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While some credit cards reward you with points, a cashback card offers the ultimate flexibility by giving you credit 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. On this page you can learn about credit cards that offer cash back rewards and compare your options.
Offer ends 31 March 2021
Eligibility criteria, terms and conditions, fees and charges apply
The Westpac Low Rate credit card features a long-term balance transfer offer and a low variable interest rate on purchases.
The cashback offers below come in the form of statement credits, gift cards or vouchers. Click on the blue circle in the Cashback column for more details about each offer.
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:
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 cashback 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 cashback 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 cashback 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.
A cashback credit card is a type of rewards card that lets you earn money back in the form of credits or vouchers for your spending. Standard rewards cards offer points for your eligible spending, which you can redeem for merchandise, vouchers, cashback and more.
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.
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Get $250 credit back when you meet the eligibility requirements and 55 days interest-free on purchases.