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Rewards Credit Card Comparison: Uncapped Rewards Points Earning

Information verified correct on December 10th, 2016

Wouldn’t you like unlimited point earning potential? You can get that and more when you sign up for a rewards credit card with uncapped points earning

Being rewarded with points to use on things you love is like shopping at the sale price every time you use your card. Uncapped points earning makes it even better by allowing you to save up for a rainy day. While some reward cards will limit how many points you can earn each year, an uncapped card will let keep on building your account until a reward comes along that catches your eye.

Rates last updated December 10th, 2016
Rewards Points per $ spent (AMEX) Rewards Points per $ spent (VISA/MC) Bonus Points Annual fee
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.
1.5 0.75 75,000 bonus points $0 p.a. annual fee for the first year ($425 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
American Express Velocity Escape Card
Enjoy 7,500 bonus Velocity Points when you meet the minimum spend requirement and earn up to 2 points for every $1 you spend, together with a $0 annual fee.
1 0 7,500 bonus points $0 p.a. 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
American Express Velocity Platinum Card
Enjoy up to 50,000 bonus Velocity Points when you meet the minimum required spend and earn up to 3 rewards points per dollar spent. Also receive a complimentary return flight every year.
1 0 50,000 bonus points $349 p.a. Go to site More info
American Express Qantas Discovery Card
Take advantage of 7,500 bonus Qantas Points, no annual fee and Earn 7,500 bonus points and enjoy 0% p.a. on balance transfers for 12 months when you apply and are approved.
1 0 7,500 bonus points $0 p.a. Go to site More info
ANZ Rewards Credit Card
Get 25,000 Reward Points after your first eligible purchase is made within 3 months of card approval. Also earn unlimited reward points and redeem them for a large variety of rewards.
1.5 0.75 25,000 bonus points $80 p.a. Go to site More info
American Express Qantas Ultimate Card
Enjoy up to 100,000 bonus Qantas Points on eligible spend, earn up to 3 Qantas Points for every $1 spent and get a free domestic return flight every year.
1 0 100,000 bonus points $450 p.a. Go to site More info
St.George Amplify Platinum
This card features a 30,000 bonus points offer, introductory interest rates on balance transfers and purchases and an annual fee waiver for the first year.
0 1 30,000 bonus points $0 p.a. annual fee for the first year ($99 p.a. thereafter) Go to site More info
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and get 0% p.a. for 12 months on balance transfers.
1 0 10,000 bonus points $195 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.
3 1.25 75,000 bonus points $375 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.
3 1.25 100,000 bonus points $395 p.a. Go to site More info

What are credit cards with uncapped points earning?

A rewards credit card that offers uncapped points allows you to continue earning points no matter how large your balance is. Families who need more than one ticket when travelling will benefit from an uncapped frequent flyer rewards card, while being able to hoard your points with a shopper’s rewards card could help in knocking out your holiday shopping without spending a dime. These cards are ideal for Australians who charge large amounts frequently, and want to take full advantage of their spending habits. Businesses can benefit too, especially if they make multiple airline ticket purchases throughout the year.

Which rewards programs offer credit cards with no points cap?

You have a few different rewards cards to compare when deciding on an uncapped rewards credit card. While doing your comparisons, don’t forget to check other features such as monthly fees and accessibility:

  • Westpac Altitude Black. Not only will you get to choose the type of uncapped rewards program to be a part of, Westpac is offering a special promotion of no interest on balance transfers for 16 months when you sign up before 30 January 2017. This card is only available online.
  • Virgin Australia High Velocity Flyer Card. Bonus points abound, allowing you to earn up to 30,000 just in the first three months. You can also get an exclusive reduced flight benefit when you and a friend travel across Australia.
  • American Express Platinum Edge Credit Card. Points with this program are divided into four tiers, allowing from 0.5 to 3 points depending on where you are using your card.
  • Coles Rewards MasterCard. Who wouldn’t want an instant $10 off their Coles grocery bill? There are tons of perks besides uncapped rewards with this credit card that make it worth a second look.
  • ANZ Frequent Flyer Black. Only for use with the Qantas frequent flyer program, ANZ awards you differently depending on whether you choose their Visa Black Card or the Black American Express, so be sure to look closely at the varying offers when comparing this card.
  • Woolworths Everyday Platinum Card. Frequent Woolworths’ shoppers will really benefit with an uncapped rewards card that earns cash back in the form of a gift card every four months.
  • ANZ Rewards. Points earned is dependent on whether you are eligible for the ANZ Rewards Visa or ANZ Rewards American Express, but either way you get 25,000 points after your first eligible purchase is made within three months of card approval.
  • Qantas American Express. Travellers should hurry if they want to take advantage of bonus points just for signing up by the end of September. Depending on your income you have the choice of a Discovery card or Ultimate card, both from American Express.
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Case study - Platinum Reserve Credit Card

  • Earn up to 2 points per dollar spent
  • Earn rate threshold is 150,000 points per year, reverting to 0.5 to 2 point per $1 spent thereafter
  • This means that you need to spent $75,000 p.a. until your points revert to a smaller ratio

However, you can find credit cards on the market that don’t have a cap on Qantas Points which can be redeemed for similar rewards. The table below compares the ANZ reward program with the Qantas frequent flyer one:

Qantas ANZ Frequent FlyerANZ Rewards American Express Credit Card
Annual Fee$95$80
Earning points ratio0.75 point per $199999 points per $1
$100 Myer Gift Card13,500 points = $13,50019,980 points = $9,990
Dreamworld & WhiteWater World - 1 Day World Pass13,000 points = $13,00016,875 points = $8,437.50
Nigellissima by Nigella Lawson8,000 points = $4,0008,355 points = $4177.50

Even though the ANZ rewards program seems to offer more value, if you’re comfortable with your current credit card that’s linked to a Qantas frequent flyer program or similar, then it may not be worthwhile to switch. Rewards shouldn’t be the only feature when considering to switch credit cards.

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What features come with cards with uncapped points earning?

  • Unlimited points - This doesn’t seem like such a big deal until you start adding up all the ways you can earn points. Why have a rewards card if it’s just going to cut you off once you have built up a useable balance?
  • Sign up bonus points - This can really give your rewards points a good starting kick-off. Some providers hand them out just for signing up, while other credit cards will impose spending terms first. This is definitely a point to consider when making your comparisons.
  • Balance transfers - You can save by consolidating your debt with a balance transfer offer at a lower interest rate. You can even find some that give you a year or more to pay down that debt with no added interest.
  • Multiple rewards - There are flight reward cards and shopping reward cards and then there are those that let you choose the rewards program that you will actually benefit from.
  • Traveller’s insurance - Even on a free flight, you should never travel without some insurance. Some of these cards provide traveller’s insurance as a part of their package.

Do capped points make a difference?

Not having to worry about reaching a cap can make a difference if you make frequent purchases with your rewards card and want to take full advantage of every possible point you can earn. If you are unlikely to reach the limit with your normal spending habits, there’s really no reason to concern yourself. As a rule, you should never make purchases on credit for the sole purpose of reaching a promotional goal. A rewards program should award you for your typical expenditures, not encourage you to make purchases you normally wouldn’t.

Credit cardCapApproximate spending
American Express Platinum300,000 points per year, reverting to 0.5 to 1 point per $1 spent thereafter.To reach 300,000 points you need to spend on average $150,000.
HSBC ClassicNo capNo average spend
ANZ RewardsNo capNo average spend
Commonwealth Bank Awards50,000 points cap$33,333 average spend per year
Westpac Altitude Black World MasterCardNo cap on eligible purchasesNo average spend
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How to compare credit cards with uncapped rewards points

One of the most important things to consider when using a rewards card with no points limit are the rewards. If you hardly ever travel for example, then a frequent flyer rewards program will be of no benefit to you. Once you have found a rewards card that fits in with your lifestyle, compare it to others taking these features under consideration:

  • Credit card provider and rewards program - Besides the rewards program, look at the other features you may be getting with the credit card. Waived fees, ATM accessibility, and low interest balance transfer offers are also important when considering the type of credit card you use.
  • Fees - Fees will vary depending on the provider and the type of rewards card being offered. They can be high, so ensure that the rewards program is one you will benefit from enough to justify paying an annual fee for.
  • Points to earn ratio - With some cards the points to earn ratio is very cut and dry, with a one dollar purchase equaling a point no matter where you use the card. Others are tiered, with more points being given for shopping with the credit card partners. Look at those partners to see if these are purchases you would normally make if you want to take advantage of the higher ratio.
  • Redemption - Being able to track and then redeem your points easily is another point to consider when looking at reward credit cards side by side.

What are the pros and cons of credit cards with uncapped points?

Pros

  • Bonus points - In many cases you are not only earning points for spending, you are given bonus points just for signing up.
  • Cash back - With cash or gift card reward programs, you are getting back a percentage of every purchase you make.
  • Diversity - There are uncapped reward programs available to can suit any lifestyle.

Cons

  • Overspending - You may find that you are spending on your credit card just to earn the points need to cash in on a reward.
  • Fees - Many of these cards come with high monthly maintenance fees.
  • Interest rate - You might find the interest rate on some of these cards to be slightly higher than with other types.

Using a rewards credit card is not without its risks. If you want to make sure that you are getting the most out of your spending, you will need to weigh the options carefully before making your final choice.

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Frequently asked questions

Other than frequent flyer miles, what other types of rewards are available?

That depends on the card, but there are some that offer deals on merchandise like clothing and gifts, or cash back cards that can be used at certain stores.

How do I figure out how many points I will earn?

By using the points to money spent ratio. If you are receiving two points for every dollar spent for example, then using your card to pay for $50 in groceries will equal 100 points.
No, with merchandise rewards cards you can split your points amongst as many items as you want.

If I use a frequent flyer rewards card am I able to choose my airline when purchasing tickets?

No, these are specific to the airline that is outlined in your rewards program.

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She is currently studying a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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