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Credit cards that reward spending

Want more from your credit card? A credit card that rewards spending through a reward scheme enables you to receive more value from purchases and benefits

Different credit cards offer different reward schemes that encourage you to spend more. Reward cards may offer you bonus points for each purchase allowing you to accumulate flyer reward points that can be redeemable for flight perks or even give you back a percentage of your total spending as cash-back at stores.

All cards that reward spending are specifically designed to reward you for using that card, be it while booking a flight, shopping in stores, dining or making hotel reservations. With a reward card that offers a reward scheme that suits your spending needs, you can accumulate reward points faster and get more value from every dollar you spend. However, you have to ensure that the rewards you get from your card are enough to offset other costs associated with it such as annual fees.

Comparison of credit cards that reward spending

Rates last updated November 24th, 2017
Name Product Bonus Points Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Purchase rate (p.a.) Annual fee Product Description
NAB Qantas Rewards Signature Card
100,000 bonus points
1
19.99% p.a.
$395 p.a.
Earn Qantas Points for your spending combined with overseas travel insurance and a balance transfer rate of 4.99% p.a. for 6 months.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Qantas Premier Platinum
75,000 bonus points
1
19.99% p.a.
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Fly faster with up to 2 Qantas Points per $1 spent, receive 2 yearly complimentary Qantas Club lounge invitations, plus, included travel insurance.
Citi Platinum Credit Card - 100k Bonus Points
100,000 bonus points
1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, take advantage of a long-term balance transfer offer and receive complimentary travel insurance.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0.66
0% p.a. for 12 months (reverts to 20.74% p.a.)
$129 p.a.
Save with 0% p.a. on purchases for 12 months. Plus, a $129 Virgin Australia Gift Voucher every year you hold the card.
ANZ Frequent Flyer Platinum
65,000 bonus points
0.75
19.99% p.a.
$0 p.a. annual fee for the first year ($295 p.a. thereafter)
Get 65,000 bonus Qantas Points when you apply online, are approved and spend $2,500 on eligible purchases within the first 3 months.
HSBC Platinum Qantas Credit Card
60,000 bonus points
1
19.99% p.a.
$199 p.a.
Offers complimentary membership to the Qantas Frequent Flyer Program and international travel insurance included.
ANZ Frequent Flyer Black
75,000 bonus points
1
19.99% p.a.
$0 p.a. annual fee for the first year ($425 p.a. thereafter)
Take advantage of 75 Bonus Status Credits when you apply by 24 January 2018, and buy and fly return with Qantas by 31 May 2018.
Qantas American Express Discovery Card
1
20.74% p.a.
$0 p.a.
Earn Qantas points that can be redeemed for a one way, return or multi-destination Classic Flight Reward on over 50 partner airlines.
NAB Rewards Signature Card
100,000 bonus points
1.25
19.99% p.a.
$295 p.a.
Receive 100,000 bonus NAB Rewards points when you spend $3,000 on everyday purchases in the first 60 days of account opening.
bcu Rewards credit card
12.80% p.a.
$89 p.a.
Enjoy a low ongoing purchase rate, get 0.66% cashback for every dollar spent, plus take advantage of up to 55 days interest-free on purchases.
Citi Rewards Platinum Credit Card
1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Consolidate your debt with a low balance transfer offer of 0% p.a. for 24 months and get a host of platinum privileges.
Bendigo Bank Platinum Rewards Mastercard
100,000 bonus points
1.5
19.99% p.a.
$89 p.a.
Get rewarded for every $1 spent on eligible purchases and balance transfers. Plus, enjoy a range of premium benefits.
ANZ Rewards Black Credit Card
75,000 bonus points
2
18.79% p.a.
$0 p.a. annual fee for the first year ($375 p.a. thereafter)
Offers unlimited access to participating Véloce airport lounges outside of Australia and a personal 24/7 concierge service.
Qantas American Express Premium Card
30,000 bonus points
1.25
20.74% p.a.
$249 p.a.
Enjoy two complimentary Qantas Club lounge invitations per year and the protection of complimentary travel insurance.
American Express Explorer Credit Card
50,000 bonus points
2
20.74% p.a.
$395 p.a.
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0.66
20.74% p.a.
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
American Express Essential Credit Card
1
14.99% p.a.
$0 p.a.
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with your Essential Credit Card.
NAB Rewards Platinum Card
60,000 bonus points
1
19.99% p.a.
$195 p.a.
Take advantage of 60,000 bonus points when you meet the spend requirements. Plus, seven complimentary insurances.
Qantas American Express Ultimate Card
55,000 bonus points
1.5
20.74% p.a.
$450 p.a.
Receive a complimentary Qantas domestic return economy flight and 2 American Express Airport Lounge entries each calendar year.
Virgin Australia Velocity High Flyer Card - 80k Bonus Points offer
80,000 bonus points
1
20.74% p.a.
$289 p.a.
Take off sooner with up to 1 Velocity Point per $1 spent and earn up to 80,000 bonus Velocity Points. Plus, complimentary travel insurance.
Caltex StarCard
1
$35.40 p.a.
Minimise your monthly fuel expenses and collect Qantas Points on eligible business purchases.
HSBC Platinum Credit Card
1
19.99% p.a.
$129 p.a.
Transfer existing debt at 0% p.a. for 22 months with a one-time 2% BT fee, plus, receive a complimentary insurance package.
ANZ Rewards Platinum
65,000 bonus points
1.5
18.79% p.a.
$0 p.a. annual fee for the first year ($95 p.a. thereafter)
This card comes with complimentary insurance including travel and medical insurance, purchase security insurance and extended warranties.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
1.25
20.74% p.a.
$99 p.a. annual fee for the first year ($129 p.a. thereafter)
Exclusive to finder, receive a long-term, no fee balance transfer and earn up to 1.25 Suncorp Rewards Points per $1 spent.
American Express Velocity Platinum Card
50,000 bonus points
1.5
20.74% p.a.
$375 p.a.
Receive a complimentary Virgin Australia return Economy domestic flight each anniversary year and complimentary travel insurance.
NAB Velocity Rewards Premium Card
0.66
19.99% p.a.
$150 p.a.
Offers up to 0.66 Velocity Points per $1 spent on purchases, combined with complimentary insurance covers and a concierge service.
ANZ Rewards Travel Adventures card
40,000 bonus points
1.5
20.24% p.a.
$225 p.a.
Receive 40,000 bonus Velocity Points when you spend $500 on eligible purchases in the first three months.
Bankwest More Platinum Mastercard
75,000 bonus points
2
19.99% p.a.
$160 p.a.
Introductory 75,000 bonus points offer and a low interest rate on balance transfers.
Citi Qantas Signature Credit Card
50,000 bonus points
0.5
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn from 0.5 Qantas Points per $1 spent on selected purchases and get 2 airport lounge visits per year.
American Express Platinum Business Card
120,000 bonus points
1
$1,500 p.a.
Enjoy a platinum business concierge, complimentary Virgin Lounge access, worldwide travel insurance and luxury hotel benefits.
American Express Gold Business Card
10,000 bonus points
0
1
$169 p.a.
Take advantage of no pre-set spending limit, data that feeds to MYOB accounting software and up to 51 days interest-free on purchases.
Commonwealth Bank Business Awards Credit Card
1
0.5
20.74% p.a.
$100 p.a.
Earn up to 1.5 Awards points per $1 spent, easily integrate your online accounting software, plus complimentary Transit Accident Insurance.
American Express Business Explorer Credit Card
100,000 bonus points
2
16.99% p.a.
$395 p.a.
Earn 100,000 bonus points when you meet the requirement and 2 Membership Rewards points per $1 spent.
American Express Platinum Card
80,000 bonus points
1
$1,200 p.a.
Receive an annual $300 Platinum Travel Credit, membership to an elite tier of partner programs and access to more than 1,100 VIP lounges.
NAB Qantas Rewards Premium Card
25,000 bonus points
0.66
19.99% p.a.
$250 p.a.
A premium card that offers 25,000 bonus points when you meet the spend requirements. Plus a 24/7 personal concierge.
Commonwealth Bank Business Awards Platinum Credit Card
1
0.5
20.74% p.a.
$300 p.a.
Earn up to 3 Awards points per $1 spent and receive complimentary travel and unauthorised transaction insurances.
NAB Velocity Rewards Card
0.5
19.99% p.a.
$95 p.a.
This Visa card offers 0.5 Velocity Points per $1 spent on eligible purchases and special Visa Entertainment offers.
NAB Qantas Rewards Card
0.5
19.99% p.a.
$95 p.a.
A Visa card that rewards you with 0.5 Qantas points per $1 spent, plus complimentary purchase protection insurance.
Citi Signature Credit Card
120,000 bonus points
1
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn from 1 Point per $1 spent on selected purchases and receive a complimentary Priority Pass membership with two airport lounge visits per year.
Citi Prestige Card
150,000 bonus points
3
20.99% p.a.
$700 p.a.
Earn from 1 Point per $1 spent on selected purchases and enjoy unlimited airport lounge access with a complimentary Priority Pass.
David Jones American Express
20,000 bonus points
1
20.74% p.a.
$99 p.a.
Receive benefits through David Jones including complimentary standard delivery, gift wrapping and invites to exclusive fashion events.
Woolworths Everyday Platinum Credit Card
1
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you apply by 31 January 2018 and make an eligible purchase by 28 February 2018.
David Jones American Express Platinum Card - Qantas Frequent Flyer
30,000 bonus points
0.75
20.74% p.a.
$295 p.a.
Fly faster with up to 3 Qantas Points per $1 spent and receive complimentary travel insurance when travel is booked on your card.
Commonwealth Bank Business Gold Awards Credit Card
1
0.5
20.74% p.a.
$150 p.a.
Earn up to 2 Awards points per $1 spent, receive an unsecured credit limit of up to $50,000 and up to 55 days interest-free on purchases.
American Express Qantas Business Rewards Card
100,000 bonus points
1.25
$450 p.a.
Earn up to 2 Qantas Points per $1 spent on eligible purchases and enjoy up to 51 days interest-free on purchases.

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What is a credit card that rewards spending?

Credit cards that reward spending are designed to give you points that you can redeem for travel costs, merchandise, gift cards, electronics and more. Different rewards cards will offer varying forms of perks and features depending on the reward scheme attached to them. For instance, some cards will be linked to a frequent flyer reward scheme that lets you earn points every time you book a flight with your card. Whereas others will allow you to earn points that can be redeemed for merchandise discounts at selected stores.

Some cards will reward you with more points when you spend more cash, while others give you points for signing up or applying for them. As lucrative as they may seem, credit cards with rewards are complex and are often better suited to frequent spenders. The type of reward program on the card will also determine what type of person it is most appropriate for.

How am I rewarded for spending?

Most credit cards that reward spending come attached to some form of rewards program, be it a frequent flyer reward scheme like Qantas or a supermarket card like Coles. These cards all work in the same way, allowing you to accumulate reward points whenever you use the card. Some cards will allow you to accumulate points faster depending on the points value and amount, while others will reward you for shopping at selected retail stores or booking flights with certain associated airlines.

Finding out how many points you are getting for each dollar spent is the key, as it helps you determine if the rewards will be enough to offset the annual fees on the card and any other additional fees that cover the reward program. In order to get the most from these types of credit cards, you need to determine the reward program that is most valuable to you, be it a flyer reward program or a reward program with a cashback reward, and then go for that type of card. You also need to know how much you will need to spend before you get reward points and budget accordingly.

What are the types of credit cards that reward my spending?

Each reward card is designed to reward a certain spending habit, such as frequent flyers, shoppers in supermarkets and petrol stations - so be sure to get one that gives the rewards you want depending on your unique spending habits.

  • Platinum cards. These cards offer exclusive travel perks that are not included on other standard cards. Customers get rewarded with perks such as superior complimentary travel insurance and emergency insurance while on local and international flights, access to exclusive airline lounges and gift vouchers for hotels and restaurants.

Platinum Credit Cards

  • Cashback credit cards. If you want a card that will reward you with gift cards and cash for spending, a cashback credit card might be for you. These types of cards can either allow you to accumulate points that can later be redeemed for cash or give you a certain percentage of your total monthly spending in cash. Frequent shoppers stand to benefit most from such cards.

Cashback Credit Cards

  • Petrol credit cards. As the name suggests, these cards reward you with points for fueling your car at selected petrol stations within the country. Most such cards carry a reward scheme jointly hosted by a certain fuel company and your credit card issuer, meant to reward you for using your card at the pump. With the reward points you accumulate, you can receive fuel vouchers or discounts from fuel retailers.

Petrol Credit Cards

  • Frequent flyer credit cards. Designed to reward frequent flying, these types of cards usually carry a frequent flyer reward program, such as Qantas or Velocity, which allows customers to earn points whenever they make flight bookings on associated airline companies using their cards. Such points are then redeemable for priority check-ins at airports, flight discounts, additional flight miles and flight upgrades.

Frequent Flyer Credit Cards

  • Rewards credit cards. These cards reward spending on certain transactions, especially for merchandise purchases at leading stores. Each time a customer uses their card at specific outlets, they earn a certain number of points usually determined by how much they spend. These points can then be used to get preferential treatment at exclusive stores or to claim discounts on high end merchandise at leading stores. Points earned on purchases can also be used to offset annual fees on the card.

Rewards Credit Cards

  • Bonus points credit cards.These cards are often rolled out by banks as a way to encourage new customers to apply for credit cards. New card members can earn higher points for purchases in the first year or so, points that can offset annual fees on the card.

Credit Cards with Bonus Points

What are the pros and cons of these credit cards?

Pros

  • Additional perks. Other than the standard features found on normal credit cards, credit cards that reward spending will have extra perks designed to make spending more fun and lucrative. Such bonuses may include superior travel insurance, gift vouchers, access to VIP treatment at stores and airports and a chance to earn points on more transactions.
  • Bonus points. To encourage more spending, credit cards that reward spending often offer bonus points that cannot be earned while using standard cards. These bonus points make it possible to accumulate points faster so as to earn enough rewards to offset annual fees on the card and get more gift items and retailer deals.
  • Reward points. The main reason for getting one of these credit cards is to get rewarded for spending. Credit cards that reward spending make it easy for you to earn reward points by having a reward scheme that is either hosted by the card issuer or by a frequent flyer reward program.

Cons

  • Higher annual fees. These cards usually have higher annual fees than standard cards. Some cards may also charge additional fees for membership to the reward program.
  • Reward limitations. Some cards have reward point caps that punish big spenders.
  • Points caps and expiry. Some rewards credit cards pose a points cap or expiry which can limit the potential use of your points.

Things to avoid and to keep in mind

While getting a credit card that rewards spending, it is important to read through the terms and conditions to see if the interest rates on purchases are very high. High interest rates would offset the benefits of your reward points and leave you with high credit card debt. Complicated points redemption procedures are also a possible pitfall with some reward cards, so be sure to get a card that has a straightforward redemption method with no delays and multiple redemption options.

It is also important to note that these cards only reward you if you pay your card balance in full monthly. Otherwise, the interest on purchases and penalties for late payments would overshadow the freebies you get from the card. Also, ensure that there is no cap on the amount of points you can earn on the card you pick especially if you are a big spender, as this would deter you from earning maximum points.

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