Cashback Credit Cards
Cashbacks are one of the most basic, yet one of the best features of certain credit cards. For certain purchases, some credit cards will give you a cashback offer.
Rewards are great, but nothing beats cold hard cash. Cashback credit cards offer a flexible way to pay yourself back for all of your purchases. Instead of keeping track of reward points that may expire after a certain period of time, cashback rewards accrue automatically and are either credited to your account or paid out by check or voucher. It's a simpler way to save on all of your credit card purchases and by choosing the right card, you can save hundreds of dollars every month.
| Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest Free Days | |||
|---|---|---|---|---|---|---|---|
 |
Bankwest Breeze MasterCard offers a low rate on balance transfers and purchases. |
10.99% p.a. | 21.99% p.a. | 4.99% p.a. for 12 months | $69 | 55 |   |
 |
0.5% cashback on every purchase. 5% off petrol & purchases made at BP Petrol stations. |
20.89% p.a. | 21.39% p.a. | 0% p.a. for 6 months | $89 | 55 | |
Using your credit cards to get cashback is a common rewards scheme. It is important to do a lot of research to find the card that offers the most cashback with the best terms. If you can do that, and manage your finances you can actually profit from your credit card.
One of the best rewards offered by credit card companies is cashback. Cash never goes out of style, it never expires, and everyone can use more of it. While you might think that all cashback cards are basically the same, that is not actually the truth. Some cards offer slightly higher return rates while others only allow you to use the cash toward your bill or annual fee. In order to help you wade through the bevy of credit card options here are three Australian credit cards that have the best terms for cashback rewards.
Top Three Cashback Credit Cards
Commonwealth Bank Awards Card - Commonwealth has a slightly different approach to cashback. While most cards offer cash based a percentage of spending, Commonwealth offers points which are then converted to cash amounts. There is no maximum point to claim cash back, but you must have a minimum of 50,000 points. One really good card is the Commonwealth Bank Rewards Program. This card offers a This card offers a interest rate of 20.74% p.a. , cash advance rates of 21.74% p.a., and a balance transfer rate of 5.99% p.a. for 5 months. With an annual fee of $89 ($59 for qualifying customers) and 55 interest free days, it is a decent choice for those interested in rewards.
Citibank BP MasterCard - This is a great card not only for the cashback but for the discount on petrol. When you make purchases at BP locations you get 5% off, which can turn into a huge savings. All other purchases earn .5% cashback. Citibank is one of the best known and most accepted names in the world, so you can own it with the confidence of a financial giant in your corner.
American Express Moneyback Card - The American Express offers the one of the best available returns at 1% cashback with no maximum amount. They also offer an introductory rate of 5% up to $300 during the first three months you own the card. The only drawback to this card is that your chances to earn points are limited by the number of merchants that accept American Express.
Getting cashback from your credit cards is one way that people justify their spending. Be careful though because it is easy to overspend just to earn rewards only to realise that the amount you spent on interest is far more then the amount you earned in return. The best way to manage all credit cards is to use them frequently, but only as much as you can afford to pay off each month. This way you get all of the benefit of a card without the excessive interest costs.
