44% of Aussies don’t know how to collect rewards on credit cards

Published on November 27th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Are you one of the many Australians that get frustrated on knowing what to do to earn more points with your credit card? You are not alone. Almost 44% of Australians surveyed by Citi Australia revealed that they don’t know how to collect rewards on credit cards. Collecting points takes time, but you can rake them up easier by doing the one thing you do daily. Use your card for targeted everyday expenses.

Unlocking rewards that mould to your needs

Rewards on your credit card are devised to pay you for every dollar you spend. The catch that comes with reward points on credit cards is that there are targeted purchases that unlock these rewards. This means that not everything you swipe for will gain a point, but it is better to check the fine print on what makes an eligible purchase to gain you points. In most instances shopping at an affiliated shop, petrol station, or using a particular airline that is affiliated with the card can gain you points. The art of gaining more points lies in how you choose to shop. We all spend our money in different ways, but there is always that one part of the budget where we spend the most. This could be shopping, travelling, and fuel costs. By targeting that area and combining it with the rewards eligible purchase you will soon be able to gather enough points to make use of.

Get a card with rewards you will use

Once you have figured out the area in which you spend money the most it would be easier to find a credit card that offers you rewards that mould towards your needs. When you have gathered sufficient rewards, you might be wondering what you can spend them on. According to the survey, 52% of Aussies are unclear on what their points can get them. Depending on what your rewards program offers there are plenty of things you can use your points for:

  • Redeem points for frequent flyer privileges such as booking a free flight, traveller insurance, and lounge privileges.
  • Travel perks such as concierge services or traveller’s discounts that unlocks exclusive deals to affiliate hotels for every time you swipe.
  • Unlock grocery discounts on select merchandise through a loyalty card while earning points at the same time.
  • Spoil yourself with the various entertainment features such as having access to exclusive entertainment tickets, a bottle of wine or champagne, jewellery and gifts from the rewards shop.

Before you get lured in…

It is important that you weigh the fees and rates that come with getting these rewards cards. When signing up for a credit card it is vital that you compare its features and whether these are flexible for the type of spender that you are. Are the rewards suitable for the type of spender you are? Knowing what it takes to unlock your rewards is also the key to earning more rewards. Reading your reward programs terms and conditions will set you in the right direction of becoming a savvy smarter.

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