Rewards Credit Cards

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

By   |   Updated 10 Apr 2024

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Comparing rewards credit cards

American Express Explorer Credit Card

On website

Featured

American Express Explorer Credit Card

Highlights

  • Obtain 50,000 Bonus Membership Rewards Points upon application approval and spending $4,000 on your new Card within the initial 3 months. T&Cs apply. Exclusive to New Amex Card Members.
  • Enjoy a $400 Travel Credit annually for flights, hotels, and car rentals when booked online using this card.
  • Benefit from complimentary domestic and international travel insurance coverage.

Pros

  • The 50,000 bonus Membership Rewards Points when approved and reach spend requirement within the first 3 months.
  • Receive a $400 travel credit every year.
  • Earn 2 Membership Rewards points per $1 spent on purchases except for government bodies in Australia where you will earn 1 point per $1 spent (uncapped).
  • Get two complimentary entries per year to The Centurion® Lounge.

Cons

  • The $395 p.a. annual fee.
American Express Qantas Ultimate Credit Card

On website

Apply by 28 May 2024

American Express Qantas Ultimate Credit Card

Highlights

  • Acquire 60,000 bonus Qantas Points by applying before 28 May 2024, getting approved, and spending $3,000 on eligible purchases within the first 3 months. T&Cs apply. Exclusive to New Card Members.
  • Receive 2 complimentary Qantas Club lounge invitations annually.
  • Access a $450 Qantas Travel Credit each year (conditions apply).

Pros

  • Earn 60,000 bonus Qantas Points when you meet the criteria.
  • Excellent earn rates on everyday spending. Earns points on payments to the ATO.
  • Access to The Centurion® Lounge. after your first card spend on the card for Qantas products and services each anniversary year.
  • 2 complimentary Qantas Club lounge invitations each year.
  • Add cards for up to four family and friends at no cost.

Cons

  • The annual fee of $450.
  • There is no concierge service, even though it's a high end card.
  • Balance transfers are not possible.
  • Transactions in a foreign currency attract a fee.
American Express Platinum Card

On website

Apply by 25 June 2024

American Express Platinum Card

Highlights

  • Acquire 150,000 Bonus Membership Rewards Points by applying before 25 June 2024, getting approved, and spending $5,000 on your new Card within the initial 3 months. T&Cs apply. Exclusive to New Amex Card Members.
  • Utilize a $450 Platinum Travel Credit annually for flight, hotel, or car rental bookings.
  • Indulge in up to $400 per calendar year when dining at a curated selection of over 1,400 hand-picked restaurants, both domestically and internationally. Terms and Conditions apply.

Pros

  • Receive 150,000 Bonus Membership Rewards Points when you meet the criteria.
  • Receive a $450 Platinum Travel Credit each year.
  • Enjoy up to $400 Global Dining Credit per calendar year.
  • Access to more than 1,400 lounges globally, including The Centurion® Lounge.
  • Get the Amex Experiences App to access information on Platinum benefits, travel offers, events and recommended merchants.

Cons

  • The annual fee of $1,450.
American Express Velocity Platinum Credit Card

On website

Apply by 15 May 2024

American Express Velocity Platinum Credit Card

Highlights

  • Get 100,000 bonus Velocity Points upon applying by May 15, 2024, getting approved, and making $3,000 in eligible purchases with your new Card within the initial 3 months. Offer valid for new Amex Card Members exclusively.
  • Receive a complimentary Virgin Australia return Economy domestic flight between specified cities annually following your first Card spend each year.
  • Benefit from 2 complimentary Virgin Australia lounge passes each year at selected domestic airports.

Pros

  • Receive up to 100,000 bonus Velocity Points when you meet the criteria.
  • Complimentary Virgin Australia return Economy domestic flight between selected cities each year after your first Card spend each anniversary year.
  • Enjoy 2 complimentary Virgin Australia lounge passes each anniversary year at selected domestic airports.
  • Receive 100 Velocity Frequent Flyer Status Credits, when you spend a minimum of $50,000 within your card membership year.
  • Complimentary domestic and international travel insurance.
  • Get the Amex Experiences App to access information on Platinum benefits, travel offers, events and recommended merchants.
  • Add up to 4 additional cardholders for free.

Cons

  • The interest rates applied to balances carried over is on the high end.
  • There is no balance transfer offer on this card.
American Express Platinum Edge Credit Card

On website

American Express Platinum Edge Credit Card

Highlights

  • No annual fee in the initial year, saving you $195.
  • Accrue 3 Membership Rewards points for every $1 spent at major supermarkets and petrol stations.
  • Access $200 allocated for annual travel expenses, applicable towards eligible flights, hotels, or car rentals when booked through American Express Travel.

Pros

  • $0 annual fee in the first year, saving you $195.
  • Receive $200 to spend on eligible domestic and international flights, hotels, or car hire with American Express Travel.
  • Smartphone Screen Cover for smartphone screen repairs up to $500.

Cons

  • The ongoing purchase rate of 23.99%.
The Qantas American Express Premium Card

On website

The Qantas American Express Premium Card

Highlights

  • Obtain 20,000 bonus Qantas Points upon online application approval and spending $3,000 within 3 months. Exclusive to New Amex Card Members.
  • Enjoy 2 complimentary Qantas Club invitations annually (conditions apply).
  • Benefit from complimentary domestic and international travel insurance coverage.

Pros

  • 20,000 bonus Qantas points for signing up and hitting the spending target.
  • Earn points on your everyday spend. Also earns points at a reduced rate on government spend.
  • Give up to 4 of your friends and family a card — at no extra cost — to earn more points.
  • $450 Qantas Travel Credit, which is fairly easy to trigger with your first Qantas purchase each year.
  • Comes with complimentary card purchase cover and travel insurance.

Cons

  • There is an annual fee of $249.
  • The purchase rate is quite high, but can be avoided with responsible use.
  • No balance transfer facility.
Qantas American Express Discovery Credit Card

On website

Qantas American Express Discovery Credit Card

Highlights

  • Acquire 1.75 Qantas Points on eligible Qantas products and services.
  • Earn 0.75 Qantas Point for every $1 spent on Card purchases, except for spending at government bodies in Australia, where you will earn 0.5 Qantas Points per $1 spent.
  • Enjoy no annual card fee.
  • Obtain up to 4 Additional Cards for family members or friends with no extra fee.

Pros

  • Ongoing $0 annual fee, a rarity among rewards credit cards.
  • Earn 0.75 Qantas points per $1 spent and 0.5 Qantas points per $1 for government spend.
  • No cap on the number of points you can earn.
  • Add up to 4 additional cards for family members or friends with no extra fee.
  • Complimentary Card Purchase Cover and Card Refund Cover.

Cons

  • There is a 3% foreign transaction fee.
  • Lacks complimentary travel insurance.
  • There is no access to a concierge service.
St.George Amplify Signature Credit Card (Amplify)

On website

Apply by 31 July 2024

St.George Amplify Signature Credit Card (Amplify)

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).
  • 0% p.a. interest for 24 months on balance transfers with a 1% balance transfer fee applied to transferred amounts.
  • 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 a 1% balance transfer fee.
Westpac Altitude Black Credit Card (Altitude)

On website

Apply by 31 July 2024

Westpac Altitude Black Credit Card (Altitude)

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 website

Apply by 31 July 2024

Westpac Altitude Platinum Credit Card (Qantas)

Highlights

  • Receive up to 80,000 bonus Qantas Points. Acquire 70,000 Qantas Points in the first year upon spending $4k+ on eligible purchases within the initial 90 days from new card approval, and an additional 10,000 points after your first eligible purchase in the second year..
  • Initial $99 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 $99 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 website

Apply by 31 July 2024

St.George Amplify Platinum Credit Card (Amplify)

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.
  • 0% interest for 24 months on balance transfers with a 1% balance transfer fee, which then reverts to the cash advance rate of 21.49% p.a.
  • Enjoy a discounted annual fee of $49 p.a. for the first year ($124 p.a. annual fee thereafter).

Pros

  • The 100,000 bonus Amplify Points.
  • Earn uncapped Amplify Points per dollar on eligible purchases.
  • 0% p.a. for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
St.George Amplify Platinum Credit Card (Qantas)

On website

Apply by 31 July 2024

St.George Amplify Platinum Credit Card (Qantas)

Highlights

  • Up to 70,000 bonus Qantas Points earned upon spending $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% p.a. interest for 24 months on balance transfers with a 1% balance transfer fee, which then reverts to the cash advance rate.
  • Earn 0.5 points per $1 spent (uncapped). Additionally, receive a complimentary Qantas membership fee, saving you $99.50!

Pros

  • The 70,000 bonus Qantas Points.
  • Discounted annual fee on the first year.
  • Complimentary travel and purchase insurance.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
NAB Qantas Rewards Premium Credit Card

On website

NAB Qantas Rewards Premium Credit Card

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 website

Apply by 31 July 2024

Bank of Melbourne Amplify Platinum Credit Card (Amplify)

Highlights

  • Earn up to 100,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 24 months on balance transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. annual fee for the first year ($124 p.a. annual fee thereafter)

Pros

  • The 100,000 bonus Amplify Points.
  • 0% for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
Bank of Melbourne Amplify Platinum Credit Card (Qantas)

On website

Apply by 31 July 2024

Bank of Melbourne Amplify Platinum Credit Card (Qantas)

Highlights

  • Receive up to 70,000 bonus Amplify Points. Acquire 60,000 Qantas Points in the first year upon spending $3k+ on eligible purchases within the initial 90 days from new card approval, and an additional 10,000 points after your first eligible purchase in the second year.
  • Benefit from 0% interest for 24 months on balance transfers with a 1% balance transfer fee, reverting to the cash advance rate of 21.49% p.a.
  • Pay an annual fee of $99 for the first year ($124 thereafter).
  • Earn 0.5 points per $1 spent (uncapped). Plus, get a complimentary Qantas membership fee. Saving you $99.50!


From 1 January 2022, earn 0.5 Qantas Points per $1 up to a maximum of $100,000 spent on eligible purchases annually. Bonus Qantas Bonus Qantas Points not included in the cap.

Pros

  • The 70,000 bonus Qantas Points.
  • 0% p.a. for 24 months on balance transfers.
  • Complimentary travel and purchase insurance.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
NAB Qantas Rewards Signature Card

On website

NAB Qantas Rewards Signature Card

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 website

Bendigo Bank Platinum Rewards Credit Card

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.
NAB Rewards Signature Credit Card

On website

NAB Rewards Signature Credit Card

Highlights

  • Earn up to 140,000 bonus Points. Obtain 100,000 bonus points upon spending $3,000 within the initial 60 days from account approval date and an additional 40,000 bonus points upon maintaining your card open for over 12 months. Terms and conditions apply.
  • Benefit from a reduced annual card fee of $195 p.a. for your first year (reverts to $295 p.a. thereafter).
  • Accrue 2.5 points on purchases made in major department and hardware stores.
  • Gain 1.25 points for every $1 spent on everyday purchases.

Pros

  • Earn up to 140,000 bonus NAB Rewards Points when you meet the criteria.
  • The discounted $195 annual fee on the first year.
  • 0% p.a. on balance transfers for 12 months.
  • Includes international travel insurance.

Cons

  • There is a 3% balance transfer fee.
BankSA Amplify Signature Credit Card (Qantas)

On website

Apply by 31 July 2024

BankSA Amplify Signature Credit Card (Qantas)

Highlights

  • Receive up to 90,000 bonus Qantas Points upon spending $6,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • Enjoy 0% p.a. for 24 months on balance transfers with a 1% balance transfer fee on transferred amounts.
  • Benefit from complimentary overseas travel insurance for up to 6 months.

Pros

  • The 90,000 bonus Qantas Points.
  • 0% p.a. for 24 months on balance transfers.
  • Includes complimentary overseas travel insurance for up to 6 months

Cons

  • There is a 1% balance transfer fee.
  • The annual fee of $295 p.a.
BankSA Amplify Platinum Credit Card (Qantas)

On website

Apply by 31 July 2024

BankSA Amplify Platinum Credit Card (Qantas)

Highlights

  • Receive up to 70,000 bonus Amplify Points. Acquire 60,000 Qantas Points in the first year upon spending $3k+ on eligible purchases within the initial 90 days from new card approval, and an additional 10,000 points after your first eligible purchase in the second year.
  • Enjoy 0% p.a. for 24 months on balance transfers with a 1% balance transfer fee, reverting to the cash advance rate.
  • Earn 0.5 points per $1 spent (uncapped) and receive a complimentary Qantas membership fee, saving you $99.50!

Pros

  • The 70,000 bonus Qantas Points.
  • Discounted annual fee on the first year.
  • Complimentary travel and purchase insurances.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
BankSA Amplify Platinum Credit Card (Amplify)

On website

Apply by 31 July 2024

BankSA Amplify Platinum Credit Card (Amplify)

Highlights

  • Earn up to 100,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 24 months on balance transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. annual fee for the first year ($124 p.a. annual fee thereafter)

Pros

  • The 100,000 bonus Amplify Points.
  • 0% for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
Qantas Premier Platinum Credit Card

On website

Apply by 1 May 2024

Qantas Premier Platinum Credit Card

Highlights

  • Get up to 80,000 bonus Qantas Points. Get 60,000 bonus Qantas Points upon spending $3,000 or more on eligible purchases within 3 months from card approval. Plus, an extra 20,000 bonus points if you haven't earned Qantas Points with a credit card in the past 12 months. Terms and Conditions apply.
  • Benefit from 0% on Balance Transfer for 12 months with no Balance Transfer fee. Returns to Cash Advance rate thereafter. No interest-free days are applicable on retail purchases with an outstanding balance transfer.
  • Benefit from the reduced annual fee of $349 p.a. for the initial year. An ongoing annual fee of $399 p.a. is applicable in the 2nd year.

Pros

  • Earn up to 80,000 bonus Qantas Points when you meet the criteria.
  • 0% p.a. for 12 months on balance transfers.
  • Additional savings with the $349 first-year annual fee.
  • Comes with complimentary travel insurance.

Cons

  • The annual fee increases to $399 p.a. after the initial year.
Westpac Altitude Black Credit Card (Qantas)

On website

Apply by 31 July 2024

Westpac Altitude Black Credit Card (Qantas)

Highlights

  • Earn up to 120,000 bonus Qantas Points. Obtain 90,000 points upon spending $6,000 in the initial 90 days from the account approval date. Additionally, receive 30,000 points after making your eligible purchase in the second year.
  • Earn 0.75 Qantas points per $1 spent.
  • Enjoy two (2) complimentary Qantas Club airport lounge passes annually.

Pros

  • Earn up to 120,000 bonus Qantas Points when you meet the criteria.
  • Get a free additional card holder.
  • Comes with complimentary travel insurance.

Cons

  • The $295 p.a. annual fee (plus a $75 Qantas opt-in fee).
Virgin Australia Velocity High Flyer Credit Card

On website

Virgin Australia Velocity High Flyer Credit Card

Highlights

  • Up to 80,000 bonus Velocity Points upon spending $3,500 on eligible purchases within 4 months of card approval. Terms and conditions apply.
  • 0% p.a. interest for 12 months on balance transfers (no balance transfer fee applies). Reverts to cash advance rate of 21.69% p.a.
  • Receive an exclusive $129 Virgin Australia Gift Voucher annually. Terms and Conditions apply.

Pros

  • Earn up to 80,000 bonus Velocity Points when you meet the criteria.
  • Earn 1 Velocity Point per $1 spent on eligible transactions up to $8,000 and 0.5 points per $1 on spending thereafter.
  • Two single entry passes for Virgin Australia domestic lounges every year.
  • Flight voucher worth $129 each year.
  • Comes with International Travel Insurance and Extended Warranty Service.
  • Works with Apple Pay and Samsung Pay.

Cons

  • The ongoing annual fee of $289 p.a.
  • Earn rate is tiered, although the base tier is enough for more people.
  • Only up to 44 interest-free days on purchases.
  • There's an annual fee per additional card.

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.

"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."
David Boyd
CEO at Credit Card Compare

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.

Methodology for our rewards credit card comparison

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.

Help choosing a rewards credit card

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

  • FAQs

  • Pros & cons

  • Alternatives

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.