Teacher Suzanne Oliver said students "clutching a rainbow-coloured fan of cards descend upon the waiting PB4L team" for the LEAD Card Trade In Day once a term.
Teachers and prefects presented the cards to deserving students during the term, she said, and these could be traded for privileges including canteen food, iTunes vouchers, canteen front-of-the-line privileges and "for a fair number of cards, even morning tea with the principal".
PB4L team member Shanti Patel Cornish said it gave "students a great incentive to show the LEAD values and get recognised for that".
The scheme and related initiatives had helped encourage and increase positive behaviour and acceptance of school values, she said.
"It also helps teachers reward students who are always on task and sometimes slip under the radar. Students flood in on Trade In Day and are always excited to see what they can be rewarded with."
Fellow team member Isabella Sinnema said inclusion in the PB4L team was "a great way to improve or change things around the college".