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Finding the best cashback rewards credit cards is the smartest strategy to save and earn a return on everyday spending.
Analyzing the available options will ensure you get the best rewards that compensate for fees and interest. Therefore, we will analyze the cashback rewards credit cards in the Australian market to help you find the best alternatives.
Furthermore, it is important to thoroughly study cashback rewards credit cards. It’s not enough to look at the return percentage. You need to consider spending limits to reach the bonus, annual fees, interest rates, and the interest-free period. Keep reading to learn about the options.
How does cashback work?
Cashback, or money back, is a benefit that returns a fraction of the amount spent on eligible purchases to the customer.
In essence, it acts as a retroactive discount.
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Instead of accumulating air miles, loyalty points, or other products, the consumer receives the return in the form of credit on the card statement or, in some cases, directly into the bank account.
There are two main ways to earn cashback rewards:
- Welcome Bonus (Launch Offer): Conditions a high return value on meeting a high spending requirement in the first few months after card approval;
- Continuous Percentage Refund: Returns a fixed percentage (e.g., 1% or 0.5%) on all eligible purchases made. This model is more advantageous for consumers seeking a constant and long-term benefit, without the pressure of meeting initial spending targets.
Analyzing the Main Cashback Rewards Credit Cards
Next, we will detail the offers available in Australia. Focusing on cashback conditions, associated costs, and the market context of each institution.
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1. Vertigo – Bank of Melbourne (Credit Cards with Cashback Rewards)
The Bank of Melbourne, a local bank operating only in Victoria, offers 10% cashback on purchases made at supermarkets and petrol stations during the first six months for new cards.
The total refund is limited to $500. This is one of the highest percentage return rates on the market, but focused on specific categories and with a cap.
Card has an annual fee of $55 per year and an interest rate of 13.99% p.a. on purchases, with up to 55 interest-free days.
2. Vertigo – St George Bank
St George, Westpac’s retail and business brand, offers the same 10% cashback on supermarkets and petrol stations, limited to $500 in the first six months.
Like the Bank of Melbourne, the annual fee is $55 per year and the interest rate for purchases is 13.99% p.a.
Thus, for those who spend a lot on fuel and food, this can be one of the best initial cashback rewards credit cards.
3. Low Fee – Commonwealth Bank (CommBank)
This card offers up to $240 cashback, paying $40 per month to customers who spend $500 or more on purchases during the first six months.
This is a cashback program that encourages continuous use.
Furthermore, there is no fee if the customer spends $300 or more in each billing cycle. Otherwise, there is a monthly fee of $3. The point to note is the high interest on purchases (20.99% p.a.), reinforcing the need to pay the bill in full every month.
4. Low Fee – NAB (Credit Cards with Cashback Rewards)
NAB’s Low Fee offers $200 credit on the statement for customers who spend $1,500 in the first 90 days.
Without a doubt, it is a welcome offer with moderate minimum spending and a three-month term.
The annual fee is only $30 per year. And the interest rate on purchases is high, at 20.99% p.a., with up to 44 interest-free days.
5. Low Rate – NAB
This card focuses on a larger bonus, offering $400 credit for those who spend $5,000 on purchases in up to 150 days (about five months).
Furthermore, the reward value is significant. Its attraction is the low interest rate on purchases: 13.49% p.a. In addition, the annual fee is $59 per year.
It is clear that this is a solid choice for cashback rewards credit cards for those who need a higher credit limit. And values lower interest in case of need.
6. Platinum – ANZ
The Platinum offers a double reward:
- $100 credit when spending $2,000 on domestic purchases in 3 months;
- $150 when spending $1,500 on international purchases in 6 months.
Thus, the total bonus of $250 is scaled.
Annual fee is $87 per year, but can be waived in the first year for customers with high spending.
The interest rate is 20.99% p.a., and the minimum credit limit is considerably higher, $6,000.
7. First – ANZ
The First, with a more accessible proposal. It will have $220 credit for those who spend $1,500 on purchases in 3 months.
The annual fee is only $30 per year, equal to NAB’s Low Fee. The interest on purchases is 20.99% p.a.
8. Low Rate – Westpac
Westpac Low Rate offers up to $350 cashback, paying $50 per month to customers who spend $1,000 or more on purchases in each of the first seven months.
The annual fee is $59 per year and the interest on purchases is 13.74% p.a., similar to ANZ Low Rate.
Thus, this model of cashback rewards credit cards rewards consistent spending over an extended period.
9. Cashback Credit Card – American Express (Credit Cards with Cashback Rewards)
This card offers 1% cashback on general purchases and 0.5% on payments to government agencies (such as taxes and fees).
It is worth noting that credits are posted monthly to the statement.
The big difference is that it charges a monthly fee of $10 (equivalent to $120 per year) instead of an annual fee.
It is important to note that the interest on purchases is 20.74% p.a., with up to 55 interest-free days.
Without a doubt, this is a cashback rewards credit card option that offers a constant and predictable return, ideal for those with a high volume of annual spending.
Comparative Table of Cashback Rewards Credit Cards
The table below summarizes the most important data to help you directly compare the main cashback rewards credit cards available in the Australian market. Check it out now.
| Card (Institution) | Cashback/Welcome Offer | Annual Fee/Charge | Purchase Interest (p.a.) | Minimum Credit Limit |
| Vertigo – Bank of Melbourne | 10% on supermarkets/petrol (up to $500 in 6 months) | $55/year | 13.99% | $500 |
| Vertigo – St George Bank | 10% on supermarkets/petrol (up to $500 in 6 months) | $55/year | 13.99% | $500 |
| Low Fee – CommBank | Up to $240 ($40/month when spending ≥ $500 for 6 months) | $0 (if spending ≥ $300/cycle) or $3/month | 20.99% | $500 |
| Low Fee – NAB | $200 credit (when spending $1,500 in 90 days) | $30/year | 20.99% | $1,000 |
| Low Rate – NAB | $400 credit (when spending $5,000 in 150 days) | $59/year | 13.49% | $\sim$$1,000 |
| Low Rate – ANZ | $400 credit (when spending $5,000 in 6 months) | $58/year | 13.74% | $1,000 |
| Platinum – ANZ | $250 total (scaled) + Benefits | $87/year (waived 1st year with high spending ↑) | 20.99% | $6,000 |
| First – ANZ | $220 credit (when spending $1,500 in 3 months) | $30/year | 20.99% | $1,000 |
| Low Rate – Westpac | Up to $350 ($50/month when spending ≥ $1,000 for 7 months) | $59/year | 13.74% | $500 |
| Cashback Credit Card – Amex | 1% on general purchases / 0.5% on government payments | $10/month ($120/year) | 20.74% | N/A |
Conclusion (Credit Cards with Cashback Rewards)
For cashback rewards credit cards, we note that some of them offer the best initial bonus offers.
While continuous offers (like 1% from American Express) are simpler, they charge a higher monthly or annual fee.
The true advantage of these products only materializes if you are a strict and punctual payer. If you use revolving credit, the cashback savings will be swallowed by interest, which can reach 20.99% p.a.
Therefore, view cashback as a financial management tool, not as a license to spend more than you can afford.
Are interest rates worrying you? Therefore, we recommend that you check out the best low interest credit cards Australia, which are excellent cards. In fact, some of them offer cashback and even a points program.