Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

How to compare rewards credit cards

With so many rewards credit cards on the market, it pays to do your homework before choosing one to suit your needs. That way your everyday spending can help you get to the rewards you want faster. Here are some things to look out for when weighing your options.


1. Interest rate

Rewards cards come with a range of interest rates (which are often higher than those on more basic cards). Compare what’s on offer to get the best deal, and remember – if you pay your statement balance off in full each month, you won’t have to pay any interest at all.

2. Annual card fee

Different rewards cards also have a variety of annual card fees, so it’s worth shopping around. Annual card fees tend to be higher on cards that offer additional benefits, such as concierge services and travel lounge passes. Keep an eye out for special offers for new cardholders, as some cards discount the card fee for the first year.

3. Rewards

Every rewards program is different – the key things to compare are the number of points you earn per dollar spent and what you can redeem them for. Generally, rewards programs allow you to redeem points for flights, accommodation, shopping and other things such as gift cards, but none are exactly alike, so investigate before you commit.

4. Other benefits

As well as points, many rewards cards have a range of built-in travel and other benefits. These include everything from airport lounge entry and Complimentary International Travel insurance4 to concierge services and purchase protection, so check what these are to find a card with benefits you value.

5. Ad hoc fees

There may be a range of fees for specific functions of the credit card, so read through the features carefully to ensure you’re aware of all attending costs. They might include various transaction fees, balance transfer fees and cash advance fees plus late charges and fees for going over your credit limit.


Want to learn more? Read about our three rewards programs, Altitude Rewards, Altitude Velocity and Altitude Qantas.


Alternatively, explore what Westpac rewards credit cards have to offer.


Things you should know

Credit criteria, fees and charges apply.

Be credit savvy: Before applying, consider a realistic credit limit and check all conditions, interest rates, fees and charges on your selected card.

Altitude Rewards: You must be a member of the relevant frequent flyer program to redeem Altitude Points for frequent flyer points. The Altitude Terms and Conditions and the terms and conditions of the relevant frequent flyer program apply. A joining fee may apply. Availability of Reward flights may be limited.

Altitude Velocity or Qantas: In order to earn and redeem points, you must be a member of the relevant Frequent Flyer program. An annual $75 Rewards Program fee applies for customers who choose this option.

4. Complimentary insurance covers: AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631, trading as Allianz Global Assistance (AGA), under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz), has issued an insurance group policy to Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (Westpac) which allows eligible persons to claim under it as third party beneficiaries. Access to the benefit of cover under the Credit Card Complimentary Insurance is provided to eligible Westpac cardholders by operation of s48 of the Insurance Contracts Act 1984 (Cth). If an eligible persons wishes to claim any of these benefits, they will be bound by the eligibility criteria, terms, conditions, limits and exclusions contained in the Complimentary Insurance Policy Information booklet (PDF 898KB) which may be amended from time to time. This insurance is underwritten by Allianz. Westpac does not guarantee this insurance. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it.

6. Rewards Points: The earning and redemption of Altitude Points, Velocity Points and Qantas Points are subject to the Altitude Terms and Conditions (PDF 141KB). Purchases that are not eligible to earn Rewards Points are set out in the Altitude Terms and Conditions (PDF 141KB). You do not receive points if you have not paid the Minimum Payment Due in full and on time and in other circumstances. Points earnt for PartPay (PDF 96KB) Purchases are based on the full value of the purchase, and not on each instalment amount.​ Qantas and Velocity Points earned during a statement cycle are added to your respective Points balance on a monthly basis.

For Altitude Qantas Platinum cards, earn 0.5 Qantas Points per $1 up to a maximum of $100,000 spent on eligible purchases annually. For Altitude Qantas Black cards, earn 0.75 Qantas Points per $1 up to a maximum of $250,000 spent on eligible purchases annually. This annual limit resets in January each year, based on your statement date. Bonus Points earned are not part of your annual cap.

Concierge Services for Altitude Black. Concierge services are provided by a third party supplier. For further details including terms and conditions visit