What are the benefits of a rewards card?
If you’re tossing up between a rewards card and a regular piece of plastic, then you might be wondering just what the benefits of having points earning power in your corner are.
So to help you make the right call for your wallet, we’ve listed some of the major benefits that come with these premium cards - and we’ve also covered some of the drawbacks to look out for.
Look through our top cards below.
Rewards Credit Card Comparison Table - last updated January 28, 2021
American Express Qantas Ultimate Card
Receive 100,000 bonus Qantas Points plus $200 back when you apply by 2 February 2021, are approved and spend $3,000 within 3 months of Card Membership. Available to new Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$450100,0001.25 points uncappedCompareCompareQantas Ultimate Card
Receive 100,000 bonus Qantas Points plus $200 back when you apply by 2 February 2021, are approved and spend $3,000 within 3 months of Card Membership. Available to new Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
- Intro rate
- -
- Ongoing Purchase rate
- 20.74% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 100,000
- Rewards
- Points
- 8,000 points
- 110,400 points
- 18,770 points
- Card Benefits
- Travel Insurance,
Purchase Protection,
Account alerts by SMS
Read our Mozo Review to learn more about the Qantas Ultimate Card
St.George Amplify Signature
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (130k yr 1, 70k yr 2) when you spend $12k on eligible purchases each year. $139 reduced first year annual card fee (normally $279). New cards only, Eligibility criteria and T&Cs apply. Offer ends February 9th 2021.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Amplify Rewards$279 $139 in the first year200,0001.5 points uncappedCompareCompareAmplify Signature
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (130k yr 1, 70k yr 2) when you spend $12k on eligible purchases each year. $139 reduced first year annual card fee (normally $279). New cards only, Eligibility criteria and T&Cs apply. Offer ends February 9th 2021.
- Intro rate
- -
- Ongoing Purchase rate
- 19.74% p.a.
- Balance transfer rate
- 0% p.a. for 6 months and then 21.49% p.a.
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1.5 points per dollar on Visa, uncapped
- Reward point expiry
- Never
- Bonus points
- 200,000
- Rewards
- Points
- N/A
- 212,000 points
- 22,200 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing,
Rental Car Excess Cover
Read our Mozo Review to learn more about the Amplify Signature
Suncorp Clear Options Platinum
Receive 100,000 bonus Suncorp Credit Card Rewards Points when you spend $3,000 on Eligible Transactions in the first 90 days from approval (T&Cs apply). Be rewarded for your purchases and enjoy premium benefits such as complimentary insurances.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Suncorp Rewards$129100,0001.25 points uncappedCompareCompareClear Options Platinum
Receive 100,000 bonus Suncorp Credit Card Rewards Points when you spend $3,000 on Eligible Transactions in the first 90 days from approval (T&Cs apply). Be rewarded for your purchases and enjoy premium benefits such as complimentary insurances.
- Intro rate
- -
- Ongoing Purchase rate
- 20.74% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 55
- Foreign exchange
- 3.40%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Visa, uncapped
- Reward point expiry
- Never
- Bonus points
- 100,000
- Rewards
- Points
- 19,500 points
- 299,000 points
- 20,900 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing
Read our Mozo Review to learn more about the Clear Options Platinum
American Express Qantas Premium Card
Receive 80,000 bonus Qantas Points plus $200 back when you apply by 2 February 2021, are approved and spend $3,000 within 3 months of Card Membership. Available to new Card Members only. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2020^.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$24980,0001 point uncappedCompareCompareQantas Premium Card
Receive 80,000 bonus Qantas Points plus $200 back when you apply by 2 February 2021, are approved and spend $3,000 within 3 months of Card Membership. Available to new Card Members only. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2020^.
- Intro rate
- -
- Ongoing Purchase rate
- 20.74% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 80,000
- Rewards
- Points
- 8,000 points
- 110,400 points
- 18,770 points
- Card Benefits
- Travel Insurance,
Purchase Protection,
Account alerts by SMS
Read our Mozo Review to learn more about the Qantas Premium Card
Qantas Money Qantas Premier Platinum
0% p.a. for 18 months on Balance Transfers, reverts to cash advance rate thereafter. Earn up to 100,000 bonus Qantas Points when spending $4,000 or more on eligible purchases (T&Cs apply).
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$299 $199 in the first year100,0001 point up to $10,000/month, then
0.5 points uncappedCompareCompareQantas Premier Platinum
0% p.a. for 18 months on Balance Transfers, reverts to cash advance rate thereafter. Earn up to 100,000 bonus Qantas Points when spending $4,000 or more on eligible purchases (T&Cs apply).
- Intro rate
- -
- Ongoing Purchase rate
- 19.99% p.a.
- Balance transfer rate
- 0% p.a. for 18 months and then 21.99% p.a. (1.00% balance transfer fee)
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 55
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Mastercard, up to $10,000 per month, then
0.5 points per dollar on Mastercard, uncapped
- Reward point expiry
- Never
- Bonus points
- 100,000
- Rewards
- Points
- 8,000 points
- N/A
- 18,770 points
- Card Benefits
- Concierge,
Travel Insurance
Read our Mozo Review to learn more about the Qantas Premier Platinum
Rewards card benefits
There are plenty of pros to having a rewards credit card, that all basically boil down to earning more bang for every buck that you spend. And you can do that in a range of different ways, including:
- Earning points on your spend. The first thing that comes to mind when you think “rewards cards” is probably “rewards points,” right? And for good reason. One of the most popular benefits of having one of these cards is earning points, which can then be redeemed for retail products, gift vouchers, event tickets or even cool experiences like jetboating.
- Snagging cashback offers. Another great perk of having a rewards card is being able to get cashback when you spend on your credit card. Some cards offer cashback as an introductory offer, others offer it as one of the options you can redeem points for. Remember that you won’t actually receive physical cash - usually, you’ll get this perk as either a credit on your card account, or in the form of a gift card.
- Travelling for free. Did you know that Mozo has found one of the best value ways to redeem your points is by cashing them in for a free flight or flight upgrade? Yep, a big benefit of rewards cards is that they can help you snag discounted or free travel. And it’s not just flights - you can also cash in for hire cars, airport lounge passes, accommodation and on some premium options, free travel insurance.
- Protecting your spend. Rewards cards also come with a range of insurance covers to protect your spend, including extended warranty, price protection and purchase security. That means that while you’re spending up a storm, your purchases are even more secure, thanks to the perks of your rewards plastic.
- Enjoying exclusive perks. But that’s not all. There are also a bunch of other awesome freebies and perks that come with using a rewards card, like a concierge service that can help you book restaurants or event tickets, exclusive shopping opportunities or a free bottle of wine when you dine out.

Rewards card drawbacks
But on the other hand, there are also some drawbacks to having a rewards card that need to be considered. In a nutshell, most of these come down to the fact that it’s a more expensive option than a low rate credit card.
By choosing a piece of plastic with a rewards program attached, you’re in for:
- High annual fees. One of the biggest drawbacks is that a rewards card more often than not comes with a hefty annual fee attached, ranging from around $50 up to more than $400. So when choosing one, it’s important to consider whether or not the benefits of earning points and perks outweigh this cost.
- High interest rates. Another potential major cost when spending on a rewards credit card is having to pay the steep interest rate if you let your balance linger. These cards often come with rates around the 20% mark, which can really put a dent in your budget if you aren’t paying off your bill in full each month.
- An incentive to overspend. Whether or not this will be a big problem depends on you - but the bottom line is that when you’re earning points on every dollar you spend, there’s an added incentive to spend more. It’s fine if you’re just spending the same amount you usually would and putting it all on your credit card - but if you’re spending extra just for the points, you’ll wind up hurting your savings big time. Remember to think of the rewards program as a nice bonus and not the main reason for spending.

Tips to make the most from your rewards card
If you decide the benefits outweigh the costs and a rewards card is the perfect option for you, then it’s important you put the effort in to get as many perks out of it as you can, in order to justify the higher price tag. To help you do that, here are some tips on how to use your plastic to its full potential.
- Look for sign-up bonuses. Start off on the right foot by snagging a stack of points just for signing up. Some bonus rewards card offers come with up to 100,000 points right off the bat - not too shabby at all.
- Maximise your points by shopping at the right places and always using your card for big spends. You can earn up to 3 points for every dollar you spend with some rewards cards, as long as you shop in partner stores.
- Know the fine print, like point expiry dates and caps so you don’t miss out on using your hard earned points. If there’s a monthly or annual points cap, make sure you plan your spending to be spread out enough that you’ll earn points on every shop. And be aware of any expiry dates, not only so you can make sure you use the points, but so you can plan to build up enough points for a good reward before they start expiring.
- Pay your bill in full each month. This is a good habit to have no matter what credit card you use, but it’s especially important to clear your balance before your interest free days run out each month when you’re dealing with sky high rewards card interest.
Find a rewards credit card
Have all these benefits and perks convinced you that it’s time to add a rewards credit card to your wallet? If so, your first port of call should be our rewards card comparison tool, where you can compare 114 cards from across the market.
^See information about the Mozo Experts Choice Rewards Credit Cards Awards
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