Bad news: 1 in 3 rewards cards aren’t worth the annual fee

Rewards cards bad value content

Aussies love their rewards points, but recent Mozo data has revealed that for the average spender, the value of rewards on offer are totally outweighed by the annual fee on 1 in 3 rewards cards. Yikes!

But the good news is, there are some rewards cards left offering top value. In fact, spenders can score up to $405 in rewards value by choosing the right rewards card*.

So how do you know which one to pick? Well, a good place to start might be the Mozo Experts Choice Rewards Credit Card Winners 2017. We’ve handpicked a list of top options below to get you started.

American Express Qantas Discovery Card
American Express
  • $0 annual fee

  • 1 Qantas points per $1 spent, uncapped

  • Mozo Experts Choice Credit Card Provider of the Year

No annual fee, no cap on rewards points and up to 2 points per $1 when you spend with Qantas means that the American Express Qantas Discovery is a top credit card for rewards lovers. It also comes with perks like purchase protection and works with Apple Pay, Google Pay and Samsung Pay.

Woolworths Everyday Platinum Credit Card
  • $0 first year annual fee ($49 after)

  • $50 Woolies eGift Card when you spend $150 a month for 3 months

  • Mozo Experts Choice Award Low Fee Platinum Credit Card Winner

With the Woolies Everyday Platinum card, you can maximise your points earn with 1 point per $1 spent, uncapped, double points on purchases at Woolworths Supermarkets and Big W and triple points on Woolworths Select products. Plus, as a sweet little cherry on top, you can get 10% off your Woolies shop on a select weekend each month of the year.

American Express Qantas Ultimate Card
American Express
  • 55,000 bonus Qantas Points when you apply online and spend $3,000 within 3 months

  • $450 annual Qantas travel credit

  • Mozo Experts Choice Credit Card Provider of the Year

The American Express Qantas Ultimate card is the ultimate travel companion for big spenders. With an earn rate of 1.5 points per $1 spent, plus an annual travel credit to use on Qantas flight and perks like free travel insurance and two Qantas Club and American Express airport lounge passes each year, what’s not to like?

ANZ Frequent Flyer Black
  • 75,000 bonus Qantas Points and $200 cash back when you make a purchase in the first 3 months

  • Save up to $475 in your first year of Qantas Club membership

  • Mozo Experts Choice Award Complimentary Insurances Credit Card Winner

The uber-luxe Frequent Flyer Black from ANZ is not for the faint of heart, but if you’re serious about rewards, you can earn 1 point per dollar on Visa, up to $7,500 per month (0.5 points per $1 uncapped after) plus cash in on a tonne of premium perks. If you make use of all the extras and freebies with this one, it’s easy to justify the $425 annual fee.

American Express Essential Credit Card
American Express
  • $0 annual fee

  • 1 pint per $1 spent, uncapped

  • Mozo Experts Choice Credit Card Provider of the Year

Looking for an everyday card that will keep those rewards points coming in? Look no further. The American Express Essentials card comes with no annual fee and a very reasonable 14.99% interest rate for all your day-to-day spending, plus premium perks like rewards points, extended warranty and purchase protection.

^See information about the Mozo Experts Choice Credit cards Awards

Head over to the Mozo Experts Choice Credit Card Awards page for a full list of winners, or compare even more rewards credit card options in our Rewards Revealer.

*’Net’ value is derived by calculating how many points would be earned based on an average annual domestic spend of $20,000, then calculating how many Syd-Mel return flights can be redeemed using these points. We then calculated the value of these reward flights based on the airline carrier and after deducting the ongoing annual fee arrived at a net rewards value. $405 figure based on American Express Qantas Discovery Card