Questions to answer before you apply for, keep or cancel a cashback, rewards or frequent flyer card in Australia.
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Use this checklist before applying for a rewards, cashback or frequent flyer card and again each year before the annual fee is charged. The first group is about you: rewards cards only work for people who pay the full balance every month, and the value of points depends on how much you spend and how you redeem. Looking at last year's real spending stops a sign-up bonus or a headline earn rate from doing the deciding.
The Key Facts Sheet group follows the document every credit card application must include under the National Consumer Credit Protection Act 2009. It sets out the rates, fees and interest-free days in a standard format, so the same questions can be asked of every card.
The rewards terms group covers what the Key Facts Sheet does not: earn caps, exclusions, expiry and bonus conditions, which sit in the rewards program terms. The last group protects you after approval: paying in full automatically, diarising promotional end dates and keeping a limit you can afford. Under Australian law you can ask to reduce your limit or close the card online.
Work the numbers with the rewards value vs annual fee calculator and read the comparison overview. General information, not financial advice.
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