Are you being rewarded?
Article by Mozo
Have you ever wondered if all those rewards points you religiously collect are really worth anything? Or if you’re missing out on big rewards by pledging allegiance to the wrong credit card?
The good news is we’ve cracked the rewards credit card code, to reveal the true value of all those points, cashback deals and discount programs. The results are in, and they’re kinda scary, so take a deep breath…
In many cases, rewards points will expire before you can cash them in, or the rewards takes years and years to attain. Worse still, the value of rewards earned is often less than the annual fee. In fact, 15 of the cards on the market will leave the average spender worse off.
So how do you beat the rewards card market? Well, it all depends on your credit card spend – but our new Rewards Revealer makes it easy to plug in your numbers for a personal solution. And you’ll find the results are wildly different for flights, giftcards and cashback offers.
If you spend $14,000 a year, the best rewards cards (determined by the value of rewards minus annual fees, excluding platinum cards) are:
- For gift cards: <#American Express Blue Sky Credit Card#CreditCard#97#> – $103
- For cashback: <#American Express Blue Sky Credit Card#CreditCard#97#> – $96
- For domestic flights: <#Jetstar Mastercard#CreditCard#175#> – $91
- For international flights: Westpac Earth – $89
Whereas for $50,000 a year, it’s a completely different story:
- For international flights: <#Citi Emirates Platinum#CreditCard#151#> – $1,021
- For domestic flights: <#Jetstar Platinum Mastercard#CreditCard#176#> – $851
- For gift cards: <#CBA Platinum Awards#CreditCard#71#> – $645
- For cashback: <#Westpac Altitude Platinum#CreditCard#36#> – $603
It’s never been easier to find the right card for you, or to check out how your card stacks up against the rest. So head over to Mozo’s Rewards Revealer and get yourself something for nothing!
Mozo’s rewards card tips
- Always pay off your card in full – those rewards will be eaten up by high interest rates if you don’t
- Match your card to your spend – Platinum cards are generally worth the extra fee if you are a heavy spender
- Match your card to your reward – if you want flights, don’t get a Myer or DJ’s card
- Don’t let points expire – use your points before they vanish, please!