A big round of applause to the 2023 winners of the Mozo Experts Choice Awards for Rewards Credit Cards. To determine which rewards credit cards deliver the best value for Australians, our team of expert judges assessed 158 personal credit card products issued by 70 Australian financial institutions. If you’re looking for a great card for things like earning frequent flyer points or other rewards, our winners list below outlines the rewards credit cards that offer the best value and make a great place to begin your search.
American Express has taken out Rewards Credit Card Provider of the Year for 2023, taking a win in the majority of the Mozo Experts Choice Awards categories that assess the best rewards cards. American Express offers a great range of credit cards for customers looking to take advantage of loyalty programs.
This category highlights any newly launched credit cards that have exceptional value or other standout features that deserve to be rewarded. This year two cards were equal first as each of them offer complimentary travel insurance and charge no margin on purchases made in foreign currencies - making them great options for customers using credit cards for travel expenses. Both of these cards also won awards in other categories.
Bendigo Bank and Commonwealth Bank
Commbank Awards Program
Cards with rewards can be very attractive, but there are a lot of them, and each is a bit different from the rest, so how to find the best one for you? At Mozo we developed a way of taking into account the number of points earned for every dollar spent, then calculating the value of some items commonly redeemed for those points. We wrapped it all up with the cost of the annual fee and awarded the cards that are more rewarding than the rest according to our assessment.
American Express, Coles, and Kogan Money
Fees can be larger on a premium rewards card than on a standard card, but so too can the rewards. We ran our calculations to find which platinum, black, and titanium cards give the best rewards for your money, and these came out on top.
American Express, Bank of Queensland, Bank of Sydney, Citi, Commonwealth Bank, HSBC, and Suncorp
Commbank Awards Program
Many credit card holders prefer the simplicity and benefits of cashback-based rewards that can be redeemed as opposed to gift cards. Our judges assessed the value of cards that enable this form of rewards for standard cards and found these to be the winners.
American Express, BCU Bank, Hume Bank, and Kogan Money
To find the best premium cashback cards our judges assessed the value of cash based redemptions on a higher spend level than for the previous category for platinum or higher status cards.
American Express, Bank of Sydney, Commonwealth Bank, HSBC, and ING
Commbank Awards Program
Rewards cards that earn Qantas Frequent Flyer points can be great value, particularly for people who travel often and use Qantas services regularly. To find the winners in this category our judges not only looked at the value of rewards points that can be earned, but also any ongoing discounts including free or discounted flights and lounge access.
To find the best premium Qantas Frequent Flyer rewards cards our judges assessed the value of points earned on a higher spend level than for the previous category, then assessed the value of any ongoing discounts including free or discounted flights and lounge access.
American Express, Bankwest, G&C Mutual Bank, and HSBC
Many rewards programs allow their rewards points to be converted into Velocity Frequent Flyer points where they can be used to help pay for flights. To find the winners in this category our judges not only looked at the value of rewards points that can be earned, and any conversion ratio that may apply, but also any ongoing discounts including free or discounted flights and lounge access.
American Express and Coles
To find the best premium Velocity Frequent Flyer rewards cards we assessed the value of points earned on a higher spend level than for the category, then assessed the value of any ongoing discounts including free or discounted flights and lounge access.
American Express, BOQ Specialist, and Virgin Money
Velocity Frequent Flyer
This award is presented to the card issuers that offer the leading suites of insurance and other card benefits on their platinum or higher tiered credit cards. Things like emergency card replacement cost, concierge service and insurances such as international travel, domestic rental car excess cover, and purchase protections were things factored in the award criteria.
ANZ and NAB
Now in their tenth year, the Mozo Experts Choice Awards present an opportunity to recognise products in the market we believe offer great value to Australians. For the 2023 Rewards Credit Card awards, our Experts analysed 158 personal rewards credit card products issued by 70 Australian financial institutions head to head. “Finding a rewards credit card that gives you the benefits you actually want and are able to redeem can be hard with so many options to choose from,” said Peter Marshall, Mozo Experts Choice Awards Judge. “Our winners list for 2023 revealed the rewards credit cards that we believe provide the best overall value, no matter what rewards you’re after, whether that’s gift cards, travel points or complimentary travel insurance.” For full details on how we crunched the numbers, the awards criteria and how we determined the winners, see the 2023 Mozo Experts Choice Awards for Rewards Credit Cards methodology report.
We couldn’t have a name like the Mozo Experts Choice Awards without a dedicated and experienced team of product data analysts at the helm. Combined they have decades of experience behind them. Meet them below.
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. See our 2023 Mozo Experts Choice Awards for Rewards Credit Cards methodology report for detailed information on how we performed product comparisons for credit cards to determine the final winners for 2023.
In this year’s awards we analysed 201 personal credit card products issued by 70 Australian financial institutions. We aim to include most providers in the market in the Mozo Experts Choice Awards. However, not every product in the market will be included in our review. For a full list of the providers included in our assessment, please see our methodology report.
When you’re looking for a rewards credit card you’ll want to think carefully about what type of rewards you want to get from your credit card and what you need to spend to earn those rewards. For instance, some rewards credit cards offer gift cards, some gain velocity points for travel and others offer a cashback scheme.
If you want to learn more about the key features of credit cards and the types of cards that are available, why not check out our range of helpful credit card guides? To see the latest credit card deals you can visit our credit cards comparison page.
The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director, a data scientist and actuary who has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Mozo's Financial Services Specialist he contributes to the team of analysts that gather information and compare products every day, and oversees the calculations and data quality used for producing the Mozo Experts Choice Awards.
Please get in touch with us to discuss by email should you have any queries.