They're the credit cards which make racking up debt most rewarding and tonight Canstar Cannex has done your homework for you.
Comparing more than a hundred credit card reward programs, they bring you the best on the market based on low fees, high point earnings and of course the best rewards.
"We've looked at frequent flyer, we've looked at general rewards which offer a full range of options and we've also looked at cash and voucher rewards", said Peter Arnold, a financial analyst at comparison website Canstar Cannex.
If cash or shopping vouchers is what you're after top picks include GE Money's Myer Visa card and Woolworth's Everyday Money Rewards for those spending less than $12,000 a year. At the $24,000 level, are ANZ Bank's Rewards Gold AMEX and Westpac's Altitude Rewards AMEX, while Commonwealth Bank's Platinum Awards AMEX gets 5 stars when spending over $60,000 a year. "If you're only $12,000 a year then a gold or platinum card is quite likely not to be worth your while. But if you're spending $60,000 a year then a $200 or $300 annual fee will quickly pay for itself through better rewards".
Peter says there's a lot more than just rewards when considering which credit card to sign up for. "You need to think about what rewards programs you're after, how much your spending, and whether your paying off your card every month", he said.
For general rewards, Bank of Queensland's Q Rewards gets top spot at the bottom spend level, as well as Westpac's Altitude Gold Rewards AMEX.
In the next rung, are the American Express's Membership Rewards Blue Sky card and Westpac's Altitude Platinum Rewards AMEX.
While in the top spend bracket, American Express gets another mention with its Membership Rewards Ascent Platinum card. "For American Express part of the trade off of getting such a good rewards program is its not accepted in every retailer", Peter said.
If Frequent Flyers is your reward of choice, Suncorp's Personal Standard Rewards card gets Cannex's 5 star stamp of approval and Macquarie Bank's Jet Star Dollars Standard card -- both in the $24,000 spend bracket.
For $60,000 and above Citibank's Citi Miles card rates highly as well as NAB's Qantas Platinum AMEX and American Express's Qantas Frequent Flyer Ultimate. "Over the last few years we've seen frequent flyer points take a bit of a back seat. But now people are starting to take these holidays that
they've delayed and using these frequent flyer points is a great way to keep these holiday costs effective", Peter said.
Across all categories and spend brackets, Cannex says you're best bet is with the following:
American Express Membership Rewards Blue Sky card,
ANZ Rewards Gold AMEX,
Woolworths Everyday Money Rewards.
"If you're going to pay your card off every month, then you can start thinking about rewards", Peter said.
You can compare credit cards, fees and features at www.cannex.com.au