Debit cards with rewards and benefits
You don't need an expensive credit card. You can get plenty of extra perks and benefits with your debit card including points, cashback offers, shopping discounts and waived fees.
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Key takeaways
- Most reward debit cards offer zero monthly fees and provide cashback or points on your spending.
- You can find welcome bonuses up to $100 or 1-2% cashback on eligible tap-and-pay purchases.
- Compare international transaction fees often ranging from 0% to 3% and always check reward terms.
What is a rewards debit card?
A rewards debit card is just a standard debit card that offers a little something extra in the form of a reward, special offer, benefit or perk. Common examples include a cash bonus when you create an account, cashback on your spending or having some fees waived when you meet a monthly deposit requirement. Other debit cards will offer things like reward points that you can use for discounts at partnering brands.
Types of debit card benefits
Here are the most common types of debit card rewards you can get:
Points when you spend.
You can earn points when you spend money, or on your ongoing account balance. This could be points for a particular frequent flyer program, or the bank's own points program which you can then redeem for other discounts.
Cash bonus.
You can get a one-off cash bonus straight into your account when you open a new bank account. These range from $20 to more than $100. However, these are often limited-time offers, so you need to keep your eyes peeled.
Cashback offers.
Some accounts let you can earn cashback when you use your debit card, such as 1% of the transaction amount back into your account. Others offer cashback on certain transactions only, such as utility bills.
Fees waived.
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.
Shopping discounts.
More accounts are starting to offer exclusive discounts to customers on partnering brands. This is often available to debit cardholders through a link in the bank's mobile banking app.
Our expert says: Cashback on my debit card
"My husband and I use the ING Orange Everyday debit card for all our joint expenses such as rent, bills and groceries. This account offers 1% cashback on eligible utility bill payments made from the Orange Everyday account via BPAY, direct debit or PayTo, and with the cost of energy skyrocketing at the moment, the small amount of cashback we get is a nice little perk each time we get a bill to pay. It's not a huge amount, but it's better than nothing and it does all add up over the year. "
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 debit card.
- The terms and conditions. The benefits, such as cashback offers, will always come with terms and conditions. For example, you might have to spend a certain amount before you can unlock the cashback benefit.
Frequently Asked Questions
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who is now offering the cash back on the debit cards 5% ING , ME , CITYBANK have finished is there any body else currently , thanks
Hi Brett,
Thanks for your question.
To our knowledge, the Australian Military Bank Rewards account offers 2% cash back on purchase (conditions apply). To be eligible, you need to be a member of the bank.
I hope this has helped.