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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.

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

NAB Classic Banking with Platinum Visa Debit Card

Reward Transaction Account Offer

$10 cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance. $10 monthly account fee. Receive $10 cashback when you spend $1000 on contactless purchases. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria.

  • Account keeping fee: $10.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: 0%
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Compare rewards transaction accounts

Rates last updated October 21st, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Classic Banking with Platinum Visa Debit Card
Visa
$0
$0
Receive 1% cashback on contactless purchases with a NAB Platinum Visa debit card and enjoy complimentary overseas travel insurance (conditions apply).
Bankwest Qantas Transaction Account
Mastercard
$0
$2,000
Earn 12 Qantas Frequent Flyer points per $100 in your account each month.

Compare up to 4 providers

Rates last updated October 21st, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
Qantas Premier Everyday
40,000 bonus points
Qantas Frequent Flyer
0.75
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of up to 40,000 bonus Qantas Points, a $0 first year annual fee plus complimentary overseas travel insurance.
NAB Qantas Rewards Signature Card
90,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.
Qantas Premier Platinum
60,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$299 p.a.
Get 60,000 bonus Qantas points and a $300 Qantas Flight Voucher when you spend $4,000 in 90 days. Plus, complimentary lounge passes.
HSBC Platinum Qantas Credit Card
60,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$199 p.a.
Receive 60,000 bonus Qantas Points when you spend $3,000 within 3 months of card approval, plus enjoy complimentary travel insurance.
ANZ Frequent Flyer Black
120,000 bonus points
Qantas Frequent Flyer
1
19.99% p.a.
$425 p.a.
Earn 120,000 bonus Qantas Points and $150 back when you spend $7,500 in the first 3 months. Plus, 75 Status Credits.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 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 60,000 bonus points in the first 3 months with a $64 first year annual fee. Plus, the chance to win 1 million Velocity Points.
Westpac Altitude Platinum Card - Qantas
60,000 bonus points
Qantas Frequent Flyer
0.5
20.24% p.a.
$50 p.a. annual fee for the first year ($200 p.a. thereafter)
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.
St.George Amplify Signature - Qantas
80,000 bonus points
Qantas Frequent Flyer
0.75
19.49% p.a.
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Enjoy 80,000 bonus Qantas Points when you spend $4,000 within 90 days and 2 complimentary Qantas Club lounge invitations per year.
American Express Velocity Platinum Card
75,000 bonus points
Velocity Frequent Flyer
1.5
20.74% p.a.
$375 p.a.
Receive 75,000 bonus Velocity Points when you spend $3,000 within the first 3 months. Plus, Status Credits & lounge passes.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Velocity Frequent Flyer
0.66
0% p.a. for 14 months (reverts to 20.74% p.a.)
$129 p.a.
Enjoy 0% p.a. interest on purchases for 14 months. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
American Express Explorer Credit Card
50,000 bonus points
Membership Rewards Gateway
2
20.74% p.a.
$395 p.a.
Get 50,000 bonus Membership Rewards points, a yearly $400 Travel Credit and 2 entries per year to the American Express Lounge.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with $64 first year annual fee and 0% p.a. balance transfer offer. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
HSBC Platinum Credit Card
HSBC Rewards Plus
1
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
Westpac Altitude Platinum Card
60,000 bonus points
Westpac Altitude Rewards
1
20.24% p.a.
$0 p.a. annual fee for the first year ($150 p.a. thereafter)
Earn 60,000 bonus Altitude Points when you spend $3,000 within 90 days of card approval. Plus, a $0 first year annual fee.
Bendigo Bank Platinum Rewards Mastercard
Bendigo Rewards
1.5
19.99% p.a.
$89 p.a.
Earn 1.5 Bendigo Rewards points per $1 spent. Receive complimentary insurance covers, plus, access to Mastercard Priceless Cities.
American Express Westpac Altitude Platinum Bundle - Qantas
75,000 bonus points
Qantas Frequent Flyer
1
0.5
20.24% p.a.
$50 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 Visa (issued & serviced by Westpac) & Amex (issued & serviced by Amex).
American Express Westpac Altitude Black Bundle
120,000 bonus points
Westpac Altitude Rewards
3
1.25
20.24% p.a.
$250 p.a. annual fee for the first year ($449 p.a. thereafter)
Earn up to 120,000 bonus Altitude Points when you meet the T&C with Mastercard (issued by Westpac) & Amex (issued & serviced by Amex).
Qantas American Express Ultimate Card
55,000 bonus points
Qantas Frequent Flyer
1.5
20.74% p.a.
$450 p.a.
Receive 55,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 complimentary Qantas Club lounge invitations per year.
St.George Amplify
Amplify Rewards
1
0% p.a. for 14 months (reverts to 19.49% p.a.)
$79 p.a.
Take advantage of 0% p.a. interest on purchases for the first 14 months. Plus, earn 1 Amplify Point per $1 spent on eligible purchases, uncapped.
American Express Westpac Altitude Black Bundle - Qantas
120,000 bonus points
Qantas Frequent Flyer
1.25
0.75
20.24% p.a.
$300 p.a. annual fee for the first year ($499 p.a. thereafter)
Score up to 120,000 bonus Qantas Points when you meet the T&C with Mastercard (issued by Westpac) & Amex (issued & serviced by Amex).
Qantas American Express Discovery Card
Qantas Frequent Flyer
1
20.74% p.a.
$0 p.a.
Earn uncapped Qantas Points on purchases, pay $0 annual fee for life and take advantage of a 0% p.a. for 12 months balance transfer offer.
Suncorp Clear Options Platinum Credit Card
60,000 bonus points
Suncorp Bank Rewards Program
1.25
20.74% p.a.
$129 p.a.
Enjoy up to 60,000 bonus points, a long-term balance transfer offer and complimentary international travel insurance.
American Express Velocity Escape Card
Velocity Frequent Flyer
1
20.74% p.a.
$0 p.a.
Earn uncapped Velocity Points on purchases, pay $0 annual fee for life and take advantage of a 0% p.a. for 12 months balance transfer offer.
St.George Amplify Platinum
50,000 bonus points
Amplify Rewards
1
19.49% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Receive 50,000 bonus Amplify Points when you spend $2,000 within 90 days and save with a $0 annual fee for the first year.
BankSA Amplify Platinum - Qantas
50,000 bonus points
Qantas Frequent Flyer
0.5
19.49% p.a.
$99 p.a.
Receive 50,000 bonus Qantas or Amplify 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 - Qantas
50,000 bonus points
Qantas Frequent Flyer
0.5
19.49% p.a.
$99 p.a.
Receive 50,000 bonus Qantas or Amplify Points when you spend $2,000 within 90 days and earn up to 0.5 Qantas points per $1 spent.
St.George Amplify Platinum - Qantas
50,000 bonus points
Qantas Frequent Flyer
0.5
19.49% p.a.
$99 p.a.
Earn 50,000 bonus Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas points per $1 spent.
Citi Rewards Platinum Credit Card - Online Offer
Citi Rewards Program
1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
NAB Rewards Platinum Card
60,000 bonus points
NAB Rewards
1
19.99% p.a.
$195 p.a.
Collect 60,000 bonus points when you spend $2,500 within 60 days of account opening. Plus, receive complimentary travel and purchase insurances.
Bank of Melbourne Amplify Platinum
50,000 bonus points
Amplify Rewards
1
19.49% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Receive 50,000 bonus Amplify Points when you spend $2,000 within 90 days. Plus, enjoy a $0 first year annual fee and uncapped rewards points.
ANZ Rewards Platinum
75,000 bonus points
ANZ Rewards Program
1.5
18.79% p.a.
$95 p.a.
Receive 75,000 bonus Reward Points when you spend $5,000 on eligible purchases in the first 3 months, plus up to 1.5 points per $1 spent.
ANZ Rewards Travel Adventures card
40,000 bonus points
ANZ Rewards Program
1.5
20.24% p.a.
$225 p.a.
Receive 40,000 bonus Velocity Points, 2 yearly Virgin Australia lounge passes, plus enjoy $0 overseas purchase transaction fees.
Citi Signature Qantas Credit Card
50,000 bonus points
Qantas Frequent Flyer
0.5
20.99% p.a.
$248 p.a. annual fee for the first year ($444 p.a. thereafter)
Receive 50,000 bonus Qantas Points, 2 yearly airport lounge visits and complimentary travel insurance. Plus, a discounted first year annual fee.
BankSA Amplify Signature
100,000 bonus points
Amplify Rewards
1.5
19.49% p.a.
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Receive 100,000 bonus Amplify Points when you spend $4,000 within 90 days. Plus, 2 complimentary Priority Pass lounge passes per year.
American Express Gold Business Card
Membership Rewards Ascent
1
$169 p.a.
Take advantage of a no pre-set spending limit, data that feeds to MYOB and up to 51 days interest-free on purchases.
American Express Platinum Card
80,000 bonus points
Membership Rewards Ascent Premium
1
$1,450 p.a.
Annual $450 Platinum Travel Credit, 80,000 bonus Membership Rewards points and access to more than 1,200 VIP lounges worldwide.
NAB Qantas Rewards Premium Card
30,000 bonus points
Qantas Frequent Flyer
0.66
19.99% p.a.
$250 p.a.
Offers 30,000 bonus points when you meet the spend requirements and Qantas Points for your everyday spending. Plus a 24/7 personal concierge.
NAB Qantas Rewards Card
Qantas Frequent Flyer
0.5
19.99% p.a.
$95 p.a.
A Visa card that offers 0.5 Qantas points per $1 spent, complimentary purchase protection insurance and up to 44 interest-free days on purchases.
Citi Signature Credit Card
300,000 bonus points
Citi Rewards Program
1
20.99% p.a.
$195 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn 15,000 monthly bonus reward Points for 20 months (300,000 total), enjoy a 0% p.a. balance transfer offer, plus, a $195 first year annual fee.
Citi Prestige Card
400,000 bonus points
Citi Rewards Program
3
20.99% p.a.
$700 p.a.
Earn 20,000 monthly bonus points for 20 months (400,000 total). Plus, unlimited airport lounge access and free hotel stays.
David Jones American Express
20,000 bonus points
Membership Rewards
1
20.74% p.a.
$99 p.a.
Not just for David Jones shoppers, receive 20,000 bonus Membership Rewards points or 15,000 Qantas Points. Plus, uncapped points potential.
David Jones American Express Platinum Card - Qantas Frequent Flyer
30,000 bonus points
Qantas Frequent Flyer
0.75
20.74% p.a.
$295 p.a.
Fly faster with up to 3 Qantas Points per $1 spent and receive complimentary travel insurance when travel is booked on your card.
American Express Qantas Business Rewards Card
100,000 bonus points
Qantas Business Rewards
1.25
$450 p.a.
Earn 100,000 bonus Qantas Points, 2 Qantas Points per $1 spent on eligible purchases plus 2 domestic Qantas Club lounge passes.
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.
Bank of Melbourne Amplify Card
Amplify Rewards / Qantas Frequent Flyer
0.5
0% p.a. for 14 months (reverts to 19.49% p.a.)
$79 p.a.
Take advantage of 0% p.a. interest on purchases for the first 14 months. Plus, your choice of Amplify or Qantas Points.
BankSA Amplify
Amplify Rewards / Qantas Frequent Flyer
0.5
0% p.a. for 14 months (reverts to 19.49% p.a.)
$79 p.a.
Take advantage of 0% p.a. interest on purchases for the first 14 months. Plus, your choice of Amplify or Qantas Points.
BankSA Amplify Signature - Qantas
80,000 bonus points
Qantas Frequent Flyer
0.75
19.49% p.a.
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Receive 80,000 bonus Qantas Points when you spend $4,000 within 90 days. Plus, a discounted first year annual fee and lounge passes.
Bank of Melbourne Amplify Signature - Qantas
80,000 bonus points
Qantas Frequent Flyer
0.75
19.49% p.a.
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Offers 80,000 bonus Qantas Points when you spend $4,000 in 90 days, 2 Qantas lounge passes per year plus a reduced first year annual fee.

Compare up to 4 providers

Rates accurate as at: October 21st, 2018 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

Savings Account Offers

Important Information*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Citibank Online Saver

Maximum Variable Rate

3.05

Standard Variable Rate

1.70
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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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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