Money Hack: How to get fee-free cash from your credit card

Elizabeth Barry 27 September 2017

credit card cashback

Points aren't the only way your credit card can reward you.

Now don't get me wrong, I love rewards points. They can save you money on flights, get you cabin upgrades or help you book accommodation. But hey, money isn't bad either.

The hack

If you prefer money to rewards points, sign up to a cashback credit card. These cards give you money in a few different ways, including a one-off cashback payment for signing up to the card and meeting spend requirements as well as earning a percentage back on certain purchases.

Most cashback offers come with certain conditions you need to meet, such as the percentage you receive back only being on particular purchases. For signup cashback promotions, you will usually need to meet a minimum spend requirement within the first few months of opening the card account.

Remember to check the terms and conditions of the cashback offer before you apply.

You also need to take into account the annual fee, interest rate and other associated card costs before you sign up otherwise you could end up spending more than you're getting back.

Here are some of the current cashback offers that are available:

Rates last updated February 19th, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
Citi Simplicity Card
19.99% p.a.
$0 p.a.
Earn 5% cashback on eligible purchases (capped at $50 per month) for the first 90 days from card approval. Plus, a 15 month balance transfer offer.
Virgin Money Low Rate Credit Card
11.99% p.a.
$49 p.a.
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 14 months interest-free on balance transfers.
Citi Rewards Classic Credit Card
Citi Rewards Program

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.

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finder money hacks is a bi-weekly roundup of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.

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