How to choose a rewards program
How to choose a rewards program
Choosing a credit card is a challenge in itself then deciding on the best rewards program to attach to your card can be just as testing. You may just throw your hands in the air and declare it all too difficult! But don’t, stop there and take a breath, as Mozo has come to the rescue. This guide will help you through the process of choosing a rewards program that is the best fit for you and one that will having you reaping in the benefits.
Look at some of our top cards here.
Rewards Credit Card Comparison Table - rates updated daily
American Express Qantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 2 April 2024 , are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$450100,0001.25 points up to 100,000 points/year, then
1 point uncappedQantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 2 April 2024 , are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Amex, up to 100000 points per year, then
1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 100,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover - Rewards Bonus Points 1.25 points per dollar on everyday purchases. Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2.25 Qantas Points per $1 spend on selected Qantas products and services.Exclusions apply. After a total of 100,000 Qantas Points is earned in a calendar year, the everyday earn rate will change from 1.25 to 1 Qantas Points per $1 spent.* For Card Members who applied for the Card between 1 July 2023 – 9 January 2024, this change will come into effect from 10 July 2024.
Read our Mozo Review to learn more about the Qantas Ultimate Card
NAB Qantas Rewards Premium Card
70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$250 $150 in the first year70,0000.66 points up to $3,000/month, then
0.33 points up to $6,000/monthQantas Rewards Premium Card
70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 0.66 points per dollar on Visa, up to $3,000 per month, then
0.33 points per dollar on Visa, up to $6,000 per month
- Reward point expiry
- Never
- Bonus points
- 70,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Concierge,
Extended Warranty,
Purchase Protection,
Travel Insurance,
Interstate Flight Inconvenience Insurance,
Rental Vehicle Excess in Australia Insurance - Rewards Bonus Points Bonus points on selected Qantas products and services, including eligible Qantas flights.
Read our Mozo Review to learn more about the Qantas Rewards Premium Card
American Express Qantas Premium Card
Receive 20,000 bonus Qantas Points when you apply, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Premium Card within 3 months of Card Membership. T&C’s apply. Available to new American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$24920,0001 point uncappedQantas Premium Card
Receive 20,000 bonus Qantas Points when you apply, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Premium Card within 3 months of Card Membership. T&C’s apply. Available to new American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 20,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover - Rewards Bonus Points Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2 Qantas Points per $1 spend on selected Qantas products and services.
Read our Mozo Review to learn more about the Qantas Premium Card
NAB Rewards Signature Card
Earn 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 40,000 bonus points when you keep your card for over 12 months (T&Cs apply). Enjoy a reduced annual card fee (from $295 to $195) for the first year. Up to 44 Interest free days on purchases (T&Cs apply). $15,000 minimum credit limit. 0% p.a. on standard balance transfer (BT) rate for 12 months (3% BT fee applies).
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
NAB Rewards$295 $145 in the first year160,0001.25 points uncappedRewards Signature Card
Earn 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 40,000 bonus points when you keep your card for over 12 months (T&Cs apply). Enjoy a reduced annual card fee (from $295 to $195) for the first year. Up to 44 Interest free days on purchases (T&Cs apply). $15,000 minimum credit limit. 0% p.a. on standard balance transfer (BT) rate for 12 months (3% BT fee applies).
- Intro rate
- -
- Ongoing Purchase rate
- 20.99% p.a.
- Balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1.25 points per dollar on Visa, uncapped
- Reward point expiry
- 36 months
- Bonus points
- 160,000
- Rewards
- Points
- 15,600 points (excluding taxes and charges)
- 239,200 points (excluding taxes and charges)
- 20,410 points
- Card Benefits
- Concierge,
Extended Warranty,
Purchase Protection,
International Travel Insurance,
Interstate Flight Inconvenience Insurance,
Rental Vehicle Excess in Australia Insurance - Rewards Bonus Points -
Read our Mozo Review to learn more about the Rewards Signature Card
American Express Qantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
Rewards program
Annual fee
Bonus points
Earn rate per $1
Estimated points earned
Qantas Frequent Flyer$0No current offer0.75 points uncappedQantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 0.75 points per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- No current offer
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover - Rewards Bonus Points Earn 0.5 Qantas Points per $1 spent at government bodies, earn 1.75 Qantas Points per $1 spend on selected Qantas products and services.
Read our Mozo Review to learn more about the Qantas Discovery Card
Types of reward programs
Before we start advising you on how to choose a rewards program you need to learn about the types of programs available. The common types of reward programs include:
Frequent flyer rewards: This is the most popular program amongst reward credit card holders. Every time you spend money on this card, you automatically earn points towards a particular frequent flyer loyalty program such as Qantas Frequent Flyer or Velocity Frequent Flyer.
General rewards: This program provides flexibility, allowing you to redeem your points on a range of products and services from cash back, shopping and travel vouchers to magazine subscriptions and appliances.
Cashback rewards: Cardholders are refunded a certain percentage of their spending. Visit our cash back section and compare the best cash back reward cards!
Supermarket rewards: Coles and Woolworths have a reward program for using your credit card to stock up on food. When you shop at Coles you can swipe your Flybuys card to earn points when at Woolworths you can accrue points with an Everyday Rewards card.
Visit our guide on rewards programs for more details about reward programs including how to maximise reward points.
Factors to consider when choosing a rewards program
Now that you’re familiar with the different types of reward programs you just need to choose one that will attach with your credit card! Without complicating the process and keeping it simple, you should consider these three important factors:
1. Will you pay your bill off on time and in full each month?
If you don’t think you’ll pay your credit card bill off in full and by the due date then you should think twice about getting your hands on this type of fancy plastic. The interest you will pay for an ongoing balance on top of a high annual fee will outweigh the value you will receive in awards.
2. Your credit card spending habits
By calculating how much you’re likely to spend on your credit card each year will help determine which program suits you. If you use your card frequently and pay off your bill in full each month then a point based rewards program may benefit you best. Using the Mozo Rewards Revealer tool you can see reward card rankings will vary from someone who spends $15,000 per year on their card to someone who has a much higher spending level of $60,000.
3. The rewards you’re interested in
There is no point choosing a frequent flyers rewards program if you have a fear of flying! Go with a program that offers you the greatest benefit for the rewards you are interested in. If you don’t travel regularly and want flexibility when redeeming your points then a general rewards card may be better suited to you.
Questions to ask yourself about rewards programs
When choosing a rewards program ask yourself the follow ten questions. This will help narrow down your options so you end up with a rewards program that is the best fit for you.
Q1. Does this reward program suit my annual credit card spend?
Q2. Am I interested in the rewards offered by this program?
Q3. Will the points I earn with this program expire?
Q4. Is there a cost for becoming a member of this rewards program?
Q5. How many points do I earn for every $1 I spend?
Q6. Can I add a family member to the card so I can earn more points?
Q7. How to I redeem my points, is it an easy process?
Q8. Is there a cap on how many points I can earn in a year?
Q9. How many points to I need to earn to get the reward I want?
Q10. Am I likely to shop with the programs partners where I can earn bonus points?
Features to think through when choosing a program
Value of the points: Generally speaking, most cards have a standard equation of $1 equals 1 point. However some cards may have a higher or lower value as the brand can have an impact. For example, $1 spent on AMEX may earn you 3 points but only 1 point on Visa.
Point expiry: Look at the fine print and find out when the points expire. Try and find a reward program where the points don’t expire. You’d hate to plan your honeymoon to Fiji using your Velocity Frequent Flyer points only to find out they’ll expire by the time you need to redeem them.
Points capping: There’s a few programs out here that have a cap on the amount of points you can earn a year or even in a month. Make sure the limit isn’t so low you don’t get any value from the rewards on offer.
Point redemption: Some cards require you to manually transfer points to a program for redemption while others will make life easy for you by automatically transferring the points to the reward program. You may have to wait for rewards or vouchers to be sent to you. With frequent flyer points it can be difficult to redeem your points for a flight as there is often only a set number of seats allocated to frequent flyers.
Bonus points: With some rewards cards you will get the opportunity to earn bonus points. You might get them as a lump sum when you sign up for the card, or when you spend a set amount on the card in a specific timeframe. Other rewards cards will give you bonus points when you spend money with specific retailers or stores. When weighing up bonus points offers, it is important to ensure you review the ongoing interest rate and any fees attached to the card, especially if there are spending limits to earn the bonus points. You don’t want to overspend and get into debt just to earn $50 cash back for instance.
Comparing rewards programs
Currently on the Mozo site, we compare over 100 rewards credit cards from 30 different rewards programs. Whether you are looking to bank with one of the big four: the ANZ Rewards Program, the NAB Rewards Program, the Westpac Altitude Rewards Program or the CommBank Awards Program, or go for a program from a smaller provider, it's all about finding out what suits you, your financial capability and your rewards expectations.
For more information on the different rewards programs out there, take a look at some of these handy FAQ pages:
- Citi Rewards Program
- Bankwest More Program
- St George Amplify Rewards Program
- Bank of Melbourne Amplify Rewards Program
- BankSA Amplify Rewards Program
- American Express Membership Rewards Program
- HSBC Rewards Plus Program
Or check out specific card options by heading over to our rewards credit cards comparison table.
^See information about the Mozo Experts Choice Rewards Credit Card Awards
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