Cashback credit cards

Get money for spending money? It’s not too good to be true with a credit card that offers cash back – here's what you need to know.

ANZ First Credit Card - Exclusive Offer
$200 digital gift card
  • 20.24% p.a. purchase rate
  • $30 annual fee
  • 20.24% p.a. purchase rate
  • $30 annual fee
Eligibility criteria, terms and conditions apply.

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Name Product Cashback Rewards program Purchase rate p.a. Annual fee
ANZ First Credit Card - Exclusive Offer
Get a $200 digital gift card when you spend $750 on eligible purchases in the first 3 months. Plus, a low $30 annual fee.
ANZ Rewards Black Credit Card
ANZ Rewards Program
Get 180,000 bonus ANZ Reward Points (worth $800+ in digital gift cards) and $150 back when you spend $3,000 in the first 3 months.
Westpac Low Rate Card - Cashback Offer
A no-frills card offering up to $250 cashback: $50 each month you make at least $1,000 of eligible purchases for the first 5 months.
ANZ Platinum Credit Card
$0 first year ($87 after)
Get $250 back on your card when you spend $1,500 on eligible purchases in the first 3 months and a $0 first-year annual fee. Plus, complimentary overseas travel insurance.
ANZ Low Rate - Cashback Offer
Get $250 back on your card when you spend $1,500 on eligible purchases in the first 3 months.
ANZ Rewards Platinum
ANZ Rewards Program
Get 80,000 bonus ANZ Reward Points (worth $350 in eGift cards) and $50 back when you spend $2,000 on eligible purchases in the first 3 months.
American Express Essential Credit Card
Membership Rewards Gateway
Get a $100 credit when you spend $1,500 on eligible purchases in the first 3 months. Plus, a $0 p.a. annual fee for life.
St.George Vertigo Card - Cashback Offer
Get up to $400 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.

A cashback credit card gives you money back on your statement or vouchers for your spending. This gives you more flexibility compared to earning reward points, because you can use cash on just about anything.

In Australia, most cashback credit cards offer a one-time bonus of credit back to your statement when you meet a certain spend requirement.

Want ongoing cashback as you spend? According to Finder's database, there are only 2 credit cards on that market that give you back a percentage of your regular spending ongoing: the ING Orange One Rewards Platinum and the BCU Rewards Credit Card.

Types of cashback credit card offers

A cashback credit card gives you rewards in the form of dollars, credit on your account or vouchers. These offers vary between cards, with some earning cashback instead of rewards points per $1 spent and others providing a one-time cashback reward offer for new customers. We've outlined the three main ways you can get cash back below:

  1. Cashback per $1 when you make an eligible purchase. For example, if you make a $1,000 purchase on a credit card that offers 2% cashback, you would get $20 back from the credit card provider.
  2. Promotional offers on sign-up. Some cards have a cashback promotion for new customers. These offers usually require you to apply before a set date and spend a specific amount in the first few months that you have the card. With these offers, the cash back could be in the form of credit to your account, a voucher or a gift card you can spend at select locations.
  3. Rewards points you can use to get cash back. If your credit card earns points per $1 spent, you could redeem them for credit back to your account or gift cards. Most rewards credit cards give you one or both of these options, along with other rewards such as flights or merchandise.

Some credit cards also offer cashback promotions to existing cardholders when they spend with partnered brands – even if you don't have an actual rewards credit card.

For example, CommBank Rewards offers personalised cashback promotions to people with an eligible Commonwealth Bank credit card or debit card. And people with a Westpac credit card can get cashback offers through Westpac Extras.

The pros and cons

If you're thinking about getting a cashback credit card, weighing up the following pros and cons can help you decide if it's worth it for you:


  • Simplicity. Unlike rewards credit cards, where figuring out the value of rewards can be complicated, cash back rewards are straightforward.
  • Usefulness. Cash or statement credits are a practical and versatile reward.
  • Other perks. Credit cards with cashback promotions may offer other features like complimentary travel insurance or airport lounge passes.


  • High annual fees. These cards usually charge higher annual fees than other basic rewards or no-frills credit cards available on the market.
  • High interest rates. If you often carry a balance, the cost of interest could outweigh any cashback rewards that you earn from the card.
  • Capped rewards. Some cards cap the number of times you can redeem a cashback offer or limit how much of your spending will earn cash back.

How can I compare cashback credit cards?

As with all credit cards, make sure you compare and understand the rates, fees and standard features. If you are interested in getting a credit card with cash back rewards, here are some other specific details to compare:

  • Introductory offer requirements

    If a credit card has an introductory cashback offer, make sure you understand the spend criteria before you apply.

    For example, if a card offered $200 cashback when you spend $3,000 on eligible purchases in the first 3 months, make sure that's realistic before you apply.

  • The cashback amount

    Look at the value of the cash rewards you'll collect versus the card's overall cost. If the value of the cashback isn't worth it, you might find a $0 annual fee or an interest free credit card with a 0% purchase rate offer more suitable for you.

  • Reward limits

    Some cashback cards have a limit on how much value you can get back. For example, you might be able to get 1% cashback but have a limit of $30 back per month. If you often spend more than $3,000 per month, you're not going to be able to maximise your rewards with that card.

  • Rewards value

    If you have a rewards credit card that offers cash back and other types of rewards (such as flights, travel upgrades or merchandise), you can check to see if there are rewards that have a higher retail or regular price value than the cashback amount.

🤷 How to decide if a cashback card is worth it

The potential value of a cashback rewards card depends on the amount of cash or credit offered, the cost of the card and how often you use it. Let's say you get a credit card that offers 1% cashback on everyday purchases and has a $150 annual fee.

If you spent $3,000 per month on this card:
You would earn $30 cash back per month, or $360 per year. If you take the cost of the annual fee out, you would get $210 value from cash back rewards over that year.

But if you only spent $1,000 per month on this card:
You would earn $120 cash back in a year. That is $30 less than the $150 annual fee in this scenario, so you would be spending more on the card than what you earned from cash back rewards. This doesn't necessarily mean that the card isn't valuable, but you'd have to make sure you get at least $30 worth of value from the other features.

Keep in mind that this example does not consider the cost of any interest that might be charged if you carried a balance from your purchases.

The bottom line? There is no one "best" cashback card for everyone because the value you get from any credit card offer depends on your personal spending habits and card preferences.

Frequently asked questions

What is the difference between a rewards credit card and a cashback credit card?

A cashback credit card offers you rewards in the form of statement credits or vouchers when you meet a spend requirement, or for ongoing eligible spending. Standard rewards credit cards offer points for each $1 of eligible spending, which you can redeem for travel, retail items, gift cards, cashback and more.

How much cash can I expect to get back when I spend?

You can typically get between $30 and $600 from an introductory cashback offer when you meet the spend requirements. For credit cards that offer ongoing cashback, it's usually between 0.5% and 1% of each eligible transaction.

While these are 2 of the most common types of cashback on credit cards, there are sometimes other promotions that could offer different amounts. For example, a card that has personalised cashback offers with retail partners could offer you $10 back when you spend $30 with the retailer.

Can I use cashback to pay the annual fee or my credit card debt?

Yes, you can generally use cashback rewards to pay your card's annual fee or the outstanding balance of a credit card if you redeem it through a rewards program. But if you get cashback as a credit on your account, you usually still need to make a minimum payment on your account by the statement due date to avoid late payment fees.

Who can apply for a cashback credit card? And how do I apply?

Anyone who meets the eligibility requirements for a cashback credit card can apply. These requirements vary between cards, but you can usually expect the following:

Eligibility requirements

  • Age. You need to be at least 18 years old to apply for a credit card in Australia.
  • Residency status. Most lenders require you to be a permanent Australian resident or citizen, though some do offer products to specific visa holders.
  • Income requirements. Some cards list a minimum income amount that you need to earn before you can apply, others require you to earn a regular income. There are also cards that don't list an income requirement – but even then you'll need to include details about your money when you apply.

Credit card eligibility requirements are usually listed on individual card pages, as well as at the start of an online application. Make sure you read them before you apply to help save you time.

How to apply

You can apply online in around 10-20 minutes. Before you apply, make sure you meet the eligibility requirements and have the necessary documents needed to complete your application. You'll need to provide proof of identification, proof of income and some additional information about your finances.

Once you have completed and submitted your application, you'll usually receive a response from the credit card provider within 60 seconds. If you're approved, you'll receive your card in the mail within 1-2 weeks.

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    10 Responses

      Default Gravatar
      CoreyOctober 26, 2018

      Could you help me narrow my search? Is there any credit cards at all I can qualify for whilst bankrupt

        Default Gravatar
        JoelOctober 26, 2018

        Hi Corey,

        Thanks for leaving a question on Finder.

        Payment defaults and bankruptcy are among the items on your credit report that could seriously hurt a credit card application. Instead of going down that route, perhaps a wiser move would be to consider your other credit options. Here are some alternatives you may find helpful:

        • Personal loans. Some providers may be willing to lend you money despite your bad credit history.
        • Cash advance loans. Also known as payday loans or bad credit loans, these are short-term loans of up to $2,000 with fixed fees.
        • Bank overdrafts. You may be able to get a personal overdraft from the bank because of your long banking history with them.
        • Debit card. Using a debit card instead of a credit card will ensure that you only spend money you have, which can help you work your way out of debt.
        • Low income credit card. If you meet the low income requirement, you could consider applying for a low-income credit card with lower fees and interest rates. A credit check would still apply in most cases though.
        • Joint account credit card. Another way to get a credit card would be to apply for a joint account credit card with someone that has good credit history. They would be the primary applicant, but you could share their account.

        Please send me a message if you need anything else and I hope you get through this difficult time.


      Default Gravatar
      MarissaAugust 9, 2018

      Hi. I would like to be approved for a credit card but l have always been denied. l am a Centrelink recipient. Please let me know if I eligible for any low rate credit card with no annual fees?

        Avatarfinder Customer Care
        JhezelynAugust 9, 2018Staff

        Hello Marissa,

        Thank you for your comment.

        Low-rate credit card eligibility for pensioners depends on whether you meet the application requirements. Generally, the bank will request a specific minimum income per year. If your primary form of income is through Centrelink benefits, contacting the bank to determine whether Centrelink qualifies as a form of income would be ideal.

        You may refer to our list of credit card designed for pensioners. Our page has a table with the list of providers who consider Centrelink payments as an income. Click the name of the provider to see more details about the feature of the credit card. When you are ready, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

        Please make sure though to read the eligibility criteria, features, and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

        Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.


      Default Gravatar
      ejayApril 27, 2016

      Did i get approved?

        Avatarfinder Customer Care
        SharonApril 27, 2016Staff

        Hi Ejay,

        Thanks for contacting Finder.

        For the status of your application, you may get in touch with the bank directly. You may also check our guide about checking credit card applications.

        I hope this helps.


      Default Gravatar
      NatSeptember 30, 2014

      Can i transfer several card balances of under $5 each onto to 1 of these single prepaid woolworths money cards plz?

        Avatarfinder Customer Care
        ElizabethSeptember 30, 2014Staff

        Hi Nat,

        Thanks for your question.

        This will depend on whether all of these cards are yours or not. It might be best to get in contact with Woolworths directly to see if this will be possible with your account.



      Default Gravatar
      AnnApril 7, 2014

      How do I redeem money for cash back? I paid for my PC on my Westpac credit card.

        Avatarfinder Customer Care
        JacobApril 7, 2014Staff

        Hi, Ann.

        I’m not sure I understand the question. Can you please elaborate on what you’re looking for and the product you used to make the purchase. ‘

        Thanks for your question.

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