Cash back credit cards unveiled

Credit cashback cards are a relatively new offering in Oz, and have all the flashy promise of bankers stuffing great wads of notes in your pockets. Read on for the real deal.

Cashback card options

• Cashback on your credit spend. Typically, a portion of your monthly credit spend is paid back into your account, almost like a refund. You're looking at around 1% here - although specific cards may offer more for shopping within specific stores, such as: supermarket credit cards, department store cards, airline credit cards
• Rewards cashback. Watch your points accrue, then cash them in for, well, cash. This is paid into your card account as credit. Mozo's data geeks estimate that you'll have to spend between $14,000 and $20,000 to receive $100 cash back on your credit account.

The mozo verdict

Cashback cards are a great option if you pay off your monthly balance regularly. Who doesn't like a little bonus now and then? But if you're paying interest on credit debt, it's unlikely that the cashback sweetener will offset a dud credit interest rate, so better do some sums - or let Mozo do them for you with our Rewards Revealer tool!