Best rewards credit cards Australia Background

Best rewards credit cards Australia

The table below shows the highest-rated credit cards on Canstar’s database that allow you to earn points as you spend.

Group Manager, Research & Ratings
Editor-in-Chief
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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
HSBC | Premier World Mastercard - Rewards Option
OFFER
0.00% p.a. interest rate on balance transfers for 12 mths. Rate reverts to 21.99% p.a. Balance transfer fee of 2% applies... 
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Tooltip icon
HSBC logo
Credit Cards Image
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 $120,000/yr Glossary
$0 Glossary
55 Glossary
Commonwealth Bank | Ultimate Awards - Rewards Option
Commonwealth Bank logo
Credit Cards Image
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
up to $10,000/month then 0.5 uncapped Glossary
$420 Glossary
$0 if $48,000 is spent annually Glossary
55 Glossary
Coles | Rewards Mastercard
BONUS
Get 50000 Rewards Points once you spend $3,000 on eligible purchases within 3 months of card approval... 
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Tooltip icon
Coles logo
Credit Cards Image
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 $3,000/month then 1 uncapped Glossary
$99 Glossary
55 Glossary
HSBC | Platinum Credit Card
OFFER
0.00% p.a. interest rate on balance transfers for 12 mths. Rate reverts to 21.99% p.a. Balance transfer fee of 2% applies... 
#
Tooltip icon
DISCOUNT
Save $149 with a first year card fee of $0. Annual ongoing card fee is $149... 
#
Tooltip icon
HSBC logo
Credit Cards Image
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 $120,000/yr Glossary
$149 Glossary
$0 in first year Glossary
55 Glossary
Bankwest | More Platinum Mastercard
OFFER
0.00% p.a. interest rate on balance transfers for 6 mths. Rate reverts to 19.99% p.a. Balance transfer fee of 1% applies... 
#
Tooltip icon
Bankwest logo
Credit Cards Image
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 400,000 pts/yr Glossary
$160 Glossary
44 Glossary
Commonwealth Bank | Smart Awards - Rewards Option
BONUS
Get 75000 Rewards Points once you spend $1,500 or more per month for the first three months... 
#
Tooltip icon
Commonwealth Bank logo
Credit Cards Image
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 $5,000/month then 0.5 uncapped Glossary
$228 Glossary
$0 if $24,000 is spent annually Glossary
55 Glossary
NAB | Rewards Signature Card
BONUS
Get 120000 Rewards Points once you spend $3000 on everyday purchases within the first 60 days and 40,000 bonus points when you keep your card for over 12 months... 
#
Tooltip icon
OFFER
0.00% p.a. interest rate on balance transfers for 12 mths. Rate reverts to 21.74% p.a. Balance transfer fee of 3% applies... 
#
Tooltip icon
DISCOUNT
Save $150 with a first year card fee of $145. Annual ongoing card fee is $295... 
#
Tooltip icon
NAB logo
Credit Cards Image
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
1.25 Glossary
uncapped Glossary
$295 Glossary
$145 in first year Glossary
44 Glossary
Coles | No Annual Fee Mastercard
DISCOUNT
0% p.a. interest rate on purchases for 6 mths. Rate reverts to 19.99%... 
#
Tooltip icon
Coles logo
Credit Cards Image
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
uncapped Glossary
$0 Glossary
55 Glossary
Hume Bank | Clear
Hume Bank logo
Credit Cards Image
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
$30 Glossary
$0 if $8,000 is spent annually Glossary
55 Glossary
OFFER
0.00% p.a. interest rate on balance transfers for 12 mths. Rate reverts to 18.99%... 
#
Tooltip icon
DISCOUNT
Save $79 with a first year card fee of $0. Annual ongoing card fee is $79... 
#
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
0.50 Glossary
up to 100,000 pts/yr Glossary
$79 Glossary
$0 in first year Glossary
56 Glossary

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Unsure of a term in the above table? View glossary

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 bonuses 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 further below:

  • cashback
  • merchandise
  • frequent flyer
  • instant discounts at point of sale.

Frequently Asked Questions about Rewards Credit Cards

Depending on the credit card and rewards program you choose, you can earn rewards points for each dollar you spend on the card.

You are then able to use (redeem) these points in various ways, according to the rules of the rewards scheme, such as exchanging them for a selected range of goods and services, or for discounts on such things as flights and accommodation.

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.

There are four main types of credit card rewards:

  • Cashback: These rewards may suit customers looking for cashback or cash equivalents such as 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.

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. You can use the table at the top of the page to compare rewards credit cards, and change the filters to suit your requirements. 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.

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 features. Rewards credit cards can often come with extra features 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.

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.

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.

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.

Whether or not rewards credit cards are worth 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

Canstar Credit Card Star Ratings and Awards

Looking for an award-winning credit card product or to switch providers or brands? Canstar rates products based on price and features in our Credit Card Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall.

Canstar rates a range of financial products, covering banking, insurance and investment. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.

Credit Card Star Ratings and Awards

About the authors

Nina Rinella, Editor-in-Chief

Nina Rinella
As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Nina has written countless articles about finance and has been interviewed on finance topics by media organisations including The Australian, Realestate.com.au, Domain, the Herald Sun and the Sydney Morning Herald. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for 8 years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids. Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series. You can follow her on LinkedIn, Instagram or Twitter and Canstar on Facebook. Meet the Canstar Editorial Team. Have a media enquiry, and interested in featuring Nina as a financial expert and commentator? Contact Canstar’s Media Team today.

Joshua Sale, Group Manager, Research & Ratings

Joshua Sale
Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research Team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products. As one of Canstar’s company spokespeople, Joshua is confident participating in print, radio and broadcast journalism interviews. He has participated in interviews with the Australian Financial Review, news.com.au and Money Magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends. You can follow Joshua on LinkedIn. Have a media enquiry, and interested in featuring Joshua as a financial expert and commentator? Contact Canstar’s Media Team today.

 


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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.