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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 December 12th, 2017
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
NAB Qantas Rewards Signature Card
100,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$395 p.a.
Collect 100,000 bonus Qantas Points when you spend $3,000 within 60 days of account opening. Plus, earn up to 12,500 points per statement period.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
Velocity Frequent Flyer
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.
Citi Platinum Credit Card - 100k Bonus Points
100,000 bonus points
Citi Rewards Program
1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Velocity Frequent Flyer
0.66
0% p.a. for 14 months (reverts to 20.74% p.a.)
$129 p.a.
Save with 0% p.a. on purchases for 14 months. Plus, a $129 Virgin Australia Gift Voucher every year you hold the card.
Woolworths Everyday Platinum Credit Card
Woolworths Rewards
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 meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
ANZ Frequent Flyer Black
75,000 bonus points
Qantas Frequent Flyer
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.
HSBC Platinum Qantas Credit Card
60,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$199 p.a.
Offers complimentary membership to the Qantas Frequent Flyer Program and international travel insurance included.
Qantas American Express Discovery Card
Qantas Frequent Flyer
1
20.74% p.a.
$0 p.a.
Earn uncapped Qantas Points on purchases, pay $0 annual fee for life and take advantage of a 0% p.a. for 12 months balance transfer offer.
NAB Rewards Signature Card
100,000 bonus points
NAB Rewards
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.
Citi Rewards Platinum Credit Card
Citi Rewards Program
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.
ANZ Rewards Black Credit Card
75,000 bonus points
ANZ Rewards Program
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
Qantas Frequent Flyer
1.25
20.74% p.a.
$249 p.a.
Enjoy 30,000 bonus Qantas Points, 2 complimentary Qantas Club lounge invitations per year and the protection of complimentary insurance covers.
St.George Amplify Platinum - Amplify Qantas
60,000 bonus points
Qantas Frequent Flyer
0.5
19.49% p.a.
$99 p.a.
Earn uncapped Qantas points on your eligible spending and receive complimentary travel and purchase protection insurance.
CUA Platinum Credit Card
CUA Life Rich Rewards Program
1
19.99% p.a.
$0 p.a. annual fee for the first year ($149 p.a. thereafter)
Collect 1 CUA Rich Life Rewards point per $1 spent, receive complimentary travel insurance, a $0 first year annual fee and a balance transfer offer.
American Express Explorer Credit Card
50,000 bonus points
Membership Rewards Gateway
2
20.74% p.a.
$395 p.a.
Receive a yearly $400 Travel Credit, 50,000 bonus points and up to 2 entries per year to the American Express Lounge at Sydney International Airport.
Bank of Melbourne Amplify Platinum
60,000 bonus points
Amplify Rewards
1
19.49% p.a.
$99 p.a.
Receive 60,000 bonus Amplify or Qantas Points when you spend $3,000 within 90 days and earn up to 1.00 Amplify point per $1 spent.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with 0% p.a. for 18 months on balance transfers, earn 3 bonus Velocity Points per $1 for the first 3 months and get a yearly $129 Gift Voucher.
American Express Essential Credit Card
Membership Rewards Gateway
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 this card. Plus, a $0 annual fee for life.
NAB Rewards Platinum Card
60,000 bonus points
NAB Rewards
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.
Bank of Melbourne Amplify Platinum - Qantas Rewards
60,000 bonus points
Qantas Frequent Flyer
0.5
19.49% p.a.
$99 p.a.
Take advantage of a 24/7 concierge service and complimentary travel, purchase protection and extended warranty insurance.
Qantas American Express Ultimate Card
55,000 bonus points
Qantas Frequent Flyer
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
Velocity Frequent Flyer
1
20.74% p.a.
$289 p.a.
Take off sooner with up to 80,000 bonus Velocity Points and earn up to 1 Velocity Point per $1 spent. Plus, complimentary travel insurance.
St.George Amplify Platinum
60,000 bonus points
Amplify Rewards
1
19.49% p.a.
$99 p.a.
Receive 60,000 bonus Amplify or Qantas Points when you spend $3,000 within 90 days and earn up to 1.00 Amplify point per $1 spent.
Caltex StarCard
20,000 bonus points
Qantas Business Rewards
1
$35.40 p.a.
Minimise your monthly fuel expenses and collect Qantas Points on eligible business purchases.
HSBC Platinum Credit Card
HSBC Rewards Plus
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
ANZ Rewards Program
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.
St.George Amplify Signature - Amplify Qantas
90,000 bonus points
Qantas Frequent Flyer
0.75
19.49% p.a.
$279 p.a.
Amplify Qantas members receive two complimentary Qantas Club Lounge invitations per year, plus bonus points on travel spending.
St.George Amplify Signature
90,000 bonus points
Amplify Rewards
1.5
19.49% p.a.
$279 p.a.
Designed for travellers, this card offers a personalised call centre service, bonus points on travel spending, targeted luxury travel offers and more.
American Express Velocity Platinum Card
50,000 bonus points
Velocity Frequent Flyer
1.5
20.74% p.a.
$375 p.a.
Receive 50,000 bonus Velocity Points, a complimentary Virgin Australia return Economy domestic flight each anniversary year, plus, 2 lounge passes.
NAB Velocity Rewards Premium Card
Velocity Frequent Flyer
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 Frequent Flyer Platinum
65,000 bonus points
Qantas Frequent Flyer
0.75
19.99% p.a.
$0 p.a. annual fee for the first year ($295 p.a. thereafter)
Receive 65,000 bonus Qantas Points when you spend $2,500 on eligible purchases within the first 3 months. Plus, a $0 annual fee for the first year.
ANZ Rewards Travel Adventures card
40,000 bonus points
ANZ Rewards Program
1.5
20.24% p.a.
$225 p.a.
Receive 40,000 bonus Velocity Points (when you meet the spend criteria), 2 yearly Virgin Australia lounge passes, plus enjoy paying a $0 overseas transaction fee on purchases.
Bankwest More Platinum Mastercard
75,000 bonus points
Bankwest More Rewards Program
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
Qantas Frequent Flyer
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. Plus, a discounted first year annual fee.
BankSA Amplify Signature
90,000 bonus points
Amplify Rewards
1.5
19.49% p.a.
$279 p.a.
Receive 90,000 bonus Amplify or Qantas Points when you spend $5,000 within 90 days and earn up to 1.50 Amplify points per $1 spent.
American Express Platinum Business Card
120,000 bonus points
Membership Rewards Premium Ascent
1
$1,500 p.a.
Enjoy 120,000 bonus points, a platinum business concierge, complimentary Virgin Lounge access, worldwide travel insurance and hotel benefits.
American Express Gold Business Card
10,000 bonus points
Membership Rewards Ascent
1
$169 p.a.
Take advantage of 10,000 bonus points, no pre-set spending limit, data that feeds to MYOB and up to 51 days interest-free on purchases.
Commonwealth Bank Business Awards Credit Card
Commonwealth Bank Awards Program
0.5
1
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
Membership Rewards Gateway
2
16.99% p.a.
$395 p.a.
Earn 100,000 bonus points when you meet the spend criteria. Plus, 2 yearly entries to the American Express Lounge at Sydney International Airport.
American Express Platinum Card
80,000 bonus points
Membership Rewards Premium Ascent
1
$1,200 p.a.
Receive an annual $300 Platinum Travel Credit, 80,000 bonus Membership Rewards points and access to more than 1,100 VIP lounges.
NAB Qantas Rewards Premium Card
25,000 bonus points
Qantas Frequent Flyer
0.66
19.99% p.a.
$250 p.a.
Offers 25,000 bonus points when you meet the spend requirements and Qantas Points for your everyday spending. Plus a 24/7 personal concierge.
Commonwealth Bank Business Awards Platinum Credit Card
Commonwealth Bank Awards Program
0.5
1
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
Velocity Frequent Flyer
0.5
19.99% p.a.
$95 p.a.
This Visa card offers 0.5 Velocity Points per $1 spent on eligible purchases, up to 44 interest-free days on purchases and Visa Entertainment offers.
NAB Qantas Rewards Card
Qantas Frequent Flyer
0.5
19.99% p.a.
$95 p.a.
A Visa card that offers 0.5 Qantas points per $1 spent, complimentary purchase protection insurance and up to 44 days interest-free on purchases.
Citi Signature Credit Card
120,000 bonus points
Citi Rewards Program
1
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn 1 Point per $1 spent on selected purchases plus receive a complimentary Priority Pass membership and two airport lounge visits per year.
Citi Prestige Card
150,000 bonus points
Citi Rewards Program
3
20.99% p.a.
$700 p.a.
Earn 150,000 bonus Points and 1 Point per $1 spent on selected purchases and enjoy unlimited airport lounge access with Priority Pass.
David Jones American Express
20,000 bonus points
Membership Rewards
1
20.74% p.a.
$99 p.a.
Receive 20,000 bonus points, David Jones benefits including complimentary standard delivery, gift wrapping and invites to exclusive fashion events.
David Jones American Express Platinum Card - Qantas Frequent Flyer
30,000 bonus points
Qantas Frequent Flyer
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
Commonwealth Bank Awards Program
0.5
1
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
Qantas Business Rewards
1.25
$450 p.a.
Earn up to 100,000 bonus points, 2 Qantas Points per $1 spent on eligible purchases and enjoy up to 51 days interest-free on purchases.
NAB Rewards Business Signature Card
100,000 bonus points
NAB Rewards
1.25
18.50% p.a.
$175 p.a.
Earn 100,000 bonus points when you spend $3,000 on everyday business purchases in the first 60 days of account opening.
Bank of Melbourne Amplify Card
Amplify Rewards
1
19.49% p.a.
$79 p.a.
Take advantage of a 0% p.a. for 18 months balance transfer offer, earn 1 Amplify point per $1 spent and get up to 55 days interest-free on purchases.
BankSA Amplify Card
Amplify Rewards
1
19.49% p.a.
$79 p.a.
Take advantage of a 0% p.a. for 18 months balance transfer, earn 1.00 Amplify point per $1 spent and get up to 55 days interest-free on purchases.
St.George Amplify Card
Amplify Rewards
1
19.49% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Take advantage of a 3% p.a. interest rate on balance transfers for 36 months. Plus, a $0 first year annual fee and 1.00 Amplify Point per $1 spent.

Compare up to 4 providers

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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