The average Swiss credit card holder collects rewards worth CHF 50 to CHF 200 per year. Most have no idea whether they're getting a good deal or leaving money on the table. Here's the thing: the difference between the best and worst rewards program in Switzerland can be a 5x gap in actual value per franc spent.
What Are Credit Card Rewards Programs in Switzerland?
Every time you swipe your credit card, the issuer earns a fee from the merchant (typically 1.5% to 2.5% of the transaction). Rewards programs are how issuers share a fraction of that revenue with you to keep you swiping. In Switzerland, rewards come in three main flavors: cashback, points, and airline miles.
The Swiss rewards landscape is more conservative than what you'd find in the US or UK. Don't expect 5% cashback categories or massive signup bonuses. Swiss cards offer between 0.2% and 1.5% in rewards value, depending on the program and card tier. That sounds modest, but on CHF 20,000 of annual spending, it's the difference between CHF 40 and CHF 300 back in your pocket.
The most important thing to understand: the headline rewards rate is almost never what you actually receive. Annual fees, redemption restrictions, and point devaluation all eat into your real returns. That's what this guide is for.
What Types of Rewards Programs Exist?
Switzerland has four distinct reward structures. Each works differently, and each suits a different type of spender.
Cashback
You spend, you get a percentage back in cash. No points to track, no shops to browse. Swisscard Cashback leads here with up to 1% on American Express purchases. Cornèrcard offers 0.5% to 1.5% depending on card tier. PostFinance gives 0.3% to 0.5%. This is the simplest, most transparent rewards type. If you want to dig deeper, our best cashback cards guide ranks every option.
Points
You earn points per franc spent, then redeem them for gift cards, merchandise, or fee reductions. Viseca's Surprize program and UBS KeyClub are the biggest players. The catch: point values vary wildly depending on how you redeem. A Surprize point might be worth 0.42 centimes toward your annual fee, but only 0.18 centimes for a gift card. Always check the redemption math.
Airline Miles
SWISS Miles & More dominates this category. You earn award miles per franc spent, redeemable for flights, upgrades, and partner rewards. The potential value per point is higher than cashback or general points, but only if you actually fly frequently and redeem strategically. For the full breakdown, see our airline miles guide.
Retailer Programs
Migros Cumulus, Coop Supercard, IKEA Family, and Manor MyOne each offer credit cards tied to their loyalty programs. You earn bonus points on purchases at their stores and a lower rate everywhere else. These make sense only if you're heavily concentrated in one retailer's ecosystem.
You spend, you get a percentage back in cash. No points to track, no shops to browse. Swisscard Cashback leads here with up to 1% on American Express purchases. Cornèrcard offers 0.5% to 1.5% depending on card tier. PostFinance gives 0.3% to 0.5%. This is the simplest, most transparent rewards type. If you want to dig deeper, our best cashback cards guide ranks every option.
You earn points per franc spent, then redeem them for gift cards, merchandise, or fee reductions. Viseca's Surprize program and UBS KeyClub are the biggest players. The catch: point values vary wildly depending on how you redeem. A Surprize point might be worth 0.42 centimes toward your annual fee, but only 0.18 centimes for a gift card. Always check the redemption math.
SWISS Miles & More dominates this category. You earn award miles per franc spent, redeemable for flights, upgrades, and partner rewards. The potential value per point is higher than cashback or general points, but only if you actually fly frequently and redeem strategically. For the full breakdown, see our airline miles guide.
Migros Cumulus, Coop Supercard, IKEA Family, and Manor MyOne each offer credit cards tied to their loyalty programs. You earn bonus points on purchases at their stores and a lower rate everywhere else. These make sense only if you're heavily concentrated in one retailer's ecosystem.
Which Credit Card Has the Best Rewards Program?
This depends entirely on how you spend and what you value. But if we look purely at the real value per CHF 100 spent across all Swiss programs, here's how the landscape breaks down.
Up to 1.5% cashback on Platinum tier. 1% on Gold. 0.5% on Classic. Redemption threshold of CHF 25. Must actively redeem.
1% on Amex, 0.2% on Visa/Mastercard. Auto-credited annually. Free card option available via Cashback Cards.
Up to 1.5 miles per CHF 2 spent. Variable value: CHF 0.01 to CHF 0.05 per mile depending on redemption. Best for Star Alliance flyers.
The honest ranking by real value per CHF 100 spent:
- Cornèrcard Platinum Cashback: CHF 1.50 (if you actively redeem)
- SWISS Miles & More (optimal redemption): CHF 0.75 to CHF 3.75 (huge range)
- Swisscard Cashback Amex: CHF 1.00 (automatic)
- Viseca Surprize Platinum: CHF 0.84 (toward annual fee)
- Poinz Swiss Loyalty Amex: CHF 1.00 (requires app)
- UBS KeyClub Platinum: CHF 0.60
- PostFinance Platinum: CHF 0.50
- Cembra Certo One: CHF 0.33 (up to CHF 1.00 at chosen merchants)
Notice the pattern? The programs that require the most effort to redeem tend to offer the highest headline rates. Meanwhile, the ones that just deposit cash automatically give you less, but you actually get it.
How Much Are Credit Card Points Worth in Switzerland?
This is where most people get confused, and where issuers benefit from that confusion. A "point" means something completely different depending on which program you're in.
Here's the real math, broken down per point:
- Viseca Surprize: 1 point = 0.42 centimes (fee reduction), 0.22 centimes (cash back), or 0.18 centimes (gift cards)
- UBS KeyClub: 1 point = CHF 1.00 (but you only earn 2 to 6 points per CHF 1,000 spent)
- Amex Membership Rewards: 1 point = 0.5 centimes (standard redemption)
- Miles & More: 1 mile = 1 to 5 centimes (varies massively by redemption type)
- Migros Cumulus: 1 point = 1 centime (auto-redeemed at 500 points)
- Coop Supercard: 1 point = 1 centime (redeemed for Coop vouchers)
The key insight: Surprize points look generous because you earn 1 to 2 per franc. But each point is worth a fraction of a centime. Cumulus points look stingy at 1 per 3 francs, but each point is worth a full centime. The earning rate and point value are inversely related. Don't fall for big numbers.
Cashback vs Points vs Miles: Which Is Right for You?
This is less a financial question and more a personality question. Here's my honest framework after years of optimizing my own credit card setup. For a detailed head-to-head, check our cashback vs points comparison.
Go with cashback if:
- You value simplicity and guaranteed returns
- You spend under CHF 30,000 annually on credit cards
- You don't want to think about redemption strategies
- You'd rather get CHF 100 automatically than potentially CHF 200 if you optimize perfectly
Go with points if:
- You already shop heavily at one retailer (Migros, Coop, Manor)
- You like browsing rewards shops and don't mind the redemption process
- Your spending is concentrated enough to hit meaningful reward thresholds
Go with miles if:
- You fly SWISS or Star Alliance at least 4 times per year
- You're willing to learn the Miles & More redemption sweet spots
- You put CHF 30,000+ on credit cards annually
- You'd genuinely use premium cabin upgrades or award flights
Real talk: most Swiss residents should just go with cashback. The guaranteed value, zero effort, and no expiration risk make it the right choice for 80% of people. The remaining 20% are frequent flyers or dedicated points optimizers who enjoy the game.
The Biggest Swiss Rewards Programs Explained
Here's a quick reference for the major programs you'll encounter. Each has quirks that the marketing brochures conveniently forget to mention.
Viseca Surprize
The most widespread program in Switzerland. Used by Raiffeisen, cantonal banks, Bank Cler, and others. You earn 1 to 2 points per franc depending on card tier. The catch: redemption value varies wildly. Redeem toward your annual fee (best value), not for merchandise in the Surprize shop (worst value). Pro tip: 12,000 points gets you a CHF 50 fee reduction, which is the optimal redemption.
Swisscard Programs
Swisscard runs several parallel programs: Cashback (automatic money back), Pointup (points for fee reductions or gift cards), and Miles & More (airline miles). The Cashback Cards are a standout: no annual fee, 1% on Amex, auto-credited yearly. The main downside is the split rate: 0.2% on Visa/Mastercard vs. 1% on Amex, and Amex acceptance is patchy in Switzerland.
UBS KeyClub
UBS's own points program. You earn 2 (Standard), 4 (Gold), or 6 (Platinum) points per CHF 1,000 spent. Each point is worth CHF 1, redeemable for gift cards or airline miles. The earning rate is low compared to other programs. You'd need to spend CHF 50,000 on a Gold card to earn CHF 200 in rewards. KeyClub points expire at the end of the year following the year you earned them.
PostFinance Cashback
Simple and automatic. 0.3% on Classic/Standard cards, 0.5% on Gold/Platinum. Credited to your PostFinance bank account twice a year. No hoops, no apps, no minimum thresholds. The rate is modest, but the simplicity is unbeatable. Best suited for people who already bank with PostFinance.
Amex Membership Rewards
Available on American Express cards issued by Swisscard. You earn 0.5 to 1 point per franc spent. Points never expire (a major advantage). You can transfer them to Miles & More or redeem for shopping vouchers. The standard point value is 0.5 centimes, but transfer to airline miles can multiply that. The trade-off: Amex acceptance in Switzerland is limited. Roughly 30% of smaller merchants don't accept it.
Common Mistakes with Credit Card Rewards
After years of comparing every rewards program in Switzerland, these are the patterns I see over and over.
A 1% cashback card with a CHF 150 annual fee gives you less net value than a 0.5% card with no fee, unless you're spending CHF 30,000+ per year. Always subtract the annual fee from your expected rewards before comparing.
Surprize points last 3 years. KeyClub points expire even sooner. If you're not actively tracking and redeeming, you're earning rewards on paper while getting nothing in practice. Set a calendar reminder.
Every rewards shop in Switzerland gives you worse value per point than fee reductions or cash back. That fancy coffee machine in the Surprize shop? You're paying 30% to 50% more in point value than it costs in a regular store. Always redeem for cash, fee reductions, or airline miles.
Your 1% rewards card that charges 1.75% on foreign transactions is actually costing you 0.75% every time you buy something abroad or from an international website. If you travel or shop internationally, the FX fee matters more than the rewards rate.
Some programs have minimum redemption thresholds (Cornèrcard needs CHF 25, Poinz needs CHF 100). If you split your spending across three rewards cards, you might never hit the threshold on any of them. Pick one primary card and use it for everything.
My Recommendation
After analyzing every rewards program in Switzerland, here's what I actually do and recommend: use a no-fee cashback card as your daily driver. The Swisscard Cashback Amex gives you 1% back with zero annual fee. Yes, Amex acceptance is imperfect, so pair it with a low-cost Visa or Mastercard for the merchants that don't take Amex. If you're a frequent SWISS flyer putting serious money on credit cards, Miles & More cards can deliver more value, but only if you actually redeem those miles for flights. For everyone else, cashback wins because it's automatic, guaranteed, and requires zero effort. Stop overthinking this.
Frequently Asked Questions
What is the best credit card rewards program in Switzerland?
For most people, Swisscard Cashback is the best overall option: 1% on Amex purchases, no annual fee, auto-credited. For frequent flyers, SWISS Miles & More offers higher potential value per franc if you redeem strategically. Cornèrcard Platinum Cashback offers the highest flat rate at 1.5%, but comes with a premium annual fee.
How much are credit card points worth in Switzerland?
It depends entirely on the program. Viseca Surprize points are worth 0.18 to 0.42 centimes each. UBS KeyClub points are worth CHF 1 each but are earned very slowly. Amex Membership Rewards points are worth about 0.5 centimes each. The earning rate and point value are inversely related, so always calculate the real return per CHF 100 spent, not just the points earned.
Is cashback or points better for Swiss credit cards?
Cashback is better for 80% of people. It's automatic, predictable, and requires zero optimization. Points can deliver slightly more value if you redeem optimally, but most people don't. The exception is Miles & More: if you fly SWISS 4+ times a year, miles consistently beat cashback. Read our detailed cashback vs points comparison for the full breakdown.
Do credit card rewards expire in Switzerland?
Most do. Viseca Surprize points expire after 3 years. UBS KeyClub points expire at the end of the following year. Libertycard points expire after 2 years. Migros Cumulus and Coop Supercard points expire after 12 months of inactivity. Only Amex Membership Rewards points have no expiration date.
Which Swiss retailers offer credit card rewards programs?
Migros offers the Cumulus credit card (1 point per CHF 3 at non-Migros merchants). Coop offers the Supercard credit card (same rate). IKEA, Manor (MyOne), and Spar also have co-branded cards with Cembra or Viseca. Important: you typically don't earn bonus credit card rewards at the retailer's own stores, only the standard loyalty points. Use a different rewards card to pay and present your loyalty card separately.
