Cashback credit cards

Reward yourself with extra money in your account with a cashback credit card.

While some cards reward you with points, this type of credit card gives you cash rewards for your spend. There are a few different types of cashback offers available on the Australian market, with some cards offering introductory cashback promotions and others earning cash as a percentage of your spending. Some rewards credit cards also let you get cash back in the form of gift cards or account credit. You can use this guide to compare cashback credit card options, learn how they work and discover how you can get the most value out of this type of credit card.

Virgin Money Credit Card Offer

Virgin Money Low Rate Credit Card

0% p.a. for 14 months on balance transfers

Offer ends 31 October 2018

Eligibility criteria, terms and conditions, fees and charges apply

Virgin Money Credit Card Offer

Receive half the annual fee for life, 10% cashback (up to $100) on eligible purchases in the first 3 months and save with 0% p.a. on balance transfers for up to 14 months.

  • $49 p.a. annual fee.
  • 11.99% p.a. on purchases
  • Cash advance rate of 21.69% p.a.
  • Up to 44 days interest free
  • Minimum income requirement of $35,000 p.a.
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Compare cashback credit cards

Rates last updated October 16th, 2018
Name Product Purchase rate (p.a.) Interest Free Period Annual fee Balance transfer rate (p.a.) Product Description
Virgin Money Low Rate Credit Card
11.99% p.a.
Up to 44 days on purchases
$49 p.a.
0% p.a. for 14 months
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
Citi Rewards Classic Credit Card
20.99% p.a.
Up to 55 days on purchases
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 15 months with 1.5% balance transfer fee
Receive 1 point per $1 spent on eligible purchases, up to $50 cashback when you meet the minimum spend and a 15 month balance transfer offer.

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The finder.com.au list of cashback credit cards

Compare the features of the cashback credit cards below.

How do cashback cards work?

A cashback credit card gives you rewards in the form of dollars or credit on your account. These offers vary between cards, with some earning cashback rewards as part of an ongoing rewards program and others providing a one-time cashback reward offer for new customers. We've outlined the three main ways you can get cashback rewards from your credit card below:

  1. Cashback when you make an eligible credit card purchase. 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. Promotional offers on sign up. Some cards have a cashback 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 that 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. You can also redeem your reward or frequent flyer points for gift cards, which could come in handy if you'd prefer a cash reward over a flight or product.

Is there a catch?

Just like other rewards credit cards, you need to meet the spending requirements or eligibility requirements to get a cashback reward from a credit card. For example, you might only get money back for "eligible purchases", with common exclusions including cash advances, balance transfers and refunded purchases. Some cashback credit cards may also cap or limit the amount of money you can earn per month or year. Make sure you read the card's product disclosure statement for more information.

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

Rates last updated October 16th, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
NAB Rewards Platinum Card
60,000 bonus points
NAB Rewards
1
19.99% p.a.
$195 p.a.
Collect 60,000 bonus points when you spend $2,500 within 60 days of account opening. Plus, receive complimentary travel and purchase insurances.
Citi Signature Qantas Credit Card
50,000 bonus points
Qantas Frequent Flyer
0.5
20.99% p.a.
$248 p.a. annual fee for the first year ($444 p.a. thereafter)
Receive 50,000 bonus Qantas Points, 2 yearly airport lounge visits and complimentary travel insurance. Plus, a discounted first year annual fee.
Citi Signature Credit Card
300,000 bonus points
Citi Rewards Program
1
20.99% p.a.
$195 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn 15,000 monthly bonus reward Points for 20 months (300,000 total), enjoy a 0% p.a. balance transfer offer, plus, a $195 first year annual fee.
Citi Prestige Card
400,000 bonus points
Citi Rewards Program
3
20.99% p.a.
$700 p.a.
Earn 20,000 monthly bonus points for 20 months (400,000 total). Plus, unlimited airport lounge access and free hotel stays.
Bankwest More Mastercard
19,500 bonus points
Bankwest More Rewards Program
1.5
19.99% p.a.
$100 p.a.
Earn 1.5 More Rewards Points per $1 spent, 19,500 bonus points when you meet the spend criteria and receive a 0% p.a. balance transfer offer.
Bankwest More Platinum Mastercard
75,000 bonus points
Bankwest More Rewards Program
2
19.99% p.a.
$160 p.a.
Earn 2 More Rewards Points per $1 spent, 75,000 bonus points when you meet the spend requirement and save with 0% foreign transaction fees.

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How can I compare cashback credit cards?

happy couple comparing credit cards online

If you want to find the right cashback credit card for you, here are the key details to look at when you're comparing different options:

  • The cashback amount. Weigh up the value of the cash you'll get back based on your spending habits and the overall cost of the card (such as the annual fee and purchase rate). This will help you decide if the rewards are worth it.
  • Reward caps. Some cashback cards limit the amount of money you can get from them. For example, you might be able to get 1% cashback per $1 spent but have a limit of up to $20 per month.
  • Introductory offer requirements. If a credit card offers cashback 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.
  • Ineligible transactions. While most everyday purchases are eligible to earn cashback rewards, transactions such as cash advances, bill payments, gambling transactions and credit card fees are usually ineligible. Check these details before you get a card to decide if it suits your spending habits.
  • Rewards value. If you have a card that earns points and want to redeem them for a cashback reward, check to see if there are other rewards (such as flights, travel upgrades or merchandise) that have a retail or regular price value that is higher than the cashback amount. This will help you get the most value out of your rewards.
  • Other card features. Make sure you also consider the card's standard variable purchase rate as well as any additional charges, fees and complimentary extras. Along with the rewards and annual fee, these features will help you decide if the card suits all your needs.

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:

Advantages

  • Money in your pocket. This type of reward offer gives you the chance to get money back for paying with plastic.
  • Dollar value. Instead of earning points per dollar spent, cashback credit cards offer a straightforward dollar value for the rewards you earn.
  • Other extra features. Credit cards with cashback promotions may offer other features such as complimentary travel insurance, rewards programs and concierge services.

Drawbacks

  • High annual fees. Credit cards with cashback rewards charge a higher annual fee than no-frills credit cards. Ideally, the value you get back from the rewards should be higher than the annual fee.
  • Interest rates. 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 cashback (as well as other purchases) before the end of the statement period.
  • Limited rewards. Some cashback credit cards may have a cap on the number of times you can redeem a cashback offer. For example, some may 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 through a secure web service. 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 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.

Documents and details

  • Proof of identification. You'll need to provide a copy of your driver's licence, Medicare card and/or passport for proof of identification.
  • Proof of income. You'll need to provide your employer's details as well as a recent tax return and/or your pay slips. 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, one that offers cashback gives 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 the card.

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Popular questions about using cashback credit cards

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Credit Card Offers

Important Information*
Qantas Premier Everyday

Interest rate

19.99

Annual fee

0*

*$49 p.a. after first year

Westpac Low Rate Card

Interest rate

13.49

Annual fee

0*

*$59 p.a. after first year

ANZ Low Rate

Interest rate

12.49

Annual fee

58

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8 Responses

  1. Default Gravatar
    MarissaAugust 9, 2018

    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?

    • finder Customer Care
      JhezelynAugust 9, 2018Staff

      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.

      The credit cards listed on this page are designed for pensioners and it 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.

      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 chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  2. Default Gravatar
    ejayApril 27, 2016

    Did i get approved?

    • finder Customer Care
      SharonApril 27, 2016Staff

      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

  3. Default Gravatar
    NatSeptember 30, 2014

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

    • finder Customer Care
      ElizabethSeptember 30, 2014Staff

      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

  4. Default Gravatar
    annApril 7, 2014

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

    • finder Customer Care
      JacobApril 7, 2014Staff

      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 October 16th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Low Fee Platinum Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee.
Qantas Premier Everyday
19.99% p.a.
4.9% p.a. for 24 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of up to 40,000 bonus Qantas Points, a $0 first year annual fee plus complimentary overseas travel insurance.
Westpac Low Rate Card
13.49% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.
St.George Vertigo Platinum
12.74% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer, $0 first year annual fee, complimentary travel insurance and access to a 24/7 personal concierge service.

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* 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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