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Get benefits with a Reward Transaction Account

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

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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

HSBC Everyday Global Account

HSBC Everyday Global Account

Reward Transaction Account Offer

Special offer: $100 cash bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases (T&C's apply).
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.

  • Monthly account fee: $0
  • Linked debit card: Visa
  • ATM withdrawal fee: $0
  • Overseas EFTPOS fee: 0%
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Compare rewards transaction accounts

Data indicated here is updated regularly
$
Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee
HSBC Everyday Global Account
Visa
$0
$0
Special offer: $100 cash bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases (T&C's apply).
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
Suncorp Everyday Options Account
Visa
$0
$0
Link up to 9 interest-earning sub accounts.
$0 monthly account keeping fees.
Earn interest on your linked sub accounts to help you save for individual goals, with no account fees to pay. Make contactless payments using Google Pay and Apple Pay.
Bankwest Qantas Transaction Account
Mastercard
$0
$2,000
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
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Data indicated here is updated regularly
Name Product Bonus points Rewards program Rewards points per $ spent Purchase rate Annual fee
Qantas American Express Premium Card
100,000
Qantas Frequent Flyer
1
20.74% p.a.
$249
Enjoy 100,000 bonus Qantas Points, 50 bonus Status Credits and 2 complimentary Qantas Club lounge invitations per year. Ends 4 November 2020.
NAB Qantas Rewards Signature Card
130,000
Qantas Frequent Flyer
1
19.99% p.a.
$295 annual fee for the first year ($395 p.a. thereafter)
Collect up to 130,000 bonus Qantas Points (100k when you spend $3,000 in the first 60 days and 30k after 12 months). Plus, 75 bonus Status Credits.
Qantas Premier Platinum
100,000
Qantas Frequent Flyer
1
19.99% p.a.
$199 annual fee for the first year ($299 p.a. thereafter)
Get 100,000 bonus Qantas Points, 75 bonus Status Credits and a 0% p.a. balance transfer rate for 18 months (with a one-time 1% BT fee).
ANZ Frequent Flyer Black
120,000
Qantas Frequent Flyer
1
20.24% p.a.
$425
Collect 120,000 bonus Qantas Points and $200 back when you spend $3,000 in the first 3 months. Plus, complimentary lounge passes.
Citi Rewards Card - Flybuys Offer
75,000
flybuys,Citi Rewards Program
1
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Receive 75,000 bonus Flybuys points and a $100 Kmart eGift Card when you meet the spend requirement. Plus, a reduced first-year annual fee.
Westpac Altitude Platinum Qantas
60,000
Qantas Frequent Flyer
0.5
20.49% p.a.
$99 annual fee for the first year ($200 p.a. thereafter)
Get 60,000 bonus Qantas Points when you spend $3,000 within 90 days. Plus, a first-year annual fee discount and a long-term balance transfer offer.
Citi Rewards Card - $500 Voucher Offer
N/A
Citi Rewards Program
1
21.49% p.a.
$99 annual fee for the first year ($199 p.a. thereafter)
Get a $500 e-voucher to spend at Myer, JB Hi-Fi or Coles when you spend $3,000 in the first 90 days. Plus, earn points with the Citi Rewards Program.
Suncorp Clear Options Platinum Credit Card
100,000
Suncorp Bank Rewards Program
1.25
20.74% p.a.
$129
Earn 100,000 bonus points when you spend $3,000 in the first 90 days. Plus, complimentary insurance covers included.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
30,000
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Get 0% p.a. for 22 months on balance transfers and a reduced first-year annual fee. Plus, earn up to 30,000 bonus Velocity Points.
American Express Qantas Business Rewards Card
120,000
Qantas Business Rewards
1.25
N/A
$450
ABN holders w/ $75,000 revenue. Get 120,000 bonus points, 3x points on eligible Qantas flights & 2 lounge passes per year.
St.George Amplify Platinum - Qantas
70,000
Qantas Frequent Flyer
0.5
19.74% p.a.
$99
Earn 70,000 bonus Qantas Points, plus enjoy 0% p.a. on balance transfers for 15 months and complimentary insurance covers.
Citi Rewards Card - Exclusive Offer
N/A
Citi Rewards Program
1
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Finder Exclusive
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee and Citi Rewards.
HSBC Platinum Qantas Credit Card
20,000
Qantas Frequent Flyer
1
19.99% p.a.
$99
Receive 20,000 bonus Qantas Points and a long-term balance transfer offer. Plus, complimentary travel insurance.
Coles Rewards Mastercard - Exclusive Offer
N/A
flybuys
2
19.99% p.a.
$0 annual fee for the first year ($99 p.a. thereafter)
Finder Exclusive. Ends 29 October 2020
Save with $100 off a Coles Supermarket shop and a $0 first-year annual fee. Plus, 0% p.a. on balance transfers for 18 months (1.5% fee applies).
Bank of Melbourne Amplify Platinum - Qantas
70,000
Qantas Frequent Flyer
0.5
19.74% p.a.
$99
Receive 70,000 bonus Qantas Points when you spend $1,500 each month for the first 3 months and earn up to 0.5 Qantas Points per $1 spent.
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Rates accurate as at: October 29th, 2020 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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