A rewards debit card is linked to your transaction account and allows you to earn rewards when you use your debit card to make purchases. There are different rewards programs on offer, allowing you to accrue everything from Qantas frequent flyer points, to perks like free wine or shopping discounts.
If you want to join a reward program without the stress of accumulating interest, a rewards debit card could be the solution.
HSBC Everyday Global Account
HSBC Everyday Global Account
Rewards Debit Card Offer
Special offer: $100 bonus for new HSBC customers. Earn 2% cashback on tap and pay purchases under $100. Enjoy no foreign ATM or transaction fees and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available. T&C's apply to $100 bonus and 2% cashback offers.
How do I get rewards from my debit card in Australia?
When you open a rewards transaction account with an Australian bank or financial institution, you will be issued a debit card to help with making purchases and withdrawing funds. Your debit card will typically be linked to either the Mastercard or Visa network.
The card is automatically linked to a rewards program – allowing you to earn or redeem the particular reward. For example, you need to use your Citibank debit card at a participating restaurant to get your free bottle of wine.
$0 foreign ATM fees and $0 fees to send or receive money anywhere in the world.
Receive a free bottle of wine through the Citibank Dining Program when you eat out at a participating restaurant and pay using your Citibank debit card.
What types of rewards can I get in Australia?
In order to receive the most value from your transaction account rewards program, it is important that analyse what rewards will benefit you most. These will include such things as:
Points to dollar ratio. Check to see how many points you are earning for every dollar that you spend.
Bonus points. Some programs will give you bonus points for using your reward debit card while shopping with their partners, or even just having a balance in your account.
Cashback offers. Carefully read the terms and conditions to make sure you’re eligible for the cashback. Typically you’ll get 1% back of a purchase amount.
Prizes. In some cases you can win prizes for making a transaction too.
What reward is best for me?
Points are typically more beneficial for frequent flyers whereas cashback offers tend to be more beneficial for those who don’t travel much. Many frequent flyer programs let you redeem points from a partner airline. Prizes are an added bonus and can suit any type of rewards recipient.
How do I compare debit cards that offer rewards?
Fees. Check to see if you are going to have to pay any monthly or annual fees for the use of your reward debit card.
Joint accounts. You can increase your point earning potential if the bank allows additional cards to be issued for the same account.
ATM access. Although cash withdrawals are usually not a part of the rewards program, you will still want to be able to easily access funds without having to pay extra fees.
Daily limits. Look closely to ensure that you are not limited in how much you can purchase daily using your reward debit card.
Are there any benefits or drawbacks to using a rewards transaction account?
There is usually no annual or monthly fee (if there is, you can usually avoid it). Unlike reward credit cards, reward debit cards generally don't charge a monthly fee, or you can deposit your salary into the account to have the monthly fee waived.
Your credit rating doesn't matter. Unlike a credit card, you don’t have to worry about being turned down for a reward debit card due to your credit history.
Don't need to worry about accumulating debt. Since the money is being withdrawn from your available funds, you are not accumulating any debt by making purchases with a reward debit card.
You earn reward points. Your everyday shopping expenditures will be adding up points towards rewards.
You receive an average return. Debit cards typically have a lower earn rate and there are a few restrictions around cash back. It may not necessarily be the best value in terms of redeeming rewards, but at least you're using your own money and avoiding an annual fee.
You may need to worry about merchant charges. With some purchases the merchant may charge an additional fee for a debit card transaction.
The program may have spending limitations. You are limited with the amount of money you can spend by what is available in your transaction account.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.