Cashback credit cards

Get rewarded with cash as you spend. Compare offers and apply online.

By   |   Verified by David Boyd   |   Updated 16th September 2021

Comparing cashback credit cards

Westpac Low Rate Cashback Credit Card

On Westpac's website

FeaturedApply by 30 November 2021

Westpac Low Rate Cashback Credit Card

Balance transfer

12 months at 6.99% p.a.

Purchase rate

13.74% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Get $400 back when you apply online by 30 November 2021, are approved and spend $4,000 or more on eligible purchases within 120 days from card approval. Terms and Conditions apply.
  • $0 first year annual card fee ($59 p.a. thereafter).
  • Low 13.74% p.a. interest rate on purchases.

Pros

  • Get $400 cashback when you meet the spend criteria.
  • $0 first year annual card fee ($59 p.a. thereafter).
  • Low 13.74% p.a. interest rate on purchases.

Cons

  • The cash advance rate for this card is 21.49% p.a.
American Express Cashback Credit Card

On American Express' website

New offerApply by 19 January 2022

American Express Cashback Credit Card

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

N/A

Highlights

  • Get 5% Bonus Cashback in the first 3 months, up to $200 Cashback, when you apply online by 19 January 2022 and are approved. No monthly fee will be charged for your first 12 months of Card Membership. New Card Members only.
  • No monthly fee for the first 12 months ($10 monthly fee thereafter).
  • Enjoy Binge Basic subscription, valued at $10 per month.

Pros

  • Earn up to 5% Bonus Cashback in the first 3 months.
  • No monthly fee for the first 12 months.
  • Take advantage of the 12-month complimentary access to the Centr fitness app (valued at $119.99).
  • Complimentary Smartphone Screen Insurance.

Cons

  • Purchase rate is at 20.74% p.a.
St.George Vertigo Visa (Cashback Offer)

On St.George's website

New offerApply by 30 November 2021

St.George Vertigo Visa (Cashback Offer)

Balance transfer

12 months at 6.99% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Be eligible for $300 cashback to your account when you open a new Vertigo credit card and spend $4,000 or more on eligible purchases within 120 days from card approval.
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • Additional cardholder at no extra cost.

Pros

  • Get $300 cashback when you meet the spend criteria.
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • The competitive purchase interest rate of 13.99% p.a.

Cons

  • There is no rewards program for this card.
The Low Rate Credit Card from American Express

On American Express' website

New offerApply by 27 October 2021

The Low Rate Credit Card from American Express

Balance transfer

N/A

Purchase rate

8.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Get $100 back when you apply online by 27 October 2021, are approved, and spend $1,000 on your new Card by 31 December 2021. Terms and Conditions apply. New Card Members only.
  • Enjoy a low 8.99% p.a. interest rate on purchases.
  • $0 annual fee for as long as you have the card.

Pros

  • Earn $100 cashback when you meet the criteria.
  • Low 8.99% p.a. interest rate on purchases and $0 annual fee.
  • Comes with Purchase and Refund protection.

Cons

  • There are no rewards program for this card,
American Express Qantas Ultimate Credit Card

On American Express' website

New offerApply by 27 October 2021

American Express Qantas Ultimate Credit Card

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$450.00 p.a. ongoing

Highlights

  • Receive 110,000 bonus Qantas Points plus $200 back when you apply online, are approved and spend $3,000 on your new Card within the first 3 months. Available to new Card Members only
  • Earn 1.25 Qantas Points for every $1 spent on card purchases, except spend at government bodies in Australia where you will earn 0.5 Qantas Points per $1 spent.
  • Save the offer to your eligible Card and get 3 extra Qantas Points per $1 spent, in-store or online at participating Shop Small businesses by 31/03/2022, up to a maximum of 40,000 extra Points. Exclusions apply.

Pros

  • The 110,000 bonus Qantas Points plus $200 back when you meet the criteria.
  • 2 complimentary Qantas Club lounge invitations each year.
  • $450 Qantas Travel Credit each year (conditions apply).

Cons

  • The annual fee of $450.
Bank of Melbourne Vertigo Visa (Cashback Offer)

On Bank of Melbourne's website

New offerApply by 30 November 2021

Bank of Melbourne Vertigo Visa (Cashback Offer)

Balance transfer

12 months at 6.99% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Be eligible for $300 cashback to your account when you open a new Vertigo credit card and spend $4,000 or more on eligible purchases within 120 days from card approval.
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • Additional cardholder at no extra cost.

Pros

  • Get $300 cashback when you meet the spend criteria.
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • The competitive purchase interest rate of 13.99% p.a.

Cons

  • There is no rewards program for this card.
American Express Explorer Credit Card

On American Express' website

New offerApply by 26 October 2021

American Express Explorer Credit Card

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$395.00 p.a. ongoing

Highlights

  • Receive 150,000 Bonus Membership Rewards Points when you apply by 26 October 2021, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only.
  • Receive a $400 Travel Credit each year towards any flights, hotels and car hire when you book online with this card.
  • Earn 2 Membership Rewards points per $1 spent on purchases except government bodies in Australia where you will earn 1 point per $1 spent (uncapped).

Pros

  • The 150,000 bonus Membership Rewards Points when approved and reach spend requirement within the first 3 months.
  • $400 travel credit every year.
  • Get 2 complimentary airport lounge passes per year.

Cons

  • The $395 p.a. annual fee.
BankSA Vertigo Credit Card (Cashback Offer)

On BankSA's website

New offerApply by 30 November 2021

BankSA Vertigo Credit Card (Cashback Offer)

Balance transfer

12 months at 6.99% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Be eligible for $300 cashback to your account when you open a new Vertigo credit card and spend $4,000 or more on eligible purchases within 120 days from card approval.
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • Additional cardholder at no extra cost.

Pros

  • Get $300 cashback when you meet the spend criteria.
  • $0 first-year annual card fee ($55 p.a. thereafter).
  • The competitive purchase interest rate of 13.99% p.a.

Cons

  • There is no rewards program for this card.

Overview

What’s the difference between a cashback and a rewards credit card?

Cashback cards, instead of (or sometimes as well as) earning points for rewards, give you money back (or some kind of cash equivalent, such as a travel voucher) on your spending. Put simply, this means you save money on your expenses, usually for a limited time.

Do they all work the same way?

No.

The most straightforward cashback credit cards pay back in cash either a fixed percentage (e.g. 10%) on all purchases made with the card, or a fixed amount of cash for reaching a specified spending target (e.g. $200 for spending $4,000). However, the cashback amount is almost always capped. E.g. a 10% cashback might be capped at $100.

There is also usually a time limit on when you can earn cashback, for example only in the first three months after card approval. (The ING Direct Orange One Platinum Credit Card is an exception to the time-limit rule, since cardholders can continue to earn cashback every month.)

Other cashback cards may award an annual travel voucher (e.g. a voucher worth $400) to be spent with a particular airline or with a travel agency operated by or affiliated with the card issuer. This is a particularly valuable kind of cashback for regular travellers, since it is awarded every year and the amount may totally offset the card’s annual fee.

Yet another form of cashback is an annual free return flight with the airline affiliated with the card for the purpose of earning frequent flyer points.

Finally, a card may offer to refund the annual fee every year to cardholders who reach a specified spending target (e.g. $6,000) during the year.

How much cashback can I expect to earn?

Cashback paid in cash is usually limited to a few hundred dollars at most. Cashback paid in travel vouchers or travel credit or annual fee refund may vary from around $125 up to the value of a relatively long domestic return flight (e.g. Sydney to Perth).

Is there a cap on how much is paid back?

Cards delivering a cashback in the form of a percentage rebate on purchases will almost always have both a cap on the amount of rebate that can be earned and a limit to the time during which cashback can be earned.

Can I earn cashback on balance transfers, cash advances and travellers’ cheques?

Cashback is only applicable to eligible purchases. Cash advances, buying foreign currency and travellers’ cheques, balance transfers and gambling payments do not earn any cashback.

Can the money be used to reduce an outstanding balance or pay for the annual fee?

Yes, quite often you can use it to pay off the outstanding balance or the card’s annual fee.

What’s the best way to use a cashback card?

As with any other credit card, pay off your card balance in full and on time every month, otherwise the interest and late fees you pay on the outstanding balance will reduce the true value of the rewards.

What other factors should I consider while selecting a cashback card?

It is very important to look at all the features of cashback credit cards before applying to make sure the deal will be genuinely beneficial:

  • Annual fee: Calculate your estimated cashback and compare this figure with the annual fee. If the annual fee is greater, then you are not going to get any benefit from the card.
  • Interest rate: Cashback credit cards often feature a relatively high interest rate, which is applied to any outstanding balance on your account. If for any reason you are unable to pay your monthly bill in full, a high rate could quickly negate the savings you make on the cashback.
  • Rewards points: Many cashback credit cards also offer ongoing rewards points or frequent flyer points on purchases.
  • Introductory offers: Some cashback cards offer a large quantity of bonus rewards or frequent flyer points as well as cashback for reaching a specified spending target within the first two or three months after card approval. (E.g. 50,000 frequent flyer points plus $100 cashback for spending $2,000 in the first three months.)
  • Balance transfers: These cards also often feature the option to transfer a balance so you can repay your existing credit card debt at a lower interest rate, or even 0% interest. You should be aware that balances transferred do not earn any cashback, and if your priority is repaying your debt, you are probably better off choosing a different type of card with a better balance transfer deal.
  • Restrictions and penalties: As well as placing a cap on the amount of cashback, banks usually impose restrictions on the type of spending that is eligible, excluding all cash equivalents such as cash advances, buying foreign currency and travellers’ cheques, balance transfers and gambling payments. There will also be penalties for missing payments or paying late. Study all the terms and conditions to ensure you can get the best return.