Rewards credit cards

Earn points as you spend to get free flights, upgrades, free gifts, shopping vouchers, cash back and more with rewards cards.

By   |   Verified by David Boyd   |   Updated 22nd September 2021

Comparing rewards credit cards

PayPal Rewards Card

On PayPal's website

FeaturedApply by 28 October 2021

PayPal Rewards Card

Rewards program

PayPal Rewards

Points per $1 spent

1 point

Sign up bonus

50,000 points

Annual fee

$0.00 p.a. ongoing

Highlights

  • Earn 50,000 bonus points when you spend a minimum of $3,000 in the first 3 months from approval. Apply online by 28 October 2021.
  • No annual fee for the life of the card.
  • Earn 1 point for every $1 spent on eligible transactions, uncapped, and spend your points almost anywhere online.

Pros

  • 50,000 bonus points when you meet the minimum spend requirements. That’s $250 to spend at over 750,000 eligible PayPal businesses.
  • $0 annual fee for as long as you have the card.
  • 0% p.a. for 20 months on balance transfers.
  • Get up to 4 additional cardholders at no cost.

Cons

  • The 20.99% p.a. interest on purchases is relatively high.
  • Balance transfer reverts to cash advance rate of 21.74% p.a. after 20 months.
NAB Qantas Rewards Signature Card

On NAB's website

Rewards program

Qantas Frequent Flyer

Points per $1 spent

1 point

Sign up bonus

90,000 points

Annual fee

$295.00 for 1st year

Highlights

  • Earn up to 110,000 bonus Qantas Points. Receive 90,000 bonus points when you spend $3,000 in the first 60 days from account approval date and 20,000 bonus points when you keep your card open for over 12 months. Terms and conditions apply.
  • Enjoy 0% on balance transfers for 6 months with 2% Balance Transfer Fee.
  • Reduced annual fee of $295 p.a. instead of $395 p.a. (saving you $100).

Pros

  • Complimentary Qantas Frequent Flyer membership fee valued at $99.50.
  • Six complimentary insurances when you make an eligible purchase.
  • Earn 1 Qantas Point per $1 spent on everyday purchases up to $5,000 per statement period then 0.05 pts per $1 spent thereafter (capped at $20,000).

Cons

  • Annual fee of $395 p.a. is quite high.
American Express Platinum Card

On American Express' website

American Express Platinum Card

Rewards program

Membership Rewards Ascent Premium

Points per $1 spent

2.25 points

Sign up bonus

150,000 points

Annual fee

$1,450.00 p.a. ongoing

Highlights

  • Receive 150,000 Bonus Membership Rewards Points when you apply online, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only. Plus, an additional 50,000 Bonus Membership Rewards Points in Year 2 upon fee renewal.
  • Receive a $450 Platinum Travel Credit each year, which can be redeemed for flights, hotels or car hire.
  • Earn 2.25 Membership Rewards points per $1 spent on all purchases, except for spend with government bodies in Australia, where you will earn 1 point per dollar spent. Points earning is uncapped.

Pros

  • Receive up to 200,000 Bonus Membership Rewards Points when you meet the criteria.
  • Receive a $450 Platinum Travel Credit each year.
  • Get airport lounge access.

Cons

  • The annual fee of $1,450.
Westpac Altitude Platinum Credit Card (Altitude)

On Westpac's website

Apply by 30 November 2021

Westpac Altitude Platinum Credit Card (Altitude)

Rewards program

Altitude Rewards

Points per $1 spent

1 point

Sign up bonus

130,000 points

Annual fee

$49.00 for 1st year

Highlights

  • Receive 130,000 Altitude bonus points when you spend $3,000 on eligible purchases within 90 days of card approval. Terms and conditions apply.
  • 0% p.a. for 22 months on balance transfers (1 % balance transfer fee applies). Reverts to purchase rate of 21.49% p.a.
  • $49 p.a. annual fee for the first year ($150 p.a. annual fee thereafter).

Pros

  • 130,000 bonus Altitude Points when you spend $3,000 in 90 days.
  • 0% p.a. for 22 months on balance transfers.
  • Additional savings with the $49 first-year annual fee ($150 p.a. thereafter).
  • Comes with complimentary travel insurance.

Cons

  • There is a 1% balance transfer fee.
  • Only up to 45 days interest-free on purchases.
American Express Velocity Platinum Credit Card

On American Express' website

Apply by 13 December 2021

American Express Velocity Platinum Credit Card

Rewards program

Velocity Frequent Flyer

Points per $1 spent

1.25 points

Sign up bonus

120,000 points

Annual fee

$375.00 p.a. ongoing

Highlights

  • Receive 120,000 bonus Velocity Points plus 120 Status Credits when you apply online by 13 December 2021, are approved and spend $4,500 on your new Card within the first 3 months. Offer available to new Card Members only.
  • Complimentary Virgin Australia return Economy domestic flight between selected cities each year after your first Card spend each anniversary year.
  • Enjoy 2 complimentary Virgin Australia lounge passes each anniversary year at selected domestic airports.
American Express Qantas Ultimate Credit Card

On American Express' website

New offerApply by 27 October 2021

American Express Qantas Ultimate Credit Card

Rewards program

Qantas Frequent Flyer

Points per $1 spent

1.25 points

Sign up bonus

110,000 points

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.
Westpac Altitude Platinum Credit Card (Qantas)

On Westpac's website

Apply by 30 November 2021

Westpac Altitude Platinum Credit Card (Qantas)

Rewards program

Qantas Frequent Flyer

Points per $1 spent

0.5 points

Sign up bonus

60,000 points

Annual fee

$149.00 for 1st year

Highlights

  • Receive 60,000 Qantas bonus points when you spend $3,000 on eligible purchases within 90 days of card approval. Terms and conditions apply.
  • Transfer your balance at 0% p.a. for 18 months (1 % balance transfer fee applies). Reverts to purchase rate of 21.49% p.a.
  • $149 p.a. annual fee for the first year then $200 p.a. annual fee thereafter (inclusive of $50 Qantas Rewards opt-in annual fee).

Pros

  • 60,000 bonus Qantas Points when you spend $3,000 in 90 days.
  • 0% p.a. for 18 months on balance transfers.
  • Additional savings with the $149 first-year annual fee ($200 p.a. thereafter).
  • Comes with complimentary insurance covers which include overseas medical and purchase security.

Cons

  • There is a 1% balance transfer fee.
  • Only up to 45 days interest-free on purchases.
American Express Explorer Credit Card

On American Express' website

New offerApply by 26 October 2021

American Express Explorer Credit Card

Rewards program

Membership Rewards Gateway

Points per $1 spent

2 points

Sign up bonus

150,000 points

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.
St.George Amplify Signature Credit Card (Qantas)

On St.George's website

New offerApply by 30 November 2021

St.George Amplify Signature Credit Card (Qantas)

Rewards program

Amplify Qantas

Points per $1 spent

0.75 points

Sign up bonus

90,000 points

Annual fee

$279.00 p.a. ongoing

Highlights

  • Earn up to 90,000 bonus Qantas Points when you spend $6,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% p.a. for 15 months on balance transfers with 1% balance transfer fee on amounts transferred.
  • Includes complimentary overseas travel insurance for up to 6 months

Pros

  • The 90,000 bonus Qantas Points.
  • 0% p.a. for 15 months on balance transfers.
  • Includes complimentary overseas travel insurance for up to 6 months

Cons

  • There is a 1% balance transfer fee.
  • The ongoing annual fee is high at $279 p.a.
American Express Platinum Edge Credit Card

On American Express' website

Apply by 19 October 2021

American Express Platinum Edge Credit Card

Rewards program

Membership Rewards Ascent

Points per $1 spent

3 points

Sign up bonus

50,000 points

Annual fee

$0.00 for 1st year

Highlights

  • Receive 50,000 Bonus Membership Rewards Points when you apply online by 19 October 2021, are approved and spend $1,500 on your new Card within the first 3 months. T&Cs apply. New Card Members only.
  • $0 first-year annual card fee ($195 p.a. thereafter).
  • Enjoy $200 to spend on travel each year that can be used on eligible flights, hotels, car hire or experiences when booked through American Express Travel.

Pros

  • Get 50,000 Bonus Membership Rewards Points when you meet the spend criteria.
  • $0 first-year annual card fee ($195 p.a. thereafter).
  • The $200 travel credit per year.
  • Smartphone Screen Insurance Cover for smartphone screen repairs up to $500.

Cons

  • The standard purchase rate of 20.74%
Bank of Melbourne Amplify Signature Credit Card (Qantas)

On Bank of Melbourne's website

New offerApply by 30 November 2021

Bank of Melbourne Amplify Signature Credit Card (Qantas)

Rewards program

Amplify Qantas

Points per $1 spent

0.75 points

Sign up bonus

90,000 points

Annual fee

$279.00 p.a. ongoing

Highlights

  • Earn up to 90,000 bonus Qantas Points when you spend $6,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% p.a. for 15 months on balance transfers with 1% balance transfer fee on amounts transferred.
  • Every year get a birthday bonus with 10% extra points of the total points earned in the previous year.

Pros

  • The 90,000 bonus Qantas Points.
  • 0% p.a. for 15 months on balance transfers.
  • Includes complimentary overseas travel insurance for up to 6 months

Cons

  • There is a 1% balance transfer fee.
  • The ongoing annual fee is high at $279 p.a.
St.George Amplify Platinum Credit Card (Amplify)

On St.George's website

Apply by 30 November 2021

St.George Amplify Platinum Credit Card (Amplify)

Rewards program

Amplify Rewards

Points per $1 spent

1 point

Sign up bonus

80,000 points

Annual fee

$99.00 p.a. ongoing

Highlights

  • Earn up to 80,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 15 months on balance transfers with 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • Comes with complimentary travel insurances.

Pros

  • The 80,000 bonus Amplify Points.
  • 0% for 15 months on balance transfers.
  • Comes with complimentary travel insurances.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
American Express David Jones Platinum Credit Card

On American Express' website

Offer extendedApply by 20 October 2021

American Express David Jones Platinum Credit Card

Rewards program

Membership Rewards, Qantas Frequent Flyer

Points per $1 spent

1 point

Sign up bonus

70,000 points

Annual fee

$295.00 p.a. ongoing

Highlights

  • Enjoy 0% p.a. on purchases for 6 months (excluding DJ Plans) and earn 70,000 Membership Rewards Points or 35,000 Qantas Points when you apply online by 20 October 2021, are approved and spend $1,500 at locations excluding David Jones on your new card within the first three months. Available to new American Express David Jones Platinum Credit Card Members only.
  • Receive a $150 credit when you spend $150 at David Jones in-store or online by 31 December 2021.
  • Earn 4 Reward Points per $1 spent at David Jones, 3 Reward Points per $1 spent at major supermarkets and petrol stations and 1 Reward Point per $1 spent elsewhere.

Pros

  • Enjoy 0% p.a. on purchases for 6 months.
  • Get 70,000 Membership Rewards Points when you meet the criteria.
  • The $150 credit when you spend $150 at David Jones in-store or online by 31 December 2021.
  • Choose the rewards program that suits you best, Membership Rewards or Qantas Frequent Flyer.

Cons

  • The purchase rate reverts to 20.74% p.a. after 6 months.
St.George Amplify Platinum Credit Card (Qantas)

On St.George's website

Apply by 30 November 2021

St.George Amplify Platinum Credit Card (Qantas)

Rewards program

Amplify Qantas

Points per $1 spent

1 point

Sign up bonus

60,000 points

Annual fee

$99.00 p.a. ongoing

Highlights

  • Earn up to 60,000 bonus Qantas Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% p.a. for 15 months on balance transfers with 1% balance transfer fee. Reverts to cash advance rate.
  • Earn 0.5 points per $1 spent (uncapped). Plus, get a complimentary Qantas membership fee. Saving you $99.50!

Pros

  • The 60,000 bonus Qantas Points.
  • 0% p.a. for 15 months on balance transfers.
  • Complimentary travel and purchase insurances.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
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

Rewards program

N/A

Points per $1 spent

N/A

Sign up bonus

N/A

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 David Jones Credit Card

On American Express' website

Offer extendedApply by 20 October 2021

American Express David Jones Credit Card

Rewards program

Membership Rewards, Qantas Frequent Flyer

Points per $1 spent

3 points

Sign up bonus

50,000 points

Annual fee

$99.00 p.a. ongoing

Highlights

  • Enjoy 0% p.a. on purchases for 6 months1 and earn 50,000 Membership Reward Points or 25,000 Qantas Points when you apply online by 20 October 2021, are approved and spend $1,500 at locations excluding David Jones on your new Card within the first three months. Available to new David Jones American Express Card Members only.
  • Earn up to 3 Reward Points per $1 spent at major supermarkets and petrol stations; 2 Reward Points per $1 spent at David Jones; 1 Reward Point per $1 spent elsewhere.
  • Enjoy complimentary standard delivery for items purchased in-store or online at David Jones with the Card. Plus, up to 44 days interest-free.

Pros

  • Enjoy 0% p.a. on purchases for 6 months.
  • Get 50,000 Membership Rewards Points when you meet the criteria.
  • Enjoy invitations to exclusive Card Member sales previews, shopping nights and events.
  • Choose the rewards program that suits you best, Membership Rewards or Qantas Frequent Flyer.

Cons

  • The purchase rate reverts to 20.74% p.a. after 6 months.
Bank of Melbourne Amplify Platinum Credit Card (Qantas)

On Bank of Melbourne's website

Apply by 30 November 2021

Bank of Melbourne Amplify Platinum Credit Card (Qantas)

Rewards program

Amplify Qantas

Points per $1 spent

0.5 points

Sign up bonus

60,000 points

Annual fee

$99.00 p.a. ongoing

Highlights

  • Earn up to 60,000 bonus Qantas Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% p.a. for 15 months on balance transfers with 1% balance transfer fee. Reverts to cash advance rate.
  • Earn 0.5 points per $1 spent (uncapped). Plus, get a complimentary Qantas membership fee. Saving you $99.50!

Pros

  • The 60,000 bonus Qantas Points.
  • 0% p.a. for 15 months on balance transfers.
  • Complimentary travel and purchase insurances.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
Bendigo Bank Platinum Rewards Credit Card

On Bendigo Bank's website

Bendigo Bank Platinum Rewards Credit Card

Rewards program

Bendigo Bank Rewards

Points per $1 spent

1.5 points

Sign up bonus

N/A

Annual fee

$89.00 p.a. ongoing

Highlights

  • 0% p.a. on balance transfers for 6 months. Purchase rate of 19.99% p.a. applies thereafter.
  • Earn 1.5 Bendigo rewards points for every $1 spent.
  • Up to 180 days of international travel insurance.

Pros

  • Earn 1.5 Bendigo Bank Rewards points for every dollar spent.
  • Up to 180 days international travel insurance in any 12 month period.
  • Comes with extended warranty on purchases.

Cons

  • No sign-up bonus offer as of the moment.
NAB Qantas Rewards Premium Card

On NAB's website

NAB Qantas Rewards Premium Card

Rewards program

Qantas Frequent Flyer

Points per $1 spent

0.5 points

Sign up bonus

65,000 points

Annual fee

$250.00 p.a. ongoing

Highlights

  • Get 65,000 bonus Qantas Points when you spend $2,500 in 60 days.
  • Earn 1 Qantas Point per $1 spent on everyday purchases up to $3,000 per statement period then 0.05 pts per $1 spent thereafter (capped at $6,000).
  • Access to six complimentary insurances when you make an eligible purchase.

Pros

  • The 65,000 bonus Qantas Points.
  • Free Qantas Frequent Flyer membership (a saving of $99.50).
  • Six complimentary insurances when you make an eligible purchase.

Cons

  • Points earning capped at $6,000 spend per statement period.
BankSA Amplify Signature Credit Card (Qantas)

On BankSA's website

New offerApply by 30 November 2021

BankSA Amplify Signature Credit Card (Qantas)

Rewards program

Amplify Qantas

Points per $1 spent

0.75 points

Sign up bonus

90,000 points

Annual fee

$279.00 p.a. ongoing

Highlights

  • Earn up to 90,000 bonus Qantas Points when you spend $6,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% p.a. for 15 months on balance transfers with 1% balance transfer fee on amounts transferred.
  • Includes complimentary overseas travel insurance for up to 6 months

Pros

  • The 90,000 bonus Qantas Points.
  • 0% p.a. for 15 months on balance transfers.
  • Includes complimentary overseas travel insurance for up to 6 months

Cons

  • There is a 1% balance transfer fee.
  • The ongoing annual fee is high at $279 p.a.
Westpac Altitude Black Credit Card (Altitude)

On Westpac's website

Apply by 30 November 2021

Westpac Altitude Black Credit Card (Altitude)

Rewards program

Altitude Rewards

Points per $1 spent

1.25 points

Sign up bonus

150,000 points

Annual fee

$250.00 p.a. ongoing

Highlights

  • Receive 150,000 Altitude bonus points when you spend $4,000 on eligible purchases within 90 days of card approval. Exclusions apply
  • Earn up to 6 Altitude points per $1 spent (terms and conditions apply).
  • Complimentary Insurances: Overseas Travel, Extended Warranty, Purchase Security and Transit Accidents (terms and conditions apply)

Pros

  • 150,000 bonus Altitude Points when you spend $4,000 in 90 days.
  • Enjoy complimentary lounge passes.
  • Comes with complimentary overseas travel and purchase insurances.

Cons

  • The high annual fee of $250.
Qantas American Express Discovery Credit Card

On American Express' website

Apply by 27 October 2021

Qantas American Express Discovery Credit Card

Rewards program

Qantas Frequent Flyer

Points per $1 spent

0.75 points

Sign up bonus

10,000 points

Annual fee

$0.00 p.a. ongoing

Highlights

  • Receive 10,000 bonus Qantas Points when you apply by online by 27 October 2021, are approved and spend $750 on your new Card within the first 3 months. Offer available to new Card Members only.
  • Earn 0.75 Qantas Point 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.
  • Pay no annual card fee.

Pros

  • Receive 10,000 bonus Qantas Points when you meet the criteria.
  • Ongoing $0 annual fee.
  • Complimentary purchase and refund protection.

Cons

  • There is a 3% foreign transaction fee.
American Express Qantas Premium Credit Card

On American Express' website

American Express Qantas Premium Credit Card

Rewards program

Qantas Frequent Flyer

Points per $1 spent

1 point

Sign up bonus

30,000 points

Annual fee

$249.00 p.a. ongoing

Highlights

  • Receive 30,000 bonus Qantas Points when you apply online, are approved and spend $3,000 in 3 months. New Card Members only.
  • Relax with 2 complimentary Qantas Club invitations every year (conditions apply).
  • Complimentary domestic and international travel insurance.

Pros

  • 30,000 bonus Qantas Points.
  • Get up to 4 additional card members at no extra cost.
  • Comes with complimentary purchase and travel insurance.

Cons

  • The annual fee of $249.
BankSA Amplify Platinum Credit Card (Qantas)

On BankSA's website

Apply by 30 November 2021

BankSA Amplify Platinum Credit Card (Qantas)

Rewards program

Amplify Qantas

Points per $1 spent

0.5 points

Sign up bonus

60,000 points

Annual fee

$99.00 p.a. ongoing

Highlights

  • Earn up to 60,000 bonus Qantas Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% p.a. for 15 months on balance transfers with 1% balance transfer fee. Reverts to cash advance rate.
  • Earn 0.5 points per $1 spent (uncapped). Plus, get a complimentary Qantas membership fee. Saving you $99.50!

Pros

  • The 60,000 bonus Qantas Points.
  • 0% p.a. for 15 months on balance transfers.
  • Complimentary travel and purchase insurances.

Cons

  • There is a 1% balance transfer fee.
  • Points earning rate of 0.5 points is lower than others.
Bank of Melbourne Amplify Platinum Credit Card (Amplify)

On Bank of Melbourne's website

Apply by 30 November 2021

Bank of Melbourne Amplify Platinum Credit Card (Amplify)

Rewards program

Amplify Rewards

Points per $1 spent

1 point

Sign up bonus

80,000 points

Annual fee

$99.00 p.a. ongoing

Highlights

  • Earn up to 80,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 15 months on balance transfers with 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • Comes with complimentary travel insurances.

Pros

  • The 80,000 bonus Amplify Points.
  • 0% for 15 months on balance transfers.
  • Comes with complimentary travel insurances.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
BankSA Amplify Platinum Credit Card (Amplify)

On BankSA's website

Apply by 30 November 2021

BankSA Amplify Platinum Credit Card (Amplify)

Rewards program

Amplify Rewards

Points per $1 spent

1 point

Sign up bonus

80,000 points

Annual fee

$99.00 p.a. ongoing

Highlights

  • Earn up to 80,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 15 months on balance transfers with 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • Comes with complimentary travel insurances.

Pros

  • The 80,000 bonus Amplify Points.
  • 0% for 15 months on balance transfers.
  • Comes with complimentary travel insurances.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
St.George Amplify Signature Credit Card (Amplify)

On St.George's website

Apply by 30 November 2021

St.George Amplify Signature Credit Card (Amplify)

Rewards program

Amplify Rewards, Amplify Qantas

Points per $1 spent

1.5 points

Sign up bonus

200,000 points

Annual fee

$279.00 p.a. ongoing

Highlights

  • Earn up to 200,000 Bonus Amplify Rewards Points over 2 years when you spend $12,000 on eligible purchases each year. Plus, receive a birthday points bonus of 10% of the points earned in the last 12 months.
  • 0% p.a. for 15 months on balance transfers with 1% balance transfer fee on amounts transferred.
  • Includes complimentary overseas travel insurance for up to 6 months

Pros

  • The 200,000 bonus Amplify Rewards Points.
  • 0% p.a. for 15 months on balance transfers.
  • Includes complimentary overseas travel insurance for up to 6 months

Cons

  • There is a 1% balance transfer fee.
  • The ongoing annual fee is high at $279 p.a.
American Express Velocity Escape Card

On American Express' website

New offerApply by 13 December 2021

American Express Velocity Escape Card

Rewards program

Velocity Frequent Flyer

Points per $1 spent

0.75 points

Sign up bonus

10,000 points

Annual fee

$0.00 p.a. ongoing

Highlights

  • Receive 10,000 bonus Velocity Points when you apply online by 13 December 2021 for the American Express Velocity Escape Credit Card, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.
  • Velocity Points earned on your card are transferred directly to your Velocity account each month and can be redeemed for a range of rewards including flights, accommodation, car hire, gift cards and much more.
  • Earn 0.75 Velocity Points per $1 spent, except government bodies in Australia where you will earn 0.5 Velocity Points per $1 spent.

Overview

A rewards credit card is a type of credit card which earns rewards points (also know as loyalty points) for each dollar spent on eligible purchases. Eligible purchases are transactions which are not purchases of cash (such as purchases of foreign currency banknotes), or cash equivalents (such as a balance transfer), or other non-qualifying transactions as defined by the card issuer (such as interest charges and other account fees).

Rewards points redemption options

Rewards points (also known as loyalty points) can be exchanged for benefits chosen by the cardholder from a range of redemption options, which may include:

  • Merchandise from an online catalogue
  • Retail gift cards
  • Money off supermarket or other shopping at the checkout
  • Movie tickets and other entertainment
  • Exchanging the card’s brand of rewards points for airline frequent flyer points
  • Cashback to the card account
  • Payment of the card’s annual fee
  • Travel and accommodation
  • Charity donations

Frequent flyer credit cards

Frequent flyer credit cards are a type of rewards credit card. In this case the card is linked to an airline’s frequent flyer program (e.g. Qantas Frequent Flyer or Velocity Frequent Flyer). The rewards points earned take the form of frequent flyer points directly credit to the cardholder’s frequent flyer points account, rather than converting the card’s brand of reward’s points into frequent flyer points.

Australian credit card rewards programs

There’s a wide variety of credit card rewards points programs in Australia. Among the most popular are:

  • American Express Membership Rewards
  • ANZ Rewards
  • Bankwest More Rewards
  • Citi Rewards
  • Coles flybuys
  • CommBank Awards
  • HSBC Rewards
  • NAB Rewards
  • Qantas Frequent Flyer
  • St. George/BankSA/Bank of Melbourne Amplify Rewards
  • Velocity Frequent Flyer
  • Westpac Altitude Rewards
  • Woolworths Rewards

Points earning rates

Points earning rates are expressed in terms of points earned per dollar spent on eligible purchases (e.g. 1.5 points per dollar). Earning rates vary from card to card, with more expensive cards (i.e. those with a higher annual fee) tending to have a higher points earning rate.

However, earning rates are not directly comparable across different rewards programs. For example a card may have a high earning rate, but the number of points required for an identical redemption may be higher than the required points in a different reward program where card earning rates per dollar are lower. The required number of points for a David Jones $50 gift card, for example, is not consistent across all Australian credit card reward programs.

Points caps and thresholds

Some cards have limits on the number of points that can be earned in a single month or year.

Where there is a points cap, after the points cap is reached the points earning rate drops to zero for the remainder of the period (e.g. 1.0 points per dollar, up to $5,000 spending or 5,000 points earned per month, 0 points per dollar thereafter).

Where there is a points threshold the earning rate falls, but does not disappear, once the threshold is reached (e.g. 1.0 points per dollar, up to $5,000 spending or 5,000 points earned per month, 0.5 points per dollar thereafter).

However, a few cards do have both a points threshold and an absolute cap on points.

Points expiry

Each rewards program has its own rules about points expiry, so it’s important to read the rewards program’s Terms & Conditions if you have a rewards credit card.

While some reward programs say that points do not expire as long as your credit card account is current (and they may give you a 90 days grace period in which to spend the points after your card account is closed), other programs require some earning or redemption activity in your points account to prevent points expiry (e.g. points expire if there has been no points earning or redemption in the previous 24 months). In some cases points automatically expire within three years if they are not used.

First purchase bonus points

Many rewards cards offer large quantities of bonus points as an incentive to new cardholders. There is usually a target spending amount to be reached within a nominated period in order to qualify for the bonus points (e.g. spend $3,000 in the first 90 days after card approval and earn 80,000 bonus points). These bonus points can be worth several hundred dollars, depending on the rewards program and the way they are redeemed.

Higher annual fees and interest rates

Rewards credit cards tend to have higher annual fees and interest rates than cards with no rewards points on offer. In some cases the high annual fee is charged to partly offset the cost of other complimentary benefits (such as free travel insurance or airport lounge access) often attached to rewards credit cards.

However, there are a few rewards credit cards with a low or no annual fee and/or a relatively low interest rate on balances carried from month to month.

Learn about rewards credit cards

Confused about how rewards programs work? Get the answers to your questions here.

  • Pros & cons

  • Tips

  • FAQs

  • Guides

Get a quick boost of points in your account

Many rewards credit cards offer substantial bonus points to new cardholders.

Get something for nothing

Assuming you are able to pay off the balance in full each month, a rewards credit card is a great way to effectively get ‘something for nothing’ without changing your spending pattern.

Higher annual fees

Rewards credit cards tend to have higher annual fees than cards without rewards points, particularly for higher end black cards.

Higher interest rates

Rewards credit cards usually have interest rates at the highest end of the scale.

Interest and fees incurred negate the value of points

If you regularly fail to repay your balance in full, or pay late, you’ll end up paying more in interest and penalty fees than the value of the points you earn.

Points can expire

Rewards points in some rewards programs can expire if you don’t redeem them for a long period, and most will expire when you close your credit card account, or shortly afterwards.

Some redemptions are very poor value

Some types of reward redemptions, especially merchandise like home appliances, deliver very poor value per dollar spent in earning points.

There's more on offer than just earning points

Many rewards cards come with valuable complimentary benefits. These can range from international travel insurance to free flights and airport lounge access. The value these benefits represent varies: if you don't fly overseas, then having free overseas travel insurance won't matter to you. However, access to the lounge for your domestic flights could be a meaningful benefit.

Avoid rewards credit cards if you don’t intend to pay off your balance every month

Rewards credit cards can be extremely lucrative if they are used in the most cost-effective way. But avoid them if you don’t intend to repay your balance in full each month, otherwise you’ll end up paying far more interest charges than you can possibly earn in points value.

Channel as much of your eligible spending as possible through the card

Don’t forget to use your rewards cards at every possible opportunity, from your takeaway coffee through to big-ticket items like TVs, appliances and technology (if you can afford to pay for them at the end of the month). The rewards points you’ll earn mean that you are effectively getting a discount on all your spending.

Choose a card to suit your income and spending level

There’s no point in paying a high annual fee for a premium rewards credit card, with a high points earning rate, if you won’t be spending enough each year to earn a quantity of points that can be redeemed for a value at least equal to the annual fee. Most card issuers have a range of rewards cards to suit a variety of income and spending levels. Low income earners are likely to find an entry-level rewards card the most cost-effective. Big spenders will find it worthwhile to pay for a card with a high points earning rate, because they should easily recover far more than the cost of the annual fee while potentially accessing complimentary benefits worth many thousands of dollars.

Compare complimentary benefits as well as points eaning rates

Rewards points and complimentary benefits often go hand-in-hand. So don’t be carried away by a high points earning rate and forget to compare the complimentary benefits on apparently similar cards. If you choose a card that suits your lifestyle (e.g. a card with free travel insurance and airport lounge access if you’re a regular traveller, or a card with extended warranty provisions and purchase protection insurance if you enjoy online retail therapy) you may reap even more rewards by using these benefits than you will earn in points.

Compare points redemption rates as well as points earning rates

No two rewards programs are identical in their redemption rates, charging varying amounts of points for the same merchandise, gift cards and movie tickets. So when you are deciding which rewards card is best for you, take a quick look at each program’s points redemption requirement for an option you are likely to choose, and work out which card will see you spending the lowest amount in order to earn it.

Here’s an example:

Rewards card A – points earning rate of 2.0 points per dollar, 10,000 points required for a $50 retail gift card. So you need to spend $5,000 to earn a $50 card.

Rewards card B – higher points earning rate of 2.5 points per dollar, but 15,000 points required for a $50 retail gift card. So you need to spend $6,000 to earn a $50 gift card.

Keep an eye on expiry dates

While your rewards points won’t expire if you’re regularly earning and redeeming them, don’t forget that points can expire. Make sure you’re aware of any time-related expiry conditions for your card’s rewards program, so that you don’t lose your hard-earned points. And if you’re planning to close your credit card account, it would be a good idea to spend the points first, or convert them into frequent flyer points.

Use your points wisely

Not all redemption options give you the same value for money – or in this case, per point.

If you think you’ll be travelling by air within Australia at least once a year, or overseas once every couple of years, frequent flyer points (earned directly or by converting from other rewards points) will usually be you best value option.

The next best options are probably accommodation and holiday packages, if they’re available, followed by retail gift cards and movie tickets. You’re likely to get slightly less value per point for cashback to your credit card account, and the redemption option delivering by far the worst value is merchandise like kitchen appliances, technology and fashion items from the online catalogue.

Is this the right card for me?

If you travel a lot, for business or pleasure, you’ll be spending enough on flights and hotels and other things to earn good points toward more flights and hotel stays. Keep in mind that not all reward points programs give you the option of redeeming points for travel, but most do. On the other hand, if you’re spending more than, say, $2,000 per month, you’ll be able to earn good points whether you travel or not. If you don't use a credit card often, you won’t be earning many points unless you’re happy to change your lifestyle and use your credit card for everything, making sure you pay back the balance on time each month of course.

Am I eligible to get one?

To qualify, you’ll need to be over 18 and an Australian resident. If you have a poor credit rating, or your income is very low, you might have trouble getting approval for a new rewards credit card and the rejection could damage your credit rating, so be careful.

What types of rewards are available?

There are a host of programs with which you can redeem your points for flights. Make sure you check whether they’re just redeemable with specific airlines, like Qantas or Virgin, or whether you can choose between a good selection of reputable airlines.

Other cards allow you to redeem points for things like hotel stays. Sometimes you have to book through certain partner travel agencies or with certain hotel brands, so check to see how much freedom you actually have. If you’re a traveler, you might also want to check if you get complimentary travel insurance included in the features of the card.

If travel isn’t your thing, you’ll be looking for other ways to redeem points. Many programs have online stores where you can purchase a range of products and merchandise - everything from watches, to technical gadgets, to cologne. Have a look at the store before you sign up and make sure they sell things you’d actually want or need and that items are a good deal.

Fourthly, you can redeem points for gift cards or cashback. Sometimes it is more efficient to do one rather than the other so you want to read the fine print.

How can you tell a good rewards program from a bad one?

There are several factors to consider.

Points are not equal across programs : You usually earn 1 point per $1 spent, but sometimes this goes as high as 3 points. But a point with one program is not equivalent to a point with another program - it depends on what those points actually buy.

Points capping, points expiration:  Most programs limit the amount of points you can earn in, say, a year. For the big spender particularly, this can be limiting and frustrating. Secondly, some points expire. This is a frustration for the lower spender who might take a while to build up enough points to get anything of real value. Both capping and expiry information will be found in the small print of the program.

Annual fees and interest rates: You should see whether there are annual or start up fees involved in signing up for the reward program and for the credit card. In addition, rewards points credit cards often come with both higher fees and interest rates.

Flexibility: Some cards only allow points for flights on one airline; others allow users to exchange them for flights on several airlines, or redeem them for cash back, merchandise or gift certificates.

Ease of points redemption: Unfortunately, some companies make it quite difficult to redeem points in the hope that people won’t bother. You might have to squint through the depths of the fine print to find out how on earth to get something back for your points. Look for a rewards points program that makes redemption simple and straight forward. Some even offer automated redemption, where cash back goes straight into your account at the end of the month based on the points you’ve earned.

Bonus points: As an introductory offer, many reward credit cards will offer you the opportunity to earn bonus points. Sometimes to get them you have to spend a lot of money or shop in a particular store.

Do balance transfers and cash advances earn reward points?

They do not. And, in fact, a rewards credit card may have higher interest rates on these transactions than a regular card.