Please see information below on Reward Credit Cards.


Reward Credit Cards

Reward credit cards are hugely popular in Australia, so find out some background information in this section.

What are Reward Credit Cards?

Reward credit cards are credit cards with benefits! They allow you to earn something back when you spend and the points or rewards you collect can be redeemed in a number of ways, from discounts on products, air miles or cash back.

How Do I Earn Rewards?

Earning rewards is the easiest part of all. Just use the card as you would any normal credit card the more dollars you spend means more points earned. Of course, this is not a recommendation to go crazy and spend like never before use the card wisely.

You could build up rewards by using the card to spend on certain products or services that are affiliated with your reward program. You can also benefit from introductory reward offers, such as double points or bonus points.

Who Can Apply?

Reward credit cards are essentially the same as regular credit cards, only with benefits so the lending criteria is likely to be the same:

  • Minimum age 18
  • Permanent resident of Australia
  • Minimum income
  • Good credit rating

Each provider will have their own requirements so always make sure you find out what they are before you apply.

What are the Benefits?

The benefits are clear: enjoy a regular credit card that gives you something back! Cards which earn air miles are especially popular, so if you are someone who regularly travels this can be a great bonus you could even earn a free flight.

Choose a reward card that offers the benefits you like then use the card as you would any normal credit card. Don't start going mad spending everywhere, it is wiser to spend the card for everyday expenses (the petrol, groceries) and in affiliated retailers that offer bonus points.

What are the Disadvantages?

Rewards credit cards are great and carry many benefits, but it is easy to be blinded by the idea that you are getting something for nothing. This is simply not the case, as with any credit card you will still have to deal with annual fees, interest on any unpaid balance, penalty fees, purchase fees and all the other expenses associated with a credit card.

Pick your rewards card carefully, to make sure you are getting a good deal from A to Z. Are you really getting a good deal on all the other card features, besides the rewards program?


Please Note: is not authorised to give advice under the ASIC (Australian Securities & Investments Commission).

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