Updated August 2024 by Finder's money editor, Richard Whitten.
The Finder Score helps you sort the junk from the gold so you can compare products faster.
Each month we carefully analyse over 250 credit card products and assess nine features and benefits of each card.
We assign scores out of 10 for each feature, and adjust the scores depending on what category we're looking at.
Credit card scores are category-specific (e.g. low rate, balance transfer). The same card will receive a different score within each category, depending on the features being assessed. This methodology ensures a fair and relevant evaluation of each card.
To qualify for this category, credit cards must:
The Finder Score methodology is designed by our insights and editorial team. Commercial partners carry no weight, and all products are reviewed objectively.
Our intention is to enable informed financial decision-making without the need to analyse mountains of data yourself. But there is no best pick for everyone. We encourage you to consider your own financial circumstances when making a financial decision.
| Feature | Definition | Assessment | Weight |
|---|---|---|---|
| Cashback Value | The value of cash returned per dollar spent | Higher cashback rewards result in higher scores | 60% |
| Purchase Rate | Interest rate on new purchases | Lower rates receive higher scores (up to 21.24% max) | 15% |
| First-Year Fee | Fee charged for the first year of card ownership | Lower fees receive higher scores ($0 fee scores highest) | 10% |
| Ongoing Annual Fee | Fee charged from the second year onwards | Lower fees receive higher scores ($0 fee scores highest) | 5% |
| Earn Rate | Points earned for every dollar spent on eligible purchases | Points awarded per dollar (up to 1.5) | 2% |
| Balance Transfer Intro Period | The length of the balance transfer period | Longer periods are awarded higher scores | 2% |
| Balance Transfer Intro Rate | The rate applied to balance transfers | Lower rates receive higher scores (up to 21.99% max) | 2% |
| Balance Transfer Revert Rate | The interest rate charged after the BT period ends | Lower rates receive higher scores (up to 22.24% max) | 2% |
| Travel Insurance | Travel insurance offered with card | Cards that include travel insurance receive the full 10 points | 2% |
Pros & cons
Why we like it
Pros & cons
Why we like it
Pros & cons
Why we like it
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.
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:
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, the CommBank Yello Cashback Offers program gives people with an eligible Commonwealth Bank credit card or debit card access to cashback offers through the CommBank app. And people with a Westpac credit card can get cashback offers through Westpac Extras.
According to Finder's database, there are 4 credit cards on that market that give you back a percentage of your regular spending ongoing: the BCU Rewards Credit Card, Bank of Sydney Platinum Mastercard, ING Orange One Rewards Platinum and the Queensland Country Bank Visa My Rewards Card.
These cards offer equivalent cashback rates of between 0.66% and 1% per $1 spent, with different limits. for example, BCU limits your cashback amount to $500 a year and ING limits the cashback amount to $30 a month.
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:
Cashback cards provide a tangible advantage by effectively replenishing your wallet. However, it's crucial to avoid overspending just to chase rewards. The true art here is striking a delicate balance – reaping cashback benefits while maintaining responsible spending practices.
Graham Cooke
Head of consumer research, Finder
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:
If a credit card has an introductory cashback offer, make sure you understand the spend criteria before applying.
For example, if a card offers $200 cashback when you spend $3,000 on eligible purchases in the first 3 months, make sure that's realistic before you apply.
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.
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.
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.
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.
The bottom line? The value you get from any credit card offer depends on your personal spending habits and card preferences.
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