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Rewards Credit Cards

Find the best rewards credit card for you in Australia with up to 200,000 bonus points, cashback and premium perks up for grabs.

PROMOTED
Qantas American Express Ultimate Card
60,000 bonus Qantas Points
  • Up to 2.25 Qantas Points per $1
  • $450 annual fee
  • Up to 2.25 Qantas Points per $1
  • $450 annual fee
Eligibility criteria, terms and conditions apply.
Name Bonus points Points per $ spent Purchase rate p.a. Annual fee
Qantas Frequent Flyer
Bonus points
60,000
Points per $ spent
1.25
Purchase rate p.a.
23.99%
Annual fee
$450
Go to siteMore Info
Get 60,000 bonus Qantas Points when you spend $3,000 in the first 3 months. Plus, a yearly $450 Travel Credit.
Qantas Business Rewards
Bonus points
150,000
Points per $ spent
1.25
Purchase rate p.a.
0%
Annual fee
$450
Go to siteMore Info
ABN holders w/ $75k revenue. Earn 150,000 bonus Qantas Points when you spend $3,000 in the first 2 months. Ends 08 August 2023.
Bonus points
N/A
Points per $ spent
N/A
Purchase rate p.a.
12.49%
Annual fee
$58
Go to siteMore Info
Get $250 back on your card when you spend $1,500 on eligible purchases in the first 3 months.
Membership Rewards Ascent Premium
Bonus points
200,000
Points per $ spent
2.25
Purchase rate p.a.
0%
Annual fee
$1,750
Go to siteMore Info
ABN holders w/ $75,000 revenue. Get 200,000 bonus Membership Rewards points when you spend $8,000 in the first 3 months. Ends 08 August 2023.
Bonus points
N/A
Points per $ spent
N/A
Purchase rate p.a.
20.24%
Annual fee
$0 first year ($87 after)
Go to siteMore Info
Get $250 back on your card when you spend $1,500 on eligible purchases in the first 3 months and a $0 first-year annual fee. Plus, complimentary overseas travel insurance.
ExclusiveKogan Rewards Program
Bonus points
N/A
Points per $ spent
1
Purchase rate p.a.
20.99%
Annual fee
$0
Go to siteMore Info
Get 0% p.a. on balance transfers for 18 months with a 1% balance transfer fee. Plus an ongoing $0 annual fee.
Velocity Frequent Flyer
Bonus points
60,000
Points per $ spent
1.25
Purchase rate p.a.
23.99%
Annual fee
$375
Go to siteMore Info
Get 60,000 bonus Velocity Points when you spend $3,000 in the first 3 months. Plus a return domestic flight each year.
Membership Rewards Ascent Premium
Bonus points
150,000
Points per $ spent
2.25
Purchase rate p.a.
0%
Annual fee
$1,450
Go to siteMore Info
Earn 150,000 bonus Membership Rewards Points when you spend $5,000 in the first 3 months. Plus, a $450 Travel Credit each year.
Membership Rewards Gateway
Bonus points
N/A
Points per $ spent
2
Purchase rate p.a.
23.99%
Annual fee
$0 first year ($149 after)
Go to siteMore Info
ABN holders w/ $75,000 revenue. Earn up to 2 points per $1 spent and save with a $0 annual fee in the first year.
Bonus points
N/A
Points per $ spent
N/A
Purchase rate p.a.
13.99%
Annual fee
$55
Go to siteMore Info
Get up to $400 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.
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As the cost of living rises, rewards credit cards offer a way to gain bank rewards, frequent flyer points, or cashback on your spending. By choosing a rewards card that aligns with your spending habits, you can benefit from "something for nothing" on your regular purchases.

Finder's best rewards credit card offers for July 2023

EXPERTREVIEW

Updated 28 July 2023 by Finder's senior credit card writer, Amy Bradney-George.

New rewards credit cards often come with bonus point sign-up offers, giving you a huge head start on building your rewards balance. There are offers available now that can net up to 200,000 bonus points with a new card and continue to give you points for every dollar you spend with the card.

Our pick of offers available through Finder:

  • Bonus rewards point offer:
    The ANZ Rewards Black Credit Card offers 180,000 bonus ANZ Reward Points when you spend $3,000 on eligible purchases in the first 3 months from card approval.
  • Bonus frequent flyer points offer:
    The Qantas Premier Platinum Card offers 60,000 bonus Qantas Points when you spend $3,000 on eligible purchases in the first 3 months and an extra 20,000 bonus points if you haven’t earned Qantas Points with a credit card in the last 12 months.
  • Cashback offer:
    The St.George Vertigo Card offers up to $400 cashback on supermarket and petrol spending in the first 6 months, giving you 10% back as a statement credit for spending at eligible petrol stations and supermarkets – including Coles, Woolworths and Aldi.
  • $0 annual fee rewards card:
    The Coles No Annual Fee Mastercard has an ongoing $0 annual fee and offers 70,000 bonus Flybuys points (worth $150 Flybuys Dollars) when you spend $4,000 on eligible purchases in the first 90 days.

Keep in mind: There's no one best credit card for everyone, so check details that matter to you.

How do rewards credit cards work?

A rewards credit card usually earns points for every $1 you spend on purchases in Australia and overseas (including online). The points are credited to your account or a linked loyalty program, where you can redeem them for rewards. There are also a few rewards credit cards that earn cashback instead of points.

What rewards can you get with a credit card?

Credit cards in Australia offer rewards that range from flights and hotel bookings to gift cards, cashback and retail items. While these rewards vary between cards, any of them can help you get more value from your spending.

A rewards credit card should offer value far higher than its costs. When I chose my current card, I compared the points and sign-up offer against the annual fee to make sure it was worth it. The key is paying it off every month so you don't waste money on interest charges, and having a clear goal in mind for how you'll use the rewards on offer.

Types of credit card rewards programs in Australia

There are 4 main rewards categories: frequent flyer points, bank rewards points, cashback and retail rewards and supermarket cards.

Frequent flyer programs

If you're a member of a frequent flyer program, you can use a credit card to earn more points or miles for your existing frequent flyer account. There are 2 ways you can earn frequent flyer points with a rewards credit card in Australia:

  1. Frequent flyer points per $1 spent
  2. These credit cards are directly partnered with a frequent flyer program and earn frequent flyer points on your eligible spending. Points are automatically added to your frequent flyer account once a month (or at regular intervals).

    In Australia, the main frequent flyer credit cards are linked to Qantas Frequent Flyer and Velocity Frequent Flyer.

  3. Transfer credit card rewards to frequent flyer points
  4. This gives you flexibility if you fly with a number of airlines or don't travel very often. It can also be a good option if you want to earn points with a program that isn't directly linked with an Australian credit card (e.g. Singapore Airlines KrisFlyer).

As well as partnerships with frequent flyer programs, many credit card reward programs let you use points for flights, travel upgrades, accommodation, car hire and travel experiences without needing to transfer them first.

Bank and credit card rewards programs

Many credit card companies in Australia have their own rewards programs that give you a mix of ways to use points, with rewards such as travel, retail items, gift cards, credit on your account or point transfers to frequent flyer and other loyalty programs. The credit card rewards programs you can choose from include:

Cashback credit cards

These credit cards give you a way to get cash rewards for your spending, either in the form of credit back on your account or vouchers you can spend.

Some cashback credit cards give you a set percentage of your regular spending as cashback on your account, while other cards come with introductory offers that provide a one-time account credit or voucher when you meet the spend requirements.

Tip: You can also get cashback in the form of gift cards. Just look for the "cash" or "gift cards" category of your rewards program to see what options are available.

Retail and supermarket rewards credit cards

These rewards credit cards offer you points, discounts and other perks when you shop with a particular supermarket or major retailer, such as Coles, Kogan or David Jones. But you can also use them for spending at other shops and businesses (just like any other credit card). Here are some examples of how these cards work.

RetailerCredit cardsRewards
david jones logoDavid Jones American Express & David Jones American Express Platinum Card

Earn American Express Membership Rewards or Qantas Points for purchases at David Jones and everywhere else. You can also get exclusive shopping benefits at David Jones, such as complimentary delivery and interest-free plans for eligible purchases.

Note: American Express and David Jones are ending their card partnership in July 2023. After that, Latitude will partner with David Jones to issue its cards. If you already have an Amex card, Finder's American Express guide has more details on the change.

ColesLogoColes No Annual Fee, Coles Rewards Mastercard & Coles Low Rate MastercardThe Coles No Annual Fee and Rewards Mastercard both earn Flybuys points at Coles Supermarkets and everywhere else. The Coles Low Rate Mastercard offers points per $1 spent at Coles Supermarkets (on top of your regular Flybuys points).

These credit cards also include your Flybuys membership barcode on the back, so you won't have to pull out your Flybuys card when you're shopping at Coles or another Flybuys partner.

kogan logoKogan Money Credit CardEarn Kogan rewards points per $1 spent, which you can use to pay for Kogan.com purchases or for payments to your card. Another benefit is complimentary Kogan First Membership (usually $79 per year), which gives you access to membership deals, free delivery on selected purchases and other perks.

If you regularly pay for your groceries on plastic or shop with a particular store or brand, you can learn more about credit cards linked with shopping loyalty programs in Finder's guide to retail rewards credit cards.

Wondering how much value you can get? Check out this interview we did with a woman who gets $2,000 from Flybuys every year as an example.

Pros and cons of rewards credit cards

Pros

  • Points for spending. The most obvious perk of these cards is that you earn rewards of your choice, for money you were going to spend anyway. These could be credit card points, frequent flyer points, cashback and more.
  • Introductory offers and deals. New cards usually offer a bunch of bonus points when you spend a certain amount in the first few months.
  • Perks. Rewards credit cards often come with extra perks like travel insurance, purchase insurance, concierge services and lifestyle and entertainment offers.

Cons

  • Higher rates and fees. To pay for the points and perks, these cards typically charge higher ongoing interest rates and annual fees than other cards.
  • Temptation to overspend. The promise of rewards or frequent flyer points can lead you to spend more than you usually would. But the cost of overspending can cancel out the value you'd get from any points or perks you'd earn.
  • Rewards limitations. While some rewards cards let you earn unlimited amounts of points, many set spending thresholds that cap your ability to earn rewards. If you often spend more than that cap, it will limit how much value you get from the card.

Reward credit cards are popular in Australia, with Finder research showing 38% of Australians got their last credit card for rewards or frequent flyer points.

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How to compare rewards credit cards in Australia

From earning points to the rewards you want to redeem, here are some of the questions and factors to think about when you're comparing rewards credit cards:

1. How can I earn points?

  • Bonus point offers. Bonus point offers usually give you the biggest points bang for your buck. Usually, you need to meet a spend requirement in a set period of time to score bonus points.
  • Points per dollar. Also known as the earn rate, this is how many points you'll earn for your spending. The higher the better, but a card that offers at least 1 point per $1 on eligible transactions would be considered good value.
  • Point expiry and caps. Some credit card reward points expire after a certain amount of time and some have a limit on how many points you can earn in a month or year.
What are eligible purchases on a rewards card?

Eligible purchases or transactions that earn points include most everyday purchases, such as shopping at the supermarket and retail stores, dining out and paying for petrol.

Transactions that don't usually earn points include balance transfers, government charges, BPAY payments, cash advances, account fees and account charges. These details are in each rewards program's terms and conditions, so check them or ask the credit card company about when you will and won't earn points.

2. What's the value of the rewards?

  • Point values. To work out the value of your rewards, consider how many points you would need to redeem a specific reward. For example, let's say 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 need to spend $12,000 before you could redeem the $50 gift card. 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 give you more ways to use your points. You may also have the opportunity to earn bonus points when you shop with partner stores. Look for a credit card rewards program that has partnerships with your favourite brands and products.
  • Redemption limitations. Some rewards programs have blackout periods when you may not be able to make redemptions, or limits on items in the rewards store. Check the fine print for this information.

Points to dollars calculator 💵

Table: How much do you need to spend to get rewards?

To give you a basic idea of the potential value of your rewards, we have compared the amount of points you need to redeem a $100 retail gift card for the major rewards programs linked to different credit cards.

Rewards programPoints needed for $100 gift cardPopular card and ongoing annual feeSpend required for $100 gift card
American Express Membership Rewards20,000Explorer: $3952 points per $1: $10,000
Flybuys Rewards20,000Coles Rewards Mastercard: $992 points per $1: $10,000
ANZ Rewards Program22,225Rewards Platinum: $951.5 points per $1: $14,817
Suncorp Bank RewardsFrom 20,900Clear Options Platinum: $1291.25 points per $1: $16,720
CommBank Awards20,650CommBank Awards Card: $591 point per $1: $20,650
Citi Rewards ProgramFrom 20,900Rewards Card: $1491 point per $1: $20,900
HSBC Rewards Plus24,000Platinum: $1291 point per $1: $24,000
Bendigo Bank Rewards37,040Platinum Rewards: $891.5 points per $1: $24,694
Westpac Altitude Rewards25,000Altitude Platinum: $1751 point per $1: $25,000

Fees, points and redemption values correct as of July 2023.

Based on this table, the minimum spend required for a $100 gift card or equivalent is $10,000 with American Express Membership Rewards or Flybuys if your credit card offers 2 points per $1 spent.

Take note: The points needed for the rewards in the table above are based on publicly available details from each rewards program website when Finder checked in July 2023. These values can vary between rewards cards and accounts, so you should always log in to see the most accurate, current details for a reward that you want.

3. What are the costs?

  • Annual fees. Most rewards credit cards charge an annual fee. The value of the rewards you redeem should be higher than the cost of the annual fee to make it worthwhile. You can also compare rewards credit cards that offer no annual fee – just remember to check if the annual fee is waived in the first year or $0 for life.
  • Purchase interest rates. Rewards credit cards often have high standard interest rates on purchases. Credit cards that offer interest-free days give you a way to avoid interest charges on your purchases, but usually only if you pay your balance in full by the due date on each statement. If you think you'll carry a balance, factor in the cost of interest when you're looking at how much value you'll get from the card. If the interest ends up costing you more, you could check out low-rate credit cards instead.
  • Foreign transaction fees. Many credit cards charge a fee for transactions made overseas or with an international retailer online. This is usually 2-3.5% of the total transaction. If you're planning to use a rewards card for travel or to shop online with businesses based overseas, make sure you look at this fee before choosing a card – especially for any card that offers more points for foreign transactions. You can compare cards with no foreign transaction fees on Finder.
  • Balance transfer interest rates. Some rewards credit cards also come with 0% balance transfer offers, but you won't earn points for any balance that you transfer to the new card. Plus, any new purchases will attract the card's purchase interest rate. If you have credit card debt that's collecting interest, think about paying it off completely before you look at a rewards card.
  • Cash advance interest rates. 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. This rate could be as high as 22% p.a. Cash advances usually don't earn reward points either.

4. Are there any complimentary extras?

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

Rewards programs give you a way to get extra value from paying with a credit card – but you need to look at the costs as well as the perks to decide if a rewards credit card is worth it. So, if you're interested in earning points, cashback or other rewards as you spend, you can start by comparing a range of cards based on the rewards program, sign-up bonus point offers, costs and your spending habits. You can then read reviews of individual cards, check your eligibility and apply for a card that fits your needs.

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Frequently asked questions about rewards cards

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Read more on this topic

  • Credit card churning in Australia

    Well-known among frequent flyers and point chasers, this controversial strategy involves taking advantage of bonus point offers on different credit cards.

  • How to make ATO credit card payments and earn points

    Find out which credit cards offer points for payments to the ATO and how much the rewards are really worth.

  • Guide to Latitude Infinity Rewards

    Reward your spending and redeem gift cards, merchandise and experiences with the Latitude Infinity Visa credit card.

  • Amplify Rewards Program

    Learn how you can build points with St.George and Amplify Rewards to redeem them for gift cards, wine, travel and more.

  • MYER one rewards program

    Get rewarded with shopping credits and a $20 Reward Card when you regularly spend at Myer stores and at any participating affiliate partners.

  • Coles Flybuys vs Everyday Rewards comparison

    Compare Coles Flybuys or Everyday Rewards to find out which one can offer you more rewards on your grocery shop.

  • Myer Credit Card

    The Myer Credit Card has a low annual fee, up to 55 days interest-free on purchases, flexible repayment options and awards MYER one Shopping Credits for everyday purchases.

  • Gift cards sold at Coles and Woolworths

    Gift cards can be thoughtful and practical presents for people. Read this guide on Woolworths and Coles gift cards to find out what you need to know when buying and using them.

  • How to earn reward points via PayPal

    Link your credit card to your PayPal account and you could earn points while shopping online with buyer protection.

  • Store Credit Cards

    Discover the benefits you can get in-store, online and anywhere you shop with a store credit card.

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113 Responses

    Default Gravatar
    AshAugust 31, 2019

    Hi Lori,

    Thank you for contacting Finder.

    You can compare the no annual fee rewards credit cards using our comparison table. You can press the ‘Go to site’ button of your preferred bank to apply.

    Please make sure though to read the eligibility criteria, features, and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

    I hope this helps.

    Please do not hesitate to reach out again to us if you have additional questions.

    Cheers,
    Ash

    Default Gravatar
    ViAugust 6, 2019

    Hi,

    I am looking for a credit card with low annual fees that will offer me the best rewards with flights.

    Thanks,
    Vi

      Avatarfinder Customer Care
      JeniAugust 7, 2019Staff

      Hi Vi,

      Thank you for getting in touch with Finder.

      You may compare no annual fee reward credit cards that can earn you points on every day spending. If you prefer a card earning points for flights, having a frequent flyer credit card would suit your needs. A few frequent flyer credit cards charge no annual fees, including the American Express Velocity Escape and Qantas American Express Discovery Card.

      You can use our comparison table to help you find the card that suits you. When you are ready, press the ‘Go to site’ button to apply. Please make sure though to read the eligibility criteria, features, and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    MorriceFebruary 25, 2019

    Which AMEX card will earn the highest Qantas FF points per dollar spend after April 2019?

      Avatarfinder Customer Care
      JeniFebruary 26, 2019Staff

      Hi Morrice,

      Thank you for getting in touch with Finder.

      According to our article about the changes on American Express card rewards, Amex Qantas Ultimate card earns the highest Qantas FF points at 2.25 Qantas points per dollar spent on Qantas transactions, 1.25 QFF points on other transactions and 0.5 on government transactions.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    ArnoldMay 25, 2018

    Hi Kathryn,

    Thanks for your inquiry

    It looks like you’re already on the right page for comparing all rewards credit cards featured on our site. However, we are not permitted to recommend a specific card for you and we can only provide general information. It would be best to compare the options listed above to your existing AMEX card to help you decide.

    Hope this information helps

    Cheers,
    Arnold

    Default Gravatar
    LesJanuary 24, 2018

    we require a company credit card
    only have about 5 transactions per month total spend about $400
    pay off debt each month
    currently have a diners card and finding it is not acceptable to all.
    also bank with Bankwest.
    what card do suggest

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