These reward cards also offer customers instant rewards at the checkout – essentially a discount on your current shop. With a general rewards program, you can accrue points which you can use in supermarkets or major retailers. In recent years in the Australian market, these have become rarer than other types of rewards cards. They can either get a set percentage of credit back on their account, or they can receive cash equivalents like vouchers or gift cards.įor example, if your card pays 2% cashback and you spend $100 in a shop, you’ll earn $2. Cash back rewardsĬashback programs allow customers to get cash rewards for their spending, usually in two forms. Some credit card reward programs also let you use your points for travel/flight upgrades, lounge access, car hire, and accommodation. When you make purchases on your credit card, you will earn points or miles for your existing frequent flyer account. Many banks and reward card providers have credit card products directly attached to airline frequent flyer programs such as the Qantas and Virgin Velocity Frequent flyer credit cards. There are three main types of reward programs to consider: Frequent flyer rewards What are the three main types of credit card rewards programs? Reward credit cards usually charge higher interest and annual fees so you’ll want to make sure the benefits of the points outweigh the amount you are paying in interest and fees. Transactions that don’t usually get credited with reward points are BPAY transactions, cash advances, and account fees.Įssentially, rewards cards help you get more value from your spending – but you’ll have to crunch the numbers to see if they’re worthwhile. The credit provider will convert your spending into points, which you can redeem in the form of rewards such as flights, merchandise, accommodation, travel packages, gift cards, cash back, and products from the rewards store.Įligible purchases are generally your everyday purchases like grocery shopping and online shopping. Rewards credit cards are linked to a loyalty program where you can earn points for every dollar you spend on eligible purchases.
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