Best Credit Cards
Balance Transfer Cards
Reward Credit Cards
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Cashback Credit Cards
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Platinum Credit Cards
Debit Cards
Corporate Credit Cards
Small Business CardsSummary:Reward Credit Cards are an excellent way to indulge yourself by getting free flights, free services, free merchandise, discounts, and even free cash, all by spending money you would have spent anyway. Just be sure that your spending habits are such that Reward Credit Cards will work with you – not against you.
Indulging Your Passions with Reward Credit Cards
Do you like to travel? Do you like to shop? Do you have a heartfelt obligation to a certain charity? Or do you just like to save money? Well, what if somebody told you that you could earn free cash, free services, deep discounts, or valuable merchandise to satisfy those passions - just by spending money that you would have spent anyway? Wouldn't you be eager to check it out? Welcome to the exciting world of Reward Credit Cards.
Featured Rewards Credit Card
Earn more points than ever with the AMEX Platinum Edge Credit Card 3-2-1 program. Earn a whopping 3 points for every $1 you spend in participating supermarkets, 2 points when you refill your gas in participating petrol stations and 1 point for every other purchases. Plus, receive a complimentary Virgin Blue domestic economy return flight every year.
- 0% p.a. for 6 months (reverts to 20.74%p.a.) on purchases
- $149 annual fee
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
 Woolworths Qantas Credit Card | Earn extra Qantas Frequent Flyer points through Everyday Rewards and world class service around the clock. | 19.99% | 5.99% for 6 months | $89 | 20.99% |   |
 HSBC Platinum Qantas Credit Card | All the benefits of a platinum credit card with an excellent offer on Frequent Flyer points and a balance transfer. | 20.99% | 0% for 6 months with 2% handling fee | $199 | 21.99% | |
 American Express Platinum Reserve Credit Card | Enjoy a complimentary economy return flight to an international destination every year and complimentary insurance. | 0% for 6 months (reverts to 20.74%) | $395 | | ||
 Westpac Earth Gold Card | Includes all the benefits of the Westpac Erath plus a range of complimentary insurance covers. | 19.99% | 0.99% for 6 months | $125 | 21.49% | |
 Westpac Altitude Card | Earn up to 2 Altitude points per $1 you spend plus a great range of rewards. | 19.99% | 3.99% for 6 months | $100 | 21.59% | |
 CUA Platinum MasterCard | Earn a 1.25 reward points for every $1 you spend with CUA Platinum MasterCard. Plus a low balance transfer offer. | 20.24% | 0% for 9 months | $89 for the first year ($179 thereafter ) | 21.24% | |
 Westpac Altitude Gold Cards | Includes all the benefits of the Westpac Altitude plus a range of complimentary insurance cover. | 19.99% | 3.99% for 6 months | $150 | 21.59% | |
 Westpac Altitude Platinum Cards | Accelerate your Altitude points with up to 3 points earnt per $1 spent on your card. | 19.99% | 3.99% for 6 months | $295 | 21.59% | |
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
 Citibank Rewards Credit Card - Classic Card | Earn 1 frequent flyer point for every $1 you spend with this card and enjoy Citibank World Priviledges. | 20.99% | 6.9% for 6 months | $89 | 21.74% | |
 Commonwealth Bank Awards Credit Card | Earn 1.5 Awards points for every $1 spent with a Commonwealth Bank American Express® Card. | 20.74% | 5.99% for 5 months | $89 ($59 for qualifying customers) | 21.74% | |
 Westpac Earth Classic | Earn up to 1 Qantas Frequent Flyer point for every $1 spent on everyday purchases. | 19.99% | 0.99% for 6 months | $75 | 21.49% | |
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
 American Express Gold Ascent Card | Pay no annual fee and earn 1 membership point for every $2 you spent with this card. | 0% for 6 months (reverts to 20.74%) | $0 | | ||
 Commonwealth Bank Gold Awards Credit Card | Earn 2 Awards points for every $1 spent with a Commonwealth Bank Gold American Express® Card. | 20.74% | 5.99% for 5 months | $144 ($114 for qualifying customers) | 21.74% | |
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
 American Express Qantas Premium Card | Earn a nice rate of 1.25 points for every $1 you spend with this card. | 0% for 6 months (reverts to 20.74%) | $249 | 20.99% | | |
 Westpac Earth Platinum Cards | High platinum earn rate of up to 1.5 Qantas Frequent Flyer points per $1 spend plus a range of Earth Platinum privileges. | 19.99% | 0.99% for 6 months | $250 | 21.49% | |
 Citibank Rewards Credit Card - Platinum Card | Includes all Citibank Gold Card Card offers plus concierge service and other platinum services. | 20.99% | 0.9% for 15 months | $199 | 21.74% | |
 Commonwealth Bank Platinum Awards Credit Card | Earn 3 Awards points for every $1 spent with a Commonwealth Bank Platinum American Express® Card | 20.74% | 5.99% for 5 months | $280 ( $250 for qualifying customers) | 21.74% | |
Competition Fuels the Fires.
Competition is fierce in the credit card industry. Credit card companies and financial institutions are always looking for ways to lure new customers. One of the more popular ways these competitors have contrived is offering cash back, free flights, shopping vouchers, petrol discounts, and scores of other freebies to customers who would use their brand of credit cards. And the rewards can be quite handsome if the cards are properly used and card holders keep an eye on their accounts.
Don't Settle for the First Available Reward Card That Comes Along.
Shop around for the Reward Credit Card that's right for you, watch for expiration dates. Often you must redeem earned points within specific time periods which may not allow you enough time to get the reward you were hoping for and having to settle for something less. When comparison shopping, be especially watchful for what may seem to be a low annual fee that has been shifted to slightly higher interest rates.
Watch for point conversions. For instance, you may have to use 1000 points to get a cash-back sum whereas you would only have to use 500 points for a shopping voucher at the same value. Some Reward Credit Cards will allow you to rack up a certain amount of points and then let you subsidize the remainder of a purchase with cash, or use of the card. Called "points and pay provisions," these transactions are often allowed with no additional interest.
How Do You Make It Work Out?
A reward credit card could be an ideal financial relationship for you and your credit card company, but there are three big if's: If you spend, or could spend, around $12,000 a year on your plastic. If you pay off your credit card balance each month. And if you have the salary to qualify.
Most reward credit cards carry an annual fee that can range from $25 to $500, depending on the issuer, the sort of rewards offered, and sundry other factors. Keep in mind, as an example, that you might have to spend up to $5,000 just to cover your payment of a $50 annual fee. Read the fine print or you could just end up robbing Peter to pay Paul.
Many Reward Credit Cards carry rather high interest rates. Most issuer will count neither balance transfer rollovers nor cash advances towards rewards. With these issues in mind, it's easy to see how a reward aredit aard relationship could sour your financial situation. Annual fees and interest on past monthly balances could quickly wipe out any reward benefits.
Making the Most of Your Relationship.
The easiest part of the reward aredit aard commitment is to spend money. The more money you put on your card, the more points you start to rack up. The usual return is one point for every one dollar put on the card as payment for goods and services.
Many times the points per dollar spent on the card can be even higher depending on where you've shopped or what you've bought. For instance, if you have a card specific in its relationship with a particular airline, you could get two air miles for every dollar spent, plus admission to exclusive lounges, free travel insurance, and even front-of-the-line preference.
You must consider what's important to you. You could build points that would benefit the Red Cross with cash. You could build points for a new appliance. You could build points on an entertainment card that would offer you exclusive event or concert tickets, or backstage admissions. The reward offerings are as broad as what particular people find particularly interesting. You must shop around for a Reward Credit Card that fits your lifestyle and your financial goals.
To Thine Own Self Be True.
Don't spend just to gain reward points. Racking up plastic charges to get reward points is a self-defeating game. If you do switch your usual cash spending to your reward credit card to build your points, remember that the cash still sitting in the bank is to be used on your next credit card bill - it's not free money.
The one time you miss a complete monthly pay out, you will have put a big dent in the usefulness of your Reward Credit Card. Sometimes emergency needs are inevitable, but you must get back on track immediately or find another card with a low interest rate and no annual fee. If you miss a payment completely, you've completely ruined the relationship in terms of late fess and other penalties. At that point it's probably necessary to end the relationship and just go with a low interest credit card.
Never use a reward credit card (or any credit card really) for a cash advance. For one, the advance is usually never used towards accumulating points. Secondly, the rates payable on cash advances are much higher than a card's usual rates - approaching loan shark interest rates. The payments of fees and interest rates on one cash advance could easily wipe out a whole year's worth of accumulating points.
Happily Ever After.
So, for the average customer, a reward credit card can be a good thing. Use your card for at least $1,000 worth of purchases each month. Pay off the entire balance at the end of each month. Shop around for the lowest rates, fees, and best returns. Never take a cash advance. Never shop just to accumulate points. Make sure your card offers interest free days so you won't be penalized when you do pay off your monthly balance.
Most importantly, check around for a card that offers the benefits that you will enjoy. You will be happiest if you have a reward goal in mind. And, you'll be less apt to make any financial false steps. Implementing all these important points could make for a long and happy relationship between you and your Reward Credit Card.
