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Crunching the Numbers: Top Rewards Credit Cards in Australia
Looking for the best rewards credit card in Australia? We've dissected the numbers to bring you the top picks for cashback, travel, and low fees.
What to Look For
When choosing a rewards credit card, it's easy to get distracted by flashy sign-up bonuses. But the real value often lies in the ongoing rewards rate and fees. Most people overlook comparison rates and revert rates, which can quickly erode your rewards if you're not careful.
Rates and terms shown are representative. Your actual rate depends on your credit profile and circumstances. This is not financial advice — always read the lender's terms before applying.
Common Mistakes
One common mistake is ignoring the annual fee in favor of a higher rewards rate. In many cases, the fee can outweigh the benefits unless you spend significantly each year. Also, don’t forget about foreign transaction fees if you plan to use the card abroad.
Top Picks for Rewards
Here are our top picks for rewards credit cards, each offering something unique depending on your spending habits and needs.
The Platinum Card® from American Express
The draw here is the generous travel credits and access to airport lounges, which can offset the high annual fee if you travel frequently. While the rewards rate is robust, it's the extra perks that truly elevate this card.
The Platinum Card® from American Express
If travel perks aren't your primary concern, focus on cards that maximize everyday spending returns.
NatWest Reward Credit Card
Worth considering because of its straightforward rewards system that doesn't require tracking categories. However, the 31.0% APR is steep, so it's best for those who pay off their balance monthly.
NatWest Reward Credit Card
American Express Preferred Rewards Gold Card
This card appeals to those who want solid travel rewards without breaking the bank. Just be mindful of the annual fee after the first year.
American Express Preferred Rewards Gold Card
Quick Decision Framework
If you're a frequent traveler, the American Express Platinum Card is your best bet. For straightforward cashback, NatWest offers a no-fuss option. Finally, if you want a mix of travel and everyday rewards, consider the American Express Preferred Rewards Gold.
For a deeper dive into selecting the right card, check out Is the Barclaycard Avios Plus Worth the £240 Annual Fee? for insights on travel rewards.