The Best Rewards Credit Cards For Cashback

Most credit card companies run rewards schemes these days, and most rewards credit cards offer an option to redeem your points as cashback.

Competition is so fierce at the moment that there are some great deals out there, provided you take the time to check out the fine print to make sure that one great feature is not cancelled out by another – less well advertised – that is not so fantastic. It is the consumer’s responsibility to make sure they understand exactly how a scheme works before making an application.

You must remember that cashback rewards within reward schemes can work very differently according to the provider and the type of card, whether classic, gold or platinum. Thorough research through comparison sites is strongly recommended before going ahead. Here are a few credit cards you might want to consider that offer cashback rewards within their rewards schemes.

CitiBank BP MasterCard:

• 0.5% cashback on every purchase up to a monthly spend of $5,000
• 5% off petrol & purchases made at BP petrol stations
• 2.90% p.a. on balance transfers for twelve months
• 20.39% p.a. ongoing rate
• $79 annual fee
• Up to 55 days interest-free on purchases

Commonwealth Bank Awards Card:

• One point for every dollar spent
• 5.99% p.a. on balance transfers for up to five months
• 19.99% p.a. ongoing rate
• Up to 55 days interest-free
• $89 annual fee
• Earn up to 50,000 points per year
• Additional cardholder for $15

ANZ Balance Visa Card:

• One point for every dollar spent to repay your balance – the only card in Australia that rewards you for paying off your balance
• Choose how and how often you would like to be rewarded – cashback, shopping vouchers or gift cards every 3, 6 or 12 months
• No points expiry or capping
• 0% p.a. on balance transfers for six months
• 13.74% p.a. ongoing rate
• $79 annual fee
• $22 rewards program fee (per card)
• Up to 55 days interest free on purchases

American Express MoneyBack Card:

* Earn 5% of your money back for the first three months, capped at $300 for the first $6,000 you spend
* 1% with no limit thereafter

* 19.99% p.a. ongoing rate
* $99 Annual Fee
* Up to 44 days interest-free

This list is aimed at giving you an idea of the cashback rewards you can expect from some of the major credit card providers. It should not be taken as a definitive list of rewards credit cards. It is up to you to research this area more fully so that you can make the best decision based on your personal circumstances.

0.5% cashback on every purchase up to a monthly spend of $5,000

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