Best Rewards Credit Card

We compare the latest credit card rewards to help you select the best Rewards Credit card where reward earn rates, redemption opportunities and reward point capping levels are all integral to assessing the best choice for you.

Credit Card Rewards offered with many credit cards are customer loyalty programs which reward cardholders for using their credit card to pay for eligible purchases. There’s a range of credit card rewards programs offered by the credit card providers, which all operate in much the same way, where the more you spend on your reward credit card the more rewards you earn.

Thumb nab rewards platinum credit card

Introductory offer: 60,000 Bonus Points PLUS 0% p.a. on Balance Transfers for 6 Months

  • Earn Rate - 1 NAB Rewards Point for every $1 spend on everyday purchases
  • Earn double points - on purchases made in major department and hardware stores including Myer, David Jones, Bunnings, Mitre 10 and many more.
  • Earn triple points - with Webjet, when travelling overseas or on overseas purchases made here in Australia.
  • Up to 44 interest free days on purchases - providing you pay off your balance in full every month including any balance transfer amount.
  • 1 Additional Card Holder - No fee is charged, additional cardholder must be aged 16.
  • Card Security - Verified by Visa to protect your online payments.

Introductory offer: 60,000 Bonus Points PLUS 0% p.a. on Balance Transfers for 6 Months

  • Earn Rate - 1 NAB Rewards Point for every $1 spend on everyday purchases
  • Earn double points - on purchases made in major department and hardware stores including Myer, David Jones, Bunnings, Mitre 10 and many more.
  • Earn triple points - with Webjet, when travelling overseas or on overseas purchases made here in Australia.
  • Up to 44 interest free days on purchases - providing you pay off your balance in full every month including any balance transfer amount.
  • 1 Additional Card Holder - No fee is charged, additional cardholder must be aged 16.
  • Card Security - Verified by Visa to protect your online payments.

Full Card Review >>

Selecting the Best Rewards Credit Card

 

All Rewards Credit cards operate in exactly the same way, by awarding you Rewards for each eligible $1 of spend you make using your Rewards credit card. Any Rewards you earn can then be redeemed via the Credit Card providers online Rewards shop, which again all offer pretty much the same products and services. One redemption choice that does vary by provider is the selection of airline frequent flyer programs you are able to transfer Awards points to, we’ll cover this in detail later.

To Identify the Best Rewards Credit Card it is important to balance the costs of holding and using a Reward credit card with the reward earning potential, relative to your financial circumstances and how you plan on using the Rewards Credit Card.

How to assess the Point earning potential of reward credit cards

The point earning potential of Reward Credit Cards are determined by 6 features:

  1. Earn rate of the reward credit card

The earn rate defines the number of Points you earn per $1 of eligible spend, paid for using your Rewards Credit Card. Earn rates are generally in the range of 0.5 - 3 Points per $1 of spend, with the higher earn rates being reserved for Platinum and Black Reward Credit Cards.

  1. Bonus Partner earn rates

All Credit Card Reward programs include Bonus Partners, with any spend at these partners attracting higher earn rates, which tend to be at least double the standard point earn rate. Bonus Partners include travel agencies, car rental companies, top retail brands such as Rebel, Adair and Caltex.

  1. Introductory Bonus Reward Points

​The rewards credit card market is highly competitive and an incentive that all Reward credit card providers use to entice customers to select their reward credit card over a competitors, are generous reward point sign on bonuses. Increasingly these bonuses require specified spend thresholds to be reached before the points are deposited into your Awards account, So for example, spend $3,000 in the first 3 months with your Rewards Credit to earn 20,000 Bonus Awards Points.  These introductory Bonus Reward Point offers tend to be in the range of 10,000 - 60,000 Reward Points.

  1. ​Eligible Purchases

Rewards points are only awarded on credit card spend made on eligible purchases, these eligible purchases vary slightly by credit card provider but generally include everyday purchases and exclude balance transfers, utility bills and ATO transactions.

  1. Expiry of Award Points

Some rewards points have an expiry date, which is generally in the range of 24-36 months. Having earned the Reward points you should look to select a reward credit card that will allow you to redeem your points in a timeframe acceptable to you.

  1. ​Reward Points Capping

Many rewards credit cards limit the number of points which can be earned across a defined time period, usually monthly or annually. Once this “cap” is reached any further credit card spend will not be rewarded with Reward points. A limited number of Reward credit cards offer no points capping, but these are becoming more rare each year, as the credit card providers are gradually phasing this feature out.

 

Assessing the costs and charges of a rewards credit card

The costs to hold and use a Reward Credit Card are driven by 7 of the credit cards features:

  1. Purchase Interest Rate - The rate of interest that any purchases you make with the Reward Credit Card will incur if you do not clear the cards balance in full each month.
  2. Cash Advance Rate - The rate of interest any cash withdrawals you make using your Reward Credit card will incur. This rate is generally higher than the cards purchase rate and is charged from the date the withdrawal is made, so does not benefit from any interest free days.
  3. Interest Free Days - The number of days that your purchases will incur no interest so long as the monthly balance is repaid in full each and every month.
  4. Annual Card Fee - The fee charged to hold the credit card, charged annually on the anniversary date of holding the card. This fee ranges from $100 - $750 p.a. with the higher rates reserved for Platinum and Black Rewards Credit Cards which justify thee high fees by providing higher reward point earn rates, complimentary insurances, 24/7 concierge services and high reward point caps.
  5. Rewards Membership Fee - If the credit card is aligned to a specific loyalty program, that loyalty program may charge a membership fee that is generally an annual fee.
  6. Late Payment Fee - When a monthly repayment is made after the due date that is published on each credit card statement a late payment fee maybe added to your account.
  7. Cash Advance Fee - When you make a cash withdrawal from your credit card you maybe charged a fee which will be either a fixed fee or % of the amount withdrawn as a fee for the transaction.

 

Companion Reward credit cards

The majority of Rewards Credit Cards are now issued as companion credit cards, which sees you issued with 2 Reward credit cards, one an American Express Credit Card and a second that is either a Visa or MasterCard. The purpose of issuing 2 credit cards, which are managed on a single account and have a single credit limit, is to enable you to maximize any Reward point earning opportunities. The American Express Reward Credit Card offers a higher point earn rate, though does not offer 100% acceptance around the globe, this si where the second or companion card comes in, as Visa and MasterCard both deliver wide acceptance, though their Reward Point earn rates will be lower.  So the combination of the 2 reward credit cards provides maximum reward point earning and global coverage so you will always have a card that is accepted wherever you maybe.

 

Selecting the Best Credit Card Rewards Program

 

Each of the major Reward Credit Card issuers offer their own Rewards program, all operate in the same manner where Reward Credit Card holders earn pints and then redeem this via the Reward Program online store. Here we review the major Reward Programs offered by Westpac, St George, Citi, American Express, ANZ and Commonwealth Bank.

 

Westpac Altitude Rewards

Westpac Altitude Rewards can be earned from a choice of 5 Westpac Altitude credit cards including 2 Business Reward credit cards. Altitude Rewards has proved popular with Reward cardholders who want flexibility in how they redeem their reward points for frequent flyer points, as Altitude Rewards Points can be transferred to five frequent flyer programs including, Velocity Frequent Flyer Rewards, Malaysia Airlines Enrich, Cathay Pacific Asia Miles, Singapore Airlines KrisFlyer and Air NZ Airpoints. All (except Air NZ) transfer Altitude Reward Points to the airline programs at 2 Altitude Rewards Points for 1 frequent flyer point.

Continuing with the flexibility of redemption theme Altitude Rewards Points may also be used to book direct with 30 airlines. Complimenting these travel related redemption opportunities are an extensive range of goods and services available via the Altitude Rewards on line store.

Altitude Rewards points do not expire so long as you remain an Altitude Reward cardholder and all Altitude Rewards Credit Cards are issued as Companion Credit Cards.

 

St George Amplify Rewards

St George Amplify Rewards can be earned from a choice of 4 Amplify credit cards all of which are designed for personal as opposed to business use.

The Amplify Rewards program is popular with Reward credit cardholders who are not loyal to a single airline frequent flyer program and are thus looking to redeem their Amplify Reward points across multiple frequent flyer partners. St George has delivered on this demand for flexibility by enabling Amplify Reward cardholders to transfer their Amplify Rewards Points to 5 of the major frequent flyer programs including, Velocity Frequent Flyer Rewards, Malaysia Airlines Enrich, Cathay Pacific Asia Miles, Singapore Airlines Krisflyer and Air NZ Airpoints. All (except Air NZ) transfer Amplify Reward Points to the airline programs at 2 Amplify Rewards Points for 1 frequent flyer point.

Continuing with the flexibility of redemption theme Altitude Rewards Points may also be used to book direct with 30 airlines. Complimenting these travel related redemption opportunities are an extensive range of goods and services available via the Altitude Rewards on line store.

Amplify Rewards has a number of Bonus Partners who offer the highest Amplify Reward Point earn rates, these include Crown Hotels, Dreamworld, Holiday Inn Hotel and Resorts, Secure Parking and Park Royal Hotels.

 

Citi Rewards

Citi Rewards are offered across 4 Citi personal credit cards.

Citi, as one of the pioneers in credit card rewards consistently offer some of the most generous introductory bonus reward point offers and point earn rates. Each of the Citi Reward Credit Cards also includes the opportunity to participate in the Citi Dining Program that is very popular and well used by Citi Reward cardholders who frequently dine out and enjoy the free bottle of wine offer each time they dine at a participating venue..

Citi Rewards is one of the most flexible credit card points programs for Visa credit cards thanks to Citi’s investment in partnering with a broad range of  partners to whom Citi Rewards Points can be transferred.

To compliment the longstanding rewards partnerships with Velocity Frequent Flyer, Singapore Airlines KrisFlyer, Emirates Skywards and Cathay Pacific’s Asia Miles (for the Citi Prestige only), Citi have recently added a number of new point transfer partners - notably Hilton & IHG Hotels, Etihad Guest, Delta Skymiles and Garuda Airlines.

Citi has an established list of Bonus Partners who all offer 3 Citi Reward Points per $1 of spend, these partners include well known brands across a variety of services:

  • Accommodation - Intercontinental Hotels, Crowne Plaza Hotels and Resorts, Park Royal Hotels, Oaks Hotels and Resorts and Fraser Suites.
  • Shopping - Bose, Salvatore Terragamo and Fresh Flowers.com.au
  • Automotive - Wilson Parking and Europcar car rental

 

American Express Member Rewards

American Express Member Rewards are offered across 10 American Express credit cards issued by American Express 6 of which are designed for personal use, with 4 reserved for businesses.

Member Rewards are managed and redeemed via the American Express on line Reward store, via which you are able to transfer Member Rewards to nine Airline Frequent Flyer Programs including Virgin Australia Velocity Frequent Flyer, Emirates Skywards, Etihad Guest, Virgin Atlantic Flying Club, Singapore Airlines KrisFlyer, Air New Zealand Airpoints, THAI Royal Orchid Plus, Malaysia Airlines Enrich and Cathay Pacific Asia Miles. Continuing the travel theme, American Express Member Rewards can also be redeemed through the Travel Agency Partner, helloworld, or alternatively you may choose to use your Rewards with Webjet, American Express Travel Online, or a range of Hotel Guest Transfer Partners, you can even redeem your Rewards for foreign currency.

American Express Member Reward Points don’t have an expiry date or period. You may, however, forfeit points earned in the previous month if your account is overdue. You automatically lose points when you cancel your Card or cancel your enrolment in the Membership Rewards program. You must redeem your points or transfer your points to a linked account prior to a cancellation.

A recent introduction has been the ability to pay off your credit card account with your Reward Points in what American Express call their Points for Credit. When using Points for Credit Rewards may be redeemed on your primary Card account in set denominations of $50, $100, $250, $500 and $1,000.

 

ANZ Rewards

ANZ Rewards are offered across 3 ANZ credit cards all of which are designed for personal use, each ANZ Reward card is issued as a companion card and come with an American Express credit card in association with a Visa credit card

ANZ Rewards allows transfers to Velocity Frequent Flyer, Singapore Airlines KrisFlyer, and Cathay Pacific Asia Miles, with minimum ANZ Reward Point transfer levels applying. In addition to the frequent flyer options you can earn and redeem ANZ Reward Points for cash-back, travel offers, gift cards that are all redeemed via the ANZ Rewards online store.

A recent innovation introduced and unique to ANZ Rewards is the Auto Redemption feature that enables you to select a Reward from the ANZ Reward Store at any time, and then once your Rewards Balance meets the number of Points required to attain the selected Reward, the Reward will be automatically sent to you.

ANZ Rewards Points do expire, to avoid losing any Reward Points you must use your points within 36 months of 31st December of the year in which the points were added to a your ANZ Reward account, any Reward Points that remain unused after that period will be cancelled. Additionally if your ANZ Rewards account is closed, you need to use your Reward Points within 60 days of the closure date.

ANZ partners with various merchants to offer bonus points - these points are in addition to what you’d normally earn on any given transaction, aren’t subjected to the usual points capping rules, and can be converted into frequent flyer points in the same way. Bonus partners include Stamford Hotels and Resorts, Adairs, ACE Insurance, Hoyts, Prouds the Jewellers and Dreamworld

 

CommBank Rewards

CommBank Rewards are offered across 4 CommBank credit cards all of which are designed for personal use, as opposed to business, each of the Reward credit cards are companion cards and come with an American Express credit card in conjunction with a MasterCard.

CommBank Rewards is the largest rewards program of any bank in Australia and each of the Rewards Cards has no expiry date on the points earned.

The size of the CommBank Rewards program delivers the largest selection of Bonus Partners, whom offer the highest point earn rates. These partners include: 

Adairs, Bob Jane T-Marts, Crown Metropol, Crown Promenade Hotel, Crown Towers, Hoyts, Magshop, Napoleon Perdis, Prouds the Jewellers, RedBalloon, Rendezvous Hotels & Resorts International, Thrifty Car Hire and Village Cinemas.

A recent innovation introduced by Comm Bank to their Rewards program is the feature that allows you to pay for goods in store with your CommBank Awards. This feature was initially launched with Myer where you simply redeem your Awards points instantly in-store at Myer for purchases, by presenting your Awards credit card. More recently the feature has been extended to include Flight Centre where you can redeem Awards points for travel with no blackout dates and choose any seat, any airline, any destination at any time.

 


Important information about this website

selectthebest.com.au is one of Australia's leading credit card comparison websites. selectthebest.com.au offers compared on this page are from our participating product providers. The Active Product List of products displayed on this site are not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Featured", "Best" and "Top" are not product ratings and are subject to our Terms and Conditions. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing products.

Frequently Asked Questions

What factors should I consider when trying to find the Best Credit Card Reward Program?

Consider these 7 factors and you'll be on your way to finding the Best Reward Program, that suits your circumstances:

  1. Point values are not equal across programs - You usually earn 1 point per $1 spent on eligible purchases, but this can go as high as 3 points with premium level Platinum and Black Reward Credit Cards. But a reward point with one program is not equivalent to a point with another program - with the value of each point being determined with what they can actually be redeemed for. 
  2. Point capping - Most programs limit the amount of points you can earn in a year, and sometimes each month. Qantas Credit Cards and Velocity Credit Cards with no point capping can be found.
  3. Point Expiration - some reward points expire after a specified time if they are not redeemed.
  4. Annual fees and interest rates - Rewards credit cards generally feature higher fees and interest rates than non reward credit cards. Reward cards with higher annual card fees tend to offer higher rewrad point earn rates in addition to a deeper range of features. You can still find Reward Credit Cards with No Annual Card Fee.
  5. Flexibility - Some cards only allow points for flights on one airline; others allow users to exchange them for flights on several airlines, or redeem them for cash back, merchandise or gift certificates.
  6. Ease of points redemption -  Opt for a rewards points program that makes redemption simple and straight forward. Some even offer automated redemption, where cash back goes straight into your account at the end of the month based on the points you’ve earned.
  7. Bonus points - As an introductory offer, many reward credit cards will offer you the opportunity to earn bonus points. In most cases to attain these bonus points you have to spend a certain amount on your new card within a specified time frame, which tends to be 3 months.
Do balance transfers and cash advances earn reward points?

They do not. Rewards credit card do often offer 0% Balance Transfer deals, but theses transfers will not earn your Reward Points