Take the points
When it comes to earning rewards points through your credit card, the best frequent flyer rewards programs leave cashback and gift card reward offers in the dust.
Why? Because the latter two earn rewards at a much slower rate.
We worked with Mozo to check the ins and outs of 117 rewards credit cards.
Credit cards with gift card rewards
We found only five gift card rewards credit cards that return $150 or more annually (after deducting the annual fee) if you spend $2000 per month.
The best gift card rewards credit cards are:
- GE Money GO MasterCard, 21.74% (cash advances 29.49%), $0 annual fee
- Myer Visa, 20.69% (same rate for cash advances), $69 annual fee
- American Express Qantas Discovery, 20.74% (no cash advances), $0 annual fee
- Coles Rewards MasterCard, 19.99% (same rate for cash advances), $89 annual fee
- HSBC Premier World MasterCard (Rewards Plus) 19.99% (cash advances 21.99%) $0 annual fee
Credit cards with cashback rewards
Cashback rewards credit cards are even less rewarding. We only found two that return $100 or more (after deducting the annual fee) if you spend $2000 per month on your credit card.
The best cashback rewards credit cards are:
- Westpac Altitude (Rewards), Visa/American Express, 20.24%( cash advances 21.24%), $100 annual fee – please notes the reward returns are much better on the American express card, the Visa card returns aren't as good.
- HSBC Premier World MasterCard (Rewards Plus), see above under gift card rewards.
More on credit cards, gift cards and frequent flyer rewards