Chief education officer Mick Waters told Children Now that the scheme would be "a bit like the Sainsbury's Nectar card".
Children will collect points for being at school and doing homework, and get extra for doing something for the community good, he said.
Points could be redeemed for gifts such as hair gel, perfume and cinema tickets, tickets for sports events or even holidays.
"Youngsters live in the real world these days," added Waters. "If we have to have a gimmick to get a child hooked on learning it's worth it."
The council's Be There Bonus scheme, piloted earlier this year, featured a prize draw for pupils with good attendance.
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