When you make purchases on your credit card, you will earn points or miles for your existing frequent flyer account. Many banks and reward card providers have credit card products directly attached to airline frequent flyer programs such as the Qantas and Virgin Velocity Frequent flyer credit cards. There are three main types of reward programs to consider: Frequent flyer rewards What are the three main types of credit card rewards programs? Reward credit cards usually charge higher interest and annual fees so you’ll want to make sure the benefits of the points outweigh the amount you are paying in interest and fees. Transactions that don’t usually get credited with reward points are BPAY transactions, cash advances, and account fees.Įssentially, rewards cards help you get more value from your spending – but you’ll have to crunch the numbers to see if they’re worthwhile. The credit provider will convert your spending into points, which you can redeem in the form of rewards such as flights, merchandise, accommodation, travel packages, gift cards, cash back, and products from the rewards store.Įligible purchases are generally your everyday purchases like grocery shopping and online shopping.
Rewards credit cards are linked to a loyalty program where you can earn points for every dollar you spend on eligible purchases.
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