Looking for the best cashback credit card? Look no further, we’ve compared signup bonuses, annual fees, points, rewards systems and other additional benefits to find the six best cashback credit cards offered in Australia.
The 5 Best Cashback Credit Cards in Australia
Credit Cards | Bonus Reward Points | Annual fee |
150,000 ANZ Reward Points | $375 | |
140,000 Altitude Points | $250 | |
150,000 Citi Reward Points | $0 | |
$400 Kogan.com Credit | $0 | |
200,000 AMEX Membership Rewards® Points | $0 |
1. The ANZ Rewards Black Credit Card
375
annual fee
55
days interest free
20.24
interest after interest free period
150,000
ANZ Reward Points
2. The Westpac Altitude Rewards Black Card
250
annual fee
140,000
bonus Altitude Points
45
Days Interest Free
21.49
variable cash advance rate
3. The Citibank Rewards Card
0
annual fee for the first year
150,000
bonus Citi Rewards Points
55
days interest free
22.24
cash advance rate
4. The Kogan Money Credit Card
0
annual fee
55
Days Interest Free
0
for up to 24 months when you pay with instalments at Kogan.com
21.74
cash advance rate
5. The American Express Platinum Edge Credit Card
0
annual fee
200,000
bonus Membership Rewards Points
55
days interest free
21.99%
on purchases
Frequently asked questions
How does a cashback credit card work?
A cashback credit card allows you to earn a percentage of your purchases back. The cashback rate varies from card to card, generally ranging between 1-5% cashback.
To apply for a cashback credit card, first review and compare the cards available, and then apply directly from a credit card issuer. There are a variety of conditions to qualify for cashback, for example, a minimum monthly spend, a minimum deposit in the required account (etc).
The cashback you receive will be calculated based on your total spend. The cashback will be credited to your account, redeemed as either statement credit towards your balance or cash deposited into your bank account.
To avoid high-interest rates, ensure you pay your credit card bill on time and in full.
Don’t forget to read the terms and conditions of your credit card to understand the cashback returns, any fees, and other benefits of your card.
Are cashback cards worth it?
Cashback credit cards can have extensive benefits, provided they are paid back on time and in full. Their worth differs from card to card, but ultimately comes down to individual benefits and whether the cashback card user is taking advantage of all the benefits. To customers who don’t pay off the credit card bills in full and on time, cashback credit cards are not recommended.
What credit cards do you get cash back?
There are a variety of cashback credit cards, the ones outlined and compared above include: ANZ Rewards Black credit card, Westpac Altitude Rewards Black Card, Citibank Rewards Card, Kogan Money Credit Card and American Express Platinum Edge Credit Card.
Is cashback taxable income Australia?
According to the ATO, cashback income is not taxable income - and does not need to be declared.
