Get benefits with a Reward Transaction Account

Get value out of your purchases by earning points towards merchandise, frequent flyer points and more.

A reward transaction account lets you earn points, just for keeping a minimum balance. These points will add up fast and depending on the bank, can be used towards purchases, flights or even cash back. It’s like getting a special sale price on everything you buy. Other reward accounts let you earn cashback with your purchases, giving you more value for your spending. Let’s find out more about these accounts below.

Reward Transaction Account Offer

Suncorp Everyday Options Account

Reward Transaction Account Offer

Monthly account keeping fee waived for life. $0 account keeping fee offer applies to all new accounts opened from 3 December 2018. Save for your individual goals by linking to up to 9 interest-earning sub accounts. Make contactless payments using Google Pay and Apple Pay

  • Account keeping fee: $0.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: 3%
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Compare rewards transaction accounts

Rates last updated November 22nd, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Suncorp Everyday Options Account
Visa
$0
$0
Monthly account keeping fee waived for life. $0 account keeping fee offer applies to all new accounts opened from 3 December 2018. Save for your individual goals by linking to up to 9 interest-earning sub accounts. Make contactless payments using Google Pay and Apple Pay
St.George Complete Freedom Account
Visa
$0
$2,000
Special offer: $40 cash bonus for new customers (T&Cs apply). $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month. No account fees for students and customers under 21.
Bankwest Qantas Transaction Account
Mastercard
$0
$2,000
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.

Compare up to 4 providers

Rates last updated November 22nd, 2019
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
Qantas Premier Platinum
120,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$199 p.a. annual fee for the first year ($299 p.a. thereafter)
Get 20,000 bonus Qantas Points per month for the first 6 months when you spend $1,500/month. Total of up to 120,000 bonus Qantas Points.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
70,000 bonus points
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 70,000 bonus Velocity Points (60,000 in 3 months and 10,000 after first year). Plus, save with 0% p.a. for 18 months on balance transfers.
Coles Rewards Mastercard
120,000 bonus points
flybuys
2
19.99% p.a.
$99 p.a.
Enjoy up to 120,000 bonus points (worth $600 flybuys Dollars / 52,200 Velocity Points ) when you meet the spend criteria and 2 flybuys / $1 spent.
ANZ Frequent Flyer Black
100,000 bonus points
Qantas Frequent Flyer
1
20.24% p.a.
$425 p.a.
Earn 100,000 bonus Qantas Points & $200 back when you spend $4,000 in the first 3 months. Plus, airport lounge passes.
Citi Rewards Platinum Credit Card
120,000 bonus points
Citi Rewards Program
1
21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
80k bonus Citi reward Points when you spend $3,000 in 90 days and 40k the second year, up to 120,000 total. 120k Points = 48k Velocity Points.
NAB Qantas Rewards Signature Card
120,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect up to 120,000 bonus Qantas Points. Get 90k when you spend $3,000 on eligible purchases in the first 60 days and 30k after 12 months.
Kogan Money Black Card
Kogan Rewards Program
1
20.99% p.a.
$0 p.a.
Save with a $0 annual fee and a 0% balance transfer offer. Plus, earn $300 Kogan.com Credit and uncapped rewards points. Ends 30 Nov 2019.
Coles No Annual Fee Mastercard
flybuys
0.5
0% for 12 months, reverts to 19.99% p.a.
$0 p.a.
Offers 0% p.a. on purchases and balance transfers for the first 12 months and an ongoing $0 annual fee. Plus, earn flybuys for your eligible spend.
Coles Low Rate Mastercard
flybuys
0.5
0% for 12 months, reverts to 12.99% p.a.
$58 p.a.
Offers 0% p.a. interest on balance transfers and purchases for the first 12 months. Plus, earn flybuys points at Coles Supermarkets.
Qantas American Express Ultimate Card
55,000 bonus points
Qantas Frequent Flyer
1.25
20.74% p.a.
$450 p.a.
Get 55,000 bonus Qantas Points, a $450 Qantas Travel Credit and 2 yearly complimentary Qantas Club lounge invitations
St.George Amplify Platinum - Qantas
60,000 bonus points
Qantas Frequent Flyer
0.5
19.74% p.a.
$99 p.a.
Receive 60,000 bonus Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas points per $1 spent.
Bank of Melbourne Amplify Platinum - Qantas
60,000 bonus points
Qantas Frequent Flyer
0.5
19.74% p.a.
$99 p.a.
Receive 60,000 bonus Qantas Points when you spend $2,000 within 90 days and earn up to 0.5 Qantas Points per $1 spent.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Velocity Frequent Flyer
0.66
0% for 14 months, reverts to 20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Enjoy 0% p.a. interest on purchases for 14 months, a reduced first year annual fee and Velocity Points per $1 spent.
American Express Qantas Business Rewards Card
100,000 bonus points
Qantas Business Rewards
1.25
N/A
$450 p.a.
ABN holders w/ $75,000 p.a. revenue. Get 100,000 bonus points, 3x points on eligible Qantas flights and 2 lounge passes.
American Express Velocity Platinum Card
50,000 bonus points
Velocity Frequent Flyer
1.25
20.74% p.a.
$375 p.a.
Get 50,000 bonus Velocity Points when you spend $3,000 for the first 3 months. Plus, 100 Status Credits and luxury travel perks.
Westpac Altitude Platinum Card - Qantas
60,000 bonus points
Qantas Frequent Flyer
0.5
20.49% p.a.
$200 p.a.
Get 60,000 bonus Qantas Points when you spend $3,000 in 90 days of approval. Plus, complimentary insurances and a concierge service.
Westpac Altitude Platinum Card - Velocity
60,000 bonus points
Velocity Frequent Flyer
0.5
20.49% p.a.
$200 p.a.
Receive 60,000 bonus Velocity Points when you spend $3,000 within 90 days of card approval. Plus, 2 complimentary Economy X Seat Upgrade Vouchers each year.
American Express Westpac Altitude Platinum Bundle - Velocity
75,000 bonus points
Velocity Frequent Flyer
1
0.5
20.24% p.a. (AMEX)

20.49% p.a. (Visa/MC)

$200 p.a. annual fee for the first year ($249 p.a. thereafter)
Earn up to 75,000 bonus Velocity Points when you meet the criteria with this dual Mastercard (issued by Westpac) & Amex (issued by Amex).
American Express Westpac Altitude Platinum Bundle
110,000 bonus points
Westpac Altitude Rewards
2
1
20.24% p.a. (AMEX)

20.49% p.a. (Visa/MC)

$150 p.a. annual fee for the first year ($199 p.a. thereafter)
Collect up to 110,000 bonus Altitude Points when you meet T&Cs with Mastercard (issued by Westpac) & Amex (issued by Amex).
American Express Platinum Business Card
120,000 bonus points
Membership Rewards
2.25
N/A
$1,750 p.a.
ABN holders w/ $75,000 p.a. revenue. Get 120,000 bonus points and up to 2.25 points/ $1 spent on eligible business purchases.
American Express Velocity Escape Card
Velocity Frequent Flyer
0.75
20.74% p.a.
$0 p.a.
Earn uncapped Velocity Points on purchases and save with a $0 annual fee for life and a 0% p.a. for 12 months balance transfer offer.
American Express Westpac Altitude Platinum Bundle - Qantas
75,000 bonus points
Qantas Frequent Flyer
1
0.5
20.24% p.a. (AMEX)

20.49% p.a. (Visa/MC)

$200 p.a. annual fee for the first year ($249 p.a. thereafter)
Up to 75,000 bonus Qantas Points when you meet the criteria with this dual Mastercard (issued by Westpac) & Amex (issued by Amex).
American Express Business Explorer Credit Card
100,000 bonus points
Membership Rewards Gateway
2
16.99% p.a.
$395 p.a.
ABN holders w/ $75,000 p.a. revenue. Get 100,000 bonus points. Plus, 2 yearly lounge passes on this business card.
St.George Amplify Signature
200,000 bonus points
Amplify Rewards
1.5
19.74% p.a.
$139 p.a. annual fee for the first year ($279 p.a. thereafter)
Earn up to 200,000 bonus Amplify Points (130k in the first year & 70k in the second year) when you spend $12k / year for the first 2 years.
David Jones American Express Platinum Card
50,000 bonus points
Membership Rewards / Qantas Frequent Flyer
1
20.74% p.a.
$295 p.a.
DJ's shoppers and Qantas travellers earn 50,000 bonus Membership Rewards points or 25,000 Qantas Points on eligible spend.
Citi Rewards Platinum Credit Card - Balance Transfer Offer
Citi Rewards Program
1
21.49% p.a.
$0 p.a. annual fee for the first year ($199 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus $0 first year annual fee. Ends 30 Nov 2019.
Westpac Altitude Platinum Card
80,000 bonus points
Westpac Altitude Rewards
1
20.49% p.a.
$150 p.a.
Earn 80,000 bonus Altitude Points when you spend $3,000 within 90 days of card approval. Plus, complimentary insurance and a personal concierge service.
St.George Amplify Platinum
Amplify Rewards
1
19.74% p.a.
$99 p.a.
Get $400 e-gift card when you spend $3,000 on eligible purchases within 90 days of card approval. Plus, complimentary travel insurance.
Bank of Melbourne Amplify Signature
200,000 bonus points
Amplify Rewards
1.5
19.74% p.a.
$139 p.a. annual fee for the first year ($279 p.a. thereafter)
Earn up to 200,000 bonus Amplify Points (130k in the first year & 70k in the second year) when you spend $12k / year for the first 2 years.
BankSA Amplify Signature
200,000 bonus points
Amplify Rewards
1.5
19.74% p.a.
$139 p.a. annual fee for the first year ($279 p.a. thereafter)
Earn up to 200,000 bonus Amplify Points (130k in the first year & 70k in the second year) when you spend $12k / year for the first 2 years.
BankSA Amplify Platinum - Qantas
60,000 bonus points
Qantas Frequent Flyer
0.5
19.74% p.a.
$99 p.a.
Receive 60,000 bonus Qantas Points when you spend $2,000 within 90 days and earn up to 0.5 Qantas Points per $1 spent.
Bank of Melbourne Amplify Platinum
Amplify Rewards
1
19.74% p.a.
$99 p.a.
Get a $400 e-gift card when you spend 3,000 on eligible purchases within 90 days of card approval. Plus, complimentary insurance covers.
American Express Gold Business Card
Membership Rewards Ascent
1.5
N/A
$169 p.a.
ABN holders w/ $75,000 p.a. revenue. A business card with no pre-set spending limit, data feeds to MYOB and up to 51 days to pay for purchases.
Citi Rewards Signature Credit Card
120,000 bonus points
Citi Rewards Program
1
21.49% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Offers 120,000 bonus reward Points, a $199 first year annual fee, airport lounge passes and premium perks.
NAB Rewards Business Signature Card
100,000 bonus points
NAB Rewards
1.25
18.50% p.a.
$175 p.a.
Earn 100,000 bonus points when you spend $4,000 on everyday business purchases in the first 60 days of account opening. ABN required.
BOQ Blue Visa Credit Card
Q Rewards
1
20.74% p.a.
$60 p.a.
Receive $120 cashback when you meet the spend criteria and a 6 month interest-free balance transfer offer.
BOQ Platinum Visa Credit Card
1,000 bonus points
Q Rewards
2
20.74% p.a.
$0 p.a. annual fee for the first year ($129 p.a. thereafter)
Enjoy 1,000 bonus Q Rewards points/month, a 12-month balance transfer offer and $0 first year annual fee.
Citi Rewards Platinum Credit Card - Exclusive Offer
Citi Rewards Program
1
0% for 13 months, reverts to 21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.

Compare up to 4 providers

Rates accurate as at: November 22nd, 2019 Learn about our information service

How does a rewards transaction account work?

Depending on which one you choose, there are a number of ways to earn rewards with your transaction account. For example, you can be rewarded for maintaining your daily balance, for the purchases you make using the issued debit card, or both.

Depending on your banking habits you could end up with a substantial number of points. These points can then be used towards airfare or selected purchases and vouchers. Some allow you to redeem your points in the form of cash that gets put back into your account. Think about how you use your transaction account, and the types of rewards you may actually use in order to compare the different offers available from Australian banks.

Learn more about reward credit cards

What about PayPass and PayWave?

Funds are due to clear a couple of days after you complete the transaction. When using a PIN or in some cases a CHIP, the funds are instantly taken out of your account. Learn more about contactless payments.

How do cashback offers work?

A cashback offer is a type of rewards program where you earn a percentage of your total purchases back. This can be paid towards the balance on your card or as a discount at check-out if you are using a store sponsored card.

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How do I compare transaction accounts that let me earn rewards?

If you're considering opening a rewards transaction account, there are a few things to note that may help in choosing which account is best suited to your needs. A good place to start is to look at both how rewards are earned and what you can do or purchase with the points earned.

  • What types of rewards are offered? The way you like to redeem your rewards plays a huge role in deciding the account for you. Would you prefer frequent flyer points, or cash back? In other words, do you travel a lot more or prefer to shop more at home?
  • The terms and conditions of the rewards. There not much point in opting for cash back when your purchases are always over $100 and are international transaction. You’ll find that most terms and conditions state that you can only earn cash back if the purchases are under $100 in value, and are conducted in Australia.
  • How points are earned. If you generally keep a high balance in your transaction account, consider being rewarded for that. Otherwise you should look for rewards transaction accounts that are giving you points for purchases.
  • Redeeming points. Check the options you have for redeeming points with the various rewards transactions accounts. You are going to want to choose one where the rewards are valuable to you.
  • Fees. Not only should you look at any monthly account keeping fees, check to see if you are going to be charged for your daily transactions whether online or with the issued debit card. You may also find accounts that waive fees for depositing a set amount of money each month.
  • Accessibility. Check to see if you are able to manage your account online. You will also want to compare the type of debit card issued and the number of ATMs available for you to make withdrawals.

There are a number of things to consider with a rewards transaction account if you want to find one that provides you with the most benefit. Make your comparisons carefully, basing them on the features that matter to you the most.

Prepaid Cards

Did you know that you can earn points on prepaid cards too? Find out more about the Coles reloadable Mastercard where you can collect flybuys points.

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What are the benefits of using a reward transaction account?

While a rewards transaction account has benefits to consider, there are also some points that are not right for everyone. The following pros and cons will provide you with further information about this type of account to help you in making a choice.

  • Valuable rewards. Redeeming points can potentially save you a lot of money towards purchases that you would normally be making.
  • Flexibility with earning points. There are multiple ways to earn points, making it easy to get the full benefit of these accounts.
  • Multiple access points. Having a debit card with a credit company logo allows you to make purchases online, over the counter and over the phone as well as withdrawals at ATMs across Australia.
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What are the risks?

You don’t need to worry about losing deposits of up to $250,000 thanks to the Australian Government guarantee, but there are things you should avoid if you do choose to open a rewards transactions account.

  • Fees. Some of these accounts will have a monthly service fee, although that could be removed by meeting certain terms such as a monthly deposit requirement.
  • Foreign transaction fees. You could be subject to a fee if you make a purchase outside of Australia, whether there is a currency conversion or not.
  • Overspending. Avoid making purchases in order to gain points. With the right rewards account you should be able to build your point balance with your normal banking activities.
  • Monthly deposit. Some of these accounts do have a monthly deposit requirement in order to avoid paying fees. If you are not able to make that obligation you may want to consider other types of transaction accounts.

Have more questions? Here are commonly asked questions, answered

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2 Responses

  1. Default Gravatar
    AaronJuly 27, 2017

    I’m looking to change from Westpac choice account to another bank as I’ve been with Westpac for 15 years. What would be a good bank to move to taking into consideration:
    – an advanced functionality phone app (as in could easily use the app without requiring a pc to navigate or perform tasks),
    – low/no fees for a transactional account (currently depositing $6k per month, never depositing less than $3k per month)
    – ability to transfer money to Westpac personal loan on a recurring fortnightly basis without fees
    – in the case of the account being overdrawn due to direct debits, we are charged a minimum amount for this to occur and debits are not dishonoured(less than the $15 Westpac charge would be nice)
    – free or small fee for using any ATM on withdrawals or deposits
    – free debit card and ability to have multiple cards for joint account

    Does such a bank/credit union institution exist or am I expecting too much?

    Thanks
    Aaron

    • Default Gravatar
      MariaAugust 4, 2017

      Thank you for reaching out to finder.

      I’m afraid that all the features you mentioned may not be in one specific bank, although we do have pages that compare the bank features you are particular about.

      You may click the following links for more information:
      (1) For mobile banking
      (2) For transaction accounts comparison
      (3) For overdrawn fees
      (4) For ATM fees
      (5) For debit cards
      (6) For joint accounts

      Regarding the money transfer to personal loan, it would depend on the personal account with your lender if they would accept that type of payment and you’d have to provide your bank account for automatic debit payment.

      Hope this helps.

      Cheers,
      Maria

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