Credit card cash rewards not so rewarding

Credit card cash rewards programs are not as generous as they were 12 months ago. On average, a customer who spends $24,000 a year – or $2000 a month on their card – would get a $100 cash reward – a fall from a $140 cash rewards for the same amount spent a year ago.

But rewards for merchandise and shopping vouchers had slightly increased over the past year – the average merchandise reward per annum rose from $165.59 to $184.06. Shopping voucher rewards also rose from $147.95 to $162.79.

InfoChoice's general manager Alastair Schirmer said some of the rewards returns on cards were “scary”. “There are some cards where you need to spend up to $44,000 just to get a return flight from Melbourne to Sydney,” he said.

Source: The Australian