Are you looking for a credit card that will reward you for your spending?

Rewards credit cards can do just that!
Earn points as you spend and redeem them for travel, gift cards, shopping and more with a rewards credit card. Think of it as forced savings for Christmas or that well deserved holiday.

Rewards credit cards give you extra benefits that you earn according to how much money you spend on your credit card. The lender converts your spending into rewards points, and when you redeem those points, the lender converts them into rewards for you.


There are four main types of rewards:

  • Cash back: These rewards suit customers looking for cash back or gift cards.
  • General rewardsThese rewards suit customers looking for a choice of options when redeeming points, such as merchandise, gift cards, automotive, entertainment, lifestyle, food and beverage, or additional rewards. A few providers who offer these types of rewards are Westpac Altitude Rewards Program, American Express Membership Rewards, NAB Flybuys, CommBank
  • Frequent flyer: These rewards suit customers looking for flights or other travel products. They are often directly linked to airline frequent flyer programs. Some airlines offering direct earn programs include Qantas, Virgin, Singapore Airlines and Emirates.
  • Instant rewards: These rewards suit customers looking for an instant discount at the point of sale.
  • Supermarket rewards. Woolworths and Coles have rewards credit cards that give you cash back in the form of shopping cards which you can use at the till to reduce the cost of your groceries.


Before you jump in and sign up with the flashiest card in the market here are a few reward card must-knows.
Rewards credit cards have higher interest rates and annual fees than standard credit cards so if you have an ongoing balance, the amount of money you will pay in interest and fees will outweigh the value you will get from any rewards.

  1. Points capping. Some rewards cards will have a cap on the amount of points you can earn in a month or over a year period. If you’re a big spender, a program that does not have any points caps would suit you.
  2. Points expiry. If it’s going to take you a while to build up enough points for a reward, you’ll want a program with no points expiry.
  3. Bonus points. With some rewards cards you will get the opportunity to earn bonus points. You might get them as a lump sum when you sign up for the card, or when you spend a set amount on the card in a specific time frame. When weighing up bonus points offers, you should review the ongoing interest rate and any fees attached to the card, especially if there are spending limits to earn the bonus points. You don’t want to overspend and get into debt just to earn $50 cash back for instance.
  4. Your lifestyle. Do you only ever travel with Virgin Australia? Then choose a program that’s linked with the Velocity Frequent Flyer program. If you want the flexibility to choose between travel or shopping rewards then go for a general rewards program that will allow you to redeem points for more than one type of reward.


If you’re shopping around for the best reward card, check out this great comparison site  

Find your best option here


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