Cashback Credit Cards

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

Cashback credit card offers are an enticing proposition for rewards seekers and there are a few different types of cashback offers available on the Australian market. These generally include receiving a percentage of your total spend as cashback at the end of the month, a one-off cashback payment as part of a special promotion or the option to convert your rewards to cashback on your account. 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.

American Express Essential®  Credit Card

Cashback Credit Cards

With an American Express Essential Credit Card, you can receive $50 credit to your account and enjoy a long-term balance transfer offer, without having to pay an annual fee for the life of the card.

  • $0 p.a. annual fee
  • 14.99% p.a. on purchases
  • 0% p.a. for 12 months with 1% balance transfer fee on balance transfers
  • Up to 55 days interest free
  • Minimum Income Requirement of $40,000 p.a.

Compare Cashback Credit Cards

Name Product Product Description Bonus Points Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Purchase rate (p.a.) Annual fee
American Express Essential®  Credit Card
Receive a $50 credit when you apply online, are approved and spend $750 within the first 3 months of card membership.
1
14.99% p.a.
$0 p.a.
Citi Rewards Classic Credit Card
Receive up to 5% cash back on all retail purchases, up to $1,000 in your first 90 days from card approval (capped at $50).
1
0
20.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Citi Simplicity Card
Receive 10% cashback on eligible purchases (capped at $50 per month for 4 months from card approval).
0
0
19.99% p.a.
$0 p.a.

Compare up to 4 providers

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 cashback you'll receive may be a specific dollar amount or a percentage of each transaction. For example, some issuers will include a cashback 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 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 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 cashback 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.

Sponsorship - NAB Rewards Platinum Card - Rewards Offer - PE-39853

Rewards Credit Card Offer

With a new NAB Rewards Platinum Card, earn 80,000 bonus points when you spend $2,500 on everyday purchases within 90 days. Plus, enjoy $0 annual card fee for the first year.

  • Earn 80,000 bonus points when you spend $2,500 on everyday purchases within the first 90 days of account opening.
  • Save with a $0 annual card fee for the first year.
  • Redeem 80,000 bonus points for $400 in vouchers to use at Coles, BP, Bunnings, David Jones, GoodFood, JB Hi-Fi and more.
  • Earn triple points with Webjet, when travelling overseas or on overseas purchases made in Australia. Intl transaction fees apply.
  • Eligibility criteria, T&Cs, fees and charges apply.

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

    Name Product Product Description Bonus Points Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Purchase rate (p.a.) Annual fee
    NAB Rewards Platinum Card
    Earn 1 NAB Rewards Point per $1 spent and receive double points on purchases made in major department and hardware stores.
    80,000 bonus points
    1
    19.99% p.a.
    $0 p.a. annual fee for the first year ($195 p.a. thereafter)
    American Express Essential®  Credit Card
    A no annual fee card that collects up to 1 Membership Rewards point for every $1 spent.
    1
    14.99% p.a.
    $0 p.a.
    Citi Qantas Signature Credit Card
    Fly faster with up to 1 Qantas Point per $1 spent and receive a complimentary Priority Pass membership.
    50,000 bonus points
    1
    0
    20.99% p.a.
    $199 p.a. annual fee for the first year ($395 p.a. thereafter)
    ANZ Rewards Platinum
    Receive 50,000 bonus Reward Points when you spend $2,500 within the first 3 months plus enjoy a $0 annual fee for the first year.
    50,000 bonus points
    1.5
    18.79% p.a.
    $0 p.a. annual fee for the first year ($95 p.a. thereafter)
    Citi Rewards Signature Credit Card
    Earn 1.5 Reward Points per $1 spent and receive a complimentary Priority Pass membership with two airport lounge visits per year.
    75,000 bonus points
    1.5
    0
    20.99% p.a.
    $199 p.a. annual fee for the first year ($395 p.a. thereafter)
    Citi Prestige Card
    Earn up to 5 Reward Points per $1 spent and receive one free night at a premium hotel.
    70,000 bonus points
    2
    20.99% p.a.
    $700 p.a.
    ANZ Rewards Credit Card
    Receive 25,000 bonus points when you spend $2,500 on eligible purchases in the first 3 months from approval, earn up to 1 point per $1 spent on eligible purchases, plus enjoy a $0 annual fee for the first year.
    25,000 bonus points
    1
    18.79% p.a.
    $0 p.a. annual fee for the first year ($80 p.a. thereafter)

    Compare up to 4 providers

    How can I compare cashback credit cards?

    As there are a few 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 cashback 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 cashback 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 cashback 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 cashback (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

    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).

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

    We include the 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 Velocity Platinum Card
    American Express Velocity Platinum Card

    Interest rate

    20.74

    Annual fee

    375
    ANZ Platinum Credit Card - Exclusive Offer
    ANZ Platinum Credit Card - Exclusive Offer

    Interest rate

    19.74

    Annual fee

    87
    St.George Vertigo Platinum
    St.George Vertigo Platinum

    Interest rate

    12.74

    Annual fee

    99

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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 May 27th, 2017
    Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
    Virgin Australia Velocity Flyer Card - Exclusive Offer
    Earn 2 Velocity Points on top of the standard earn rate per $1 spent within the first 3 months, plus a $129 Virgin Australia Gift Voucher each year.
    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
    HSBC Platinum Credit Card
    Earn 1 Reward Point per $1 spent and receive an annual fee refund with minimum spend.
    19.99% p.a. 0% p.a. for 22 months with 2% balance transfer fee $99 p.a. Go to site More info
    ANZ Platinum Credit Card - Exclusive Offer
    Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
    0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
    NAB Premium Card
    An introductory rate of 0% p.a. for 24 months on balance transfers combined with premium benefits such as travel insurance covers.
    19.74% p.a. 0% p.a. for 24 months with 3% balance transfer fee $90 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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