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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.
Aussies are spoilt for choice when choosing a reward system that suits your needs. Compare your options in the table below.
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.
Debit card | Perks |
---|---|
NAB Classic Banking with Platinum Visa Debit Card |
|
ING Orange Everyday account |
|
Bankwest Qantas Transaction account |
|
ME Everyday Transaction account |
|
Citibank Plus Everyday account |
|
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 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.
Not only is a reward debit card linked to a rewards account, it is also a direct line to the funds available in your transaction account. You should always keep that in mind to avoid the following:
With bonus Qantas Points and a range of complimentary insurance covers, the Westpac Altitude Platinum - Qantas is worth considering if you want more frequent flyer points.
Earn Altitude rewards with Westpac’s Altitude Platinum credit card, while enjoying the benefits and privileges of platinum status.
Learn more about how PayActiv's Earned Wage Access service can help you access up to $500 of your paycheque for a $5 fee charged fortnightly (only if you access your wage before payday).
Get $250 credit back when you meet the eligibility requirements and 55 days interest-free on purchases.
Pay no interest on your credit card debt and clear it faster with a 0% balance transfer credit card. Compare and apply here.
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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