Earn benefits with each transaction with a Reward Transaction Account

Information verified correct on October 26th, 2016

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.

ING DIRECT Orange Everyday Account

Reward Transaction Account Offer

ING DIRECT Orange Everyday Account offers of no monthly fee and a $75 cash bonus.

  • Maximum Rate: 0.00% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0

Compare rewards transaction accounts

Rates last updated October 26th, 2016
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
HSBC Day to Day Transaction Account
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
Visa $0 $0 $0 monthly fees. No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Open More
Rates last updated October 26th, 2016
Rewards Points per $ spent (AMEX) Rewards Points per $ spent (VISA/MC) Bonus Points Annual fee
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
1 $0 p.a. Go to site More info
HSBC Platinum Credit Card
Enjoy an annual fee refund every year if you meet the spend requirement with a balance transfer offer, high credit limits and prestige services including a personal concierge service and VISA Platinum rewards program.
0 1 $149 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn bonus Velocity Points in the first 3 months plus a low balance transfer offer of 0% p.a. for 18 months
0 0.66 $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
0 1 60,000 bonus points $199 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards bonus points when you meet the minimum spend requirement and a complimentary Virgin Australia flight each year. Enjoy a low balance transfer offer of 0% p.a. for 12 months.

1 0 10,000 bonus points $195 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Earn Velocity Points plus enjoy an introductory interest-free offer of 0% p.a. on purchases for 12 months, and 0% p.a. for 6 months on balance transfers.
0 0.66 $129 p.a. Go to site More info
American Express Velocity Platinum Card
Enjoy up to 50,000 bonus Velocity Points when you meet the minimum required spend and earn up to 3 rewards points per dollar spent. Also receive a complimentary return flight every year.
1 0 50,000 bonus points $349 p.a. Go to site More info
American Express Explorer Credit Card
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 2 months of Card Membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
2 100,000 bonus points $395 p.a. Go to site More info
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases and receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months.
2 1 $225 p.a. Go to site More info
Westpac Altitude Black - Exclusive Offer
Earn 100,000 bonus points when you spend $5,000 on eligible purchases, choose between two reward programs offering Altitude or Qantas Rewards and receive premium cardholder benefits.
3 1.25 100,000 bonus points $395 p.a. Go to site More info
Virgin Australia Velocity High Flyer Card - 30k Bonus Points offer
Receive 30,000 bonus Velocity Points and earn 1 Velocity Points per $1 spent. Receive an exclusive $129 Virgin Australia Gift Voucher and two complimentary Single Entry Virgin Australia domestic Lounge passes each year.
0 1 30,000 bonus points $144 p.a. annual fee for the first year ($289 p.a. thereafter) Go to site More info
American Express Qantas Discovery Card
A no annual fee frequent flyer credit card with Earn 7,500 bonus points and enjoy 0% p.a. on balance transfers for 12 months when you apply and are approved. Earn 1 Qantas Point per $1 spend.
1 0 7,500 bonus points $0 p.a. Go to site More info
American Express Velocity Escape Card
Enjoy 7,500 bonus Velocity Points when you meet the minimum spend requirement and earn up to 2 points for every $1 you spend, together with a $0 annual fee.
1 0 7,500 bonus points $0 p.a. Go to site More info
American Express Qantas Premium Card
Earn as much as 30,000 bonus Qantas Points when you meet the minimum spend requirement. Enjoy frequent flyer benefits including uncapped Qantas Points per $1 spent, complimentary travel insurance and Qantas Club lounge invitations.
1 0 30,000 bonus points $249 p.a. Go to site More info
David Jones American Express Platinum Card
Receive 40,000 Membership Rewards points or 30,000 Qantas Points. Plus earn up to 4 rewards point per $1 spend.
1 40,000 bonus points $295 p.a. Go to site More info
Citi Qantas Signature Credit Card
Earn up to 50,000 bonus Qantas Points when you spend $2,000 or more on eligible purchases in the first 90 days. Plus, enjoy introductory interest rates on balance transfers and purchases with a discounted annual fee of $199 in the first year.
0 1 50,000 bonus points $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Rates accurate as at: October 26th, 2016 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

What types of rewards are offered with this type of account?

This will vary, but with some there are over 3,000 popular retailers that are partnered with the bank to give you plenty of choices when redeeming your points.

Will I be issued a cheque book?

That depends on the bank, with some only offering one as an option. Check to see what types of fees are applied when you issue cheques.

Can I use the account for direct debits and credits?

Yes, you will have all of the banking features of your typical transaction account, including direct deposit of your pay and automatic debit to pay recurring bills.

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