Credit Card Sign Up Bonuses | Compare Introductory Offers

Are there any credit cards with no annual fee and a sign up bonus?

This is an unlikely combination, since there aren't too many 'no annual fee' rewards or frequent flyer credit cards in the first place. The card issuer is already effectively giving away cash in the form of sign up bonus points, and to expect them to do that without asking you to commit to an annual fee is probably unrealistic.

But there are sign up bonus cards with a low annual fee (starting at $95 p.a.) and others with a discounted annual fee in the first year.

Can I apply for the same sign up bonus credit card more than once?

It would be very difficult to do this within a short time frame, since most card issuers disqualify from earning a sign up bonus anyone who has held one of their rewards cards in the past 12 or 18 months. You could certainly try again a year or two after cancelling your first sign up bonus card, but expect your previous activity in cancelling the card to raise a red flag with the card issuer, who may hesitate to approve your application a second time.

Can I close my credit card account after the bonus points have been deposited?

Yes you can. Once the points arrive in your points or frequent flyer account they won't be taken back. But while the expiry of the frequent flyer points is dependent on the rules of the frequent flyer program, the card issuers can set their own rules about the expiry of their rewards points. You may find that your points expire as soon as, or shortly after, you close your credit card account. So make sure you redeem your points before you close your credit card account.

Be aware that closing your credit card account will also lift your credit utilisation rate (your total borrowings as a percentage of the credit available to you), which could temporarily reduce your credit score.

Also, since you will have paid the first year's annual fee upfront once your card application was approved, you may as well retain the card for the remainder of the 12 months in order to take advantage of ongoing reward points and any attached complimentary benefits.

Can I get the sign up bonus more than once?

Yes, but usually only by applying for a different credit card. The sign up bonus is a one-off incentive for new customers. You will receive the bonus once only, either when your account is approved or, more normally, when you meet the spending conditions. Most sign up bonus offers exclude existing customers who currently have, or have previously held, another card from the same issuer. This exclusion can often extend to customers of another bank in the same group (e.g. the wide-ranging Westpac / St.George group). However, in some cases you will be able to qualify for the sign up bonus if a reasonable period of time (e.g. 12 or 18 months) has elapsed since you last held one of the issuer’s cards.

Do cash advances and balance transfers count towards eligible spend for the sign up bonus?

No. These two transaction types are considered to be ‘cash equivalents’, and will not be counted as part of your qualifying spending. You must make actual purchases of goods or services in order to meet any spending criteria.

Other types of transactions likely to be excluded include:

Credit card account annual fees
Credit card account interest
Purchases of foreign currency banknotes or traveller's cheques
Gambling transactions

Some cards will also exclude any BPAY payments made using the card, and any premiums paid for the bank’s proprietary brand of credit card insurance.

How do I compare sign up bonus credit cards?

Firstly you should compare the various interest rates and also find a deal that offers you the biggest savings if there are promotional interest rates on offer. You must also take into consideration how long the introductory deal lasts, and how it changes when the honeymoon period expires. Sign up bonuses look great in the short term, but you also need to plan ahead to make sure you get the best deal for the long term. Most sign up bonuses involve a single bonus of points added to your account. So when you are comparing this type of bonus, consider how many points are on offer, what they can be redeemed for and how many points you need to redeem for something you actually want, e.g. flights, hotels, electronics, &c.

How long does it take for sign up bonus points to hit my account?

Sign up bonus points involving a target spending amount will normally be credited to your points account within two or sometimes three months of the spending criteria being met. For example, if you are required to spend $3,000 in the first three months after card approval, and you don’t reach the spending target until the end of the third month, your bonus points may not arrive until six months after you first get your new card.

If I have a bank-issued AmEx companion card, can I apply for a card issued by AmEx itself and get the sign up bonus?

Yes. Amex companion card holders are not excluded from Amex’s own sign up bonus offers. American Express will still allow you to qualify for a sign up bonus if you apply for a directly-issued American Express card, even though you may already have, or recently had, a companion Amex card issued by another bank.

Is there an average sign up bonus?

Sign up bonuses are limited-time offers, and may appear or disappear, or go up and down, on the same card. It's also the case that more expensive premium cards (i.e. those with higher points earning rates, more complimentary benefits and a higher annual fee) will tend to offer larger sign up bonuses. Additionally, rewards points in different programs are not directly comparable, since different programs will require varying numbers of points for the same redemption value. Finally, rewards points bonus offers tend to be larger than frequent flyer points bonus offers, simply because rewards points are on the whole less valuable than frequent flyer points. Cards which offer a choice between earning frequent flyer points and in-house rewards points will usually offer twice as many bonus rewards points when compared with bonus frequent flyer points.

So there's no such thing as an 'average' sign up bonus. Bonuses typically start at 15,000 rewards points (or 7,500 frequent flyer points) and rise to 200,000 rewards points (or 100,000 frequent flyer points) depending on the card.

What are the benefits of a new card with a sign up bonus?

If you are someone who regularly travels either domestically or internationally, then a sign up bonus offering frequent flyer points may be exactly what you are looking for. However, before deciding on the card you want to apply for you should carefully consider which airline you fly with most, which airlines fly the routes you travel most and even what airlines fly from your local airport.

When does the clock start on the spending requirement for a credit card sign up bonus?

The clock starts ticking as soon as your application is approved, not some time later when your card arrives in the mail. So it means you need to start spending as soon as you receive the card if you're going to meet the target (unless you have a major purchase in mind).

And since some card issuers advise the time limit in days (e.g. within 90 days of card approval) while other do it in months (e.g. within two months of card approval) it's best to assume that each month has only 30 days and get your spending done in 60 or 90 days, depending on the requirement.

When the sign up bonus is frequent flyer points, do I need to have a frequent flyer account before applying?

No. Your card issuer will normally ask you to notify them of your frequent flyer number within a given period (e.g. four weeks) after your new card is approved. However, you will need to have the appropriate brand of frequent flyer account before you can receive any bonus points or points earned on normal spending:

Qantas Frequent Flyer. There is a fee payable to join the Qantas Frequent Flyer program, but many card issuers will pay this fee on your behalf if you are not already a member.
Virgin Velocity and Emirates Skywards. Both programs are free to join, so it would be a good idea to open a points account at the same time if you are applying for a credit card with a sign up bonus for these programs.

Will I get the sign up bonus automatically, or do I have to meet other conditions?

The terms ‘sign up bonus’ and ‘ first purchase bonus’ are often used interchangeably. In fact, there is a difference. A very small number of cards will give you the sign up bonus as soon as your account is approved — no spending required — and this is a true ‘sign up bonus’. But for most cards, the sign up bonus is in fact a ‘first purchase bonus’; that is, you will be required to fulfil certain spending conditions (e.g. make $3,000 worth of purchases in the first three months of holding the card) before you can receive the bonus.