Rewards Credit Cards Background

Compare rewards credit cards

Love the perks that can come with using a credit card responsibly? We’ve sorted our comparison table to display some of the highest-rated credit cards from our online partners that allow you to earn points as you spend. The results shown are sorted by highest Star Rating, then lowest annual fee, then alphabetically by provider name.

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  • Star Rating - lowest first
  • Star Rating - highest first
  • Reward points per $1 - lowest first
  • Reward points per $1 - highest first
  • Annual fee - lowest first
  • Annual fee - highest first
  • Interest free days - lowest first
  • Interest free days - highest first
OFFER
0.00% p.a. interest rate on balance transfers for 12 mths. Rate reverts to 18.99%... 
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DISCOUNT
Save $79 with a first year card fee of $0. Annual ongoing card fee is $79... 
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Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
0.50 Glossary
up to 100,000 pts/yr Glossary
$79 Glossary
$0 in first year Glossary
56 Glossary
BONUS
Get 100000 Rewards Points once you spend $4,500 on eligible purchases in the first 3 months of card approval... 
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OFFER
0.00% p.a. interest rate on balance transfers for 12 mths. Rate reverts to 21.74% p.a. Balance transfer fee of 1% applies... 
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DISCOUNT
Save $64 with a first year card fee of $65.00. Annual ongoing card fee is $129... 
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Tooltip icon
Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
2 Glossary
uncapped Glossary
$129 Glossary
$65 in first year Glossary
55 Glossary
BONUS
Get 80000 Rewards Points and $50 back to your new card once you spend $2,000 on eligible purchases in the first 3 months of card approval... 
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Tooltip icon
Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
1.50 Glossary
up to $2,000/month then 0.5 uncapped Glossary
$94 Glossary
55 Glossary
DISCOUNT
Save $195 with a first year card fee of $0. Annual ongoing card fee is $195... 
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Tooltip icon
Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
1 Glossary
uncapped Glossary
$195 Glossary
$0 in first year Glossary
55 Glossary
BONUS
Get 180000 Rewards Points and $150 back to your new card once you spend $3,000 on eligible purchases in the first 3 months of card approval... 
#
Tooltip icon
Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
2 Glossary
up to $5,000/month then 1 uncapped Glossary
$320 Glossary
55 Glossary
BONUS
Get 50000 Rewards Points once you spend $4,000 on eligible purchases within the first 3 months... 
#
Tooltip icon
Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
2 Glossary
uncapped Glossary
$395 Glossary
55 Glossary

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The initial results in the table above are sorted by Star Rating (High-Low) , then Annual fee (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, see top of table for details.

What are rewards credit cards?

Rewards credit cards give you extra benefits that you can earn according to how much money you spend on your credit card. The credit card provider converts your spending into points, then into rewards when you redeem those points.

There are four main types of rewards, discussed in detail below: cashback, merchandise, frequent flyer, and instant discounts at point of sale.

How do credit card rewards work?

Depending on the credit card and rewards program you choose, you can earn rewards points for each dollar you spend on the card. Check whether the card caps (limits) the amount of rewards points you can earn, whether the rewards points can expire before you redeem them, and whether it is easy to redeem the points for the rewards you value.

Some providers allow you to set up auto-redemption, so that every time you reach a certain number of points, these points are automatically redeemed in the method of your choice.

What are the main types of credit card rewards?

There are four main types of credit card rewards:

  • Cashback: These rewards may suit customers looking for cashback or cash equivalents like gift cards.
  • Merchandise (general rewards): These rewards may suit customers looking for multiple options when redeeming points, with potential choices for redemptions including gift cards, automotive services, entertainment, lifestyle, food and beverages, or additional rewards.
  • Frequent flyer (flight rewards): These rewards may suit customers looking for flights or other travel products.
  • Instant rewards: These rewards may suit customers looking for an instant discount at the point of sale.

Canstar Star Ratings and Awards

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Looking for an award-winning product or to switch providers or brands? Canstar rates products based on price and features in our Star Ratings and Awards. Our expert Research team shares insights about which credit card products offer 5-Star value and which providers offer outstanding value. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.

View credit card rewards report

Recent Five Star Ratings

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Rewards credit card FAQs

How can you compare credit card rewards?

To compare rewards credit cards, consider the following questions:

  • What is the rewards program? Does the program suit your credit card usage habits? Does it offer rewards that you are interested in?
  • How can you earn points? How many points can you earn per dollar spent? Are there any conditions or point caps? Do the rewards points expire?
  • What is the cost of having the card? Is the card’s annual fee worth the amount of rewards you can earn? Are there any costs associated with being a member of the rewards program? What is the interest rate?

Canstar can also help narrow down your options. Canstar researches and rates credit cards from a range of providers. When comparing rewards credit cards we consider both the price and features on offer, including the net reward return that customers can get. Use the comparison tool on this page to compare rewards credit cards.

What are the benefits of having a rewards credit card?

Some potential benefits of having a rewards credit card are:

  • Earning points. The main benefit of a rewards credit card is that you can earn rewards points on your eligible spending. These points can be redeemed for things like cashback, frequent flyer points, merchandise and discounts on your shopping.
  • Extra perks. Rewards credit cards can often come with extra perks like complimentary insurance cover.

Bonus offers. Rewards credit cards may offer bonus rewards points for new customers when they spend a certain amount within the first few months of having the card.

What are the drawbacks of having a rewards credit card?

Some of the drawbacks of having a rewards credit card are:

  • Higher annual fees and interest rates. Rewards credit cards generally charge higher annual fees and interest rates than non-rewards cards. This means you will pay more for the card, particularly if you don’t pay off your balance in full each month.
  • Rewards conditions. You will usually only earn points on eligible spending. There may also be caps on the number of points you can earn, and the value of the points you earn can vary across different cards and rewards schemes.
  • Temptation to overspend. A rewards credit card may encourage you to spend more to get more points, which can lead to overspending.

What is an eligible purchase on a rewards credit card?

Most everyday purchases will be eligible purchases. But there are certain transactions that won’t be eligible, as determined by the credit card provider. Common exclusions include interest, fees and charges, BPAY transactions, cash advances, balance transfers, government-related charges and gambling-related purchases

How do you redeem credit card rewards points?

The exact process will depend on your credit card provider. But generally, you can redeem your credit card rewards points by logging into your account, going to the rewards section and following the prompts.

Are credit card rewards worth it?

It depends on how you use your credit card. Rewards credit cards typically charge higher annual fees and interest rates than non-rewards cards. So before applying for one, you should make sure that the rewards you earn are worth enough to justify this higher cost.

If you use your credit card a lot and pay off your balance each month, it may be worthwhile. But if you do carry a balance on your card, you’ll likely spend more in interest than you would gain in rewards.

Latest in credit cards

About our finance experts:

Josh Sale, Credit Card Ratings Manager

Headshot of Josh Sale, CanstarAs Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Credit Card Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right credit card for them.

Josh is passionate about helping consumers get hands-on with their finances. Josh has been interviewed by media outlets such as the Australian Financial Reviewnews.com.au and Money Magazine.

You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.


Tamika Seeto, Finance Journalist

Tamika Seeto

Tamika Seeto is a Finance Journalist at Canstar, specialising in banking and general insurance. She covers topics including budgeting, savings accounts, term deposits, credit cards, as well as car, home and travel insurance.

Tamika joined Canstar after completing a Bachelor of Journalism and Bachelor of Laws (Honours) at Queensland University of Technology. She has written well over 500 finance articles since joining Canstar and her work is regularly referenced by other publishers, such as The GuardianABCYahoo FinanceThe Motley FoolThe Age and The Conversation.

You can follow Tamika on LinkedIn, and Canstar on Twitter and Facebook.


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Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more.

The Credit Cards Star Ratings are updated daily based on product features at that date, except for the Overseas Travel profile which is updated annually. Current rates, product features and fees are displayed and may be different to what was rated. The results don’t include every provider in the market and we may not compare all features relevant to you. You can find a description of the initial sort order below the table. Depending on which card feature/use you are looking at, the results will be sorted as follows:

  • Low fee is sorted by Star Ratings, then lowest Annual Fee, then alphabetically by brand.
  • Rewards is sorted by Star Ratings, then lowest Annual Fee, then alphabetically by brand.
  • Frequent Flyer is sorted by Star Ratings, then highest airline points per dollar, then alphabetically by brand.
  • Balance Transfer is sorted by Star Ratings, then lowest balance transfer rate, then lowest rate for the longest period, then lowest revert rate, then lowest upfront fee, and then alphabetically by brand. Please note that Balance Transfer Star Ratings are not for balance transfer suitability but are instead based on the Low Rate profile. 
  • All card types is sorted by highest Points per dollar spent, then lowest Annual fee, then alphabetically by brand.
  • Overseas Travel is sorted by Star Ratings, then lowest currency conversion on purchases, then lowest annual fee.

 

You can use the sort buttons at the top of each column to re-order the display. Learn more about our Credit Cards Star Rating Methodology and our Travel Credit Card and Travel Debit Card Star Ratings Methodology. The Occasional Overseas Traveller rating is shown in the table. The rating shown is only one factor to take into account when considering products. 

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied. The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a Credit Card, you will deal directly with the provider, not with Canstar. It’s important you check rates and product information directly with the provider. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. For more information, read our Detailed Disclosure.

Before you elect to terminate or modify existing lending arrangements, it is recommended that you consider all associated fees and application costs, as well as the timing and impact these changes could have on your wider financial arrangements and personal circumstances.