Each week, Mozo's credit card guru gives a frequent flyer reward credit card a grilling. Under the microscope this week is the Woolworths Everyday Rewards Qantas MasterCard. It's a mouthful of a name, but is the smart money where its mouthful is? Let's find out...

Who it's good for

True to (part of) its name, the Woolworths Everyday Rewards Qantas MasterCard is perfectly everyday.

It has a low annual fee for a rewards card, and credits 1 Qantas point per dollar spent on Mastercard -- an uncommonly high earning rate.

It hits its stride at an annual spend of $15,000 to $25,000, and delivers genuine, hassle-free rewards.

Who doesn't need a little rewards escapism while doing the groceries?

Right off the bat, the Woolworths Everyday impresses, offering 1 Qantas point per dollar spent on MasterCard (at any retailer, not just Woolworths).

Most Visa and MasterCard credit deals only give you half a point, and American Express isn't accepted as widely, and often has higher surcharges anyway.

How much you have to spend to earn a free flight

$12,500 worth of cereal, snacks and steaks will net you a Sydney to Melbourne flight with Qantas (points are automatically credited to their Frequent Flyer program).

With a highly competitive annual fee of just $89, and this lovely rewards rate, the Woolworths Everyday weighs in at number seven on Mozo's Rewards Revealer for an annual spend of $15,000 to $25,000.

Earning limits

Another win: the Woolworths Everyday Rewards Qantas MasterCard's points aren't capped and never expire (as long as you earn or redeem points with Qantas every 18 months).

This is a real bonus if you're spending a less-than-riotous $15,000 a year on plastic, as it will take a while for points to accrue, and it's only human to forget about them – before discovering you have a holiday in the rewards bank.

Balance transfer special offers

The balance trasnfer rate of 5.99% for 6 months is not exactly a wow factor, and the purchase rate of 19.99% could be disastrous. 55 days interest free are handy if you're making direct deposits or full monthly repayments.

But be warned: this is not a card that forgives occasional lapses in budget diligence.

Other card benefits

A concierge service is offered with the card, as are a range of promotional offers at Woolworths and its family of brands.

Plus 8000 points on signing up is a fabulous sweetener – the best part of a free Sydney to Melbourne trip already.

The costs of using it overseas

The foreign exchange margin is the usual 3%, while the cash advance fee is a strikingly low 2%. Nevertheless, you'd sell your foot before advancing cash at an interest rate of 20.99%.

How it compares to other cards

At the everyday range of $15,000 to $25,000 a year on plastic, paid off every month, the Woolworths Everyday Rewards Qantas MasterCard will be a definite contender.

Sure, the likes of the Jetstar MasterCard and Westpac Earth deliver better rewards value for spend (factoring in the annual fee), but the loyal Woolworths shopper might crank enough value out of the extra deals to make this card a winner.

And the Qantas Points ease – not to mention the 8000 bonus points – could tip the balance.

Who it's issued by

HSBC