Australia’s most rewarding credit cards of 2013

If you own a rewards credit card, you may not want to read this blog. We’ve just completed our annual review of reward cards and unfortunately it isn’t very rewarding news for many card holders. Over a third of reward cards now lose you money, charging higher annual fees than can be earned each year in rewards.

But for those who choose their cards carefully there are great rewards to be had, you just need to choose a card that matches your spending habits, and pay balances off promptly to avoid paying interest.

Mozo compared 96 rewards cards using our Rewards Revealer tool and found that just 14 cards offer more than $100 net value each year at the average spend of $17,000 a year.  Big spenders putting $5000 on the plastic each month can net more than $1,000 but only with the best cards. See our big spenders article here for details.

Our analysis also revealed that for the average spender flight rewards offer the highest return for your spend. Only two cashback cards delivered more than $100 in rewards value, the Coles Rewards MasterCard and the Westpac Altitude card. If you really want a cashback card you are better off getting one of the top airline branded cards with no annual fee and using it to redeem shopping vouchers at retail partners.

Without further adieu, here’s a look at the best rewards cards of 2013 (annual spend of $17,000).

Overall rewards value*

Rewards card

Annual rewards value

Annual Fee

Net Annual value

American Express Velocity Escape

American Express Velocity Escape

$216

$0

$216

Jetstar Platinum MasterCard (Jetstar Dollars)

Jetstar Platinum Mastercard

$340

$149

$191

American Express Qantas Discovery

American Express Qantas Discovery

$189

$0

$189

 

Top shopping rewards*

Rewards card

Annual rewards value

Annual Fee

Net Annual value

American Express Velocity Escape

American Express Velocity Escape

$126

$0

$126

American Express Qantas Discovery

American Express Qantas Discovery

$126

$0

$126

Coles Rewards MasterCard

Coles Rewards MasterCard

$170

$49

$121

 

Top cashback rewards*

Rewards card

Annual rewards value

Annual Fee

Net Annual value

Coles Rewards MasterCard

Coles Rewards MasterCard

$170

$49

$121

Westpac Altitude

Westpac Altitude

$204

$100

$104

ANZ Rewards Platinum

ANZ Rewards Platinum

$247

$149

$98

*Excludes introductory and bonus points offers. Where both American Express and Visa/MasterCard are issued per account, calculations assume 100% of spend is on American Express.

Which card is best for your spend level?

Head on over to Mozo’s Rewards Revealer and check out for yourself which card will give you the best rewards value or check out our top Rewards Cards page with a listing of all the best deals.

“Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are authors alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.”

MORE in this month’s Moneyzone

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Are you part of the credit card elite? Find out which pieces of plastic rewards you most. Top picks for big spenders >>

 

Essential skills to rack up rewards points

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Take your rewards points further with help from our seasoned rewards card buffs. Skill up on racking up points >>

 

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See which credit cards are throwing in special perks to win you over. Top cards with bonus extras >>

Australia’s most rewarding credit cards of 2013 was last modified: December 16, 2013 by Mozo

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3 Comments - Write a Comment

  1. If you pay an account ( by eftpos) via American Express do make a charge unless they have discontinued it since early 2009. I worked for a Company who was paid and we were charged for them.

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  2. I think you missed the fact that the Woolworths everyday money card collects both free gift cards plus frequently flyer points. I convert my ff points to bigw cards so in total receive $300 of cards per year.

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  3. American Express cards are not accepted at many businesses in my home town. It is therefore impossible to reach the spending level used in your calculations.

    Reply

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