Credit cards offering the biggest sign-up rewards point bonuses in August 2024

Many credit cards offer rewards points, and some could earn you up to a six-figure bonus. These points can be redeemed for travel, retail discounts, and other exclusive deals, depending on your card. However, points hacking is not as simple as it might seem. Qualifying for these bonus points typically requires meeting specific terms and conditions, such as making a minimum spend within the introductory period. 

Whether it's free flight upgrades, retail discounts, or access to exclusive deals and experiences, points hacking can offer substantial perks. But it’s important to consider if the fees and interest rates are worth it and whether you can actually meet the conditions to redeem the benefits. It's crucial to manage your spending wisely and pay off balances in full to avoid interest charges that can negate the rewards' benefits. 

This month, several credit card options offer competitive six-figure bonus reward points, ranging from 150,000 to 275,000 points. Be sure to compare your options to find the right card that fits your needs and lifestyle. 

Credit cards offering the highest sign up Rewards Points in August 2024 

Source: RateCity.com.au. Data accurate as of 08 August 2024.

Points hacking isn’t the credit card strategy for everybody. Rewards credit cards often charge higher interest rates and fees than other alternative options, so it’s important to consider whether you can comfortably afford the repayments required on a rewards credit card on your household budget. 

To get a better idea of if a reward credit card could be right for you, you may want to calculate if the value of the bonus reward points and any other points you may earn as part of your regular household spending, and compare this to the cost of any interest and fees you may need to pay. 

For example, if you don’t think you’ll be able to repay the minimum spending amount required to receive bonus reward points within the interest-free period, those points could cost more than you’d like to pay. It could be worth also comparing some more basic “no-frills” credit cards and considering if one of these options could also suit your needs. 

It's also worth keeping in mind that the points from some rewards points could go farther than others when shopping. Before signing up, it may be worth looking at how the points can be redeemed to get a better idea of the value they could offer you. 

When comparing credit cards, you may get the most value from a card that aligns with your household’s needs and financial goals. Compare a range of different options before applying for any rewards credit card deals, and consider seeking professional financial advice.