The average Swiss household puts CHF 20,000 on credit cards each year. On a 1% cashback card, that's CHF 200 back. On a points card, those same purchases could be worth CHF 200 or CHF 600, depending entirely on how (and whether) you bother to redeem. Here's how to figure out which one actually works for you.
Cashback vs Points: Which Rewards System Wins in Switzerland?
Short answer: cashback wins for most people. It's simpler, more predictable, and requires zero effort. But "most people" might not include you, especially if you fly Star Alliance regularly or shop heavily in the Migros or Coop ecosystem.
The Swiss credit card market offers two fundamentally different approaches to rewards. Cashback cards give you a percentage back on every purchase, deposited directly into your account. Points cards give you virtual currency that you redeem for flights, merchandise, vouchers, or sometimes cash.
Here's where it gets interesting: in Switzerland, the cashback vs points debate plays out differently than in the US or UK. Swiss cashback rates max out around 1%, while points programs like Miles & More or Cumulus can deliver 2-5x the value per franc spent, but only if you redeem strategically. Most people don't.
How Cashback Credit Cards Work in Switzerland
Swiss cashback cards are refreshingly straightforward. You spend money, you get a percentage back. No categories to track, no activation windows, no expiry dates. The money just shows up.
The main players in the Swiss cashback market are Swisscard (up to 1% on the Amex, 0.5% on Visa/Mastercard), Cornèrcard (up to 1.7% with tiered cashback), and PostFinance (up to 1% on their premium cards). Free cards from poinz and Cashback Cards offer 0.25% to 1% with no annual fee.
The math is dead simple. Spend CHF 20,000 a year with a 1% card, get CHF 200 back. Spend CHF 20,000 with a 0.5% free card, get CHF 100 back with zero risk. No complexity, no homework.
Most Swiss cashback cards pay out annually or quarterly. The money either appears as a statement credit or gets deposited into your bank account. Some cards have minimum payout thresholds (CHF 20 to CHF 50), but premium cards usually skip this.
How Points Programs Work on Swiss Credit Cards
Points programs are a different animal entirely. Instead of getting cash, you earn virtual currency tied to a specific program. In Switzerland, the major points programs are:
- Miles & More (Swisscard SWISS cards, Cornèrcard): Earn miles redeemable for Star Alliance flights, upgrades, and partner rewards
- Cumulus (Migros Bank): Earn Cumulus points on every purchase, redeemable across the Migros ecosystem
- Surprize (Viseca/UBS): Earn points convertible to travel vouchers, gift cards, or cashback
- Bonviva (UBS): Earn points for UBS KeyClub rewards
For a deeper dive into how each of these programs works, see our rewards programs guide. The earning rates vary wildly. A SWISS Miles & More Gold Amex earns 1 mile per CHF 1 on the Amex side. A Cumulus Visa earns 1 Cumulus point per CHF 1 spent anywhere (plus 3x at Migros). A Surprize card earns 1 point per CHF 2 spent.
Here's the catch: points don't have a fixed value. One Miles & More mile can be worth 1 centime (merchandise redemption) or 3-5 centimes (smart flight upgrade). Cumulus points are worth exactly 1 centime each. Surprize points hover around 0.5-1 centime depending on redemption.
Is Cashback or Points Better for Credit Cards?
This is the question everyone asks, and the honest answer depends on three things: how you spend, whether you'll actually redeem optimally, and how much you value simplicity.
Cashback Wins If...
You should choose cashback if you value guaranteed, automatic returns. There's no strategy required, no points to track, no expiry dates to worry about. You get a fixed percentage back on everything.
Cashback is objectively better when:
- You spend under CHF 25,000 annually on credit cards
- You don't fly Star Alliance more than 3 times a year
- You'd rather spend 0 minutes managing rewards
- You want your rewards in actual Swiss francs, not some proprietary currency
On CHF 20,000 of annual spending at 1%, you earn CHF 200. That's not life-changing, but it's CHF 200 you didn't have before, and you didn't lift a finger.
Points Win If...
Points can deliver 2-5x more value than cashback, but only with strategic redemption. This requires effort and specific spending patterns.
Points are objectively better when:
- You fly Star Alliance 4+ times a year (Miles & More becomes valuable)
- You spend CHF 30,000+ annually on credit cards
- You enjoy optimizing rewards (some people genuinely find this fun)
- You shop heavily at Migros/Coop (loyalty points compound)
A frequent flyer spending CHF 30,000 on a Miles & More Gold card earns roughly 30,000 miles. Redeemed for a Europe business class upgrade, those miles can be worth CHF 900+. That's 3x what a cashback card would return.
You should choose cashback if you value guaranteed, automatic returns. There's no strategy required, no points to track, no expiry dates to worry about. You get a fixed percentage back on everything.
Cashback is objectively better when:
- You spend under CHF 25,000 annually on credit cards
- You don't fly Star Alliance more than 3 times a year
- You'd rather spend 0 minutes managing rewards
- You want your rewards in actual Swiss francs, not some proprietary currency
On CHF 20,000 of annual spending at 1%, you earn CHF 200. That's not life-changing, but it's CHF 200 you didn't have before, and you didn't lift a finger.
Points can deliver 2-5x more value than cashback, but only with strategic redemption. This requires effort and specific spending patterns.
Points are objectively better when:
- You fly Star Alliance 4+ times a year (Miles & More becomes valuable)
- You spend CHF 30,000+ annually on credit cards
- You enjoy optimizing rewards (some people genuinely find this fun)
- You shop heavily at Migros/Coop (loyalty points compound)
A frequent flyer spending CHF 30,000 on a Miles & More Gold card earns roughly 30,000 miles. Redeemed for a Europe business class upgrade, those miles can be worth CHF 900+. That's 3x what a cashback card would return.
Is 1% Cashback Equal to 1 Point Per Franc?
No, and this is where most people get confused. 1% cashback is always worth 1 centime per franc spent. One point per franc spent could be worth anywhere from 0.3 to 5 centimes, depending on the program and how you redeem.
Let's break it down with real Swiss examples:
- Swisscard Cashback 1%: Spend CHF 1,000, get CHF 10 back. Always.
- Miles & More (1 mile/CHF 1): Spend CHF 1,000, get 1,000 miles. Worth CHF 10 if redeemed for merchandise. Worth CHF 30-50 if used for a flight upgrade.
- Cumulus (1 point/CHF 1): Spend CHF 1,000, get 1,000 points = CHF 10 in Migros vouchers. Fixed value, but locked to one retailer.
- Surprize (1 point/CHF 2): Spend CHF 1,000, get 500 points. Worth CHF 2.50-5.00 depending on redemption.
The takeaway: cashback has a floor and a ceiling, both at 1%. Points have a lower floor but a much higher ceiling. Most people hit closer to the floor because they don't redeem optimally.
When Cashback Makes More Sense Than Points
For the majority of Swiss credit card users, cashback is the smarter choice. Here's the honest framework I use when people ask me what to pick.
Pick cashback if your annual credit card spending is under CHF 25,000. At lower spending levels, the difference between cashback and points is negligible. On CHF 15,000 of spending, a 1% cashback card earns CHF 150. A points card might earn the equivalent of CHF 100-200 depending on redemption quality. The potential upside doesn't justify the added complexity.
Pick cashback if you value your time. Points programs require active management. You need to track balances, check expiry dates, compare redemption options, and sometimes book through specific portals. Cashback just happens. If you'd rather spend your Saturday hiking in the Alps than optimizing mile redemptions, cashback is your answer.
Pick cashback if you want flexibility. CHF 200 in cashback buys anything. 20,000 miles buy a specific type of flight on a specific airline alliance during specific availability windows. Cash is king for a reason.
When Points Rewards Offer Better Value
Points cards aren't inherently worse. For the right person, they're significantly better. Here's when the math tips in favor of points.
Pick points if you're a frequent Star Alliance flyer. If you fly SWISS, Lufthansa, or other Star Alliance carriers 4+ times annually, Miles & More miles can deliver genuine value. A Zurich to London return in economy costs about 30,000 miles. Earning those through a Miles & More credit card requires CHF 30,000 in spending. The equivalent flight costs CHF 200-400 in cash. That's a 0.7-1.3% return, comparable to cashback. But upgrade to business class? Now those 30,000 miles save you CHF 800+. That's a 2.7% effective return.
Pick points if you're loyal to one ecosystem. If you do 80% of your grocery shopping at Migros, a Cumulus Visa makes sense. Those Cumulus points compound with your regular Migros purchases, and since you're spending there anyway, the points have guaranteed utility.
Pick points if you're a high spender. At CHF 50,000+ annual credit card spending, premium points cards start offering tangible extras: lounge access, comprehensive travel insurance, concierge services. These perks have real monetary value that cashback cards rarely match.
Common Mistakes When Choosing Between Cashback and Points
After years of analyzing Swiss credit cards, these are the mistakes I see most often.
Points programs love to advertise "earn 2 miles per CHF 1!" which sounds twice as good as 1% cashback. But if those miles are worth 0.3 centimes each when redeemed for merchandise, your effective rate is 0.6%. That's worse than a free 1% cashback card. Always calculate the redemption value, not the earning rate.
Miles & More miles expire after 36 months of account inactivity. Surprize points have varying expiry rules. Cashback? It never expires once credited. If you're the type who forgets about rewards programs for months at a time, you'll literally lose money with points.
Premium points cards like the SWISS Miles & More Gold (CHF 220/year) cost significantly more than a free Swisscard Cashback card. You need to earn enough extra value from miles to cover that CHF 220 gap before points even start winning. On CHF 20,000 of spending, that's a steep hill to climb.
American credit card advice doesn't apply to Switzerland. US cards offer 2-5% cashback and massive sign-up bonuses. Swiss cards max out around 1% cashback with modest bonuses. The economics are completely different. Don't read The Points Guy and think you'll replicate those strategies here.
Some people get a cashback card AND a points card AND a loyalty card. The result: they don't earn enough on any single card to make the rewards meaningful. Consolidate your spending on one primary card and maybe one backup. More cards doesn't mean more value.
My Recommendation: Cashback vs Points in Switzerland
After analyzing every rewards credit card in the Swiss market, here's my honest take: 80% of people should just get a cashback card and stop overthinking it. The guaranteed 0.5-1% return with zero effort beats the theoretical 2-5% from points that most people never fully realize. I've seen too many people sit on 50,000 expired miles because they "were saving them for the right trip." That trip never came.
The exception is genuine frequent flyers. If you're boarding Star Alliance flights monthly and spending CHF 30,000+ on cards, a Miles & More card can deliver real value. But be honest with yourself about whether that's actually you, or just who you'd like to be. For everyone else, check our best cashback credit cards and pick one that fits your spending level.
Frequently Asked Questions
Is cashback or points better for Swiss credit cards?
Cashback is better for most Swiss cardholders. It provides guaranteed, automatic returns of 0.5-1% with no effort required. Points can offer higher value (2-5x) for frequent Star Alliance flyers who redeem strategically, but most people don't optimize their redemptions enough to beat simple cashback. If you spend under CHF 25,000 annually and fly fewer than 4 times a year, go with cashback.
How much is 1 credit card point worth in Switzerland?
It depends entirely on the program and redemption method. Cumulus points are worth exactly 1 centime each. Miles & More miles range from 0.3 centimes (merchandise) to 3-5 centimes (flight upgrades). Surprize points hover around 0.5-1 centime. The advertised earning rate is meaningless without knowing the redemption value. Always calculate what your points are actually worth in CHF before comparing to cashback.
Can I convert credit card points to cash in Switzerland?
Some programs allow it, but the conversion rate is usually terrible. Miles & More doesn't offer direct cash conversion. Surprize points can sometimes be converted to statement credits at reduced value. Cumulus points are Migros-only. If you want cash flexibility, a cashback card is the straightforward choice. You get actual Swiss francs, no conversion required.
Do Swiss credit card points expire?
Yes, most do. Miles & More miles expire after 36 months of account inactivity (any earning or spending activity resets the clock). Cumulus points technically don't expire as long as your Cumulus account is active. Surprize points have program-specific expiry rules. Cashback, by contrast, never expires once it's credited to your account.
What is the best rewards credit card in Switzerland for 2026?
For cashback: Swisscard Cashback Cards (up to 1% on Amex, free) or Cornèrcard with tiered cashback (up to 1.7%). For points: SWISS Miles & More Gold for frequent Star Alliance flyers, Migros Cumulus Visa for Migros loyalists. The best choice depends on your spending patterns. Our credit card reviews break down each card with real data so you can compare them side by side.
