Australia’s big bank rewards programs
Looking for a rewards credit card from one of the big four banks? But don't know whether to choose Westpac, NAB, CommBank or ANZ?
Well, 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 95 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 ways customer can spend their points 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 ShopAFL gift cards and exclusive merchandise.
Credit cards connected to the NAB Rewards program:
| Annual fee | Points earn rate | Bonus offers | |
|---|---|---|---|
| Rewards Classic Card | $95 | 0.75 points per $1 spent on everyday purchases |
30,000 bonus points when you spend $500 on everyday purchases within 60 days of account opening |
| Rewards Platinum Card | $195 | 1 point per $1 spent on everyday purchases | 60,000 bonus points when you spend $1,000 on everyday purchases within 60 days of account opening |
| Rewards Signature Card | $295 | 1.25 points per $1 spent on everyday purchases | 90,000 bonus point when you spend $3,000 on everyday purchases within the first 60 days of account opening. Plus, 30,000 bonus points when you keep your card for over a year |
| Rewards Business Signature Card | $175 annual fee | 1.25 point per $1 spent on everyday business purchases | 100,000 bonus points when you spend $4,000 on everyday business purchases within 60 days of account opening |
Bear in mind, you can earn more NAB Rewards points per $1 spent when you spend at major department or hardware stores or when you buy through Webjet or make overseas purchases.
NAB also have three rewards connected to the Qantas frequent flyer rewards program. For more information, check out Mozo's reviews of these products:
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 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 Fee | Points earn rate | Bonus offers | |
|---|---|---|---|
| Awards Credit Card | $59 | 1 point per $1 spent on MasterCard (up to 50,000 points per year) | Earn bonus points when you shop with Bonus Partners and if you apply before 29 February 2020 you could receive 30,000 bonus points. (As long as you spend $2,000 on eligible purchases within the first 90 of activation) |
| Platinum Awards Credit Card | $249 | 1 point per $1 spent on MasterCard (up to 150,000 points per year). | Earn bonus points when you shop with Bonus Partners and if you apply before 29 February 2020 you could receive 100,000 bonus points. (As long as you spend $4,000 on eligible purchases within the first 90 days of activation) |
| Diamond Awards Credit CardDiamond Awards Credit Card | $349 | 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 |
| Ultimate Rewards Credit Card | $420 ($35 monthly waived when you spend $2,500 on your card in your statement period and opt to receive online statements) |
Up to 3 points per $1 spent on MasterCard (up to $10,000 in a statement period) and then 0.5 points per $1 after | Earn bonus points when you shop with Bonus Partners |
| Business Awards Credit Card | $100 | 1 point per $1 spent on MasterCard (up to 60,000 per year) | Earn bonus points when you shop with Bonus Partners |
| Business Awards Platinum Credit Card | $300 | 1 point per $1 spent on MasterCard (up to 300,000 per year) | Earn bonus points when you shop with Bonus Partners |
CommBank give the option for customers to funnel their points directly into the Qantas Frequent Flyer program, so this could be an option if you travel with Qantas often.
ANZ - Rewards
The program
With ANZ Rewards, you can snag a heap of cool items using points 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 access exclusive travel experiences and tours using their rewards points - not to mention scoring flights!
Credit cards connected to the ANZ Rewards program:
| Annual Fee | Points earn rate | Bonus offers | |
|---|---|---|---|
| Rewards | $80 | 1 points per $1 on Visa (up to $1,000 per statement period) and then 0.5 points per $1 spent after | 50,000 Reward Points when you spend $1,000 on eligible purchases within the first three months of approval |
| Rewards Platinum | $95 | 1.5 points per $1 on Visa (up to $2,000 per statement period) and then 0.5 points per $1 spent after | 100,000 Reward Points when you spend $2,500 on eligible purchases within the first three months of approval |
| Rewards Travel Adventures Card | $225 | 1.5 points per $1 on Visa (up to $2,000 per statement period) and then 0.5 points per $1 spent after | 75,000 bonus Velocity Points when you spend $2,500 on eligible purchases within the first three months of approval Plus, a complimentary return domestic flight and two lounge passes when you spend at least $500 in the first 60 days before you travel (This offer is available to cardholders once a year) |
| Rewards Black | $375 | 2 points per $1 on Visa (up to $5,000 per statement period) and then 1 point per $1 spent after | 150,000 Reward Points when you spend $4,000 on eligible purchases within the first three months of approval |
| Business Rewards Options | $275 | 1 point per $ spent on Visa and 0.5 points per $1 spent on taxation payments | NA |
| Business Black | $375 | 1.5 points per $1 spend on Visa (up to $10,000 per statement period), then 1 point per $1 spent after and 0.5 points per $1 spent on taxation payments | NA |
Like NAB, ANZ also have cards specifically for customers looking to earn Qantas Frequent Flyer points when they use them. To find out more, take a look at Mozo's reviews of these products:
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 Fee | Points earn rate | Bonus points | |
|---|---|---|---|
| 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) | 80,000 bonus points when you spend $3000 within 90 days from card approval |
| Altitude Black (Rewards) | $250 ($0 in the first year for existing Westpac customers) | 3 points per $1 on Amex, 1.25 points per $1 on MasterCard | 100,000 bonus points when you spend $4000 within 90 days from card approval |
Westpac also have a range of rewards options to suit Aussie travellers - with cards connected to both the Velocity Frequent Flyer and Qantas Frequent Flyer programs. Simply select which program you'd prefer to link when you apply for either an Altitude Platinum or Altitude Black card, or choose one of the three American Express bundles on offer.
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 the table below or jump over to our rewards revealer tool, which will help you find a rewards card to snag you all the goodies you want.
*Data has been updated as of 16 January 2020
^See information about the Mozo Experts Choice Credit Card Awards
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