Rewards Credit Cards
Programs offered by rewards credit cards can provide a great opportunity for people who can control their spending and use their credit cards responsibly. In contrast to credit cards designed specifically to help users pay down their existing debt or provide emergency funds, a rewards based credit card targets consumers who have regular spending habits at a level high enough to benefit from earning rewards points. In fact, if you use credit cards as a payment option and pay off the balance each month before any interest is accrued, you can actually turn a profit with a good rewards program. More…
After you have earned a large amount of reward points you can redeem them. Products and services you can redeem with rewards points will vary by program, as will the minimum number of points required for redemption. Often gold and platinum credit cards will provide many benefits without a rewards system, or will provide a much higher rate of points per dollars spent compared to standard reward program credit cards.
Common types of reward programs include:
Petrol Rewards Program
If you have an extensive commute to and from work, or travel by car constantly, this rewards program can benefit you by giving you points every time you use your card to purchase petrol. These points can typically be redeemed for free gas.
Airline Miles or Frequent Flyer Miles Rewards Program
With an airline miles rewards program, you will earn a predetermined number of points for each dollar you spend. Membership in a Frequent Flyer program allows you to redeem these points for airline miles. Many Australians redeem such points for vacations or holidays, freeing up pocket money for other essentials.
Cash Rebates or Cashback Rewards Program
The ‘cashback’ type of credit card rewards program is becoming more and more popular. This type of deal allows you to redeem your points with more flexibility, giving you rebates for your points or applying an equivalent balance to your card to increase your spending limit.
Instead of being forced to select a reward that doesn’t fit your needs or lifestyle, you can use your cashback for something you really want. These types of reward programs can allow you to actually earn with your credit card, as long as you faithfully pay off outstanding balances before interest accrues.
Free Car Rentals Rewards Program
Free car rentals can be a very attractive reward, especially if you travel a lot for work or pleasure. This can also save you from having to use your own vehicle on business trips.
Hotel and Dining Rewards Program
These rewards can get you great discounts at nice hotels and restaurants, saving you from second rate food and lodging when on the road. All you have to do is accumulate enough points to redeem them for a stay in a participating hotel, or a meal at a restaurant partnering with the program.
Points Rewards Program
The simplest and still quite common form of rewards program simply awards you a preset number of points for every dollar you spend, and the points are redeemable once you hit a predetermined number. These points are typically redeemable for items or services you can select from a rewards catalogue.
Carefully considering all of your own needs and financial habits and factoring in the benefits of each type of rewards program will help you select a credit card that works just right for you.
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 6 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
14.24% |
0.00% |
21.49% |
55 days |
$79 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 12 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
19.49% |
2.90% |
20.74% |
44 days |
$95 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer | Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
19.49% |
N/A |
20.74% |
55 days |
$195 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer | Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
19.49% |
N/A |
20.74% |
55 days |
$295 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 6 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
13.24% |
0.00% |
21.49% |
55 days |
$58 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 12 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
20.89% |
1.90% |
20.89% |
55 days |
$79 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 9 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
20.49% |
2.90% |
20.99% |
55 days |
$74 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 12 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
20.74% |
1.90% |
21.24% |
55 days |
$149 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for life) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
20.74% |
3.90% |
21.24% |
55 days |
$250 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 12 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
20.74% |
2.90% |
21.24% |
55 days |
$89 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 9 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
19.24% |
2.90% |
19.99% |
55 days |
$85 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 9 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
19.24% |
2.90% |
19.99% |
55 days |
$99 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 6 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
18.49% |
0.99% |
20.49% |
55 days |
$79 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 12 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
19.75% |
1.90% |
19.75% |
55 days |
$99 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for life) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
19.99% |
3.90% |
19.99% |
55 days |
$205 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 9 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
20.24% |
1.90% |
20.74% |
55 days |
$120 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for life) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
20.24% |
3.90% |
20.74% |
55 days |
$199 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 6 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
16.99% |
0.00% |
20.75% |
55 days |
$0 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for 6 months) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
20.99% |
6.90% |
20.99% |
44 days |
$99 |
|
| Card | Type | Interest Rate (p.a) | Balance Transfer
(for life) |
Cash Advance Rate (p.a) | Interest Free (up to) |
Annual Fee | Apply | |
|---|---|---|---|---|---|---|---|---|
 |
|
20.74% |
4.90% |
21.24% |
55 days |
$700 |
|
