Best Rewards Credit Cards
A rewards credit card is a great way to make your money – and the bank’s money – work harder for you. So make sure you are getting the best rewards credit card deal for your spending habits and needs, so you end up with more flights, vouchers or merchandise, than debt.
Best Rewards Card
The ANZ Frequent Flyer Credit Card gives you access to the Qantas Frequent Flyer Program. You will receive an American Express credit card as well as a Visa credit card. Also comes with a great balance transfer offer of 2.9% p.a. for 12 months
- Purchase rate of 19.49% p.a.
- 2.9% p.a. for 12 months on balance transfers
- $95 annual fee
- 19.49% p.a. on purchases
- Up to 44 days interest free
Click here to read the ANZ Frequent Flyer terms and conditions
Compare the Best Rewards 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) | |
|---|---|---|---|---|---|---|---|
|
Receive both a AMEX and Visa credit card, earn 1 reward point for every dollar spent on the American Express Card |
19.49% | 20.74% | 2.9% for 12 months | $95 | 44 | |
|
Earn reward points for repaying your current credit card debt, points accrued have no expiry or capping |
14.24% | 21.49% | 0% for 6 months | $79 | 50 | |
|
Earn 1 point for every dollar spent up to $1500, then 0.5 points after. Access to special Virgin Blue offers |
20.99% | 20.99% | 6.9% for 6 months | $99 | 44 | |
|
Choose between Amplify Rewards or link your to your Qantas Frequent Flyer points. |
18.49% | 20.49% | 0.99% for 6 months | $79 | 55 | |
|
Complimentary Personalised Rewards program, as well as convenience of a 24/7 personal concierge. Acces to Citibank World Privileges also |
20.74% | 21.24% | 3.9% for life months | $125 for first year ($250 after) | 55 | |
|
Complimentary lounge access, complimentary chauffeur driven service to and from Australia Airports, also earn Skyward miles |
20.74% | 20.74% | 1.9% for 12 months | $229 | 55 | |
|
No Point Cap or Expiry, you will earn Velocity Reward Points which you can redeem for things such as flights, accommodation and entertainment |
19.99% | 19.99% | 4.99% for 6 months | $65 | 44 | |
|
Similar to the standard card however your earning rates increase. No reward membership fee also |
19.99% | 19.99% | 4.99% for 6 months | $150 | 44 |
Where official interest rates, home loan rates and savings and investment interest rates fell interest rates were at emergency levels following the Global Financial Crisis, credit card interest rates dipped only slightly. Now, as interest rates are on the rise to recovery, many credit card providers are increasing their interest rates again, when they never really went down to begin with. Therefore, with rising interest rates and bank fees to consider, make sure the rewards credit card deal you choose gives you value for your points.
Who is Best Suited to a Rewards Credit Card Deal?
A rewards credit card is not right for everyone as some Australians are too tempted to spend to gain points, that they build up a credit card balance they can’t afford and then need to look for the best balance transfer credit card deal. However, if you are able to use your credit card responsibly, you may be able to benefit from a rewards deal if:
- You spend at least $1,000 a month on your credit card. Any spend less than $1,000 will easily be eaten up in annual fees and even interest before you have spent enough to earn any real rewards. If you are paying more in fees than you’re getting back in rewards, there are better credit card deals which can meet your intermittent spending needs.
- Consider gold and platinum rewards only if you spend more than $5,000 a month. Similarly, you will need to be sure that the rewards you are getting are not cancelled out by the fees you have to pay on the card, especially where the fees and interest rates on gold and platinum cards are typically higher. A $5,000 monthly spend will allow you to earn meaningful rewards points that you can redeem for rewards you will actually use, and if you make a few simple comparison, you can find the lowest interest and lowest annual fee deal on a gold or platinum rewards credit card.
- You are able to pay off the balance of your card in full. Rewards credit card deals also often include extended interest free periods to allow you up to 56 days to repay your purchases before you are charged interest. If you are able to pay off your purchases within the interest free period you can make your rewards even more valuable because you don't have to pay any interest charges on your card.
How to Compare the Best Deals on Rewards Credit Cards?
If you have considered your budget and spending habits and think that a rewards credit card deal is the best option for you, make sure you know what you are looking at when you make your comparisons. To choose the rewards credit card deal which is best for you:
- Look for rewards you actually want. Each rewards credit card allows you to redeem your points for something different. Some rewards card points will be converted to Frequent Flyer points or similar airline rewards programs, others will allow you to redeem your points with a travel agency so you can choose the travel options which suit you. Rewards programs on some credit cards can even convert your points into shopping vouchers, movie tickets, donations to charity, restaurant vouchers, wine club memberships, beauty treatments, merchandise and more. Other rewards cards will give you a cash back of your rewards points as a credit on your account, or a waiver of your annual fee. Therefore choose a rewards credit card which lets you cash in your points for things you actually want, to get real value from your card.
- Make sure points aren’t capped and they don’t expire. Some months may see you spending more and others less, but if there is a monthly or yearly cap on your rewards points, you could be missing out on building your points balance. Similarly, if you want to collect your points for an extended period of time to save up for a bigger reward, you should be able to, so make sure the rewards credit card you choose doesn’t put a used by date on their rewards.
- Consider the points conversion rate. Most credit card providers will allow you to review their rewards before you are a customer, so head to their online brochure and see just how much you have to spend to qualify for that round trip to Europe or new coffee machine. Make sure you take into account how many points are earned per dollar spent, because this will affect the conversion of spending to rewards too.
For more information about the best deals on rewards credit cards, view our comparison tables , so you can find a credit card deal which rewards you in the way you choose, while still helping you stay in control of your credit card spending. Once you have settled on the rewards credit card for you, follow the secure link from our comparison table to apply online today, and start being rewarded for your spending.
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 | |
|
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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 |