Compare credit cards offerings cash back for points
Bendigo Bank Low Rate Mastercard
Balance Transfer0% p.a. for 18 months balance transfer offer for successful applications by 30 April 2020; 2% transfer fee
2% transfer fee applies
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Which banks are offering relief on credit card repayments for COVID-19?
With thousands of Australians losing their jobs due to the catastrophic COVID-19 outbreak, you may be worrying about how you’ll be able to meet your credit card repayments.
Who doesn’t love a credit card that gives you cash back? That’s exactly what credit cards that have the ability to redeem rewards points for cash offer. Credit card cash back rewards give you the ability to cash-in your reward points for almost anything, including vouchers or credit.
One of the major advantages of cards that let you redeem rewards points for cash back is flexibility. Because you’re essentially cashing-in your rewards points for cash, you can spend your points on anything you like at any retailer you choose.
Unlike other credit card reward points programs, cards that let you cash-in your points give cardholders more options on how they redeem and spend their rewards points. Traditional rewards programs generally let cardholders choose products or services from a set catalogue of items. Cards that let you redeem rewards points for cash back generally allow you to use the points for everyday spending.
How do credit cards with cash back work?
Credit cards with the ability to redeem rewards points for cash back work similarly to other reward or frequent flyer cards, where you earn reward points on eligible purchases. Where these cards differ from other rewards cards is that you can redeem your rewards points and convert them to cash. Once you’ve cashed-in the reward points, you can use them to pay for things like products, travel or accommodation.
There are a few different ways a credit card can offer you cash back. Some cards have an introductory cash back offer for new cardholders. This usually means you’ll have to purchase within a specific timeframe to be eligible for the cash back. Other cards let you accrue rewards points and redeem them as a cash back to spend on whatever you like. Other cards may let you use your rewards points as a cash back credit on your account. If you opt for a card with this option, you may be able to use the cash back to pay any card fees or even pay down your card balance.
How to compare cash back credit cards?
Cash back is a feature which is attached to a credit card. When you’re comparing credit cards, it’s important that you take all the other factors into consideration. Look for a credit card that ideally gives you a good balance between features and value. As appealing as cash back offers are, it always pays to do your research to make sure you come out on top.
Another factor to consider is the interest rate. Rewards cards tend to have higher rates than standard cards, which is something to consider if you don’t manage to pay your card balance off monthly. Pay attention to any annual card fees. In some cases, the annual card fee can be more than the cash back, so do your sums to make sure it’s worth it. If you’re a big spender, check to see whether there are any caps on the number of points you can earn or redeem.
If managed properly, credit cards with rewards programs can be a good way to cash in on your spending. As these cards tend to have higher fees and interest rates than other standard credit cards, they can potentially cost you more if you don’t manage your money properly. If you tend to only pay off the minimum amount each month, you might be better off considering a low-rate credit card or opting for a card that offers interest-free days.
Before making a decision, make sure you compare your options to find a cash back credit card that suits your spending habits.
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.
Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.
A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.