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Essential Tips and Tools for Smart Borrowing
Best Rewards Credit Cards Guide
How We Rank the Best Rewards Cards
At Kredmo, we use a data-driven Value Methodology to rank every card on this page:
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Sign-Up Bonus Impact: We analyze the true value of 100k+ bonus point or cash-back offers after meeting minimum spend. -
Points Weighted Earn Rate: We calculate the "dollar per points" value from from actual aveage Australian household spending splits (e.g., 35% Groceries, 15% Fuel, 20% Utilities) to show to best estimate what you could earn. -
Capped and Uncapped Points: We calculate the earn rate caps or "Tiered Earn Rates" for cards with both spending amount maximums and point earning maximums. -
Redeem Points Dollar Value: We calculate the dollar value from earned rewards points for reach rewards program for each redeem category cash back, gifts cards, domestic and international flights. -
Cost Efficiency: We factor in the cost of the annual fee so to evaluate whether your rewards earned outweigh the annual fee or not to reveal the Year 1 Net Profit. Ensuring your rewards are an asset, not an expense.
How Kredmo Calculates Your Net Rewards $ Value
At Kredmo, we believe transparency is the key to choosing the right credit card. Our Net Rewards $ Value is a data-driven estimate of the net Rewards financial benefit you could receive during your first year of card membership.
We use a specific three-step formula to convert complex bonus points or cashback offers into a clear dollar figure:
1Sign-Up Bonus Valuation: We convert the headline bonus points (e.g., 100,000 points) into a dollar value based on a conservative redemption average of 0.5 to 1.0 cents per point. This represents the standard "floor value" for redemptions like digital gift cards and cashback in the Australian market.- 2Annual Spend Projections: We calculate the points earned from your projected annual spending based on the card's specific earn rate (e.g., 1.25 points per $1 spent). We then convert these points into their equivalent dollar value to show what your "monthly" spending is actually worth.
- 3The 'Net Value' Deduction: To find the final figure, we subtract the first-year annual fee from the total sum of points and cash back expected to be earned. The resulting Rewards $ Value
shown in our table represents your true "New Rewards $ Value"—in terms of Reward points and cash back of the value you receive after the card has paid for itself.Note: Our calculations assume you pay your statement balance in full each month. Because rewards credit cards carry high interest rates (often 20% p.a. or more), interest charges are not factored into this value as they would quickly negate the benefits earned.
Understanding The
Types Of Rewards Programs
Most Australian credit cards are tied to one of three primary program types:
Airline Frequent Flyer Programs:
These cards let you directly earn points for airlines like Qantas or Velocity (Virgin Australia), with points usually transferred to your airline account each month.
Bank-Specific Rewards:
Banks like CommBank (Awards), ANZ (Rewards), and Westpac (Altitude) offer internal points systems that are flexible for gift cards, cashback, or airline transfers.
Direct Cashback & Retail:
Some cards focus on cashback or are co-branded with retailers like Coles (Flybuys) or Woolworths (Everyday Rewards), giving discounts directly on your shopping.
Premium Perks: Beyond the Points
The best rewards cards in 2026 act as a "travel toolkit." When comparing cards, don't overlook these lifestyle benefits:
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Airport Lounge Access: Many premium cards offer 2–4 digital lounge passes or full Priority Pass memberships. -
Travel Credits: Cards like the Amex Explorer or Platinum often provide an annual travel credit (e.g., $400) that offsets a large portion of the annual fee. -
Complimentary Retail Protection: High-tier cards include international refund protection, purchase protection and even extended warranty on items purchased on the credit card. -
Complimentary Insurance: High-tier cards include international travel insurance, rental car excess cover, and even smartphone screen insurance.
Is a Rewards Program Worth It?
A rewards program is generally worthwhile if the value of the rewards and perks you use exceeds the cost of the annual fee. Before applying, it is helpful to use Kredmo's rewards points dollar value calculator to estimate your expected annual spend to see if your points will outweigh the card's costs.
Eligibility Checklist: Are You Ready to Apply?
Before you hit "Apply," ensure you meet these standard Australian criteria to protect your credit score:
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Minimum Income: Basic rewards cards typically require $35,000 p.a., while "Black" or "Signature" cards usually require $75,000–$100,000+. -
Residency: You generally must be an Australian citizen or Permanent Resident, though some providers accept 457 or 482 visa holders with significant time remaining. -
Good Credit History: Have a good credit history and no payment defaults. -
The "24-Month Rule": Most big banks (like ANZ, Westpac, or NAB) will not grant you a sign-up bonus if you have held a card with them in the last 24 months.
How We Determine Your Approval Probability
Applying for a credit card shouldn't feel like a guessing game.
At Kredmo, we are building an Eligibility Estimator that looks past the marketing and into the raw data banks use to make their decisions.
Instead of a "hard credit check" that can ding your score, our tool uses a "soft touch" approach to estimate your chances of success before you even consider applying.
The 4 Key Pillars of Your Kredmo Probability Score
Our tool analyzes the four main factors Australian lenders use to assess your "creditworthiness":
Your Income & Employment: Banks want to see you have a steady, reliable flow of cash. We factor in your annual salary and employment type to see if you meet the card's specific minimum requirements.
The Expense Reality Check: It’s not just about what you earn; it’s about what you keep. We look at your regular outgoings—like rent and groceries—to ensure you have the "breathing room" to handle a new credit limit.
Your Debt-to-Income Ratio: If you already have several other cards, a new bank might see you as a higher risk. We factor in your existing debt to see if you're approaching your total credit capacity.
Your Credit Score Health: We use your current credit score to gauge your history. A higher score signals to our tool (and the banks) that you have a track record of paying on time.
Why Use the Kredmo Probability Tool?
Protect Your Score:
Every formal application you make leaves a “hard enquiry” on your file, which can temporarily lower your score. Our tool uses an estimate that has zero impact on your rating.
Target the Right Cards:
Why waste time on a “Black” card you aren’t eligible for? We show you exactly which cards are in your “green zone” based on your current financial situation.
Realistic Expectations:
Our probability estimate (e.g., Low, Medium, High) gives you the confidence to apply only when the odds are in your favor.
Final Verdict
Who Should Get a Rewards Card?
- You pay your balance in full every month (avoiding 20%+ interest).
- Use Kredmo's rewards points calculator to estimate if your monthly spending on the card should produce a net positive rewards dollar value. You spend at least $2,000 per month on eligible retail/groceries..
- You value travel perks like insurance and lounge access.
- You regularly carry a balance (the interest will cost more than the points are worth).
- You mostly spend on "non-eligible" items like ATO bills or BPAY.
Got Questions?
We've Got Answers
A rewards credit card is a credit card that allows you to earn reward points as you spend. These points can be redeemd for gift cards, travel points, cash back and more.
Each rewards credit card has its unique rewards system that determines the how many points are given for every $1 spent on the card.
These reward programs have points can go up to 4 points for spending $1 on the credit card.
When a certain minimum number of points is collected, they can then be traded sometimes for gifts, flights, accommodation or cash.
Firs decide on what type of rewards credit card is best suited for you by understanding you spending habits. If most your monthly spending is on groceries then a good place to start is by looking into those credit cards that offer high points for spending on groceries. If you’re a frequent flyer then most definitely start by looking at credit cards that offer high frequent flyer points for each $1 spend.
Here are other key factors you should consider when choosing a rewards credit cards:
1. Check if the card's point earnings are capped or uncapped.
2. Take into annual fee the cost of having the card versus how much benefit you will get in return of rewards points. If you spend only $1,000 on the card each month, then you should look for a low or no annual fee rewards card.
3. Look at the any extra perks the card has and choose are card with perks that are useful to you.
4. Think about how you prefer to reap your earned reward points. If you prefer to exchange your points on free flights for your next holiday then look for a card offering frequent flyer points, or if you prefer cash then look for better cashback return programs.
5. Check what rewards credit cards are currently offering bons points offers to give you boost of points from the start.
Yes, some cards have points earnings that are capped or uncapped, or expire after a certain period of time. It’s important to be aware of these conditions when choosing and using a rewards credit card.
Points are typically redeemable via the card issuer's website or a dedicated rewards portal. Redemption options and processes differ depending on the card.
The cost or annual fee of reward cards can range from $0 to $1,450 dollar per annum.
The annual fee must be considered when choosig a reward credit card. For example, if you spend a high amount such as $5,000 on your card each month, then most rewards cards with an annual fee would be suitable for you.
However, if you spend $1,000 on the card each month, then using a rewards card with a no or low annual fee may be better suited for you. Ultimately, you must pay off the statement balance each month to also avoid paying interest and ensure you get the full returned benefit of using your rewards credit card.
Most everyday purchases earn points but there are some transactions don't earn points such as cash advances, balance transfers, gambling, and some bill payments.
An eligible purchase are essentially your everyday purchases such as supermarket, cafe, petrol station etc.
Non-eligible purchases are transactions such as cash advances, atm withdrawls, balance transfers, gambling, and some bill payments.
Reward points can be lost or forfeited if the cardholder is behind on their repayments by over 30 days, the account is closed, fraudulent activity occurs, or the points expire.
Some credit card rewards programs allow points to be transferred to other loyalty programs or to friend or family member; however, this varies by card and rewards program.
Why Trust
Kredmo?
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80+ Cards Compared: We track over 20+ Australian providers to give you a full market view, not a filtered one. -
User-First Logic: Our rankings are built on data-driven “Value Methodology,” not whether we have a partnership with provider or not. -
Total Independence: We show you the best credit cards currently available in the Australian market and give you the tools to make the best decision for your unique financial journey. -
Licensed: We operate under ACL 518788.