New rewards credit card bonus offers a mixed bag
Rewards card value has been in steady decline for a while now, but recently, Mozo has noticed a number of new bonus point offers coming on the market that may entice shoppers to give rewards plastic a second chance.
The offers include ANZ replacing the $250 Westfield gift card with points offers on its reward credit cards, ranging from 25,000 on the standard card, to 75,000 on the more luxe black cards.
Bankwest introduced rewards points on its More Mastercard range, from 19,500 on the standard card, to 115,000 on the World card and also introduced a unique offer where cardholders can bag the same amount of bonus rewards points annually, as long as a minimum spend criteria is met during the year.
American Express also doubled the bonus points on its Velocity Platinum card to 100,000. But, on the other hand, bonus points on other cards in the AMEX range were reduced by up to half, and the bonus status credit offer was removed from the Qantas Ultimate Card.
Mozo Data Manager Peter Marshall cautioned that there could be a downside to the new offers and that shoppers need to look at the ongoing value of a rewards credit card before committing.
“Although we’ve seen some improvements made to bonus offers, we’ve also seen some credit card providers lift annual fees or impose new restrictions, like points caps or expiry dates, on the same cards,” he said.
“So it’s important that spenders don’t get caught up in impressive bonus offers and forget to look at other aspects of the card.”
Marshall reminded spenders to keep an eye on the fundamental features of a credit card when adding a new piece of plastic to their wallets. Things like the annual fee, interest rate, and number of interest free days are all important in choosing the right option.
“These are things that, for most people, can have a much bigger impact on credit card use than rewards points, because they affect your everyday spending,” Marshall said.
“It’s all about weighing up the pros and cons of each offer and finding the right fit for you. Choosing the right rewards card can go along way towards getting the best value from your spend.”
To find a rewards card that will really add value to your spend, you can take our rewards revealer tool for a whirl.