Sign-Up Bonus Credit Cards

Compare credit cards with sign-up bonuses, including rewards points and cashback.

David Boyd avatar
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Updated 12 Dec 2024   |   Rates updated regularly

Comparing of 26 credit cards with a sign-up bonus

Featured
Citi Rewards 100,000 Bonus Citi Reward Points Offer

On Citi's website

Rewards program

Citi Rewards

Points per $1 spent

1 point

Sign up bonus

100,000 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.
Apply by 25 March 2025

Rewards program

Membership Rewards

Points per $1 spent

2.25 points

Sign up bonus

250,000 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 points

Sign up bonus

75,000 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.

Rewards program

Membership Rewards

Points per $1 spent

2 points

Sign up bonus

50,000 points

Annual fee

$149.00 p.a. ongoing

Details

  • Earn 50,000 Bonus Membership Rewards Points when you apply online, are approved, and spend at least $3,000 within 3 months of approval. Exclusive to new American Express Card Members.
  • Includes 2 Centurion Lounge passes per year at Sydney and Melbourne airports.
  • Receive complimentary travel insurance when you book your return flight with your card.

Pros & cons

Pros
  • Earn up to 2 points per $1 spent on eligible purchases.
  • Earn 1 point per $1 spend on ATO and government transactions.
  • Use your points to pay off transactions, utilities, annual fee and more.
  • Redeem your rewards for flights, hotel reservations, or car rentals.
  • Transfer points to Virgin Australia, Air New Zealand and Hilton Honors.
  • Shop with your points at Apple, Ikea, JB Hi-Fi and more.
  • No fee for up to 99 employee cards.
  • Up to 55 interest-free days.
  • With the Amex App, you can Monitor business spend and activity 24x7.
  • Manage your account anytime and anywhere with Live Chat Service
Cons
  • There is an annual fee of $149.
  • A 3% foreign transaction fee is in effect.
  • There is no balance transfer offer.
  • Cash advances are blocked, which might be inconvenient for some.
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 points

Sign up bonus

100,000 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
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

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
Westpac Altitude Platinum Credit Card (Qantas)

On Westpac's website

Rewards program

Qantas Frequent Flyer

Points per $1 spent

0.50 points

Sign up bonus

60,000 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

Rewards program

Amplify Qantas

Points per $1 spent

0.75 points

Sign up bonus

80,000 points

Annual fee

$295.00 p.a. ongoing

Details

  • Earn 80,000 bonus Qantas points when you spend at least $6,000 on eligible purchases in the first 90 days from new card approval. Terms and Conditions apply.
  • Earn 0.75 points for every $1 spent on eligible domestic and overseas purchases.
  • Earn 2x points on purchases with Qantas Frequent Flyer partners—once with your card and once with the airline partner.
  • Points are automatically transferred to your Qantas Frequent Flyer account, ready to use for flights, upgrades, shopping, and more.
  • Get 2 Qantas lounge passes each year, perfect for adding comfort to your travels.

Pros & cons

Pros
  • Earn 80,000 Bonus Qantas Points when you meet the criteria.
  • 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.
  • 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
  • Earnings are capped at $250,000 annually, but bonus Qantas Points are excluded from this limit.
  • The earning rate of 0.75 points is lower than that of others.
  • A $75 annual fee applies for the Qantas Rewards Program, which is worth it if you regularly earn points.
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 points

Sign up bonus

150,000 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
St.George Amplify Platinum Credit Card (Qantas)

On St.George's website

Rewards program

Amplify Qantas

Points per $1 spent

0.50 points

Sign up bonus

50,000 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.
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 point

Sign up bonus

80,000 points

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

Rewards program

Amplify Qantas

Points per $1 spent

0.50 points

Sign up bonus

50,000 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.
Apply by 30 April 2025

Rewards program

Amplify Qantas

Points per $1 spent

0.50 points

Sign up bonus

50,000 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.
Apply by 30 April 2025

Rewards program

Amplify Rewards

Points per $1 spent

1.50 points

Sign up bonus

150,000 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.
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

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.

Credit card bonuses vary widely. Most are in the form of bonus points in a specific rewards program. But, there are also cards offering bonus cashback and vouchers. They are one of the most widely known ways to boost a rewards program's balance of rewards points. There are a few hoops to jump through—typically spending a certain amount over a set period of time from sign up—before the bonus will be deposited into your account.

David Boyd of Credit Card Compare

David Boyd, co-founder of Credit Card Compare, shares, "Sign-up bonuses have changed considerably over the years since we started Credit Card Compare. It used to be that a sign-up bonus could be triggered simply by applying and getting approved. Those days are long gone now, with banks typically requiring a certain amount of spend over a specified period of time before paying out. They're still one of the fastest ways to rank up a lot of points, but you do need to be careful. Avoid chasing spending targets and buying things you don't need."

How sign-up bonus credit cards work

Sign-up bonus credit cards typically require cardholders to spend a certain amount of money on the card within a specified period, usually the first few months after opening the account. Once the spending threshold has been met, the cardholder becomes eligible to receive the sign-up bonus.

It's essential to carefully read and understand the terms and conditions of sign-up bonus credit cards to ensure you qualify for the rewards.

Benefits of sign-up bonus credit cards

  • Earn reward points: Sign-up bonus credit cards allow cardholders to earn bonus points that can be redeemed for rewards such as frequent flyer miles and points, merchandise, gift cards, or cashback.
  • Cashback offers: Some sign-up bonus credit cards offer cashback rewards, giving cardholders a percentage of their purchases back in the form of statement credits or actual cash.
  • Introductory 0% APR: Some sign-up bonus credit cards come with an introductory 0% APR period on purchases or balance transfers, allowing cardholders to save on interest charges.
  • Complimentary travel benefits: Certain sign-up bonus credit cards offer additional travel perks such as airport lounge access, travel insurance, or airline fee credits.
  • Waived annual fees: In some cases, sign-up bonus credit cards may waive the annual fee for the first year, providing cardholders with a cost-saving benefit.

How to choose a sign-up bonus credit card

When selecting a sign-up bonus credit card, consider the following factors:

  • Bonus offer: Assess the value of the sign-up bonus, including the number of points offered or the cashback percentage.
  • Minimum spend requirement: Determine whether you can comfortably meet the required spending threshold to qualify for the sign-up bonus.
  • Rewards structure: Evaluate the ongoing rewards program of the credit card to ensure it aligns with your spending habits and preferences.
  • Annual fees: Consider the credit card's annual fee and whether any waived fees are temporary or ongoing.
  • Additional benefits: Review any supplementary benefits such as travel perks, purchase protection, or concierge services offered by the credit card. These offer value to you only if you plan to use these perks.

Help choosing a sign-up bonus credit card

What to look out for when comparing a sign-up bonus credit card offer.

  • FAQs

  • Pros & cons

  • Alternatives

  • Why trust us

Can you get more than one sign-up bonus credit card?

Yes. You can have more than one sign-up bonus credit card, but issuers limit how often you can apply for the same card and get the sign-up bonus. The waiting period between applications varies.

How long does it take for a sign-up bonus to be deposited?

How long it takes to receive the sign-up bonus varies by card issuer and can range from a few weeks to a few billing cycles after meeting the required spending threshold.

What happens if you don't hit the sign-up bonus requirement?

Since sign-up bonuses are typically contingent on spending a certain amount within a specified timeframe, failing to meet the minimum spend requirement means you won't receive the bonus.

Are existing cardholders eligible for a credit card sign-up bonus?

No. You cannot apply for a credit card you already have.

Since sign-up bonuses are used as a marketing device to attract new cardholders, you may need to close your account and wait a specified period of time before applying again. The waiting period varies. This practice is known as credit card churning.

Is a sign-up bonus credit card worth it?

Rewards points, which is what most sign-up bonuses offer, have a value. You can decide whether a sign-up bonus is worth it by calculating the total value of the bonus and comparing that against the annual fee. You may need to add the value of other features and benefits into the calculation, for example, airport lounge passes and travel insurance.

Pros

Rewarding spending

Earn valuable rewards on regular purchases, including points, cashback, or frequent flyer miles, making every dollar work harder.

Attractive sign up bonuses

New customers can access generous introductory offers, such as bonus points for meeting initial spending criteria, enhancing the card's value right from the start

Additional benefits

Many of these cards come bundled with premium perks like complimentary travel and purchase protection, concierge services, and access to exclusive events, enriching your spending experience.

Cons

Increased costs

The benefits of rewards and sign-up bonuses are often offset by higher interest rates and annual fees, potentially eroding the net value gained from rewards.

Spending incentives

The lure of rewards may encourage unnecessary spending, risking financial strain and negating the rewards' benefits.

Earning caps and restrictions

Some cards limit your rewards, placing a ceiling on the benefits received and potentially diminishing the card's overall value for high spenders.

Shop online via a loyalty store

Most rewards programs have online shopping portals that pay points per dollar spent when clicking through to one of their shopping partners.

If you have a large purchase to make — or even a lot of smaller purchases — and whoever you are ordering from is available on the rewards program's shopping portal, you can rack up a lot of points very quickly this way.

If you already have a credit card that earns points, you can pay using it to earn even more.

Buy from rewards program partners

The big rewards programs — Qantas Frequent Flyer and Velocity Frequent Flyer — have deals with a range of partner services and suppliers in finance, utilities, travel, etc. You can get a substantial sign-up bonus by choosing to be a customer with one of them.

Methodology

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

  • Annual fee initial year: If there is one, how much the annual card fee is for the first year. Lower is better.
  • Annual fee ongoing: If there is an ongoing annual fee and how much it is. Lower is better.
  • Apple Pay enabled: If it's possible to use the card with Apple Pay. Considered beneficial if possible.
  • Balance transfer offer: If the card has an introductory balance transfer offer, what the balance transfer rate and period is, and how much the fee would be (if any). Lower rates for longer periods are considered better.
  • Card type: Whether the card runs on the American Express, Mastercard, Visa, or other credit card network. This impacts acceptance in Australia and overseas.
  • Foreign exchange fee: Whether there is a fee charged to convert purchases made in a foreign currency or from an overseas business. Lower is better.
  • Interest-free period: Whether the card offers interest-free days if the balance is paid in full and how many there are. Longer is better.
  • Introductory purchase rate: Whether the card offers an introductory purchase rate, what the rate is and how long it lasts. Lower rates for a longer period is considered better.
  • Late payment fee: How much the fee is if the when a the due date has been missed. Lower is better.
  • Maximum credit limit: The maximum possible credit limit (if published).
  • Minimum credit limit: The least possible credit limit (if published).
  • Minimum income required: The amount of income required according to the bank's eligibility criteria. A lower amout makes the card available to more people.
  • Purchase rate ongoing: What the interest rate is on purchases that are carried over from one statement to the next in the absence of any introductory offers. Lower is better.
  • Rewards program: Whether the card earns rewards, earn rate per dollar spent, caps and tiers that limit earning potential, what the points can be redeemed for, etc.
  • Samsung Pay enabled: If it's possible to use the card with Samsung Pay. Considered beneficial if possible.
  • Sign-up bonus: If the card has a sign-up bonus, the type of bonus (points, cashback, voucher, etc.), the spending target, and criteria to trigger the bonus. Larger sign-up bonuses with lower spending criteria are considered better.
  • Target market: If the card targets a business or consumer applicant.

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. Qantas Points value calculator — Credit Card Compare
  4. Velocity Points value calculator — Credit Card Compare

    As seen on

    Media - The Sydney Morning Herald
    Media - Yahoo Finance
    Media - News.com.au
    Media - Daily Mail Australia
    Media - Australian Fintech
    Media - Dynamic Business