Australia’s big bank rewards programs

You might have heard that NAB recently revamped its rewards program - and that under the new scheme, spenders can cash in on over 1,500 freebies, including through exclusive partnerships with Webjet and the AFL.

Sounds pretty sweet, right? But if a new rewards credit card is in your future, you might be wondering just how the NAB goodie bag stacks up against other big bank programs.

To take some of the hard work out of comparing rewards schemes and figuring out which one might be the best fit for you, we’ve rounded up the highlights of each right here.

NAB - Rewards

The program

The newly minted NAB Rewards program has heaps of awesome freebies on offer to tempt spenders. For those with a charitable bent, you can use your points to make a donation to over 80 partner charities. It’s also a good fit for frequent travellers, who’ll have their choice of free flights through Webjet, and can earn triple points on spends while they’re overseas.

Other freebies on offer include gift cards from shops like Coles, Bunnings and David Jones, cashback, and a range of retail products - including the obligatory toaster.

Redeem points by… logging into the NAB Rewards Store.

Good for: The NAB Rewards program suits a great range of spenders but particularly those who want to support their favourite charities, and AFL lovers, who can pick up club memberships and exclusive merchandise.

Credit cards connected to the NAB Rewards program:

Annual feePoints earn rateBonus offers
Rewards Classic Card$95 ($0 in the first year)0.75 points per $1 spent on everyday purchases40,000 bonus points when you spend $1,500 on everyday purchases within 90 days of account opening
Rewards Platinum Card$195 ($0 in the first year)1 point per $1 spent on everyday purchases80,000 bonus points when you spend $2,500 on everyday purchases within 90 days of account opening
Rewards Business Platinum Card$175 annual fee ($0 in the first year)1 point per $1 spent on everyday business purchases80,000 bonus points when you spend $15,000 on everyday business purchases within 90 days of account opening

CommBank - Awards

The program

The cool thing about CommBank Awards, is that it's the only big four rewards scheme that enables you to shop in-store at Myer using your rewards points.

Like the new NAB program, you can also book flights through Flight Centre - that means you can fly on any airline, any time. You can also bag cashback to use on whatever you like, gift cards from Myer, Coles, Target, BP and heaps more, plus a range of retail products including Apple tech, homewares and luggage.

Redeem points by… logging into your Netbank account using your browser or the CommBank app. You can also redeem in-store at Myer or Flight Centre by presenting your eligible rewards credit card at the checkout.

Good for: People who like to hit the changing rooms before making a purchase will appreciate being able to shop in-store at Myer using their CommBank rewards points.

Credit cards connected to the CommBank Awards program:

Annual FeePoints earn rateBonus offers
Awards Credit Card$591.5 points per $1 spent on Amex, 1 point per $1 spent on MasterCardEarn bonus points when you shop with Bonus Partners
Gold Awards Credit Card$1192 points per $1 on Amex, 1 point per $1 on MasterCard (up to 75,000 points per year). Then 1 point per $1 on Amex, 0 points per $1 on MasterCard (up to 12,5000 points per year)Earn bonus points when you shop with Bonus Partners
Platinum Awards Credit Card$2492.5 points per $1 on Amex, 1 point per $1 on MasterCard (up to 150,000 points per year). Then 1 point per $1 on Amex, 0 points per $1 on MasterCard (up to 250,000 points per year)Earn bonus points when you shop with Bonus Partners
Diamond Awards Credit Card$3493 points per $1 spent on Amex, 1.25 points per $1 spent on MasterCard (up to 1,000,000 points per year)Earn bonus points when you shop with Bonus Partners

ANZ - Rewards

The program

With ANZ Rewards, you can snag a heap of cool freebies including homewares, home entertainment and electronics, gift cards, cashback and cinema tickets. Dedicated travellers can transfer points to a frequent flyer program, and also pick up awesome deals for hire cars, hotels or travel experiences through ANZ Holiday Specials.

Plus, shop online through the ANZ Bonus Points Mall and you could snag up to 10 rewards points per $1 you spend.

Redeem points by… logging into your rewards account and visiting the ANZ online store.

Good for: The ANZ rewards program is especially suited to travellers, who’ll be able to score exclusive travel experiences and tours using their rewards points - not to mention scoring free flights!

Credit cards connected to the ANZ Rewards program:

Annual FeePoints earn rateBonus offers
Rewards$801.5 points per $1 on Amex, 0.75 points per $1 on Visa25,000 Reward Points after making an eligible purchase in the first three months
Rewards Platinum$952 points per $1 on Amex, 1 point per $1 on Visa50,000 Reward Points after making an eligible purchase within the first three months
Rewards Travel Adventures Card$2252 points per $1 on Amex, 1 point per $1 on VisaA return domestic flight and two lounge passes when you spend $500 on eligible purchases in first 3 months.
Rewards Black$3753 points per $1 on Amex, 1.25 points per $1 on Visa75,000 Reward Points after making an eligible purchase within the first 3 months

Westpac - Altitude Rewards

The program

The Westpac Altitude Rewards program gives you heaps of variety in the type of freebies you can choose, from homewares, to technology to travel. You can cash in on cool freebies like toys, fashion, gift cards or event tickets. Or, you can put those points to good use as contributions to your super, donations to a range of charities or as credit to help you pay fees on your Westpac home loan or credit card.

If you’re a globetrotter, you can also snag hotels, hire cars or travel agent vouchers, as well as converting rewards points to frequent flyer points for a bunch of different airlines, including Virgin Australia, Singapore Airlines, Malaysia Airlines, Air New Zealand, Cathay Pacific.

Redeem points by… logging into your Altitude Rewards or Westpac online banking account and visiting the Altitude website.

Good for: If you’re a practically minded spender and want to use your rewards points toward financial goals like paying off your home loan or pumping up your super, then the Westpac rewards scheme could just be your perfect match.

And of course, it's called the Altitude program for a reason, as avid travellers can pick up plenty of value with free flights and heaps of other holiday essentials on offer.

Credit cards connected to the Westpac Altitude Rewards program:

Annual FeePoints earn rateBonus points
Altitude (Rewards)$100 ($0 in the first year for existing Westpac customers)2 points per $1 on Amex, 1 point per $1 on Visa (up to 5,000 points per month)None
Altitude Platinum (Rewards)$150 ($0 in the first year for existing Westpac customers)2 points per $1 on Amex, 1 point per $1 on Visa (up to 7,500 points per month)50,000 bonus points when you spend $2500 within 90 days from card approval
Altitude Black (Rewards)$395 ($0 in the first year for existing Westpac customers)3 points per $1 on Amex, 1.25 points per $1 on MasterCard50,000 bonus points when you spend $2500 within 90 days from card approval

So there you have it! The big banks have plenty on offer for all different kinds of spenders, and although there may not be huge differences between the programs on offer, it’s still well worth checking the fine print to choose the one that will work best for you.

Want to see how competitors to the big banks compare? Check out our rewards revealer tool, which will help you find a rewards card to snag you all the goodies and freebies you want.

*Data correct as of 15 February 2017