Top reward credit cards

Doing all the math, to work out which cards are best.

I'd like to use my bonus reward points for:

Convert your credit card signup bonus reward points to gift cards, for Coles, Woolworths, Bunnings and more.

ANZ points
$820 profit after meeting spend requirements
$0 p.a.
180,000 points
$15,000 min credit limit
Spend $2,000 in 90 days
$0 first year annual fee, $375 thereafter
Modified 03/11/21

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American Express points
$800 profit after meeting spend requirements
$1,450 p.a.
250,000 points
Spend $5,000 in 90 days
Larger required spend to earn bonus.
Offer Expires in a month (28/02/22)
Modified 19/01/21
Already had a card? Add it in your card history and get alerted when 12 months have past and you can apply again.
Westpac points
$741 profit after meeting spend requirements
$49 p.a.
180,000 points
$15,000 min credit limit
Spend $6,000 in 120 days
$49 first year annual fee, $250 thereafter
Offer Expires in a month (24/02/22)
Modified 03/11/21
Qantas points
$725 profit after meeting spend requirements
$0 p.a.
150,000 points
Spend $3,000 in 60 days
$0 first year annual fee, $450 thereafter
Offer Expires in 3 months (06/04/22)
Modified 14/01/22
Qantas points
$675 profit after meeting spend requirements
$450 p.a.
120,000 points
Spend $3,000 in 90 days
Offer Expires in 15 days (03/02/22)
Modified 06/01/22
Westpac points
$550 profit after meeting spend requirements
$0 p.a.
130,000 points
$6,000 min credit limit
Spend $3,000 in 90 days
$0 first year annual fee, $150 thereafter
Offer Expires in a month (24/02/22)
Modified 03/11/21
American Express points
$540 profit after meeting spend requirements
$395 p.a.
100,000 points
Spend $4,000 in 90 days
Modified 02/12/21
Suncorp points
$511 profit after meeting spend requirements
$129 p.a.
130,000 points
$6,000 min credit limit
Spend $3,000 in 90 days
Offer Expires in 2 months (31/03/22)
Modified 08/12/21
Westpac points
$501 profit after meeting spend requirements
$49 p.a.
130,000 points
$6,000 min credit limit
Spend $3,000 in 90 days
$49 first year annual fee, $150 thereafter
Offer Expires in a month (24/02/22)
Modified 02/11/21
Bank of Melbourne points
$501 profit after meeting spend requirements
$49 p.a.
130,000 points
$6,000 min credit limit
Spend $3,000 in 90 days
$49 first year annual fee, $99 thereafter
Offer Expires in a month (24/02/22)
Modified 09/11/22
Qantas points
$500 profit after meeting spend requirements
$450 p.a.
100,000 points
Spend $3,000 in 90 days
Modified 19/01/22
ANZ points
$500 profit after meeting spend requirements
$0 p.a.
0 points
$6,000 min credit limit
Spend $1,500 in 90 days
$0 first year annual fee, $95 thereafter
Modified 03/11/21
HSBC points
$500 profit after meeting spend requirements
$0 p.a.
120,000 points
Spend $3,000 in 90 days
$0 first year annual fee, $129 thereafter
Modified 08/11/21
CitiRewards points
$490 profit after meeting spend requirements
$150 p.a.
130,000 points
$15,000 min credit limit
Spend $4,000 in 90 days
$150 first year annual fee, $300 thereafter
Offer Expires in 3 months (28/04/22)
Modified 14/11/21
American Express points
$455 profit after meeting spend requirements
$195 p.a.
50,000 points
Spend $1,500 in 90 days
Offer Expires in 13 days (01/02/22)
Modified 02/11/21
CitiRewards points
$451 profit after meeting spend requirements
$49 p.a.
0 points
$6,000 min credit limit
Spend $3,000 in 90 days
$49 first year annual fee, $149 thereafter
Offer Expires in 3 months (28/04/22)
Modified 14/11/21
BOQ points
$450 profit after meeting spend requirements
$0 p.a.
160,000 points
Spend $3,000 in 60 days
Modified 03/11/21
CitiRewards points
$450 profit after meeting spend requirements
$150 p.a.
0 points
$15,000 min credit limit
Spend $4,000 in 90 days
$150 first year annual fee, $300 thereafter
Offer Expires in 3 months (28/04/22)
Modified 14/11/21
Westpac points
$400 profit after meeting spend requirements
$0 p.a.
0 points
$500 min credit limit
Spend $4,000 in 120 days
$0 first year annual fee, $59 thereafter
Offer Expires in a month (24/02/22)
Modified 02/11/21
Qantas points
$325 profit after meeting spend requirements
$0 p.a.
70,000 points
$6,000 min credit limit
Spend $2,500 in 90 days
$0 first year annual fee, $295 thereafter
Modified 11/11/21
Qantas points
$325 profit after meeting spend requirements
$175 p.a.
100,000 points
$15,000 min credit limit
Spend $4,000 in 90 days
$175 first year annual fee, $350 thereafter
Offer Expires in 3 months (28/04/22)
Modified 01/11/21
Qantas points
$305 profit after meeting spend requirements
$425 p.a.
100,000 points
$15,000 min credit limit
Spend $3,000 in 90 days
Modified 01/11/21
CitiRewards points
$301 profit after meeting spend requirements
$99 p.a.
0 points
$6,000 min credit limit
Spend $3,000 in 90 days
$99 first year annual fee, $149 thereafter
Offer Expires in 3 months (28/04/22)
Modified 14/11/21
Qantas points
$301 profit after meeting spend requirements
$49 p.a.
75,000 points
$6,000 min credit limit
Spend $4,000 in 90 days
$49 first year annual fee, $150 thereafter
Offer Expires in a month (24/02/22)
Modified 11/11/21
Paypal points
$260 profit after meeting spend requirements
$0 p.a.
50,000 points
$4,000 min credit limit
Spend $3,000 in 90 days
Modified 05/12/21
Qantas points
$251 profit after meeting spend requirements
$199 p.a.
90,000 points
Spend $3,500 in 90 days
$199 first year annual fee, $299 thereafter
Offer Expires in a month (28/02/22)
Modified 01/11/21
BOQ points
$221 profit after meeting spend requirements
$129 p.a.
120,000 points
Spend $3,000 in 60 days
Modified 03/11/21
Qantas points
$176 profit after meeting spend requirements
$99 p.a.
60,000 points
Spend $3,000 in 90 days
Offer Expires in a month (24/02/22)
Modified 02/11/21
NAB points
$175 profit after meeting spend requirements
$295 p.a.
90,000 points
$15,000 min credit limit
Spend $3,000 in 60 days
Modified 11/11/21
Qantas points
$171 profit after meeting spend requirements
$279 p.a.
90,000 points
$15,000 min credit limit
Spend $6,000 in 90 days
Larger required spend to earn bonus.
Offer Expires in a month (24/02/22)
Modified 03/11/21
Qantas points
$130 profit after meeting spend requirements
$295 p.a.
90,000 points
$15,000 min credit limit
Spend $3,000 in 60 days
$295 first year annual fee, $395 thereafter
Modified 01/11/21
Qantas points
$125 profit after meeting spend requirements
$300 p.a.
90,000 points
$15,000 min credit limit
Spend $4,000 in 90 days
Offer Expires in a month (24/02/22)
Modified 11/11/21
NAB points
$105 profit after meeting spend requirements
$195 p.a.
60,000 points
$6,000 min credit limit
Spend $1,000 in 60 days
Modified 11/11/21
Qantas points
$50 profit after meeting spend requirements
$250 p.a.
65,000 points
$6,000 min credit limit
Spend $2,500 in 60 days
Modified 16/11/21
Qantas points
$1 profit after meeting spend requirements
$99 p.a.
20,000 points
$6,000 min credit limit
Spend $3,000 in 90 days
Modified 11/11/21
Qantas points
$-100 loss after meeting spend requirements
$450 p.a.
70,000 points
$6,000 min credit limit
Spend $5,000 in 90 days
Larger required spend to earn bonus.
Offer Expires in a month (28/02/22)
Modified 01/11/21
Qantas points
$-450 loss after meeting spend requirements
$1,200 p.a.
150,000 points
Spend $5,000 in 90 days
Larger required spend to earn bonus.
Offer Expires in a month (28/02/22)
Modified 11/11/21

How credit card reward programs work

There are three basic parts

  1. Spend money, earn points
  2. Sign up points bonus
  3. Redeem gift cards with your points

When you spend money on a credit card with a reward program, you earn points for each dollar you spend. The rate you earn points depends on the card - it might be 1 point per dollar, 2 points or 1/2 a point.

Most credit cards with reward programs also give you a sign up bonus of some large number of points - think 100,000 points.

Each credit card provider has their own reward program, and you can use this to redeem your points for goods or gift cards. All the dollar values on this site are the values of Woolworths or Coles gift cards redeemed with points. The point requirement is different in each program. Generally, using Qantas points for gift cards is worse than using the banks own reward program.

Each credit card comes with an annual fee. Often credit cards will wave the annual fee for the first year. I generally don't keep a card longer than a year, to avoid the second year annual fee. Some credit cards split their bonus points over two years, e.g. 80k the first year, and 20k the second year. This means you have to pay two annual fees. Sometimes its worth it, sometimes its not.

What is credit card churning?

Credit card churning is where you move between different credit cards, signing up to earn the sign up bonuses.

Credit card churning has 4 steps

  1. Sign up for a new credit card
  2. Spend the spend requirement to earn the sign up bonus
  3. Redeem the sign up bonus for gift cards
  4. Cancel the card
  5. Repeat from step 1.

Each Bank/provider generally has a period you have to wait, before you can sign up again and be eligible for another sign up bonus. The period is normally 12 months, but for some its 18 months (like AMEX).

This means, if you signed up for an credit card card on Jan 1st, earned the bonus within 3 months and cancelled it, you could be eligible to sign up again, and earn another signup bonus by April the next year.

Scoring

All the cards are graded on a curve on four categories:

  • Churn Score - the overall performance of the card, factoring in all the factors below.
  • First Year Annual Fee Score - how high the first year annual fee is. The annual fee often goes up the second year, so I always churn away before paying that fee.
  • Bonus Value Score - how much gift card credit you will end up with after you: pay the first year annual fee, meet the spend requirement, earn the bonus points and the points you gained from reaching the spend requirements, and then redeem it for gift cards from the card's reward program.
  • Bonus Difficulty Score - how hard it is to reach the requirements to earn the bonus - often spend $X in Y days.
  • Earn Score - how easy it is to earn another gift card, after you earn the bonus. Some cards, you earn 2 points per dollar, some cards, have cheaper points for gift cards.

Will this affect my credit rating?

Yes, credit card enquires do affect your credit score - it's more a question of the amount. There are three different credit score providers in Australia: Illion, Equifax and Experian. Find out more from the gov. Since I started credit card churning for a few years, my credit score has dropped from "excellent" to "very good", which I am fine with. I monitor my credit score with these three services:

Hey all! Hope you are enjoying the site.

If something out of date or I've missed a card, let me know on instagram or facebook and I'll get it updated ASAP.

You can also check out my other bargain site shppngtrlly that has all the groceries half priced on Amazon.


Craig