Receive 100,000 bonus Qantas Points when you apply online by 5 April 2021, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
Receive 100,000 bonus Qantas Points when you apply online by 5 April 2021, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
Read our Mozo Review to learn more about the Qantas Ultimate Card
NABs fastest way to earn Qantas Points. 110,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
NABs fastest way to earn Qantas Points. 110,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
Read our Mozo Review to learn more about the Qantas Rewards Signature Card
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020.
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020.
Read our Mozo Review to learn more about the Qantas Discovery Card
30,000 bonus Qantas Points when you spend $2,500 within 60 days (T&Cs apply).
30,000 bonus Qantas Points when you spend $2,500 within 60 days (T&Cs apply).
Read our Mozo Review to learn more about the Qantas Rewards Premium Card
Earn up to 1.75 Velocity Points. Have limited stress with the Velocity Escape with no annual fee. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2020^. T&C’s apply
Earn up to 1.75 Velocity Points. Have limited stress with the Velocity Escape with no annual fee. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2020^. T&C’s apply
Read our Mozo Review to learn more about the Velocity Escape Card
Earn up to 0.75 Qantas Point per $1 spent on eligible purchases. No foreign transaction fee.
Earn up to 0.75 Qantas Point per $1 spent on eligible purchases. No foreign transaction fee.
Read our Mozo Review to learn more about the Qantas Platinum Mastercard
Up to 60,000 bonus points (T&Cs apply). Also get 1 NAB reward point for every $1 spent on everyday purchases.
Up to 60,000 bonus points (T&Cs apply). Also get 1 NAB reward point for every $1 spent on everyday purchases.
Read our Mozo Review to learn more about the Rewards Platinum Card
60,000 bonus Qantas Points ($3k min. spend in the first 90 days on eligible purchases). 0% p.a. for 18 months on balance transfers requested at card application. 1% balance transfer fee applies. Plus, discounted annual card fee of $99 for the first year. New cards only. T&Cs apply.
60,000 bonus Qantas Points ($3k min. spend in the first 90 days on eligible purchases). 0% p.a. for 18 months on balance transfers requested at card application. 1% balance transfer fee applies. Plus, discounted annual card fee of $99 for the first year. New cards only. T&Cs apply.
Read our Mozo Review to learn more about the Altitude Platinum
Receive 30,000 bonus Qantas Points when you apply online, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2020^.
Receive 30,000 bonus Qantas Points when you apply online, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2020^.
Read our Mozo Review to learn more about the Qantas Premium Card
^See information about the Mozo Experts Choice Rewards credit cards Awards
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As you spend on a rewards credit card, you’ll earn points, which can be redeemed for rewards like flights, travel packages, cashback, gift cards, retail products and more. After all, why not be rewarded for your spending?
Different rewards cards offer different types of rewards - some are focussed on travel and offer complimentary flights, airport lounge access or even travel credits to be spent on your next getaway. Others are more down to earth, and offer perks like cashback on your grocery shop, or points that you can cash in for a gift card, or that new toaster you’ve been eyeing off.
No matter what kind of credit card reward you’re after, there are a few important steps to getting there, including choosing the right rewards card, understanding how to earn points, knowing what value rewards point redemption options are out there and being aware of the pitfalls of a rewards card. That’s where we come in.
Rewards credit cards work just like any other credit card - you spend using the card, either in-store on online, then pay off your purchases later on when the bill comes - except that you’ll earn points on your shopping.
What happens to those points and what you can redeem them on depends on which card you choose and which rewards program its attached to. So it’s also important to understand the different types of rewards credit cards and what they offer.
There are heaps of different types of rewards credit cards, and picking the right one can be tricky. The main categories rewards fall into are:
If you’re still not sure how to pick the right rewards card for you, why not start with our Mozo Experts Choice Awards page. Each year, the Mozo money experts review all rewards credit cards in our database and award those cards that offer good value to customers based on their spending habits.
It is a common assumption with rewards credit cards that the more money you spend, the better the rewards. This is only partly true. To get the most value from a rewards program you will need to choose a card that delivers you value for your spending habits AND offers you the greatest benefit for the rewards you are interested in. What's the point in having a card with the highest-earning rate for Qantas Frequent Flyer miles when you don't travel often?
Each rewards program is a little bit different, because credit card providers have different partners and agreements, and they focus on different things - for example, some are all about travel perks, while others have a tonne of retail options to choose from.
Here’s a quick breakdown of some of the big rewards programs you’ll come across:
ANZ Rewards Program. Big bank ANZ offers rewards spanning travel, entertainment, retail products and gift vouchers. Points can be redeemed by logging into your ANZ Rewards account for retail shopping, or by being transferred to the Velocity, Air New Zealand or KrisFlyer programs.
NAB Rewards Program. With NAB, you can get your hands on all the classic rewards like flights, retail buys, cash back and gift cards, along with event tickets and experiences like shark swimming! You can redeem points through your NAB Rewards account, or directly through Webjet if you’re after travel rewards.
Westpac Altitude Rewards Program. Along with options like cashback, travel perks and Pay with points, Westpac gives you the opportunity to use your points for a discount or rebate on your credit card or home loan annual fee. You can redeem via your Westpac Altitude account, which includes the Altitude Travel online booking platform.
CommBank Awards Program. From booking your next holiday through Flight Centre, to shopping with points at Myer, there’s plenty of options with the CommBank Awards program. You can redeem points via NetBank or the Mozo Experts Choice Award winning CommBank app.
American Express Membership Rewards Program. Amex is well-known for all the rewards and perks on offer with its Membership Rewards Program. From shopping, entertainment and tonnes of once-in-a-lifetime experiences, there’s plenty of opportunities to use your Amex points, either through the Amex website, or in-store.
Citi Rewards Program. There are a tonne of ways to use your rewards points with Citi, from merchandise, to eVouchers, charitable donations to cashing them in for airline miles. This program also gives you access to CitiBank Dining Program and Citi World Privileges which will snag you perks like exclusive event access and hotel discounts around the world.
HSBC Rewards Plus Program. Whether you’re after some retail therapy or flights and accommodation for your next big trip, there are plenty of ways the HSBC Rewards Plus Programme can help. You can redeem your points through your HSBC online banking, or over the phone.
Bankwest More Rewards Program.Whale watching, movie tickets, three course dinners - there are plenty of awesome experiences to use your Bankwest More Rewards points on, plus all the usual options of retail products, gift cards or travel perks. You can redeem points through the Bankwest More Rewards website, or directly through Webjet for travel options.
St.George Amplify Rewards Program.You can choose a St.George credit card that will earn points you can redeem through the Amplify Rewards program or a card that funnels your points directly in your Qantas Frequent Flyer account. If you’re picking the Amplify Rewards Program, you’ll have gift cards, retail buys and entertainment options galore!
Bank of Melbourne Amplify Rewards Program.Manage your points through your Amplify Rewards account via the Bank of Melbourne website to cash in on rewards including cashback, travel perks like flights and accessories, electronics or gift cards.
Too much information to wade through? No worries - we can take a lot of the work out of it for you. Mozo's Rewards Revealer tool is the only calculator in the market that will give you a ranking of rewards cards based on your spending level and rewards you're interested in. A quick search with the tool will reveal just how different the rankings are for someone who spends $18,000 a year on their card and someone who spends over $60,000 annually.
But before you start reviewing cards for flight or shopping offers, first ask yourself: will I pay my credit card balance off in full each month? If you answered no, a rewards card may not be for you. Rewards credit cards have higher interest rates and annual fees than standard credit cards so if you have an ongoing balance, the amount of money you will pay in interest and fees will almost certainly outweigh the value you will get from any rewards. Instead, compare low-interest cards and choose a piece of plastic that fits your style.
It’s not all about choosing the right rewards program! Rewards cards also offer other features, perks and bonuses, like:
Other features you may get with your card:
On the flip side of all those perks and freebies, rewards cards can also come with some killer fees. It’s important to be aware of them, so you can make sure they don’t eat into your budget. Common fees include:
There are two main ways to earn rewards points with your plastic:
In general, credit card rewards are offered as an extra incentive for you to spend using your credit card - it’s important to avoid overspending, but as long as you were already going to spend the money anyway, scoring some rewards while you’re at it is not a bad deal.
There are heaps of different redemption options for when it comes time to use your rewards points, from travel to gift cards, cashback to retail buys. Exactly what redemption options you have will depend on which rewards program you pick, but most programs have options including:
So how exactly do you find a rewards credit card to suit you, when there are so many options out there? When comparing rewards cards, it’s vital to make sure you’re comparing them on an even footing, which can be tricky when each one has different perks and bonuses available.
Some of the things you need to consider include:
But all that is easier said than compared. That’s where Mozo comes in. The table at the top of this page gives you a quick snapshot comparison of some rewards credit cards, including some of the key features. Then, if you want to compare even more options, you can compare our whole database of rewards credit cards and narrow your search by the type of rewards you’re after and how much you usually spend. Piece of cake!
That depends on how you use your plastic. A rewards card generally has a higher annual fee and interest rate than other credit cards, so you have to make sure that you will get enough value out of the rewards and perks on offer to justify those extra costs.
If you’re a big spender who loves to cash in on freebies and will use all the extras offered by a rewards card, then yes, the annual fee and higher interest rate could be worth it. On the other hand, if you only occasionally use your plastic and wouldn’t get much value out of freebies and points, then a rewards credit card might be a drain on your budget. You might be better off with a low rate credit card instead.
If you check the fine print, you’ll often find that you only earn rewards points on “eligible transactions” or “eligible spends”. But what does that mean? And the eligible transaction is usually any regular purchase, which excludes things like:
No, you will not earn any rewards points on a balance transfer. That means that if you’re applying for a balance transfer card, you won’t earn points on the balance you’re moving over, as if it were a spend on the new card.
Ideally, you shouldn’t really be doing any new spending on a balance transfer card either, but you will save on interest if the card has a low balance transfer rate.
Last but certainly not least, here are some quick tips to put you on the right path when it comes to choosing, earning, redeeming and using a rewards card and rewards points.
Check out our tables to compare Rewards Credit Cards and get the right deal for you!
Written by: Kelly Emmerton, Mozo Money Editor