Bling or blang? Big spender rewards cards under the spotlight

The more you spend on your rewards credit card, the more rewards you earn, right? A recent review of rewards cards by team Mozo has revealed Australians spending $60,000 a year through rewards cards can earn back less than $100 in net rewards value – and amazingly even lose money.

We crunched the numbers on 97 rewards credit cards and for big spending card holders with an annual spend of $60,000 the difference between the best and worst cards is $1,134 in rewards value. Spend $120,000 a year and the difference is $1,917.

What’s more, on a $60,000 spend just 16% of rewards cards earn more than $600 in net annual value.

Big spenders generally do best with premium cards such as platinum cards linked to airlines, and flight rewards outperform other reward categories such as shopping and cash back rewards.

Check annual fees and points earning rates to make sure you’ll get good value for your spend. Also be sure to review and utilise card extras like insurances, warranties, complimentary products and discount offers to maximise the card’s value.

Here’s a look at Australia’s Top Cards for Big Spenders:

$60,000 Annual Spend*

Rewards card

Annual rewards value

Annual fee

Net annual value

Jetstar Platinum MasterCard (Jetstar Dollars)

Jetstar Platinum Mastercard

$1,200

$149

$1,051

Westpac Singapore Airlines Platinum

Westpac Singpore Airlines

$1,125

$250

$875

ANZ Rewards Platinum

ANZ Rewards Platinum

$1,015

$149

$866

$120,000 Annual Spend*

Rewards card

Annual rewards value

Annual fee

Net annual value

Westpac Singapore Airlines Platinum

Westpac Singapore Airlines Platinum

$2,250

$250

$2,000

Westpac Altitude Black

Westpac Altitude Black

$2,285

$395

$1,890

ANZ Rewards Platinum

ANZ Rewards Platinum

$2,031

$149

$1,882

*Excludes introductory and bonus points offers. Where 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 Big Spenders page with a listing of all the top deals.

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Bling or blang? Big spender rewards cards under the spotlight was last modified: September 10, 2013 by Mozo

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2 Comments - Write a Comment

  1. Why is the Woolworths Everyday Rewards Qantas card not recommended which has uncapped Qantas frequent flyer points? The annual fee is only $89 as compared with the Jetstar annual fee of $149.

    Reply
    1. Kylie Moss

      Hi Barron,
      If you use the Mozo Rewards Revealer tool you will see that the Woolworths Everyday Qantas Card is in our list but for a big spender (spending $60,000) a year, it comes in at #18 for rewards value (all rewards) and #14 for overseas flight rewards according to our calculations.
      Kylie

      Reply

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