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While some credit cards reward you with points, a cashback card offers the ultimate flexibility by giving you money back on your statement or vouchers for your spending.
In Australia, cashback credit cards will either offer an introductory bonus or give you back a set percentage of your regular spending. Compare your options and choose the card that will offer you the most value.
A cashback credit card gives you rewards in the form of dollars, credit on your account or vouchers. These offers vary between cards, with some earning cashback instead of rewards points per $1 spent and others providing a one-time cashback reward offer for new customers. We've outlined the three main ways you can get cash back below:
Some credit cards also offer cashback promotions to existing cardholders when they spend with partnered brands – even if you don't have an actual rewards credit card.
For example, all personal ANZ credit cards offer Cashrewards Max – a free program that offers cashback when you use your card at over 1,700 partnered brands. And CommBank Rewards offers personalised cashback promotions to people with an eligible Commonwealth Bank credit card or debit card.
If you're thinking about getting a cashback credit card, weighing up the following pros and cons can help you decide if it's worth it for you:
If you are interested in getting a credit card with cash back rewards, here are the key details to look at when you're comparing your options:
If you're looking for a new credit card, one that offers cashback can give you extra value for your spending. But even though cashback offers can be rewarding, they also come with terms and conditions. So make sure you understand what these are and compare your options before you apply for a card.
The potential value of a cashback rewards card depends on the amount of cash offered, the cost of the card and how often you use it. To put this in perspective, let's say you get a credit card that offers 1% cashback on everyday purchases and has a $150 annual fee.
If you spent $3,000 per month on this card: You would earn $30 cash back per month, or $360 per year. If you take the cost of the annual fee out, you would get $210 value from cash back rewards over a 12-month period.
But if you only spent $1,000 per month on this card: You would earn $120 cash back in a year. That is $30 less than the $150 annual fee in this scenario, so you would be spending more on the card than what you earned from cash back rewards. This doesn't necessarily mean that the card isn't valuable, but you'd have to make sure you get at least $30 worth of value from the other features.
Keep in mind that this example does not consider the cost of any interest that might be charged if you carried a balance from your purchases. The bottom line? There is no one "best" cashback card for everyone because the value you get from a cash back offer depends on your personal spending habits and card preferences.
While the cashback rate varies from card to card, most cashback returns are somewhere between 1-2% of the total value of the transaction. This figure can jump when you look at some bonus cashback rewards schemes or when a fixed rate of cashback is offered (such as $20 or $50 when you first use the card).
Yes, you can generally use cashback rewards to pay your card's annual fee or the outstanding balance of a credit card. If you plan to use cashback to help pay off your balance, just be aware that you usually still need to make a minimum payment on your account by the statement due date.
Anyone who meets the eligibility requirements for a cashback credit card can apply. These requirements vary between cards, but you can usually expect the following:
Eligibility requirements
Credit card eligibility requirements are usually listed on individual card pages, as well as at the start of an online application. Make sure you read them before you apply to help save you time.
How to apply
You can apply online in around 10-20 minutes. Before you apply, make sure you meet the eligibility requirements and have the necessary documents needed to complete your application.
What you'll need to provide
Once you have completed and submitted your application, you'll usually receive a response from the credit card provider within 60 seconds. If you're approved, you'll receive your card in the mail within 1-2 weeks.
Picture: Shutterstock
Back to topAmy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
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Could you help me narrow my search? Is there any credit cards at all I can qualify for whilst bankrupt
Hi Corey,
Thanks for leaving a question on Finder.
Payment defaults and bankruptcy are among the items on your credit report that could seriously hurt a credit card application. Instead of going down that route, perhaps a wiser move would be to consider your other credit options. Here are some alternatives you may find helpful:
Please send me a message if you need anything else and I hope you get through this difficult time.
Cheers,
Joel
Hi. I would like to be approved for a credit card but l have always been denied. l am a Centrelink recipient. Please let me know if I eligible for any low rate credit card with no annual fees?
Hello Marissa,
Thank you for your comment.
Low-rate credit card eligibility for pensioners depends on whether you meet the application requirements. Generally, the bank will request a specific minimum income per year. If your primary form of income is through Centrelink benefits, contacting the bank to determine whether Centrelink qualifies as a form of income would be ideal.
You may refer to our list of credit card designed for pensioners. Our page has a table with the list of providers who consider Centrelink payments as an income. Click the name of the provider to see more details about the feature of the credit card. When you are ready, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Please make sure though to read the eligibility criteria, features, and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn
Did i get approved?
Hi Ejay,
Thanks for contacting Finder.
For the status of your application, you may get in touch with the bank directly. You may also check our guide about checking credit card applications.
I hope this helps.
Sharon
Can i transfer several card balances of under $5 each onto to 1 of these single prepaid woolworths money cards plz?
Hi Nat,
Thanks for your question.
This will depend on whether all of these cards are yours or not. It might be best to get in contact with Woolworths directly to see if this will be possible with your account.
Thanks,
Elizabeth
How do I redeem money for cash back? I paid for my PC on my Westpac credit card.
Hi, Ann.
I’m not sure I understand the question. Can you please elaborate on what you’re looking for and the product you used to make the purchase. ‘
Thanks for your question.