When consumers go shopping for a credit card their highest priority is to find a card with no or low annual fees, followed by a low purchase rate. Rewards are a low priority, according to a new survey by finder.com.au.The attitude towards rewards is not surprising, given the results of another new piece of research by Mozo.com.au, which shows that the value of rewards has deteriorated.When comparison site finder.com.au surveyed Australians about their credit card preferences, 81 per cent said they were looking for a card with no or low fees.Thirty-eight per cent said they looked for a low purchase rate.Only 21 per cent nominated a good rewards program and 18 per cent said they looked at the number of frequent flyer points per dollar spent.There was also relatively little interest in the "status" of the card, with only five per cent having a preference for black or platinum cards over other types of cards.Fourteen per cent said they looked for the availability of travel and purchase insurance.Finder.com.au said the top three card options for consumers looking for no annual fee and a low rate were: ME's Frank Credit Card, which has an 11.99 per cent purchase rate; American Express's Essential Credit Card, which has a 14.99 per cent purchase rate; and Virgin Money's No Annual Fee Credit Card, which has a purchase rate of 18.99 per cent.Mozo.com.au analysed the value of flights, cashback and gift rewards offered on 115 cards, calculating the value of rewards based on average spend. It came up with a figure for the "real value" of rewards after adjusting for annual fees.Over the past year a consumer spending an average of A$19,000 on a credit card would have received a $72 net benefit from their rewards program - down 18 per cent from $88 the previous year.Mozo director Kirsty Lamont said in a media release: "The average annual fee for rewards cards is $168, which is nearly four times higher than for non-rewards cards. Fees of up to $749 can diminish the value rewards cards offer."Lamont said Mozo found one card that required a spend of $64,000 to earn a $100 gift card.Mozo said the best value cards were aligned to airline points schemes. The best value card was NAB's Velocity Rewards Premium Card, which delivered a net reward of $387 on average spend. Other good value cards were the American Express Velocity Escape Card, American Express Qantas Discovery Card, American Express Essential Credit Card, ANZ Rewards Platinum and NAB Velocity Rewards.Mozo product data and compliance manager, Peter Marshall, said the decline in the value of rewards was a response to the Reserve Bank's decision, announced in May, to tighten up on card interchange fees."We have seen a lot of capping of points, where there is a cap on the number of points that can be earned in a year or a reduction in the points earn rate beyond a certain amount," Marshall said.He said lower average spend on cards was also a factor in