Is a rewards card really right for me?
You’re probably the kind of person who uses a credit card a lot and has managing your balance down to a fine art. The next question is, which rewards card will suit you best? To find a piece of plastic that matches up to your freebie dreams, head over to our rewards revealer tool.
You can still cash in on the convenience of plastic. But instead of a rewards option, you might be better off with a low rate, no annual fee or balance transfer card. You can use our handy infographic to work out which credit card is right for you.
Whether you have a rewards card in your wallet already or you’re thinking about adding a new piece of plastic to your spending arsenal, you may find yourself asking the question, “Is a rewards card really the right option for my spending needs?”
It’s not always an easy question to answer, since it depends how you use your card, what your budget looks like, and whether or not you’d get enough use out of the rewards program to justify the hefty costs. But answer “yes” or “no” to these few questions and we might be able to help you work it out.
Start looking through our top cards below.
Rewards Credit Card Comparison Table - rates updated daily
American Express Qantas Ultimate Card
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$45060,0001.25 points up to 100,000 points/year, then
1 point uncappedQantas Ultimate Card
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Amex, up to 100000 points per year, then
1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 60,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover - Rewards Bonus Points 1.25 points per dollar on everyday purchases. Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2.25 Qantas Points per $1 spend on selected Qantas products and services.Exclusions apply. After a total of 100,000 Qantas Points is earned in a calendar year, the everyday earn rate will change from 1.25 to 1 Qantas Points per $1 spent.* For Card Members who applied for the Card between 1 July 2023 – 9 January 2024, this change will come into effect from 10 July 2024.
Read our Mozo Review to learn more about the Qantas Ultimate Card
G&C Mutual Bank Platinum Visa Credit Card
Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$29950,0001 point up to 20,000 points/monthPlatinum Visa Credit Card
Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.
- Intro rate
- -
- Ongoing Purchase rate
- 19.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 50
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1 point per dollar on Visa, up to 20000 points per month
- Reward point expiry
- Never
- Bonus points
- 50,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Concierge
- Rewards Bonus Points 1 bonus points on selected Qantas products and services.
Read our Mozo Review to learn more about the Platinum Visa Credit Card
NAB Qantas Rewards Premium Card
70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$250 $150 in the first year70,0000.66 points up to $3,000/month, then
0.33 points up to $6,000/monthQantas Rewards Premium Card
70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 0.66 points per dollar on Visa, up to $3,000 per month, then
0.33 points per dollar on Visa, up to $6,000 per month
- Reward point expiry
- Never
- Bonus points
- 70,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Rental Vehicle Excess in Australia Insurance - Rewards Bonus Points Bonus points on selected Qantas products and services, including eligible Qantas flights.
Read our Mozo Review to learn more about the Qantas Rewards Premium Card
American Express Qantas Premium Card
Receive 20,000 bonus Qantas Points when you apply, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Premium Card within 3 months of Card Membership. T&C’s apply. Available to new American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$24920,0001 point uncappedQantas Premium Card
Receive 20,000 bonus Qantas Points when you apply, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Premium Card within 3 months of Card Membership. T&C’s apply. Available to new American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 20,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover - Rewards Bonus Points Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2 Qantas Points per $1 spend on selected Qantas products and services.
Read our Mozo Review to learn more about the Qantas Premium Card
NAB Rewards Signature Card
Earn 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 40,000 bonus points when you keep your card for over 12 months (T&Cs apply). Enjoy a reduced annual card fee (from $295 to $195) for the first year. Up to 44 Interest free days on purchases (T&Cs apply). $15,000 minimum credit limit. 0% p.a. on standard balance transfer (BT) rate for 12 months (3% BT fee applies).
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
NAB Rewards$295 $145 in the first year160,0001.25 points uncappedRewards Signature Card
Earn 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 40,000 bonus points when you keep your card for over 12 months (T&Cs apply). Enjoy a reduced annual card fee (from $295 to $195) for the first year. Up to 44 Interest free days on purchases (T&Cs apply). $15,000 minimum credit limit. 0% p.a. on standard balance transfer (BT) rate for 12 months (3% BT fee applies).
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1.25 points per dollar on Visa, uncapped
- Reward point expiry
- 36 months
- Bonus points
- 160,000
- Rewards
- Points
- 15,600 points (excluding taxes and charges)
- 239,200 points (excluding taxes and charges)
- 20,410 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Rental Vehicle Excess in Australia Insurance - Rewards Bonus Points -
Read our Mozo Review to learn more about the Rewards Signature Card
Is a rewards credit card for me?
It’s not always an easy question to answer, since it depends how you use your card, what your budget looks like, and whether or not you’d get enough use out of the rewards program to justify the hefty costs. But answer “yes” or “no” to these few questions and we might be able to help you work it out.
Do you...
...love a freebie?
Who doesn’t love something for nothing? The whole point of a rewards card is that you get more bang for your buck, by earning points on every dollar you spend. Not only that, but you can also pick up other freebies and perks, like complimentary insurance cover, cashback offers, and a concierge service.
The important thing with a rewards card is making sure you’ll get enough value from your rewards program to justify paying a hefty annual fee or interest rate. If you think you’ll forget or not bother to use your points, the price tag might not be worth it.
...pay your entire bill every month?
Rewards plastic generally comes with a pretty steep interest rate attached, often around the 20% mark. That means that if you’re going to keep your credit card use affordable, then you should only opt for a rewards card if you pay off your bill each month and avoid paying interest.
Remember that to avoid getting whacked by hefty interest, you need to clear your whole balance and not just pay the minimum amount shown on your statement. If you do find yourself just paying the minimum, you might be better off to try out a low interest card.
…always pay your bill on time?
By the same token, a rewards card is best suited to spenders who faithfully pay off their bill before the due date. Not only will this mean avoiding interest, but you’ll also avoid paying late fees.
If you sometimes forget to make payments but really want a rewards card (or any credit card, for that matter) one good idea is setting up automatic payments to cover either your whole bill, or at least the minimum amount.
…use your credit card all the time?
The easiest route to earning a stack of rewards is by spending a lot of money - but don’t go emptying your bank account just yet. Although spending up big does make you a prime candidate for a rewards card, a smarter strategy is to instead just make the most of what you already spend, by flashing your plastic every time you hit the check out.
So if you prefer plastic to cash and use your card every single day, you’re in a good position to get serious value from a rewards card.
...travel often?
One of the best perks of having rewards plastic is free travel! Among other things, you may be able to cash in on free flights, accommodation and hire cars, free airline lounge passes, flight upgrades and complimentary international travel insurance. Not too shabby right?
And Mozo has found that redeeming rewards points for flights or flight upgrades is actually one of the best value ways to use your rewards program. So if you’re an avid traveller, packing this plastic in your carry-on may be well worth it.
Are you ready to take on the responsibility of a rewards credit card?
You've decided you want the rewards that come with this credit card, but are you ready for it? Answer these questions - and be honest, because you don't want to end up overwhelmed with annual fees.
Are you...
...free of any lingering credit card debt?
As we mentioned above, the more you spend on your rewards card, the more points and freebies you’ll earn, and the easier it will be to justify the cost of carrying the card. But if you have existing credit card debt hanging over your head, it’s a good idea to blast it away before spending any more money.
If you have a lingering balance, take a look at a balance transfer card instead, and get back in the black before buying anything else.
...happy to pay an annual fee?
The trade-off for all those goodies and perks is that a rewards card will more often than not have a hefty annual fee attached, often anywhere from $50 to over $400. While that might seem like a lot, you need to remember that if you take full advantage of your rewards program, it could be well worth the price tag. For example, some cards come with a free domestic flight each year, which might justify the annual fee.
So if your budget can handle a lump sum fee each year, then a rewards card is an option for you. If not, you might want to consider a no annual fee credit card instead.
Should you choose a rewards credit card - results
If a rewards credit card is the right fit for you, the next question is, which rewards card will suit you best? To find a piece of plastic that matches up to your freebie dreams, head over to our rewards revealer tool. | If a rewards card is not your cup of tea, then you can still cash in on the convenience of plastic by opting for a low rate, no annual fee or balance transfer card. You can use our handy infographic to work out which credit card is right for you. |
^See information about the Mozo Experts Choice Rewards Credit Card Awards
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