offers flexible rewards, allowing points to be redeemed for travel, gift cards, and a range of retail items.
  • Macquarie Rewards. A program offering points for travel, cashback, and other retail rewards.
  • NAB Rewards. Provides points that can be redeemed for travel, gift cards, and merchandise, with options to transfer points to partner programs.
  • Qantas Frequent Flyer. Earn Qantas Points on purchases, which can be redeemed for flights, upgrades, and travel-related services.
  • Suncorp Credit Card Rewards. Offers points for eligible purchases, which can be redeemed for cashback, travel, and merchandise.
  • Star Alliance Rewards. Earn points that can be transferred to the individual rewards programs of Star Alliance airlines including Air New Zealand, Singapore Airlines, and Thai Airways.
  • Velocity Frequent Flyer. Earn Velocity Points to redeem for flights, upgrades, and travel perks with Virgin Australia and partner airlines.
  • Westpac Altitude Rewards. Provides points for everyday spending that can be used for flights, gift cards, and a variety of retail items.

Help choosing a rewards credit card

Find out more about the rewards and perks offered by rewards credit cards.

  • FAQs

  • Pros & cons

  • Alternatives

  • Why trust us

Are there rewards credit cards with no annual fees?

Not all rewards credit cards come with annual fees. Some cards may waive the annual fee for the first year, while others, particularly those with premium benefits, have higher annual fees. It's essential to compare the rewards and benefits offered against the card's cost before applying.

Can you have more than one rewards credit card?

Yes. There are no rules about the number of credit cards you can have at any one time, although, obviously, there are considerations around the potential to build debt and mismanage accounts in such a way that may negatively impact your credit score. It is possible to hold more than one credit card linked to the same rewards account with Qantas Frequent Flyer, Velocity Frequent Flyer, or similar program. For example, you could have a personal and business credit card earning into the same account.

Can you balance transfer to rewards credit card?

Yes. It is not uncommon for a rewards credit card to offer an introductory balance transfer. However, balance transfers do not earn rewards points and a rewards credit card's balance transfer offer may not be the most competitive available at the time.

Pros

Versatile reward points

The primary advantage is earning rewards on everyday spending. Whether for groceries, fuel, or dining out, these cards let you accumulate points, cashback, or frequent flyer miles, turning routine purchases into potential savings or travel opportunities.

Significant introductory bonuses

Many reward cards entice new users with attractive sign-up bonuses, offering a substantial points boost for meeting initial spending requirements. This can be a fast track to valuable rewards right off the bat.

Comprehensive perks package

Beyond the points, these cards often include premium extras such as complimentary travel insurance, extended purchase warranty, concierge services, and exclusive access to events and experiences, adding significant value for cardholders.

Cons

Costlier financing

The flip side of earning rewards is the typically higher interest rates and annual fees associated with these cards. For those who carry a balance, these costs can significantly reduce the net benefits of any rewards earned.

Encouragement to spend more

The allure of earning rewards can subtly encourage cardholders to spend beyond their means, potentially leading to financial stress and diminishing the practical value of any rewards accrued.

Earnings caps and exclusions

While the prospect of unlimited rewards is appealing, many cards impose ceilings on the rewards you can earn or restrict the categories that earn the highest rates. For high spenders or those with specific spending patterns, this can limit the effectiveness and appeal of the card.

Shop via the rewards program's loyalty store

Rewards programmes' online shopping portals let members earn points per dollar with their partners. For big purchases especially, points can add up fast. Paying with a points-earning credit card means you can stack points and earn even more.

Methodology

When choosing cards for inclusion in our rewards credit card comparison table and their rank order, we considered the following attributes and their associated metadata.

  • Annual fee initial year: The cost of the card's annual fee for the first year. Lower is better.
  • Annual fee ongoing: The cost of the card's annual fee after the first year. Lower is better.
  • Apple Pay enabled: Compatibility with Apple Pay. Considered beneficial if possible.
  • Balance transfer offer: The presence and terms of any introductory balance transfer offers. Lower rates for longer are considered better.
  • Card type: The card's network, such as American Express, Mastercard, or Visa. The network can affect where it can be used.
  • Cashback terms: If the card earns cashback, what the terms and limits are on how much cashback can be earned.
  • Cashback type: Specifics of the card's cashback program if there is one, including any restrictions on earnings and the nature of the cashback benefits, whether through spending, sign-up bonuses, vouchers, or points conversion.
  • Foreign exchange fee: Whether there is a fee for converting transactions in a foreign currency or spending abroad. Lower is better.
  • Interest-free period: The length of the interest-free period provided. Longer is better.
  • Introductory purchase rate: Details of any introductory rates for purchases. Lower rates for a longer period is considered better.
  • Late payment fee: Charges applied for late payments. Lower is better.
  • Lounge access: If the card comes with airport lounge access, what lounges are accessible, how many passes are available, etc.
  • Maximum credit limit: If published, the highest possible credit limit offered.
  • Minimum credit limit: If published, the lowest credit limit offered.
  • Minimum income required: If published, the minimum amount of income required as per the issuing bank's eligibility criteria. Lower thresholds make the card available to more applicants.
  • Purchase rate ongoing: The ongoing purchase rate after any promotional period ends. Lower is better.
  • Rewards program: How the card's rewards program is structured, how flexible it is, availability of redemptions, etc.
  • Samsung Pay enabled: Compatibility with Samsung Pay. Considered beneficial if possible.
  • Sign-up bonus: The availability of sign-up bonuses, associated spending targets, and terms. Larger sign-up bonuses with lower spending criteria are considered better.
  • Target market: If the card is available for businesses or consumers.

Our rankings may not reflect what matters most to you. Be sure to compare key rates, fees, and features against your own financial priorities before deciding.

Sources

  1. Australia loyalty programs market intelligence and future growth dynamics databook — Research and Markets
  2. Australian consumer loyalty survey — McKinsey & Company
  3. Australian loyalty schemes: a Loyalty & Reward Co report for the ACCC — APO
  4. Priceless — Mastercard
  5. Visa Concierge — Visa Australia

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