Rewards Program Credit Cards

Earn up to 100,000 bonus points, collect points as you spend and redeem flights and merchandise with a rewards credit card.

Rewards Credit Card Offer

The American Express Explorer™ Credit Card has been designed for the rewards cardholder, offering a competitive range of rewards features and top-tier benefits.

• 100,000 Membership Rewards Bonus Points when you apply online, are approved and spend $1,500 within the first 2 months of Card Membership.
• Enjoy $400 Travel Credit and two complimentary airline lounge passes every year.
• Earn up to 2 Membership Rewards points per $1 spent on eligible purchases.
• Transfer your points to your choice of 8 Airline Rewards Partner Programs including Virgin Australia, Etihad Airways, Emirates and Air New Zealand.
• Smartphone Screen Insurance for up to $500 for screen repairs to your smartphone with 10% excess per claim. Up to 2 claims per 12-month period.

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Compare the Best Rewards Credit Cards* 2016

		Bonus Points	Rewards Points per $ spent (VISA/MC)	Rewards Points per $ spent (AMEX)	Annual fee
	American Express Explorer Credit Card	100,000 bonus points		2	$395 p.a.	Go to site More info
	American Express Essential Credit Card			1	$0 p.a.	Go to site More info
	HSBC Platinum Credit Card		1	0	$149 p.a.	Go to site More info
	Virgin Australia Velocity Flyer Card - Balance Transfer Offer		0.66	0	$64 p.a. annual fee for the first year ($129 p.a. thereafter)	Go to site More info
	HSBC Platinum Qantas Credit Card	60,000 bonus points	1	0	$199 p.a.	Go to site More info
	American Express Velocity Platinum Card	50,000 bonus points	0	1	$349 p.a.	Go to site More info
	American Express Velocity Escape Card	7,500 bonus points	0	1	$0 p.a.	Go to site More info
	Virgin Australia Velocity High Flyer Card - 30k Bonus Points offer	30,000 bonus points	1	0	$144 p.a. annual fee for the first year ($289 p.a. thereafter)	Go to site More info
	Virgin Australia Velocity Flyer Card - 0% Interest Offer		0.66	0	$129 p.a.	Go to site More info
	Citi Rewards Credit Card - Platinum Card		1.25	0	$49 p.a. annual fee for the first year ($149 p.a. thereafter)	Go to site More info
	Westpac Altitude Black - Exclusive Offer	100,000 bonus points	1.25	3	$395 p.a.	Go to site More info
	Bank of Melbourne Amplify Signature	30,000 bonus points	1.5	0	$279 p.a.	Go to site More info
	ANZ Rewards Travel Adventures card		1	2	$225 p.a.	Go to site More info
	ANZ Rewards Platinum	50,000 bonus points	1	2	$95 p.a.	Go to site More info
	American Express Qantas Discovery Card	7,500 bonus points	0	1	$0 p.a.	Go to site More info

The finder.com.au best* rewards credit cards

Compare the features, bonus points and earn rate of the rewards cards below to see which one could help you maximise your points.

How do credit card rewards programs work?

Rewards credit cards usually earn you points for every $1 spent on eligible transactions. When you have enough points, you can redeem them for a wide range of rewards including flights, travel upgrades, gift cards, cash back and merchandise.

Credit card companies often invest a lot of time and money into rewards programs, which is why rewards credit cards typically have higher standard interest rates and annual fees than other options. But you can make sure the benefits of a reward credit card are worth more than what you pay for it by comparing the potential costs against the value of the rewards program.

What rewards can I get with a credit card?

How you can redeem your credit card rewards points will vary depending on the card and the rewards program. Some of the most popular reward redemption categories include:

How do I redeem credit card rewards?

The steps required to use your points to redeem rewards varies depending on the credit card and the rewards program. But there are a few key factors to remember:

• Account login. You must log in to your credit card account or rewards program account to make redemptions. Once you’re logged in, it’s usually a simple process of going to the “Rewards” section, then selecting “Use points” and following the prompts.
• Required points. Every reward option available for redemption has a specific point value (e.g. 12,000 points for a $50 gift card). This means you need to have earned at least this amount of points to redeem your chosen reward.
• Points-plus-pay. Some programs, such as CommBank Awards or Qantas Frequent Flyer, allow you to use a combination of points and money to redeem your chosen rewards. This gives you more flexibility if you haven’t earned enough points when you want to make redemptions.

Types of credit card rewards programs in Australia

There are a variety of different rewards credit cards available in Australia depending on the benefits you want. These can be separated into four key reward program options, which we’ve outlined below.

Frequent flyer programs

Frequent flyer programs are traditionally designed to earn you points and other benefits when you travel with a particular airline, such as Qantas or Virgin Australia. There are two main ways you can earn frequent flyer points with a rewards credit card in Australia:

1. Direct earn frequent flyer credit cards. These cards are linked with a specific frequent flyer program and rewards are added directly to your airline loyalty account. The frequent flyer programs that are linked to direct earn credit cards in Australia include Qantas Frequent Flyer, Velocity Frequent Flyer and Emirates Skywards.
2. Indirect earn frequent flyer credit cards. These rewards credit cards let you transfer the points you earn to many different frequent flyer programs from all around the world, giving you more flexibility if you fly with a range of airlines. Credit card reward programs that indirectly earn frequent flyer points in this way include American Express Membership Rewards, ANZ Rewards and CommBank Awards.

Credit card brand rewards programs

Many credit card companies in Australia now have their own branded rewards programs for customers. These options allow you to redeem points for a variety of rewards, including frequent flyer points travel, merchandise, gift cards and even credit on your account. Credit card companies that offer their own rewards program include:

Many of these rewards programs also give offer auto-redemptions that are automatically processed when your points balance reaches a certain amount, and others offer instant redemptions with certain retailers. If you have a CommBank Awards credit card, for example, you can redeem your points in-store at Myer or Flight Centre. ANZ also allows cardholders to opt into auto redemption with Virgin Australia’s Velocity program, meaning that all ANZ rewards points earned are automatically transferred into their Velocity account.

Supermarket and retail reward programs

Some rewards credit cards also earn points and other benefits at supermarkets and major retailers. We’ve outlined the most popular options in the table below.

		Rewards Points per $ spent (AMEX)	Rewards Points per $ spent (VISA/MC)	Bonus Points	Annual fee
	American Express Platinum Edge Credit Card Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and get 0% p.a. for 12 months on balance transfers.	1	0	10,000 bonus points	$195 p.a.	Go to site More info
	David Jones American Express The AMEX David Jones Credit Card gives you points for supermarket purchases. Earn 1.000 Points per $1 spent at all the major supermarkets.	1		30,000 bonus points	$99 p.a.	Go to site More info
	David Jones American Express Platinum Card Earn 40,000 Membership Rewards points when you spend outside of store 3 times in the first month and up to 3.00 reward points for every dollar you spend at supermarkets.	1		40,000 bonus points	$295 p.a.	Go to site More info

Cash back credit cards

These types of rewards add credit or “cash” to your account when you meet certain spending requirements. Most current cashback credit cards offer a percentage of your total spend as cash back, or provide a one-off cash back sum as an introductory offer when you apply and are approved for a specific credit card.

You can also get cash back through most of the frequent flyer, credit card and supermarket or retail rewards programs outlined above. Just choose the “cash” or “gift cards” category of your rewards program to see what options are available.

		Purchase rate (p.a.)	Balance transfer rate (p.a.)	Annual fee
	American Express Essential Credit Card Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.	14.99% p.a.	0% p.a. for 12 months with 1% balance transfer fee	$0 p.a.	Go to site More info
	Virgin No Annual Fee Credit Card $100 cashback and a no annual fee card with balance transfer offer. Spend criteria applies for cashback offer.	18.99% p.a.	0% p.a. for 18 months with 2% balance transfer fee	$0 p.a.	Go to site More info
	ANZ Low Rate Platinum Credit Card $250 Back plus 0% p.a. for the first 6 months on purchases from approval.	0% p.a. for 6 months (reverts to 13.49% p.a.)		$99 p.a.	Go to site More info
	ANZ Low Rate $100 Back plus 0% p.a. for the first 6 months on purchases from approval.	0% p.a. for 6 months (reverts to 13.49% p.a.)		$58 p.a.	Go to site More info
	Citi Rewards Credit Card - Classic Card Enjoy 0% p.a. on balance transfers for 15 months, up to $50 cash back and a reduced annual fee in the first year.	20.99% p.a.	0% p.a. for 15 months with 1.5% balance transfer fee	$49 p.a. annual fee for the first year ($99 p.a. thereafter)	Go to site More info
	Coles Low Rate MasterCard A low rate MasterCard that features $100 off a single Coles Supermarket shop with a competitive rate on purchases and a low annual fee.	12.99% p.a.	0% p.a. for 6 months	$49 p.a.	Go to site More info
	Citi Simplicity Card Take advantage of the 0% p.a. for 15 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cash back on retail purchases.	19.99% p.a.	0% p.a. for 15 months with 1.5% balance transfer fee	$0 p.a.	Go to site More info

How to compare reward credit cards in Australia

Comparing credit cards helps you find the features that suit your lifestyle while also keeping costs affordable. Below, you’ll find a checklist of things to consider when you are comparing reward credit cards.

Earning points

• Points per dollar. The more points you earn per dollar spent, the greater the potential value. A good rule of thumb is to look for a card that offers at least 1 point per $1 for most transactions, although it does depend on the reward program.
• Point expiry and caps. Some credit card reward points expire after a certain amount of time, and some accounts have a limit on how many points you can earn in a month or year. Both of these features can limit the potential value of the rewards, so it’s important to take them into account before you choose a card.
• Bonus point offers. Reward credit cards often have sign up deals that give you hundreds or thousands of bonus points. Usually these offers require you to spend a certain amount of money on the card in the first few months you have it. As these offers only last for a limited time, they should only be considered after you have a clear idea of the type of card you want so that you can get the most value out of the deal and the rewards card you choose.

Redeeming points

• Points values. To work out the value of your rewards, consider how many points it would take to redeem. For example, if you need 12,000 points to get a $50 gift card and your credit card has an earn rate of 1 point per $1 spent, you would have to spend $12,000 make a redemption. Breaking down the rewards like this can help you determine whether it’s worth your time and money.
• Rewards partners. Rewards programs often partner with retailers and businesses to provide you with a wider range of redemption options. You may also have the opportunity to earn bonus points when you shop with partner stores. Choose a credit card rewards program who has partnerships with your favourite brands and products so you can take advantage of these options.
• Redemption limitations. Some reward programs have blackout periods when you may not be able to make redemptions. Check the fine print for this information and consider the impact it could have on you.

Rates and fees

• Annual fees. Most rewards credit cards charge an annual fee. Ideally, the value of the rewards you earn should be equal to or more than the annual fee of a credit card. For instance, if you hardly ever use a credit card and pay a $300 annual fee, you’ll end up losing more money than you gain. On the other hand, a premium reward option with a high annual fee could be worth it if you use your credit card for most purchases you make.
• Foreign transaction fees. Most credit cards apply a charge for transactions made overseas or with an international retailer online, usually worth 2% to 3.5% of the total transaction. Make sure you consider this fee before choosing a card – especially for any rewards card that offers more points for foreign transactions. You can compare cards with no foreign transaction fees with this guide.
• Purchase rates. Rewards credit cards often have high standard interest rates. If you think you’ll carry a balance, consider how much interest your purchases will accrue and whether the rewards you’ll receive outweigh the costs you’ll be forking out for repayments.
• Balance transfer rates. Some balance transfer credit cards also come with rewards program.These cards allow you to move an existing debt to the new card and pay a low introductory interest rate on the balance. Remember that any new purchases will be charged interest at the purchase rate from the time the transaction is made. If you have credit card debt, it may be better to focus on paying it off completely before considering a rewards card.
• Cash advance rate. If you use a rewards credit card for a cash advance transaction, such as getting money from an ATM, you will be charged interest at the cash advance rate, which could be as high as 22% p.a.
• Other fees. Rewards credit cards may come with a range of other fees, such as late payment and overlimit charges. Make sure you check these costs and factor them into your comparison so that you can choose a card that is affordable for you.

Complimentary extras

Rewards credit cards often come with a variety of complimentary extras that can add value to the account you choose. Popular perks include:

Will a rewards credit card work for me?

The value of a rewards credit card depends as much on the cardholder as the actual card you choose. So rather than making a definitive statement about whether or not reward credit cards are valuable or expensive, let’s take a look at the key factors that make them likely or unlikely to work for you.

It’s worth noting that there are some exceptions to the guidelines above. If you can’t afford a high annual fee, for example, you might still get a lot of value out of a reward credit card with no annual fee. On the other hand, if you regularly use a credit card but also have a lot of debt, it might be better to switch to a balance transfer or low interest rate credit card so that you get value out of paying less interest.

While rewards credit cards can be a useful way to get something back for your purchases, it’s important to remember that you have to repay everything (plus interest). There are also annual fees and other costs to consider. But by factoring in both benefits and costs when you compare reward credit cards, you can find an option that really suits your needs.

Frequently asked questions