However, there is much more to the world of rewards than just those big, well known programs. Each of the big four banks has its own rewards program, which means if you have a credit card with a big bank, it’s quite likely you’ve come across ANZ Rewards, CommBank Awards, NAB Rewards and Westpac Altitude, even if you haven’t earned on those programs. Today though, we’re going to go smaller than that. We’re going to check out the rewards programs that you may not know much about, or may not have known existed at all.

Examining each of these programs, we’ll look at their earning capacity, what rewards they have to offer, and how they much they can offer in day-to-day value. So, if you’re thinking about applying for a rewards card, this is the post to read. You might just uncover a rewards credit card program that rewards your spending better than the bigger guys.

Bankwest More Rewards

Bankwest offers the Bankwest More Rewards program on its three ‘More’ credit cards, which include a Classic card, a Platinum card, and a World card. Each card offers tiered earning potential to earn rewards that currently include travel and rewards vouchers, merchandise, cashback onto the credit card, and charitable donations.

It’s worth noting that on its More rewards page, Bankwest states:

“From December 2021, we’ll be making changes to our More Rewards redemption options. We’ll let you know the details of these changes closer to the date. But for now, you can continue to redeem your More Rewards points as normal.”

💳 Earning

Let’s look at earn rates first.

• On the Bankwest More Credit Card, you will earn 1.5 points per $1, while paying out a $100 annual fee. There is an annual cap of 150,000 points.
• On the Bankwest More Platinum Mastercard, you will earn 2 points per $1, while paying out a $160 annual fee. There is an annual cap of 400,000 points. Extras include overseas travel insurance and no foreign transaction fee.
• On the Bankwest More World Mastercard, you will earn 2.5 points per $1 uncapped, while paying out a $160 annual fee. Extras include lounge passes, Hertz Gold membership, VIP benefits in hotels, overseas travel insurance, and no foreign transaction fee.

More Rewards Points will only be credited to your account once you have spent at least $1,500 on eligible purchases, and your account has been opened for at least two months. More Rewards Points expire after 36 months.

🛒 Redeeming

And the rewards on offer? Earning More Rewards, you can choose to redeem your points on:

• Merchandise from the More Rewards Store, with more than 3,000 items to choose from.
• Gift cards and vouchers from a variety of retailers such as Myer, Coles, Woolworths and JB HI-FI.
• Cashback onto your card.
• Experiences, such as skydiving and hot air ballooning.
• Webjet redemptions (although we couldn’t find info on this type of redemption).
• Charitable donations.

If you don’t have enough points to cover the reward you want, Points Plus Pay is available.

💰 Value

So, what kind of value is on offer? Let’s check out some spend examples on each card. Note, you obviously may enjoy higher or lower value on each card, depending on your spending habits.

Bankwest More Credit Card (1.5 points per $1, $100 annual fee, basic features).

On a spend of $2,000 per month, you would earn 3,000 points each month, or 36,000 points per year.

This would provide $139 in gift card or cashback value. Alternatively, you could redeem 58,450 points for an Apple Wireless Charging Case for AirPods, with an RRP of $129.

Bankwest More Platinum Mastercard (2 points per $1, $160 annual fee, overseas travel insurance).

On a spend of $4,000 a month, you would earn 8,000 points each month, or 96,000 points per year. This would provide $427 in cashback value. Alternatively, you could redeem 171,550 points for Bose Sleepbuds II, with an RRP of $380.

Bankwest More World Mastercard (2.5 points per $1 uncapped, $160 annual fee, higher end extras).

On a spend of $7,000 per month, you would earn 17,500 points each month, or 210,000 points per year. This would provide $812 in cashback value. Alternatively, you could redeem 323,800 points for a Weber Pulse 2000 Electric BBQ, with an RRP of $699.

⚖️ Verdict

You could enjoy real value on the More Rewards program from everyday purchases with your card – more so on the Platinum and World cards than the Classic card.

Bendigo Bank Rewards

Deemed a “fresh and exciting rewards program” by Bendigo Bank, Bendigo Bank Rewards are offered on the Bendigo Bank Platinum Rewards Card. Redemptions include travel vouchers, gift cards, merchandise, cashback onto the card, and charity donations.

💳 Earning

To earn points on the Bendigo Bank Rewards program, you must first apply for the Bendigo Bank Platinum Rewards Card, and then register to earn rewards. The bank allows a maximum of 15 additional cardholders to earn Reward Points.

• On the Bendigo Bank Platinum Rewards Credit Card, you will earn 1.5 Rewards Points per $1, while paying out an annual fee of $89. Extras include overseas travel insurance and purchase protections.

Points are valid for 35 months.

🛒 Redeeming

Within the Bendigo Bank Rewards program, points can be redeemed for:

• Flight and hotel travel vouchers,
• Gift cards and e-Gift cards,
• Merchandise from the Bendigo Bank Rewards Store,
• Charity donations,
• Cashback onto the card.

💰 Value

Let’s look at a few spend examples to determine the value on offer. Bear in mind that this is a platinum card, so a higher spend would be required to see real value.

Bendigo Bank Platinum Rewards Credit Card (1.5 points per $1, $89 annual fee, travel and purchase covers).

On a spend of $1000 per month, you would earn 1,500 points each month, or 18,000 points per year. This would provide $48 in gift card value. Alternatively, you could redeem 18,000 points for a Fluid Vacuum Bottle 1 Litre, available to buy for $21.49.

On a spend of $2,500 per month, you would earn 3,750 points each month, or 45,000 points per year. This would provide $121 in gift card value. Alternatively, you could redeem 44,855 points for a Karcher WV2 Premium Window Cleaner, available to buy for $109.

On a spend of $5,000 per month, you would earn 7,500 points each month, or 90,000 points per year. This would provide $242 in gift card value. Alternatively, you could redeem 92,595 points for a DJI Tello Drone Boost Combo, available to buy for $218.

⚖️ Verdict

As you would expect from a platinum card, you will only enjoy real value from this rewards program if you have a higher spend on your card.

BOQ Q Rewards

Bank of Queensland offers cardholders the opportunity to earn Q Rewards with its BOQ Blue Card and BOQ Platinum Card. Redemption options within Q Rewards include eVouchers, experiences, Apple Store purchases, cashback onto the card, or the opportunity to pay down eligible purchases. Cardholders may also convert their Q Rewards to Flybuys rewards.

💳 Earning

• On the Bank of Queensland Blue Credit Card, you will earn 1 point per $1, while paying out an annual fee of $60. Basic extras included.
• On the Bank of Queensland Platinum Credit Card, you will earn 2 points per $1, while paying out a $129 annual fee. As an intro offer, the card provides 60,000 bonus points after a $3,000 spend in the first two months, and an additional 60,000 bonus points when you spend $10,000 in the first year. Extras include overseas travel insurance and purchase covers.

You will pay no annual fee on either card while your home loan is with BOQ.

There is no points cap on either card, and your Q Rewards Points will never expire while the card remains open and is not in arrears.

🛒 Redeeming

Earning Q Rewards points? Here are your redemption options:

• Use Select and Credit to turn your points into cashback on your card, or to pay down an eligible purchase.
• eVouchers from retailers such as Coles, BP, Bunnings and more.
• Experiences and trips.
• Convert Q Rewards points to the Flybuys rewards program (no conversion ratio provided).
• Use points to shop the Apple Store.

💰 Value

Gauging value within the Q Rewards program is difficult, as you need to sign in to the program portal to view exactly what is available and how many points are needed for each redemption. We were only able to find redemption info on gift cards and Apple Store purchases.

Bank of Queensland Blue Credit Card (1 point per $1, annual fee $60, no extras).

On a spend of $1,000 per month, you would earn 1,000 points each month, or 12,000 points per year. This would provide $33 in gift card value.

On a spend of $2,500 per month, you would earn 2,500 points each month, or 30,000 points per year. This would provide $83 in gift card value.

Bank of Queensland Platinum Credit Card (2 points per $1, $129 annual fee, insurances, intro bonus points).

On a spend of $2,500 per month, you would earn 5,000 points each month, or 60,000 points per year. Factoring in the bonus points, you would earn 180,000 points in the first year, equal to $502 in gift card value. With no bonus points, 60,000 points would provide $167 in gift card value.

On a spend of $5,000 per month, you would earn 10,000 points each month, or 120,000 points per year. Factoring in the bonus points, you would earn 240,000 points in the first year, equal to $670 in gift card value. With no bonus points, 120,000 points would provide $335 in gift card value.

Shopping the Apple Store resulted in a lower value points redemption than gift cards. In the example we used, you could redeem 576,500 points on a 64gb iPhone 12, with an RRP of $1,199. In doing this, 1,000 points would be equal to $2.07, whereas with gift cards, 1,000 points equal $2.79).

⚖️ Verdict

Even with a lower annual fee on the Blue card, you wouldn’t see much value on your rewards return. Utilising the bonus points offer on the Platinum card, you could see more value, particularly on higher spends. It’s worth pointing out that if you have your home loan with BOQ, you will pay no annual fee on your card, allowing you to essentially earn points for free.

Heritage Bank

As a Heritage Bank cardholder, you can earn Heritage Credits on your spending. You’ll receive additional Heritage Credits on membership anniversaries. Credits can be redeemed on merchandise and gift cards.

💳 Earning

You’ll be automatically registered for Heritage Credits if you have an eligible rewards credit card.

Once registered, you can earn Credits on your card spending, and on purchases made at participating partner retailers. You may also receive Credits as part of special promotions, and when you hit certain membership anniversaries.

On the Heritage Bank Classic Credit Card, you’ll earn 1 Heritage Credit for every whole $1,300 spent per calendar month. You will pay an annual fee of $55 (waived when you spend $25,000 each year.

On the Heritage Bank Platinum Credit Card, you’ll earn 3 Heritage Credits for every whole $1,500 spent per calendar month. You will pay an annual fee of $125 (waived when you spend $35,000 each year). Extras include overseas travel and purchase covers, and a concierge service.

Heritage Credits expire after three years.

🛒 Redeeming

You’ll need a minimum of 5 Heritage Credits to redeem a reward. If you don’t have enough Credits for the reward you want, you can use Credits + Pay.

Unfortunately, there is no list of rewards publicly available. However, the bank does give examples of merchandise and gift cards as rewards options.

💰 Value

As redemption options and the number of Credits required to redeem them are not made available to the public, we are unable to gauge what kind of value is on offer within this program.

⚖️ Verdict

The Heritage Bank rewards program is something of a closed book. As such, we really can’t provide a verdict regarding how valuable the program is.

HSBC Rewards Plus

HSBC allows cardholders to choose between earning on the Qantas program and the bank’s own HSBC Rewards Plus program. Both the HSBC Platinum Card and HSBC Premier Card provide the opportunity to earn Rewards Plus points, with the option to redeem those points on gift cards or cashback onto the card, or to convert to Asia Miles, KrisFlyer or Velocity.

💳 Earning

On the HSBC Platinum Credit Card, you will earn 2 Rewards Plus points per $1 on international spending, and 1 Rewards Plus point per $1 on domestic spending, capped at 10,000 points per statement period. The standard annual fee of $129 is reduced to $29 in the first year. Extras include lounge passes and travel insurances.

On the HSBC Premier Credit Card, you will earn 1.5 Rewards Points per $1 on international spending, and 1 Rewards Point per $1 on domestic spending, capped at 10,000 points per statement period. There is no annual fee. Extras include lounge access and travel insurances.

Note, to apply for the HSBC Premier Card, you must hold Premier Status in Australia, earn at least $75,000 p.a., and have a good credit rating.

🛒 Redeeming

Redemption options within the HSBC Rewards Plus program are pretty simple. You can redeem your points for gift cards (where 6,000 points equals $25), or for cashback onto your card (where 5,000 points equals $25).

You can also convert your Rewards Plus points to:

• Cathay Pacific Asia Miles (Premier only)
• Singapore Airlines KrisFlyer (Premier only)
• Velocity (Premier and Platinum)

Each program offers the same conversion rate of 2:1, where 5,000 HSBC Rewards Plus points equals 2,500 Asia Miles, KrisFlyer Miles or Velocity Points.

💰 Value

Time to get into value.

• HSBC Platinum Credit Card (2 points per $1 international, 1 point per $1 domestic, points capped at 10,000 per statement, $29 annual fee in the first year, then $129, lounge passes and insurances).
• HSBC Premier Credit Card (1.5 points per $1 international, 1 point per $1 domestic, points capped at 10,000 per statement, no annual fee, lounge access and insurances).

On a $5,000 domestic spend per month, you would earn 5,000 points each month, or 60,000 points per year. This would provide $250 in gift card value or $300 in cashback value.

On a $10,000 domestic spend per month (up to the cards’ cap), you would earn 10,000 points each month, or 120,000 points per year. This would provide $500 in gift card value or $600 in cashback value.

⚖️ Verdict

With no annual fee, the Premier card provides more value, however, it may be harder to get approved for than the Platinum card. On larger spends, both cards provide the opportunity to see value, especially for cardholders who make use of their extras and tend to spend internationally.

Jetstar Dollars

Designed to appeal to those who fly Jetstar frequently, the Jetstar Credit Card allows cardholders to earn Jetstar Dollars on all eligible spending, which can then be redeemed on Jetstar flights and holidays.

The Jetstar Credit Card site currently states new credit card applications have been paused temporarily. However, we’ll provide info on the program in the hopes that card applications will resume when travel restrictions ease towards the end of the year.

💳 Earning

On the Jetstar Credit Card, you can earn 1 Jetstar Dollar for every $200 you spend on eligible purchases. A maximum of 1,000 Jetstar Dollars can be earned each year. There is no annual fee in the first year, after which it reverts to $29. Extras include free Club Jetstar membership, valued at $55, discounts on food, drinks and baggage, and no payment fee when booking via jetstar.com.

Jetstar Dollars do not expire provided your account remains open.

🛒 Redeeming

Each Jetstar Dollar equals $1, which can be redeemed for Jetstar flights and holiday product purchases (including hotels, insurance, parking, taxes, fee and charges) via jetstar.com or the Jetstar call centre. Once you’ve earned 50 Jetstar Dollars, you’ll automatically receive a $50 Jetstar Travel Voucher by email.

It’s worth noting that you can only redeem your Jetstar Dollars for holiday products when booked together with a Jetstar flight. Travel and holiday products must be booked within twelve months from the date your Jetstar Travel Voucher is issued.

💰 Value

Let’s check out a few spend examples to gauge value on the Jetstar Dollars program.

• On a $1,000 monthly spend, your annual spend of $12,000 would equate to $60 Jetstar Dollars.
• On a $2,500 monthly spend, your annual spend of $30,000 would equate to $150 Jetstar Dollars.
• On a $5,000 monthly spend, your annual spend of $60,000 would equate to $300 Jetstar Dollars.

Note, with regards to the $1,000 Jetstar Dollar annual cap, you would need to spend $200,000 within the year to reach this cap.

⚖️ Verdict

With its low annual fee, the Jetstar Credit Card makes it easy to get something back on even a low spend. However, it’s worth considering how the return would stack up on higher spends when compared to other frequent flyer cards.

Kogan

Keen Kogan shoppers may be interested in the Kogan Money Black Card. With no annual fee, this card offers access to a simple rewards program, with points redeemed for credits within the store.

💳 Earning

On the Kogan Money Black Credit Card, you would earn 2 points per $1 at Kogan, and 1 point per $1 on all other eligible spending, uncapped. The card has no annual fee. New cardholders receive $50 Credit after their first eligible spend in 30 days, and $350 Credit after a $1,500 spend in 90 days. Extras include free Kogan First Membership (to access free shipping and exclusive deals at Kogan).

🛒 Redeeming

Keeping it simple, 100 points equals $1 of Credit. Credit can be used to cover eligible purchases at Kogan, or to cover Kogan Mobile and Kogan Internet bill payments.

💰 Value

What can you get from your spending on the Kogan rewards program?

• On a spend of $1,000 per month outside of Kogan, you would earn 1,000 points each month, or 12,000 points per year. This would equate to $120 Credit, plus $400 bonus Credit in the first year.
• On a spend of $2,500 per month outside of Kogan, you would earn 2,500 points each month, or 30,000 points per year. This would equate to $300 Credit, plus $400 bonus Credit in the first year.
• On a spend of $5,000 per month outside of Kogan, you would earn 5,000 points each month, or 60,000 points per year. This would equate to $600 Credit, plus $400 bonus Credit in the first year.

Note, you could enjoy a higher points earn by using your card at Kogan.

⚖️ Verdict

With no annual fee on the Kogan Money Black Card, every point you earn is essentially ‘free’. That means the value on offer could be pretty substantial, but, as you can only spend your rewards at Kogan, you better like what it has to offer.

Macquarie Rewards

Macquarie Bank offers those holding its Macquarie Platinum Card and Macquarie Black Card to earn points on the Macquarie Rewards program. Points can be redeemed for gift cards or cashback into an eligible Macquarie account.

On its site, Macquarie Bank notes that new credit card applications have been paused temporarily.

💳 Earning

On the Macquarie Visa Platinum Credit Card, you can earn 1.25 Macquarie Reward Points per $1, up to an annual spend of $200,000. There is an annual fee of $99. You will receive 20,000 Macquarie Reward points when you spend $2,000 within 60 days. Extras include overseas travel insurance and purchase protections, and no foreign transaction fees.

On the Macquarie Black Credit Card, you can earn 2 Macquarie Reward Points per $1, uncapped. There is an annual fee of $149. You will receive 20,000 Macquarie Reward points when you spend $2,000 within 60 days. Extras include overseas travel insurance and purchase protections, and no foreign transaction fees.

🛒 Redeeming

As a digital rewards program, Macquarie Rewards offers rewards in the form of eGift cards from more than 50 leading retailers, and cashback into an eligible Macquarie account.

The table below outlines the number of Macquarie Rewards points and eligible credit card spend required to redeem eGift cards.

The table below outlines the number of Macquarie Rewards points and eligible credit card spend required to redeem Macquarie Rewards points into cashback.

💰 Value

So, what kind of value does that equate to on a spend of $5,000? (As these cards are both of a higher tier, we assume a $5,000 monthly spend, as a lower spend on higher tier cards generally isn’t worthwhile).

• Macquarie Visa Platinum Credit Card (1.25 points per $1, $99 annual fee, bonus points, insurances).

On a $5,000 monthly spend, you would earn 6,250 points each month, or 75,000 points each year. This would equate to $390 in gift card value or $273 in cashback value.In the first year, the added bonus points would take that total to 95,000 points, equal to $494 in gift card value or $345 in cashback value.

• Macquarie Black Credit Card (2 points per $1 uncapped, $149 annual fee, bonus points, insurances).

On a $5,000 monthly spend, you would earn 10,000 points each month, or 120,000 points per year. This would equate to $623 in gift card value or $436 in cashback value.In the first year, the added bonus points would take that total to 140,000 points, equal to $727 in gift card value or $509 in cashback value.

⚖️ Verdict

With a higher monthly spend, both cards offer good value, particularly when points are redeemed for gift cards. On the same $5,000 monthly spend, the Black card offers more value thanks to its higher earn rate. On both cards, the intro offer on bonus points provides a welcome boost.

PayPal Rewards

While PayPal itself is a household name, the rewards program offered on its new PayPal Rewards Card is not quite as well known. As another simple rewards program, PayPal Rewards can be earned on all eligible spending on the card, to then be redeemed at the PayPal Checkout when making a purchase, or used to pay down purchases on the card after they’ve been made.

💳 Earning

On the PayPal Rewards Credit Card, you can earn 1 point per $1, uncapped, while paying no annual fee. You will also receive 50,000 bonus points when you spend $3,000 in the first three months.

🛒 Redeeming

When redeeming your points, you have two options available to you.

• You can use your points to pay when you shop online via the PayPal Checkout, giving you access to more than 750,000 participating retailers. With this option, 2,000 points equate to $10.
• You can use your points to pay down eligible transactions on your account after purchase. With this option, 2,000 points equate to $7.

💰 Value

Time to check out a few spend examples to determine the value on offer here.

• On a $1,000 monthly spend, you would earn 1,000 points each month, or 12,000 points per year. This equates to $60 off at the PayPal Checkout, or $42 to pay down purchases.

Factoring in the 50,000 bonus points offered in the first year, this would take your first year’s total to 72,000 points, equating to $360 off at the PayPal Checkout, or $252 to pay down purchases.

• On a $2,500 monthly spend, you would earn 2,500 points each month, or 30,000 points per year. This equates to $150 off at the PayPal Checkout, or $105 to pay down purchases.

Factoring in the 50,000 bonus points offered in the first year, this would take your first year’s total to 80,000 points, equating to $400 off at the PayPal Checkout, or $280 to pay down purchases.

• On a $5,000 monthly spend, you would earn 5,000 points each month, or 60,000 points per year. This equates to $300 off at the PayPal Checkout, or $210 to pay down purchases.

Factoring in the 50,000 bonus points offered in the first year, this would take your first year’s total to 110,000 points, equating to $550 off at the PayPal Checkout, or $385 to pay down purchases.

⚖️ Verdict

Given the fact that the PayPal Rewards Card has no annual fee, it essentially allows you to earn points for free, within a super simple rewards program. The value on offer is pretty good, especially during the first year. However, bigger spenders may enjoy more value on higher tier cards that offer a better return.

Queensland Country Rewarder

According to Queensland Country, its Queensland Country Rewarder is a “no more toasters, cheap wine and brochures full of stuff you don’t want” rewards program. As such, it keeps things nice and simple, allowing cardholders to earn points on their Queensland Country Card spending, which can then be redeemed via EFTPOS, to cover pretty much anything.

💳 Earning

On the Queensland Country Visa Credit Card, you will earn 1 point per $1, capped at 10,000 points per month. There is a $39 annual fee, plus a $58 Rewarder annual fee. Extras are basic.

Rewarder points expire after two years.

🛒 Redeeming

You can redeem 150 Rewarder points for $1. To redeem points, simply use your card to cover any eligible purchase via EFTPOS.

💰 Value

While it may be a simple program, what kind of value does it offer?

• On a $1,000 monthly spend, you will earn 1,000 points each month, or 12,000 points per year. This equates to $80 in value.
• On a $2,500 monthly spend, you will earn 2,500 points each month, or 30,000 points per year. This equates to $200 in value.
• On a $5,000 monthly spend, you will earn 5,000 points each month, or 60,000 points per year. This equates to $400 in value.

⚖️ Verdict

There’s a lot to be said for keeping it simple. The Queensland Country Card offers one earn rate across the board (albeit with a cap in place), and a super easy way to redeem the points you earn. In terms of value, it’s on par with other cards with the same annual fee.

Suncorp Rewards

Cardholders wanting to earn Suncorp Rewards can choose between the Suncorp Clear Options Gold Card or the Suncorp Clear Options Platinum Card. Redemption options include merchandise, travel, gift cards, cashback onto the card, and shopping at partners such as the Apple Store. Points can also be converted to Skywards, KrisFlyer, Velocity or Flybuys rewards.

💳 Earning

On the Suncorp Clear Options Gold Credit Card, you can earn 1 Suncorp Credit Card Rewards Point per $1 up to $1,500 per statement period, and 0.5 points per $1 thereafter. There is an $120 annual fee.

On the Suncorp Clear Options Platinum Credit Card, you can earn 1.25 Suncorp Credit Card Rewards Points per $1, uncapped. The annual fee is $64 in the first year, then $129. You will receive 100,000 bonus points when you spend $3,000 in the first 90 days. Suncorp states that’s equivalent to $400 credit back for almost anything you buy.

🛒 Redeeming

Want to redeem your Suncorp Credit Card Rewards Points? Here’s what’s on offer.

• Select and Credit to pay down eligible purchases or annual fees,
• Cashback onto the card,
• eVouchers,
• Charity donations,
• Travel bookings,
• Shop with points at the Apple Store.

You can also convert your points to partner programs at the following rate:

• Emirates Skywards 3:1
• Singapore Airlines KrisFlyer 2.5:1
• Velocity 2:1
• Flybuys 1.33:1

💰 Value

As with a number of rewards programs, you cannot access the full Suncorp Rewards catalogue unless you log in as a member. As a result, it’s hard to gauge the value on offer. With that in mind, we have created a few examples using the gift card info available online, and the example provided where 100,000 points equals $400 in credit value.

• Suncorp Clear Options Gold Credit Card (1 point per $1 up to $1,500 per month, then 0.5 points per $1, $120 annual fee).

On a $5,000 monthly spend, you would earn 3,250 points each month, or 39,000 points per year. This equates to $187 in gift card value, or $156 in cashback value.

• Suncorp Clear Options Platinum Credit Card (1.25 points per $1, $64 annual fee in the first year, then $129, bonus points).

On a $5,000 monthly spend, you would earn 6,250 points each month, or 75,000 points per year. This equates to $359 in gift card value, or $300 in cashback value.Factoring in the bonus points, you would earn 175,000 points in the first year, equating to $839 in gift card value, or $700 in cashback value.Using the example of the 64gb iPhone 12 purchased via the Apple Store, within this program, you would redeem 352,400 points at a value of $1,199. This equates to a value of $3.40 on 1,000 points redeemed.

⚖️ Verdict

Thanks to its points shaping, it could be hard to see real value on the Gold card. With no points shaping, the Platinum card provides the potential for much more value, especially when you factor in the bonus points offered in the first year.

Card Services Rewards

Working on the back end to provide ‘white label’ rewards programs to card providers, Card Services Rewards is backed by NAB, with NAB’s brand Citi managing the Card Services Rewards program. There are a few cards that offer Card Services Rewards directly, including the Auswide Bank Platinum Rewards Card and the IMB Platinum Card.

💳 Earning

On the Auswide Bank Platinum Rewards Mastercard, you can earn 1 point per $1, while paying out an annual fee of $129. You will also receive 20,000 reward points when you spend $3,000 in the first 90 days. Extras include a platinum concierge, overseas travel insurance and purchase covers.

On the IMB Platinum Credit Card, you can earn 1 point per $1, while paying out an annual fee of $129. You will pay no annual fee on your card if you have your home loan with IMB. You will also receive 20,000 reward points when you spend $3,000 in the first 90 days. Extras include a platinum concierge, overseas travel insurance and purchase covers.

For both cards, reward points never expire while the card remains open and in good standing.

🛒 Redeeming

When it comes time to redeem your points, you have the option to:

• Use Select and Credit to pay down purchases and annual fees,
• Shop with Points at Kogan or the Apple Store,
• Redeem points for eVouchers,
• Make a donation to charity.

Alternatively, you could convert your points to partner programs at the following rate:

• Emirates Skywards 3:1
• Singapore Airlines KrisFlyer 2.5:1
• Velocity 2.5:1
• Flybuys 1.33:1

💰 Value

Again, you need to log in as a member to see the full rewards catalogue offered by Card Services Rewards. This makes gauging value tricky. Here’s what we came up with using the limited info on offer.

• Auswide Bank Platinum Rewards Mastercard (1 point per $1, $129 annual fee, bonus points, platinum concierge, insurances).
• IMB Platinum Credit Card (1 point per $1, $129 annual fee, bonus points, platinum concierge, insurances).

On a $5,000 monthly spend, you would earn 5,000 points each month, or 60,000 points per year. This equates to $300 in gift card value.Factoring in the bonus points offered, you would earn 80,000 points in the first year, equating to $400 in gift cards value.Using the Apple Store example again, you could redeem 317,100 points on a 64gb iPhone 12, valued at $1,199. This equates to $3.78 in value on 1,000 points redeemed.

⚖️ Verdict

On a $5,000 spend, the return in value is decent, but the $129 annual fee on each card lowers that value somewhat. On higher spends, you may be able to find more value offered elsewhere for a similar annual fee.