Best Cash Back Credit Cards
April 7th, 2010
When you begin comparing the best cash back credit cards, it’s important to factor in the differences in reward programs and how they’re applied to your cash back amounts.
For example, some cash back credit cards will reward customers for the amount they spend using their credit card, while others will reward you for the amount of money you repay off your balance.
Depending on your own financial situation and your personal spending habits, try to choose the rewards card that best matches how you intend to use the card to get the maximum benefit.
Best Cashback Credit Card
The Citibank BP Mastercard not only gives you 0.5% back on all purchases that you make, but you will also receive 5% cashback at BP outlets up to $600.
- 5% back on the first $600 you spend per month at BP
- Purchase rate of 20.89% p.a.
- 1.9% p.a. for 12 months on balance transfers
- $79 annual fee
- 20.89% p.a. on purchases
- Up to 55 days interest free
Click here to read the Citibank BP Mastercard terms and conditions
With that in mind, here is a list of the three possible contenders for best cash back credit cards.
Comparing the Best Cash Back Credit Cards
| Credit Card | Card Details | Interest Rate p.a. | Cash Advance Rate p.a. | Balance Transfer Rate p.a. | Annual Fee | Interest Free Days (Up To) | |
|---|---|---|---|---|---|---|---|
|
Earn rewards for paying back the debt on your credit card, very unique card. |
14.24% | 21.49% | 0% for 6 months | $79 | 50 | |
|
|
19.99% | $99 | 44 | |||
|
|
20.89% | 20.89% | 1.9% for 12 months | $79 | 55 |
1. ANZ Balance Visa Credit Card
The ANZ Balance Visa credit card makes it into the list of the best cash back credit cards as you’re rewarded 1 point for every $1 you repay to your balance. This means you can benefit from their 0% balance transfer interest rate for 6 months. As you repay your debt, you’re earning cash back points, yet you’re not being charged any interest on your balance.
Once your balance transfer amount is repaid, you can continue to make purchases to your credit card as you usually would. As you repay the amount of your purchases, you earn more points again. With an annual fee of $79 and a purchase interest rate of 13.74%, this could be considered one of the best cash back credit card options.
2. American Express Platinum MoneyBack Card
The American Express Platinum MoneyBack Card makes the listing for best cash back credit card for being one of the most competitive offers available. Offering 1% cash back on all the purchases you make using your card, this could add up to quite a significant amount of cash back if you use your card frequently. New card holders may receive an introductory 5% cash back rate up to a maximum of $300 for the first three months from the date your account is activated. The downside is that American Express may not be as widely accepted as Visa or MasterCard.
The Citibank BP MasterCard is a very competitive cash back credit card, as you not only benefit from earning cash back points, but you also receive discounts on fuel purchases. Paying 0.5% cash back on all purchases and offering a 5% discount off anything purchased at BP locations, this card represents a great offer.
Keep in mind that the best cash back credit cards listed above are chosen from a range of cash back credit cards and may not necessarily be rated against all available Australian credit cards.
Editors Choice: Best Credit Card Deals
| Credit Card | Card Details | Interest Rate p.a. | Cash Advance Rate p.a. | Balance Transfer Rate p.a. | Annual Fee | Interest Free Days (Up To) | |
|---|---|---|---|---|---|---|---|
|
An excellent balance transfer offer of 1.9% p.a. for 12 months and a standard purchase rate of 12.24% |
12.24% | 17.99% | 1.9% for 12 months | $39 | 0 | |
|
Excellent credit card, with a 0% p.a. for 6 months balance transfer offer, and pay $0 for the life of the card |
16.99% | 20.75% | 0% for 6 months | $0 | 55 | |
|
Enjoy 1.9% p.a. for 12 months on balance transfers as well as earn 3 Skywards Miles for every dollar spent, plus all the benefits & privileges of a platinum card. |
20.74% | 20.74% | 1.9% for 12 months | $229 | 55 |