Cashback cards

The name says it all…get cash back, when you spend money on your credit card. Sounds like a pretty good deal or is it too good to be true?! We’ll let you decide as we investigate the ins and outs of cash back credit cards. Like all reward credit cards make sure you take the time and compare what’s on the market and find the card that best suits you, your lifestyle and spending habits.

Are you ready to choose a credit card? Compare & save - last updated 18 September 2021

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure
  • Apply By 31 Oct 2021
    Bendigo Bank Low Rate Credit Card

    0% p.a. on purchases for up to 12 months (Reverts to 11.99% p.a). Also 0% balance transfer for up to 12 months. Low annual fee of $45 and no fees for additional cardholders.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 12 months then 11.99% p.a.
    0% p.a. for 12 months and then 11.99% p.a. (2.00% balance transfer fee)
    $45
    -
    Details
  • Great Southern Bank Low Rate Credit Card

    0% balance transfer rate for 20 months and up to 55 interest free days. No annual fee for the first year and $49 after. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020^

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    11.99% p.a.
    0% p.a. for 25 months and then 21.74% p.a.
    $49 $0 in the first year
    -
    Details
  • Apply By 28 Oct 2021
    PayPal Rewards Card

    Enjoy 50,000 bonus points (conditions apply). Receive 55 interest free days on purchases and 0% balance transfer rate for the first 20 months.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.99% p.a.
    0% p.a. for 20 months and then 20.99% p.a.
    $0
    PayPal Rewards
    Details
  • Apply By 4 Oct 2021
    Kogan Money Black Card

    Kogan Money Black Card has no annual fee and no cap or expiry date on points. It comes with a 55 interest free days on purchases and a 0% balance transfer rate for the first 12 months. Earn up to $400 in Kogan.com Credit, $50 Credit on first eligible spend in 30 days and $350 Credit when you spend $1,500 on eligible purchases in 90 days from card approval.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.99% p.a.
    0% p.a. for 12 months and then 21.74% p.a.
    $0
    Kogan Rewards Points
    Details
  • Apply By 30 Nov 2021
    St.George Vertigo - Cashback Offer

    $300 cashback when you take out a new Vertigo Credit Card and spend $4k on eligible purchases within 120 days of the new card approval. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.99% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
    $55 $0 in the first year
    -
    Details
  • NAB Low Rate Card

    0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    12.99% p.a.
    0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)
    $59 $0 in the first year
    -
    Details
  • Mozo Expert Choice Badge
    American Express Low Rate Credit Card

    Competitive low rate with $0 Annual Fee. Get $100 back when you apply online by 27 October 2021, are approved and spend $1,000 on your new Card by 31 December 2021. T&Cs apply. New Card Members only. Customers need an annual income of $50,000 or more.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    8.99% p.a.
    No current offer
    $0
    -
    Details
  • Apply By 10 Oct 2021
    humm90 Mastercard

    With up to 110 days interest free on your spending, this card is pretty unique in the market, and great for managing your daily spend. Plus, no foreign transaction fees overseas or online.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    23.99% p.a.
    0% p.a. for 36 months and then 25.99% p.a. (0% balance transfer fee)
    $99
    -
    Details
  • NAB StraightUp Card

    Pay no interest and no late payment fees, just a $10 monthly fee for a $1,000 credit limit. Plus, if you don't make any purchases and have an outstanding balance of $0 during the whole statement period, the monthly fee will be reversed. Also pay no foreign currency fees when you shop online or overseas. Mozo Experts Choice Credit Card Innovation Winner 2020^.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a.
    No current offer
    $120 $10/month - waived if no spend & no balance owing
    -
    Details
  • Apply By 19 Oct 2021
    Mozo Expert Choice Badge
    American Express Platinum Edge Credit Card

    Receive 50,000 Bonus Membership Rewards when you apply online by 19 October 2021, are approved and spend $1,500 on your new Card within the first 3 months. T&Cs apply. New Card Members only. $0 introductory annual Card fee for the first year..

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $195 $0 in the first year
    Membership Rewards
    Details
  • HSBC Platinum Credit Card

    0%p.a. on balance transfers for 36 months with no balance transfer fee. Terms and Conditions apply. Mozo Experts Choice Premium Rewards and Balance Transfer Platinum Credit Card Winner 2020.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    19.99% p.a.
    0% p.a. for 36 months and then 21.99% p.a.
    $129 $29 in the first year
    Rewards Plus
    Details
  • Apply By 26 Oct 2021
    Mozo Expert Choice Badge
    American Express Explorer® Credit Card

    Receive 150,000 Bonus Membership Rewards Points when you apply online by 26 October 2021, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $395
    Membership Rewards
    Details
  • St.George No Annual Fee

    0% p.a. for 12 months on APR requested at card application. The special promotional purchase rate applies from card approval, after the promotional period, the rate will switch to the variable purchase rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    0% p.a. for 12 months then 20.74% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
    $0
    -
    Details
  • Mozo Expert Choice Badge
    American Express Qantas Ultimate Card

    Receive 110,000 bonus Qantas Points plus $200 back when you apply online by 27 October 2021, are approved and spend $3,000 on your new Card within the first 3 months. Offer available to new Card Members only. Plus, receive up to 40,000 extra Qantas points with Shop Small (T&Cs apply)

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $450
    Qantas Frequent Flyer
    Details
  • Apply By 30 Nov 2021
    St.George Vertigo

    0% p.a. for 30 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.99% p.a.
    0% p.a. for 30 months and then 21.49% p.a.
    $55 $0 in the first year
    -
    Details
  • Mozo Expert Choice Badge
    American Express Cashback Credit Card

    Get 5% Bonus Cashback in the first 3 months and no monthly fee for the first 12 months. Additional 1.5% cashback with American Express Shop Small Campaign (conditions apply). Complimentary perks and insurances. Eligibility criteria and T&Cs apply.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $120 $0 in the first year
    Cashback Rewards
    Details
  • Apply By 30 Nov 2021
    Bank of Melbourne Vertigo - Cashback Offer

    $300 cashback when you take out a new Vertigo Credit Card and spend $4k on eligible purchases within 120 days of the new card approval. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.99% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
    $55 $0 in the first year
    -
    Details
  • Apply By 30 Nov 2021
    Westpac Altitude Platinum

    Earn up to 60,000 bonus Qantas Points ($3k min. spend in the first 90 days on eligible purchases). 0% p.a. for 18 months on balance transfers requested at card application. 1% BT fee applies. $99 + $50 Annual Qantas Rewards card fee for the first year. New cards only. Offer ends November 30th 2021. T&C's and exclusions apply.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.49% p.a.
    0% p.a. for 18 months and then 21.49% p.a. (1.00% balance transfer fee)
    $200 $149 in the first year
    Qantas Frequent Flyer
    Details

How do cashback credit cards work?

Cash back credit cards work in the same manner as other reward credit cards like platinum and frequent flyer in that every time you use your card to make a purchase you earn reward points. However, with cash back cards your points are converted to cash unlike other reward cards where you redeem your points for things like products and flights.   

Cashback options

Cashback credit cards are fairly new to Australia so it’s crucial to understand your money reward options before choosing that new piece of plastic to sit in your wallet. 

1. Cashback on your credit spend: This option is the most straightforward! You are credited a fixed rate percentage (usually around 1%) back into your account based on your monthly spend. You don’t need to do anything, just sit back and see money pop back into your account! Some cards may offer a higher rate when you shop at specific places partnered with the card such as supermarkets or department stores.

2. Rewards cashback: Earn reward points every time you use your cash back credit card. Watch your points accumulate and when you’re ready convert them to cash. The money will then be paid into your account as credit or a lot of providers will send you a shopping gift card. This could be for $20, $50 or $100 and are to be spent at a particular retailer such as David Jones, Myer, Bunnings, Rebel and Caltex. This may sound like a great idea but you’ll have to spend between $14,000 and $20,000 to receive $100 cash back. Learn more about credit card reward programs here.

How much cash will I get back?

Just how much cash you receive for your spending will depend on the type of card you have and the provider. There are hundreds of cards in the market so use the nifty Mozo Rewards Revealer tool to compare cashback credit cards and find one with the best value.

Here are a few examples below. You’ll see you have to spend a lot on your card to get value out of it, as the annual fee can cost you more than what you can earn in back in cash. Hence why it’s important to compare cards to find the best deal for your spending and lifestyle habits.

Example 1
Annual Spend: $10,000
Rewards Card: Bankwest – More Mastercard
Cashback: -$16

Example 2
Annual Spend: $20,000
Rewards Card: American Express – Essential Credit Card
Cashback: $138 (rewards net value)

Example 3
Annual Spend: $50,000
Rewards Card: ANZ Rewards
Cashback: $311

5 things to consider when choosing a cashback credit card

  • Annual fee: The annual fee can be the deal breaker when it comes to choosing a cashback credit card. If you’re unlikely to spend a lot of money on your card then often the annual fee will cost you more than what you’ll receive back in cash, therefore it’s hardly worth it! This account keeping fee can range from $100 up to as much as $450.  For information head over to our guide, rewards credit card vs annual fee.
  • Interest rates: Providers charge high interest rates for rewards cards such a cash back cards. The rate can be as much as 19-22%. So it’s worth your while shopping around to find a card with a low interest rate. Or you can even get a cash back card that has interest free days on purchases but this only applies when you pay your balance off in full.
  • Caps: Some of these cards have a cap on the amount of reward points you can earn in a year or a month. Also find out if the provider has a limit on the amount of cash you can get back over a period of time. Again this is important to consider as any caps may not provide you with much value from the card.
  • Spending habits: Take the time to calculate how much you will spend on the reward card each year. If you’re a big spender who's likely to use the card every time a purchase is made from shopping to flights to bills then it’s may be worthwhile getting a cashback card. However if you doubt you’ll spend more than around $10,000 on the card per year then it’s unlikely you’ll receive any value in rewards.
  • Paying the bill: As much as we may dread bills, it’s super important to pay off your credit card bill on time and when possible in full each month. If not the card will cost you more than what you bargained for as interest rates are pretty hefty. Consider setting up an automatic payment plan to avoid paying interest and a late payment fee. To save yourself more money read our guide on avoiding credit card fees.

What fees should I be aware of with a cashback card?

Cash back card have the same fees as standard credit cards. The main fee you’ll be hit with each year is the annual fee and as we’ve mentioned above, this can be pretty high.

If you’re out and about and find yourself in a situation where you need cold hard cash try not to use your credit card to withdraw money from the ATM. If you use your cash back card your provider will slap you with a cash advance fee this is usually around 3% on the amount you take out.

Heading overseas? If so, be aware of a currency conversion fee for every time you use your rewards card to make a purchase. This fee also applies when you make a purchase online at an international store.

In this day and age with technology there really is no excuse for paying your credit card bill late. Pay after the due date and you’ll be hit with a late payment fee. This fee can be easily avoided by setting up a direct debt or automatic transfer.

For tips on avoiding credit card fee click here!

Cashback cards DO’s and DON’TS

  • DON’T forget to use your card whenever you make a purchase to maximise your rewards
  • DO use your card to pay for bills
  • DO take the time to compare cashback cards to find the one you will benefit from most
  • DON’T forget to pay your credit card bill on time and in full each month
  • DON’T spend more money than you have just because you think you’ll earn more reward points
  • DO take advantage of bonus point offers
  • DON’T let your reward points expire before you convert them to cash and shopping rewards
  • DO leave your cashback card in your wallet!

^See information about the Mozo Experts Choice Credit Card Awards

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