Rewards Program Credit Cards
Rewards Credit Cards are very popular these days because you can earn vouchers, holidays, goods and more with a rewards credit card.
Whether these are here to stay long-term is entirely dependent on the credit card gods and interest rates of course.
But while they are available to us why not make the most of the many choices we have and use them to our advantage.
How to choose the right rewards card:
It’s hard to wade through the many offers available to us without thoroughly investigating the plus and minus aspects of each one. Some offers definitely provide you with a better deal, earning more rewards points and providing you with benefits and discounts. Listed below are a collection of some of Australia’s most competitive reward programs.
Best Reward Program Offers
| 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) | |
|---|---|---|---|---|---|---|---|
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Earn 1 point for every $2 spent on your card with Membership Rewards. Up to 44 days interest free on purchases at no annual fee, ever. You have the flexibility to opt in for a $80 annual fee if you wish to double your reward points. |
20.49% | 20% | - | $0 | 44 | 
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Earn 1.25 points for every $1 spent with Frequent Flyer Rewards. Earn 7,500 bonus points when you make your first purchase on the card, and then make your first purchase on a Qantas service/product. No annual fee ever. |
20.49% | % | - | $249 | 44 |
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Earn 1 point for every $1.50 spent on your card with ANZ Rewards. Maximum of $50,000 spend per year for reward points. Redeem rewards from a wide catalogue of ANZ Rewards. |
19.49% | 20.74% | - | $0 for the first year ($89 thereafter) | 44 |
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Earn 1 point for every $2 spent on your Visa card and 1 point for every $1 spent on your Amex card with ANZ Frequent Flyer Classic. Get two cards, a Visa and Amex card with one annual fee and one statement linked to the same account. Redeem your points for Frequent Flyer rewards. |
19.49% | 20.74% | 2.9% p.a. for 12 months | $95 | 44 |
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Earn 1 point for every $2 spent on your Visa card and 1.25 point for every $1 spent on your Amex card with ANZ Frequent Flyer Gold Same features as ANZ Classic, with more. 90 day purchase security insurance. Minimum credit limit of $5,000 included. |
19.49% | 20.74% | - | $195 | 55 |
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Earn 1 point for every $2 spent on your Visa card and 1.5 point for every $1 spent on your Amex card with ANZ Frequent Flyer Classic. Same features as ANZ Gold, with more. International travel and medical insurance included. Extended warranty cover. Minimum credit limit $12,500. |
19.49% | 20.74% | - | $295.00 | 55 |
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Earn 1 point for every $1 spent with ANZ Balance Rewards. A rare mixture of low interest and rewards program in one card. |
14.24% | 21.49% | 0% p.a. for 6 months | $79 | 55 |
|
 Citibank Silver Visa |
Earn 1 point for every $1 spent with Citibank Rewards. No point expiry. Purchase cover and Citibank World Privileges included. |
20.74% | 21.24% | 2.9% p.a. for 12 months | $89 | 55 |  |
 Citibank Gold Card |
Earn 1 point for every $1 spent with Citibank Rewards. No point expiry. Citibank World Privileges, Purchase cover and Complimentary international travel insurance included. |
20.74% | 21.24% | 1.9% p.a. for 12 months | $149 | 55 | |
 Citibank Platinum Card |
Earn 1 point for every $1 spent with Citibank Rewards. You can convert 1 Citibank Platinum Reward Point to 1 Frequent Flyer point. No point expiry. Citibank World Privileges, Personal concierge service, Purchase cover and Complimentary international travel insurance included. |
20.74% | 21.24% | 3.9% p.a. for life | $125 (First Year, Save $125) | 55 | |
 Citibank Emirates MasterCard |
Earn 3 points for every $1 spent with Citibank ‘Skyward Miles’ Rewards. Enjoy a generous Emirates rewards program which allows you to earn and redeem flights with Virgin as well. 1.9% p.a. for 12 months on balances transferred. |
20.74% | 20.74% | 1.9% p.a. for 12 months | $229 | 55 | |
 CUA Gold Rewards MasterCard |
Earn 1 point for every $1 spent with CUA Gold Rewards Perform a balance transfer with your credit card balances and repay 2.90% p.a. for 9 months on the CUA Gold. Complimentary international travel insurance and purchase cover. |
19.24% | 19.99% | 2.90% p.a. for 9 months | $85 | 55 | |
 IMB Gold Rewards MasterCard |
Earn 1 point for every $1 spent with IMB Gold Rewards A similar offer to the CUA Gold card, with a slightly higher annual fee. Both cards feature complimentary travel insurance and a generous rewards program. Complimentary international travel insurance and purchase cover. |
19.24% | 19.99% | 2.90% p.a. for 9 months | $99 | 55 | |
Commonwealth Bank Awards MasterCard |
Earn 1 point for every $1 spent with Commonwealth Awards. Earn bonus points by spending at Bonus Partners. Redeem from a wide range of Commonwealth Bank rewards for a low annual fee of $59. Click here to see this card at Commbank.com.au |
20.49% | 21.49% | 5.99% p.a. for 5 months | $89.00 | 55 |
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Commonwealth Bank Gold MasterCard |
Earn 1 point for every $1 spent with Commonwealth Gold . Earn bonus points by spending at Bonus Partners. Complimentary international travel insurance. Purchase security and Extended warranty insurance included. Click here to see this card at Commbank.com.au |
20.49% | 21.49% | 5.99% p.a. for 5 months | $144.00 | 55 |
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Commonwealth Bank Platinum MasterCard |
Earn 1 point for every $1 spent with Commonwealth Platinum. Earn bonus points by spending at Bonus Partners. You can convert 1 Platinum Rewards point for 1 Velocity or Frequent Flyer points. Complimentary international travel insurance. Purchase security and Extended warranty insurance included. Click here to see this card at Commbank.com.au |
20.49% | 21.49% | 5.99% p.a. for 5 months | $280.00 | 55 |
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The good and bad of rewards credit cards
Once you find a rewards card that looks good to you it’s time for the showdown. It’s time to investigate the good, bad and ugly of their terms and conditions.
Read the small print, ask questions and most important of all, be informed about the annual percentage rate and the card’s interest rate.
Don’t fall for introductory rates of ‘0′ per cent unless you can deal with the rate once the honeymoon period is over.
Smart tips for credit rewards:
The following tips will help you to make the most from your credit rewards.
- Be smart: The more you know about your rewards card’s limitations the smarter you can be about taking advantage of the good stuff.
- Use your rewards: Letting them get to waste would be a shame and defeat the purpose of having one of these cards.
- Avoid carrying a balance: If you do, chances are the interest paid on it will negate all rewards.
- Check your statements: Look for irregularities and report them to your lender if applicable.
- Pay your balance in full: High interest are a nasty by-product of rewards credit cards. Therefore you want to make sure you pay off the card in full to avoid costly interest.
- Conditions apply: If you fail to pay your rewards card bills on time or consistently exceed your rewards credit card limit you could actually be barred from getting those rewards. Know thy rules and work them in your favour.
- Use your card: If you don’t use the rewards card a lot chances are you will not get enough rewards points racked up. Most cards are working best when used more than not. Replace cash expenditure, rip up your cheques and use your rewards card for every purchase and bill you pay.
- Cash-back rewards card: If for example you are short in cash you might prefer a cash back rewards card to take advantage of the actual cash you will be given in relation to your spending credits.
- Choose a card applicable to your needs: It is of no use to decide on a rewards card that won’t be working in your favour. If the card offers you free flights or cheaper flights by means of air miles you’d have to love flying. If the card offers you vouchers for music you’d have to love listening to music, etc.