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Guide To Cashback and Gift Cards – Rewards Programs

Cashback rewards on your credit card means you can redeem your points for almost everything.

Some of the most popular reward program features is the cashback. This includes vouchers or credit that you can redeem your reward points for. One of the biggest advantages of cashback rewards is that you can buy your own rewards from your favourite retailers - great for those who don’t have time to browse through rewards and catalogues.

Comparison of credit cards with cash gift cards as part of their rewards program

Rates last updated November 16th, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
St.George Amplify Signature - Online Offer
100,000 bonus points
Amplify Rewards
1.5
19.49% p.a.
$0 p.a. annual fee for the first year ($279 p.a. thereafter)
Enjoy a $0 first year annual fee, 100,000 bonus Amplify Points and 2 complimentary lounge passes per year.
HSBC Platinum Credit Card
HSBC Rewards Plus
1
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
HSBC Platinum Qantas Credit Card
60,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$199 p.a.
Enjoy 60,000 bonus Qantas Points when you spend $3,000 within the first 3 months. Plus, complimentary travel insurance.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months and save with a $64 first year annual fee. Plus, a long-term balance transfer offer.
St.George Amplify
Amplify Rewards
1
0% p.a. for 14 months (reverts to 19.49% p.a.)
$79 p.a.
Take advantage of 0% p.a. interest on purchases for the first 14 months. Plus, earn 1 Amplify Point per $1 spent on eligible purchases, uncapped.
American Express Platinum Card
80,000 bonus points
Membership Rewards Ascent Premium
1
$1,450 p.a.
Annual $450 Platinum Travel Credit, 80,000 bonus Membership Rewards points and access to more than 1,200 VIP lounges worldwide.
ANZ Rewards Credit Card
25,000 bonus points
ANZ Rewards Program
1
18.79% p.a.
$80 p.a.
Earn uncapped Reward Points and get 25,000 bonus points when you spend $1,500 within the first 3 months from approval.
ANZ Rewards Platinum
75,000 bonus points
ANZ Rewards Program
1.5
18.79% p.a.
$95 p.a.
Receive 75,000 bonus Reward Points when you spend $5,000 on eligible purchases in the first 3 months, plus up to 1.5 points per $1 spent.
Westpac Altitude Black
80,000 bonus points
Westpac Altitude Rewards
1.25
20.24% p.a.
$250 p.a.
Earn 80,000 bonus Altitude Points when you spend $3,000 on eligible purchases. Plus, 2 yearly Priority Pass lounge invitations.
Bank of Melbourne Amplify Platinum
50,000 bonus points
Amplify Rewards
1
19.49% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Receive 50,000 bonus Amplify Points when you spend $2,000 within 90 days. Plus, enjoy a $0 first year annual fee and uncapped rewards points.

Compare up to 4 providers

Types of cashback rewards programs

There are three major types of cash rewards programs:

  • Cashback on application. This is when you receive a gift voucher for being approved for an eligible credit card. Usually there are terms and conditions so make sure you read the fine print to be eligible.
  • Cashback as part of their rewards program. Points based programs allow the cardholder to save up all the points they want, which they will then redeem for cash which can be credited to the account to pay annual fees, charges or pay down their balances.
  • Store vouchers as part of their rewards program. There are reward points programs which allow you to redeem your points for shopping vouchers and gift cards. You can save all the points you want and redeem them for gift cards to your favourite retailers, allowing you to literally choose your own reward for spending money using your credit card.

Popularity of cashback reward credit cards

Cashback credit cards have proven to be very popular because of their simplicity. These rewards provide you with the opportunity for redeeming reward points for vouchers that are easy to use, or even cash credited straight to your account which you can use towards the annual fee.

These type of rewards are great for those who don’t have time or the patience of looking for a worthwhile reward. It’s also incredibly useful when you want to use your rewards for everyday spending, as the rewards are nearly as good as cash.

Comparison of credit cards with cashback offer

Rates last updated November 16th, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
Virgin Money Low Rate Credit Card
11.99% p.a.
$49 p.a.
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.
ANZ Frequent Flyer Black
120,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$425 p.a.
Earn 120,000 bonus Qantas Points & $150 back when you spend $7,500 in the first 3 months. Plus, 75 Status Credits and lounge passes.
Citi Rewards Classic Credit Card
Citi Rewards Program
1
20.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
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.
ANZ Frequent Flyer Platinum
75,000 bonus points
Qantas Frequent Flyer
0.75
19.99% p.a.
$295 p.a.
Receive 75,000 bonus Qantas Points and $75 back to your card when you spend $5,000 on eligible purchases within 3 months.
ANZ Rewards Black Credit Card
120,000 bonus points
ANZ Rewards Program
2
18.79% p.a.
$375 p.a.
Receive 120,000 bonus Reward Points and $100 back onto your card when you spend $7,500 within the first 3 months, plus, lounge passes.

Compare up to 4 providers

How much is a cashback worth?

To truly understand how much your cashback rewards are worth, we crunched the numbers on two credit cards.

Comparison between Citi and Amex cards

We compared the Citi Reward Signature credit card with the American Express Platinum Edge credit card to see which card will return more value for cashback rewards. While the American Express Platinum Edge is clearly a winner, it’s important to remember that American Express generally has a higher points earning ratio compared to Mastercard or Visa. Citi credit cards are eligible for their fine dining program where you can get a free bottle of wine every time you dine at eligible restaurants.

Citi Reward Signature Credit CardAmerican Express Platinum Edge Credit Card
Annual fee$199$195
Annual spend$24,000$24,000
Points per $11.53
Points earned30,00072,000
Equivalent in cashback$159.60$533.30
Ratio based on$100 Citi Prepaid Gift Card - 18,800 points$100 Coles Myer Gift Card - 13,500 points
Difference in comparison to annual fee- $39.40+ $338.30

*This comparison doesn’t take into account your personal situation and is used as a general demonstration. All fees and points earning rates are correct as of 18/10/2013.

Redeeming rewards for cash or vouchers gives you the simplicity and ability to redeem points for your everyday spending. You can use the cash to source out items that are already discounted or have the flexibility to purchase your preferred brand.

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Credit Card Offers

Important Information*
Citi Platinum Credit Card - Exclusive...

Interest rate

20.99

Annual fee

49*

*$149 p.a. after first year

Virgin Australia Velocity Flyer Card ...

Interest rate

20.74

Annual fee

64*

*$129 p.a. after first year

American Express Westpac Altitude Pla...

Interest rate

20.24

Annual fee

50*

*$249 p.a. after first year

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