Rewards Credit Cards

Compare rewards credit cards to earn points on spending, redeemable for free flights, upgrades, gifts, vouchers, and cashback.

By   |   Updated 10 Oct 2024

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Comparing of 34 rewards credit cards

Citi Rewards 100,000 Bonus Citi Reward Points Offer

On Citi's website

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

Rewards program

Citi Rewards

Points per $1 spent

1 point

Sign up bonus

100,000 points

Annual fee

$99.00 for 1st year

Highlights

  • Receive 100,000 bonus Citi reward Points after spending $5,000 on eligible purchases within the initial 3 months days 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.

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

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

Rewards program

Citi Rewards

Points per $1 spent

1 point

Sign up bonus

N/A

Annual fee

$199.00 p.a. ongoing

Highlights

  • 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.

Pros

  • 0% p.a. on balance transfers and purchases for the first 15 months.
  • No balance transfer fee.
  • Earn up to 1 Citi reward point for every $1 spent.
  • 10% off Limited Time LUX Exclusive hotel offers (up to $250 per booking) booked by 1 March 2025.

Cons

  • Balance transfer changes to a 22.24% p.a. cash advance rate after 15 months.
  • Fee for an additional card is $90.
American Express Qantas Business Rewards Card

Rewards program

Qantas Business Rewards

Points per $1 spent

1.25 points

Sign up bonus

130,000 points

Annual fee

$450.00 p.a. ongoing

Highlights

  • Get 130,000 bonus Qantas Points with the American Express Qantas Business Rewards Card when applying by 14 January 2025, getting approved, and spending at least $3,000 within 2 months of approval. Exclusive to new American Express Card Members.
  • Earn 2 Qantas Points per $1 spent on Qantas products and services, up to 1.25 points per $1 spent on everyday spend, and 0.5 Qantas Points per $1 spent on government spend, utilities, and insurance.
  • Once a total of 500,000 Qantas Points is earned in a calendar year, the everyday business earn rate will change from 1.25 to 0.75 Qantas Points per $1 spent. *For Card Members who applied for the Card between July 1, 2023, and January 9, 2024, this change will take effect from July 10, 2024.

Pros

  • Earn 130,000 bonus Qantas Points when you meet the criteria.
  • Two complimentary passes for the Qantas Club lounge every year.
  • A flexible Payment Option is available to spread costs over time for a portion of your balance.
  • Power up your business – Spend with Dell Technologies and get up to $100 credit.

Cons

  • The $450 p.a. annual fee.
  • Balance must be repaid in full each month.
  • No concierge service.
  • Lounge passes are valid for Qantas Club and not the international business lounges.
American Express Platinum Business Card

Rewards program

Membership Rewards

Points per $1 spent

2.25 points

Sign up bonus

350,000 points

Annual fee

$1,750.00 p.a. ongoing

Highlights

  • Get 350,000 bonus Membership Rewards points by applying before 5 November 2024, getting approved, and spending $12,000 on your card within the initial 3 months. Exclusive to New American Express Card Members.
  • Earn up to 2.25 pts per $1 spent.
  • Enjoy exclusive Platinum travel, experience, and dining privileges.

Pros

  • The offer of 350,000 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.

Cons

  • The annual fee of $1,750 p.a.
  • Since this is a charge card, the balance must be cleared every statement.
  • No balance transfer facility.
American Express Velocity Business Card

Rewards program

Velocity Frequent Flyer

Points per $1 spent

1 point

Sign up bonus

150,000 points

Annual fee

$249.00 p.a. ongoing

Highlights

  • Get 150,000 Bonus Velocity Points upon applying by 6 November 2024, getting approval, and fulfilling the minimum spending requirement of $5,000 within 2 months of approval. Plus join the Virgin Australia Business Flyer program and enjoy a $250 Virgin Australia Business Flyer Travel Bank credit when you meet the eligibility criteria. The offer is valid for New American Express Card Members exclusively.
  • Accumulate 2 points for every $1 spent on Virgin Australia services and up to 1 point per $1 spent on other transactions. Earn 0.5 points per $1 on ATO and government expenditures.
  • Benefit from 2 complimentary single-entry passes to the Virgin Australia Lounge at chosen domestic airports annually.

Pros

  • Receive 150,000 bonus Velocity Points when you meet the criteria.
  • Earn up to 2 Velocity Points per $1 spent.
  • No pre-set spending limit and up to 51 days to pay for purchases.

Cons

  • The annual fee of $249 p.a.
  • Each employee card costs $99.
St.George Amplify Signature Credit Card (Amplify)

On St.George's website

Rewards program

Amplify Rewards

Points per $1 spent

1.5 points

Sign up bonus

150,000 points

Annual fee

$199.00 for 1st year

Highlights

  • Up to 150,000 Bonus Amplify Rewards Points earned upon spending $12,000 on eligible purchases within the first 12 months from card approval.
  • Initial card fee of $199 for the first year ($295 p.a. thereafter).
  • Comes with complimentary overseas travel insurance coverage for up to 6 months.

Pros

  • The 150,000 bonus Amplify Rewards Points.
  • Save $96 with the $199 card fee for the first year.
  • Enjoy 2 complimentary Priority Pass lounge visits each year when you enroll in Priority Pass.
  • Comes with concierge services.

Cons

  • After the initial year, the annual fee is $295 p.a.
  • There is no promotional balance transfer offer at the moment.
Westpac Altitude Black Credit Card (Altitude)

On Westpac's website

Rewards program

Altitude Rewards

Points per $1 spent

1.25 points

Sign up bonus

100,000 points

Annual fee

$150.00 for 1st year

Highlights

  • Earn up to 150,000 bonus Altitude Points. 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.
  • Initial $150 p.a. annual fee ($295 p.a. thereafter), applicable to new cardholders only.
  • Earn 6 Altitude points per $1 on Qantas, Jetstar, Singapore Airlines, and Emirates flights bought in Australia, subject to eligibility criteria.

Pros

  • Earn up to 150,000 bonus Altitude Points when you meet the criteria.
  • Additional savings with the $150 first-year annual fee ($295 p.a. thereafter).
  • Earn 1.25 points per $1 spent on eligible purchases
  • Get 2 complimentary lounge passes each year with Priority Pass.

Cons

  • The high annual fee of $295 p.a. after the initial year.
Westpac Altitude Platinum Credit Card (Qantas)

On Westpac's website

Rewards program

Qantas Frequent Flyer

Points per $1 spent

0.5 points

Sign up bonus

70,000 points

Annual fee

$119.00 for 1st year

Highlights

  • Receive up to 80,000 bonus Qantas Points. Acquire 60,000 Qantas Points in the first year upon spending $4k+ on eligible purchases within the initial 90 days from new card approval, and an additional 20,000 points after your first eligible purchase in the second year..
  • Initial $119 p.a. annual fee followed by $175 p.a. thereafter (Plus a $75 Qantas Rewards opt-in annual fee).
  • Earn 0.5 Qantas points per $1 spent on eligible purchases.

Pros

  • Receive up to 80,000 bonus Qantas Points when you meet the criteria.
  • Additional savings with the $119 first-year annual fee ($175 p.a. thereafter).
  • Comes with complimentary insurance covers which include overseas medical and purchase security.

Cons

  • Only up to 45 days interest-free on purchases.
St.George Amplify Platinum Credit Card (Amplify)

On St.George's website

Rewards program

Amplify Rewards

Points per $1 spent

1 point

Sign up bonus

100,000 points

Annual fee

$49.00 for 1st year

Highlights

  • Earn 100,000 bonus Amplify Points upon spending $3,000 on eligible purchases within 90 days from card approval, potentially valued at up to $450 in eGift cards. Exclusions apply.
  • Enjoy a discounted annual fee of $49 p.a. for the first year ($124 p.a. annual fee thereafter).
  • Earn 1 point for every $1 spent on eligible purchases.

Pros

  • The 100,000 bonus Amplify Points.
  • Earn uncapped Amplify Points per dollar on eligible purchases.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is promotional balance transfer offer at the moment.
St.George Amplify Platinum Credit Card (Qantas)

On St.George's website

Rewards program

Amplify Qantas

Points per $1 spent

0.5 points

Sign up bonus

50,000 points

Annual fee

$99.00 for 1st year

Highlights

  • Up to 50,000 bonus Qantas Points earned upon spending $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • Pay an annual fee of $99 for the first year ($124 thereafter).
  • Earn 0.5 points per $1 spent (uncapped).

Pros

  • The 50,000 bonus Qantas Points.
  • Discounted annual fee on the first year.
  • Complimentary travel and purchase insurance.

Cons

  • Points earning rate of 0.5 points is lower than others.
NAB Qantas Rewards Premium Credit Card

On NAB's website

Rewards program

Qantas Frequent Flyer

Points per $1 spent

0.67 points

Sign up bonus

70,000 points

Annual fee

$150.00 for 1st year

Highlights

  • 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

  • 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.
Bank of Melbourne Amplify Platinum Credit Card (Amplify)

On Bank of Melbourne's website

Rewards program

Amplify Rewards

Points per $1 spent

1 point

Sign up bonus

100,000 points

Annual fee

$49.00 for 1st year

Highlights

  • Earn 100,000 bonus Amplify Points upon spending $3,000 on eligible purchases within 90 days from card approval, potentially valued at up to $450 in eGift cards. Exclusions apply.
  • Enjoy a discounted annual fee of $49 p.a. for the first year ($124 p.a. annual fee thereafter).
  • Earn 1 point for every $1 spent on eligible purchases.

Pros

  • The 100,000 bonus Amplify Points.
  • Earn uncapped Amplify Points per dollar on eligible purchases.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is promotional balance transfer offer at the moment.
Bank of Melbourne Amplify Platinum Credit Card (Qantas)

On Bank of Melbourne's website

Rewards program

Amplify Qantas

Points per $1 spent

0.5 points

Sign up bonus

50,000 points

Annual fee

$99.00 for 1st year

Highlights

  • Up to 50,000 bonus Qantas Points earned upon spending $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • Pay an annual fee of $99 for the first year ($124 thereafter).
  • Earn 0.5 points per $1 spent (uncapped).

Pros

  • The 50,000 bonus Qantas Points.
  • Discounted annual fee on the first year.
  • Complimentary travel and purchase insurance.

Cons

  • Points earning rate of 0.5 points is lower than others.
NAB Qantas Rewards Signature Credit Card

On NAB's website

Rewards program

Qantas Frequent Flyer

Points per $1 spent

1 point

Sign up bonus

90,000 points

Annual fee

$295.00 for 1st year

Highlights

  • 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

  • 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.
Bendigo Bank Platinum Rewards Credit Card

On Bendigo Bank's website

Rewards program

Bendigo Bank Rewards

Points per $1 spent

1.5 points

Sign up bonus

N/A

Annual fee

$89.00 p.a. ongoing

Highlights

  • 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

  • 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.

Rewards credit cards offer cardholders the chance to gain additional value from their everyday purchases by earning rewards points per dollar spent. These rewards can be classified as rewards points, frequent flyer points, or cashback. After accumulating enough, you can redeem your rewards for a variety of benefits, including flights and upgraded seats, hotel stays, merchandise, gift cards, or even statement credits to reduce your credit card bill.

David Boyd of Credit Card Compare

David Boyd, co-founder of Credit Card Compare, explains further, "Over the years, I've used rewards credit cards extensively in business and in a personal capacity. When you redeem rewards points for high value items like business class seats on long haul flights, it's hard to put a value on the experience."

Different types of rewards credit cards

Several types of rewards credit cards are available, each catering to different preferences and spending habits. Some common types include the following:

  • Cashback cards: Cashback cards reward cardholders with a percentage of the amount spent on the card back into your account as cash.
  • Points and miles cards: Points and miles cards allow cardholders to earn points or miles for every dollar they spend. These can be redeemed for various rewards like flights, hotel stays, or merchandise.
  • Co-branded cards: These are cards are affiliated with a specific retailers, airlines, or hotel chains and offer rewards specific to the respective brand. These cards are ideal for frequent customers of the affiliated brand.

How rewards credit cards work

Rewards credit cards typically operate on a points-based system where cardholders earn certain points for every dollar spent on the card. These points accumulate over time and can be redeemed for rewards based on the card issuer's redemption options. Some cards may offer bonus points for specific spending categories or sign-up bonuses for new cardholders.

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, gas, and bills. This can help cardholders maximise their spending and get more value from their purchases.
  • Travel benefits: Many rewards credit cards offer travel perks such as airline miles, hotel discounts, and travel insurance. These benefits can make travelling more affordable and convenient for cardholders.
  • Sign-up bonuses: Some rewards credit cards offer lucrative sign-up bonuses for new cardholders, which can include bonus points, cashback, or statement credits. These bonuses can provide an excellent value for cardholders who meet the spending requirements.

How to choose a rewards credit card

When choosing a rewards credit card, it's essential to consider your spending habits, redemption preferences, and any associated fees. Here are some factors to keep in mind:

  • Rewards structure: Consider how the card earns rewards, the redemption options available, and whether the rewards align with your preferences and lifestyle. Rewards structures can vary significantly from card to card, on spending thresholds as well as rewards earn rates.
  • Annual fees: Some rewards credit cards come with annual fees. Evaluate whether the rewards and benefits outweigh the annual fee cost in your case.
  • Interest rates: Check the card's interest rates, especially if you plan to carry a balance. High-interest rates can negate the value of the rewards earned.
  • Bonus offers: Look for cards with attractive sign-up bonuses and promotions that can boost your rewards earnings in the short term.

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 do a 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