What is a rewards debit card?
Examples of debit cards with rewards
Banks are changing their rewards and offers all the time, but here are a few current examples:
- HSBC Everyday Global: Cash bonus when opening an account and 2% cashback on tap&go purchases
- Virgin Money Go Account: Earn Virgin Money Points as you spend with your debit card
- ING Orange Everyday: Earn 1% cashback on your utility bills.
- NAB Classic Banking with Platinum Visa Debit Card: Complimentary travel insurance and cashback on tap and go purchases
What types of rewards can I get with a debit card?
Here are the most common types of rewards you can get:
Points when you spend.
You can earn points when ou spend money. This could be points for a particular frequent flyer program, or the bank's own points program.
You can get a onr-off cash bonus straight into your account when you open a new bank account. These range from $20 to more than $100.
You can earn cashback when you use your debit card, such as 1% of the transaction amount back into your account.
Some accounts will waive certain fees if you meet some conditions, such as waiving the account fee if you're a student, or waiving the international transaction fee if you meet a monthly deposit condition.
How do I compare debit cards that offer rewards?
- Fees. Don't get caught up in the rewards alone! Remember to check to see if there's a monthly account keeping fee, and other fees like ATM fees.
- Joint accounts. If you want to open a shared account with someone, not all accounts can be opened as a joint bank 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.
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