Best Shopping Rewards Credit Card
May 25th, 2010
Customers can earn shopping rewards when they spend via certain store credit cards. In this article we talk about the best shopping rewards credit cards in Australia. You can use this guide to select the best shopping rewards card for you.
The best shopping rewards credit cards in Australia are the Myer Visa, Woolworths Everyday Money, and the David Jones American Express card. These cards offer extra reward points for spending on their stores, in what is effectively a loyalty scheme. Depending on your shopping preferences, the best shopping rewards credit card amongst these three will vary. Here’s what to expect from the best shopping rewards card:
- All of them are tied to their parent store – The Myer Visa card offers points for every purchase made in a Myer Store using their card, and so does David Jones. The Woolworths Everyday Money card is a bit more flexible that the other two in that there is a greater choice in the number and type of stores, but that is because the Woolworths Group includes a large number of stores ranging from supermarket to electronics. The number of points earned decreases for purchases elsewhere, but can still be gathered for any purchase. Unlike points earning system, you can only redeem points in the parent store. Therefore keep in mind which stores you frequent while evaluating the best shopping rewards credit card.
- Special offers – The stores will provide special discounts at frequent intervals for cardholders, so if you are a bargain hunter this might influence your decision about the best shopping rewards credit cards.
While comparing different offers, keep the following factors in mind to select the best shopping rewards card:
- What is the points to rewards conversion rate – higher points are useless if takes many of them for redeeming a single dollar.
- What is the standard interest rate – the best shopping rewards credit cards should be paid off in full to avail the interest free period, but it doesn’t hurt to be cautious about rates.
- Are there any caps – A cap on spending would mean you no longer earn points beyond a certain monthly spend. This is a penalty for heavy spenders. A related concept is the expiry date for points. Ideally the best rewards shopping credit card should have no caps or expiry on points.
- Is the annual fee reasonable – While an annual fee is unavoidable, you should ensure that it is close to the industry average.
- Interest grace period – Most credit cards offer a number of interest free days on purchases, so don’t miss out on this feature.
Selecting the best shopping rewards card is no easy task, but hopefully this guide has pointed you in the right direction to start your own research.
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 an introductory rate of 5.99% p.a. for 12 months on both balance transfers and purchases. After 12 months, the purchase rate reverts to 10.75% p.a. |
5.99% for 12 months (reverts to 10.75%) | 20.99% | 5.99% for 12 months | $59 | 55 |