Cashback Credit Cards

Free money! Now that we’ve got your attention, discover how you can be rewarded with a cash back credit card.

Cash back credit card offers are an enticing proposition for rewards seekers and there are a few different types of cash back offers available on the Australian market. These generally include receiving a percentage of your total spend as cash back at the end of the month, a one-off cash back payment as part of a special promotion or the option to convert your rewards to cash back on your account. You can use this guide to compare cash back credit card options, learn how they work and discover how you can get the most value out of this type of credit card.

Compare Cashback Credit Cards

Rates last updated December 3rd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
Virgin No Annual Fee Credit Card
$100 cashback and a no annual fee card with balance transfer offer. Spend criteria applies for cashback offer.
18.99% p.a. 0% p.a. for 18 months with 2% balance transfer fee $0 p.a. Go to site More info
Citi Rewards Platinum Card - Cashback Offer
Earn $250 cashback on eligible spend, plus enjoy 0% p.a. balance transfer offer for 12 months, discounted annual fees for the life of the card and a complimentary travel insurance.
20.99% p.a. 0% p.a. for 12 months $99 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info
ANZ Low Rate
$100 Back plus 0% p.a. for the first 6 months on purchases from approval.
0% p.a. for 6 months (reverts to 13.49% p.a.) $58 p.a. Go to site More info
Commonwealth Bank Business Interest-Free Days Credit Card
Take advantage of $0 annual fee for the first year and receive $250 cash back (spend $500 by 31 March 2017).
17.57% p.a. $0 p.a. annual fee for the first year ($60 p.a. thereafter) Go to site More info
ANZ Low Rate Platinum Credit Card
$250 Back plus 0% p.a. for the first 6 months on purchases from approval.
0% p.a. for 6 months (reverts to 13.49% p.a.) $99 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases.
19.99% p.a. 0% p.a. for 9 months $0 p.a. Go to site More info

Compare credit cards that allow you to redeem rewards points for cashback

Rates last updated December 3rd, 2016
Rewards Points per $ spent (AMEX) Rewards Points per $ spent (VISA/MC) Bonus Points Annual fee
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
1 $0 p.a. Go to site More info
Citi Qantas Signature Credit Card
Earn up to 50,000 bonus Qantas Points when you spend $2,000 or more on eligible purchases in the first 90 days. Plus, enjoy introductory interest rates on balance transfers and purchases with a discounted annual fee of $199 in the first year.
0 1 50,000 bonus points $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0 1 $149 p.a. Go to site More info
Citi Rewards Platinum Card - Cashback Offer
Earn $250 cashback on eligible spend, plus enjoy 0% p.a. balance transfer offer for 12 months, discounted annual fees for the life of the card and a complimentary travel insurance.
0 1.25 $99 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info
ANZ Rewards Platinum
Receive 50,000 bonus Reward Points after your first eligible purchase is made within 3 months of card approval and earn up 2 Reward Points for every dollar spent on purchases.
2 1 50,000 bonus points $95 p.a. Go to site More info

The finder.com.au list of cashback credit cards

Compare the features of the cashback credit cards below.

Credit CardCashback Amount
$100
$250
$100
$250
$100

Guide to cashback credit cards and offers

handful-of-cash-cashback-offers

What are cashback credit cards?

A cashback credit card rewards cardholders with money in their account when they spend on the credit card. Depending on the offer, the cash back you'll receive may be a specific dollar amount or a percentage of each transaction. For example, some issuers will include a cash back offer when you first sign up and spend a certain amount within a set period of time. Others may run cashback promotions for existing customers, such as $20 back on their account when they spend with a partnered retailer.

How do cashback cards work?

There are three ways you can earn cashback on your credit card purchases:

  1. Instant cashback when you make an eligible credit card purchase. For example, if you make a credit card purchase of $1,000 and there is a 2% cashback promotion, the credit card provider will give you $20 back.
  2. Cashback promotional offers on sign up. Some cards have a cash back promotion for new customers. These offers usually require you to apply before a set date and spend a specific amount within the first few months you have the card.
  3. Cashback via a credit card rewards program. As well as using points for flights or merchandise, some credit card rewards programs give you the option to redeem your points for cash back on your account.

While there are many cashback offers on the market, it's important to note that the terms and conditions will vary from card to card. Make sure you read the card's Product Disclosure Statement for more information. Generally, transactions like cash advances, balance transfers, and refunded purchases are ineligible for cashback rewards.

How can I compare cashback credit cards?

As there are many different cashback credit cards on the market, it's important to compare your options before making a decision:

  • The cashback amount. Obviously, the amount you'll actually be rewarded with should be considered. If you have to make a purchase to receive the cash back offer, make sure that it fits in with your spending plans and isn't just for the sake of the cashback offer.
  • Paying off your balance. As you'll often have to spend a specific amount to redeem the cash back offer, make sure you can afford to pay this off before the statement period ends. The cashback offer won't hold much value if you're unable to pay back what you spent and it starts collecting interest.
  • Ineligible transactions. As mentioned, the cashback offer won't apply to all transactions. Cash advances (such as ATM withdrawals), some bill payments, gambling transactions and credit card fees are usually considered ineligible transactions. Don't waste your money using a credit card for these types of transactions if you're trying to get a cashback offer through your account spending.
  • Rewards value. Before you use your points for a cashback reward, do your calculations and make sure that there aren't any other rewards (such as flights, travel upgrades or merchandise) that might have a retail or regular price value that outweighs the cash back amount.
  • Offer terms and conditions. As cashback rewards are usually offered as a special promotion, make sure you understand the terms and conditions before signing up. Depending on the offer, you may want to look for the date the offer expires, spending requirements or participating retailers to take advantage of the cashback reward.

What are the advantages and drawbacks of cashback credit cards?

Weighing up some of the pros and cons could help you determine whether a cashback credit card is right for you.

Pros

  • Money in your pocket. Every time you spend, you have the potential to get some money back through this type of offer. If you already had to make purchases, any return in value is a bonus, no matter how small.
  • Other extra features. Credit cards with cashback promotions may offer other features such as complimentary travel insurances, rewards programs and concierge services. These can help increase the value of your card if you're opting for a premium product.

Cons

  • High annual fees. Credit cards with cashback rewards generally charge a higher annual fee than low rate credit cards. Make sure your annual spend is high enough so the value you get back from the rewards is higher than the annual fee.
  • Rates of interest. If the cashback offer is a feature of a more premium product, you may find that it comes with higher interest rates. Make sure you can repay the amount you've charged for the cash back (as well as other purchases) before the end of the statement period, otherwise the interest you'll accrue might outweigh the value you're receiving from the cashback offer.
  • Limited rewards. Some cashback credit cards may have a cap on the number of times you can redeem a cashback offer. For example, some many only allow you to receive the cashback once, while others may allow you to take advantage of it up to a capped amount of times in a set period.

How to apply for a cashback credit card

If you've decided you want a cashback credit card, you can apply online in around 10-15 minutes via a secure web service. But before you apply, make sure you meet the eligibility requirements and have the necessary documents needed to complete your application. These will vary from card to card, but you can usually expect the following eligibility:

Eligibility requirements

  • Age. Cardholders must be at least 18 years of age.
  • Residential status. Most credit cards require cardholders to be permanent Australian residents, though some do offer products to specific visa holders.
  • Minimum income. The minimum income requirement will vary between cards, but they usually start at $15,000 p.a. for low income cards and between $60,000 and $100,000 for higher-tier products.
  • Credit history. All Australian credit card issuers require applicants to have a good credit history.

Necessary documents and information

  • Proof of identification. You'll be required to provide a copy of your driver's licence, Medicare card and/or passport for proof of identification.
  • Proof of income. You'll be asked to provide your employer's details, as well as a recent tax return and/or payslips. If you're self-employed, you'll need to include your accountant's details.
  • Financial information. You will need to provide other information about your finances including debts, liabilities and expenses.

Once you've provided all of this information and hit "submit", you should receive a response regarding your application within 60 seconds. If you're approved, you'll receive your card in the mail within 1-2 weeks. If the card has a cashback offer, you should read the Product Disclosure Statement to confirm the terms and conditions and when you can expect to receive the cashback credit in your account.

If you're looking for a new credit card, a product with a cashback offer could provide you extra incentive to pay on plastic. While cashback offers can be rewarded, they always come with terms and conditions, so make sure you understand what these are and compare your options before you apply for the card.

Popular questions about using cashback credit cards

How much cash can I expect to get back when I spend?

While the cashback rate varies from product to product, most cashback returns are somewhere between 1-2% of the total value of the transaction. This figure can jump when you look at merchant and retailer bonus cashback rewards schemes, or when a fixed rate of cashback is offered (ie. $20 or $50 when you first use the card).

Can I use cashback to pay the annual fee or my credit card debt?

Yes, you can generally use cashback rewards to pay your card's annual fee or the outstanding balance of a credit card.

Where can I find out more about cashback and rewards points capping?

We include all relevant information about cashback and rewards points capping on our cashback credit card review and application pages. If you're interested in a specific cashback credit card or rewards program, you may also want to read through the Product Disclosure Statement provided by the credit card issuer. This will outline the full terms and conditions of the cashback offer or rewards program.

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Read more on this topic

American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
ME Bank frank Credit Card
ME Bank frank Credit Card

Interest rate

11.99

Annual fee

0
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149

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6 Responses to Cashback Credit Cards

  1. Default Gravatar
    ejay | April 27, 2016

    Did i get approved?

    • Staff
      Sharon | April 27, 2016

      Hi Ejay,

      Thanks for your inquiry.

      Please note that you have reached finder.com.au, an online comparison service, and is not directly connected with any credit card issuer. For the status of your application, you may get in touch with the bank directly. You may also check our review on how to check on your credit card application.

      I hops this helps.

      Sharon

  2. Default Gravatar
    Nat | September 30, 2014

    Can i transfer several card balances of under $5 each onto to 1 of these single prepaid woolworths money cards plz?

    • Staff
      Elizabeth | September 30, 2014

      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

  3. Default Gravatar
    ann | April 7, 2014

    How do I redeem money for cash back? I paid for my PC on my Westpac credit card.

    • Staff
      Jacob | April 7, 2014

      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.

Credit Cards Comparison

Rates last updated December 3rd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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