Dual Credit Cards

Information verified correct on December 7th, 2016

Learn how a Dual Credit card can help you earn more rewards points

The thinking behind dual credit cards, or companion credit cards, is that customers can benefit from having the best of both worlds. The wide acceptance of both Visa and MasterCard in millions of outlets around the world gives customers the freedom and convenience to pay for things anywhere they go.

Dual Credit Cards Comparison

Rates last updated December 7th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
NAB Qantas Rewards Premium Card - Exclusive Offer
Get 75,000 bonus Qantas Points plus enjoy a low promotional offer of 4.99% p.a. for 6 months on balance transfers.
19.99% p.a. 4.99% p.a. for 6 months $250 p.a. Go to site More info
ANZ Frequent Flyer
Receive 25,000 bonus Qantas Points when you apply online, are approved and spend $2,500 on eligible purchases within the first 3 months. Plus enjoy a waived annual fee for the first year.
19.99% p.a. $0 p.a. annual fee for the first year ($95 p.a. thereafter) Go to site More info
ANZ Frequent Flyer Black
Earn 75,000 bonus Qantas Points after you spend $2,500 on eligible purchases within the first 3 months plus enjoy $0 annual fee for the first year. Plus, enjoy easy payments with Apple Pay.
19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info
ANZ Rewards Platinum
Enjoy accelerated points earning and great Platinum features with ANZ Rewards Platinum. Also offering 50,000 Reward Points after your first eligible purchase is made within 3 months of card approval.
18.79% p.a. $95 p.a. Go to site More info
ANZ Frequent Flyer Platinum
Get 50,000 bonus Qantas Points when you apply online, are approved and spend $2,500 on eligible purchases within the first 3 months. Enjoy a waived annual fee for the first year and earn up to 1.5 Qantas Points per dollar spent.
19.99% p.a. $0 p.a. annual fee for the first year ($295 p.a. thereafter) Go to site More info
ANZ Rewards Credit Card
Get 25,000 bonus Reward Points after your first eligible purchase is made within 3 months of card approval and earn 1.5 points per dollar spent.
18.79% p.a. $80 p.a. Go to site More info
ANZ Rewards Black Credit Card
Earn 75,000 Reward Points after your first eligible purchase within the first three months. Up to 3 reward points per dollar spent and unlimited access to airport lounges with complimentary travel insurance.
18.79% p.a. $375 p.a. Go to site More info
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases and receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months.
20.24% p.a. $225 p.a. Go to site More info
Westpac Altitude Black - Exclusive Offer
Earn 100,000 bonus points when you spend $5,000 on eligible purchases, choose between two reward programs offering Altitude or Qantas Rewards and receive premium cardholder benefits.
20.24% p.a. $395 p.a. Go to site More info

However, giving customers dual credit cards, such as an American Express card to go along with their Visa or MasterCard can also offer the kudos and privileges that comes along with this type of card.

Each of Australia's Big Four banks (Westpac, ANZ, NAB and Commonwealth Bank) all offer dual AMEX credit cards, but these companion cards are designed to make accumulating Reward Points much easier and quicker.

Rewards Program Credit Cards

How Dual Credit Cards Work

When you apply for a credit card from a lender offering dual credit cards, you receive your choice of a Visa or MasterCard, but you automatically receive an American Express card as part of the same approved credit limit.

Your credit card account is still only charged one fee, you can only access funds from the same credit limit and all your transactions are shown on the same statement. The benefit comes when you accumulate Reward Points.

Most lenders will offer bonus points for using your American Express card at places it's accepted, while you'll only earn a regular amount of points for using your Visa or MasterCard by comparison.

You might find that you'll earn 1.5 or even 2 points for every $1 you spend using your AMEX, while you might only earn 1 point for every $1 for using the other cards. This can seriously speed up the rate at which you accumulate your reward points.

Downsides to Dual Credit Cards

While the extra reward points might be tempting, there are some negative aspects to dual credit cards. Having an American Express card often costs more than other types of credit cards. Even though you're only charged one annual fee for having both cards, this fee is often higher.

You could also find that you're penalised if you carry an outstanding balance from month to month, as the APR (Annual percentage rate) is also higher than other comparable credit cards.

In order to negate these downsides, customers who regularly repay their outstanding balance down to zero each month before the statement due date can often benefit from offerings of up to 55 days interest free credit. This could mean they'll pay no interest at all while they're earning more reward points that could easily make up for the cost of the annual fee.

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2 Responses to Dual Credit Cards

  1. Default Gravatar
    Godwin | April 5, 2013

    what is a dual credit card?

    • Staff
      Jacob | April 5, 2013

      Hi Godwin. Thanks for your question. A dual credit card, also referred to as a companion credit card, is a credit card account that comes with both a linked Visa / MasterCard (MC) and an American Express (AMEX) Card. These accounts have the advantage of giving cardholders the opportunity to earn maximum points. So where Amex is accepted you use that card and get more points than if you used a Visa / MC. Where AMEX isn’t accepted you use your Visa / MC. Spending on either card is linked to the one credit account, there’s a shared credit limit between the cards, and the primary cardholder is responsible for spending on both cards. Hope this has helped. Jacob.

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