I've spent some time this last month looking at what credit cards give me the most benefit in points rewards / offers.
I have done up this table which I thought might be useful to others.
I calculated the $ value (give or take a few dollars) in bonus sign up points, and placed that in a column. I then listed the first year fee (after any cashback offers) and the 2nd year fee, so that I could do a calculation of how much the card actually cost after 2 years. In some cases it costs money, in other cases it gains money (green shaded).
I know this won't apply to all as some people like to churn a new card every year to maximise deals, but I think it's fair to say that most of us will hold the card for at least 2 years which is where my 'cost after 2 years' column comes in, which helped me pick my card whilst looking also at the points per $ earn.
Also note that some cards give you additional card holder for free (if you're sharing the card with a partner) and some (just ANZ really) charge for this.
Some more personal findings;
- ANZ made it extremely difficult to get their Black card and I gave up after a month or two trying. I spent countless hours trying to get the info out of them on what they actually needed as we had provided them everything they asked for. Their call centre is horrific and if you miss their call, you have to wait so so long for a call back.
-The Qantas point earning cards are not necessarily better than the 'bank rewards points' cards, in terms of return. For example, putting ANZ to the side for a moment, the 'St George Amplify Rewards Signature' card which is what my partner ended up going with (instant approval as she was with St George for her bank account) earns you $319.19 after 2 years without counting any points per $ spend. Westpac is similar but earns a lower point per $.
- The Qantas American Express is what I personally went with and it was on this list originally as the best option, but the great introductory points offer and first year fee discount has now expired so I have removed it.
The google sheet has commenting allowed. If people have things they feel should be added / changed, make a comment and i'll try to add it if valid.