Monday moneyvator: Pump up your rewards stash with bonus point offers

Monday moneyvator: Pump up your rewards stash with bonus point offers

If you’re the type of person that likes to rack up rewards with your credit card, then you’re probably aware of the importance of bonus points, as a competitive offer could see you on that free flight or shopping spree that much earlier.

And the good news is, Mozo’s experts have found the average number of bonus points being offered has lifted from around 16,000 in 2013 to over 36,000 today.

So to help you figure out which credit card you should go for, we’ve rounded up some of the top bonus point offers in the table below:

Credit card Bonus point offer Purchase rate Annual fee
Bankwest More Platinum MasterCard 80,000 bonus points when you spend $4,500 on eligible purchases in the first 3 months 19.99% $140
American Express Qantas Premium Card 80,000 bonus points when you spend $3,000 on purchases within the first 3 months 20.74% $249
Citibank Signature 75,000 bonus points when you spend $6,000 on your card within 90 days 20.99% $299 ($199 in the first 1 year)
ANZ Rewards Black 75,000 bonus points when you spend $2,500 on purchases within the first 3 months 18.79% $375 ($0 in the first year)
NAB Velocity Rewards Premium Card 60,000 bonus points when you spend $1,500 on everyday purchases within the first 90 days 19.99% $150

As you can see there are a great range of bonus point offers in the market, but they do come with a high price attached in the form of annual fee. So to ensure you’re really getting the best value from the rewards card you go for, here are some tips for supersizing your rewards stash:

  1. Spend with your card’s bonus partners: Check if the credit card you go for offers bonus points per $1 spent with its partners, as this is a great way to plump up your rewards pile fast. For instance, say you take out the ANZ Rewards Black and need to hire a car on your next trip. If you do so with Hertz you’ll earn an extra point per dollar spent.
  2. Add joint cardholders: The more people spending on the card, the bigger the pile of points right? So consider applying for an additional card holder for your partner or family member, to see those points soar.
  3. Say goodbye to cash: Paying with cold hard cash is so 2015, so stick to the swiping method for the majority of your purchases to rack up the most points possible.
  4. Redeem on a regular basis: There’s a major trap that comes with many rewards credit cards – the expiry date. So ensure you’re spending those rewards points before they expire and also check if there are any caps on the number of points you can earn.

Want to compare more rewards credit cards? Use Mozo’s rewards revealer tool here.

*Data correct as at 22 February. 

Monday moneyvator: Pump up your rewards stash with bonus point offers was last modified: February 22, 2016 by Rebeccah Elley

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