Untitled design (12)

Earn benefits with each transaction with a Reward Transaction Account

Information verified correct on March 31st, 2017

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.

Bankwest Qantas Transaction Account

Reward transaction account offer

Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.

  • Earn Qantas Points on your account balance 365 days a year
  • $0 Account keeping fees if you deposit $2,000 each month
  • Free Qantas Frequent Flyer membership

    Compare rewards transaction accounts

    Rates last updated March 31st, 2017
    $
    Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
    St.George Complete Freedom Student Account
    A student bank account with a linked Visa debit card and Mobile + Phone banking.
    Visa $0 $2,000 $0 account keeping fee for students. Unlimited Free withdrawals at St.George, Bank of Melbourne, BankSA and Westpac ATMs. Go to site More
    ING DIRECT Orange Everyday Account
    $75 cash bonus + Apple Pay available.
    Get a competitive ongoing variable rate when linked with a Savings Maximiser.
    Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Go to site 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 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
    St.George Complete Freedom Account
    10% Cash back for online gaming purchases.
    Waived account keeping fees when minimum deposit is met with no minimum balance.
    Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
    ANZ Access Advantage
    $100 voucher for new customers (conditions apply).
    Your new Visa debit card must be used three times before 4 June 2017 and opened before 30 April 2017.
    Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Go to site More
    Bankwest Qantas Transaction Account
    Earn Qantas Points on eligible purchases and on your account balance.
    Conditions apply.
    Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Go to site More
    Rates last updated March 31st, 2017
    Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Bonus Points Annual fee
    ANZ Rewards Platinum
    Earn points for every dollar spent on purchases. Receive $250 Westfield Gift Card when you spend $2,500 in the first 60 days from approval, plus pay a $0 for the first year.
    0.5 $0 p.a. annual fee for the first year ($95 p.a. thereafter) Go to site More info
    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.
    1 0 $149 p.a. Go to site More info
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    Earn 2 bonus Velocity Points in the first 3 months plus a low balance transfer offer of 0% p.a. for 18 months
    0.66 0 $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.
    1 0 60,000 bonus points $199 p.a. Go to site More info
    Citi Rewards Platinum Credit Card
    Consolidate your debt with a low balance transfer offer of 0% p.a. for 24 months and a host of platinum privileges. Earn 1.25 Citi Reward Points for every $1 spent on eligible purchases.
    1.25 0 $49 p.a. annual fee for the first year ($149 p.a. thereafter) Go to site More info
    ANZ Frequent Flyer Black
    Receive 75,000 bonus Qantas Points when you spend $2,500 on eligible purchases within the first 3 months. Plus, earn 75 Bonus Status Credits when you apply by 30 June 2017, buy and fly return with Qantas by 30 September 2017.
    0.5 75,000 bonus points $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info
    American Express Platinum Edge Credit Card
    Receive 5,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and pay no annual fee for the first year.
    0 1 5,000 bonus points $0 p.a. annual fee for the first year ($195 p.a. thereafter) Go to site More info
    American Express Explorer Credit Card
    Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 3 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
    NAB Rewards Platinum Card
    Enjoy 80,000 bonus points when you spend $2,500 on everyday purchases within 90 days from card approval. Benefit from $0 annual fee for the first year and a range of platinum features.
    1 80,000 bonus points $0 p.a. annual fee for the first year ($195 p.a. thereafter) Go to site More info
    American Express Velocity Platinum Card
    Receive 50,000 bonus Velocity Points when you apply online, are approved and meet the minimum spend required, plus take advantage of the 0% p.a. for 12 months balance transfer offer. Also receive a complimentary return flight every year.
    0 1 50,000 bonus points $349 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 7,500 bonus points $0 p.a. Go to site More info
    Virgin Australia Velocity High Flyer Card - 30k Bonus Points offer
    Receive up to 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.
    1 0 30,000 bonus points $144 p.a. annual fee for the first year ($289 p.a. thereafter) 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.
    0.66 0 $129 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.
    0.5 $225 p.a. Go to site More info
    Qantas American Express Discovery Card
    A no annual fee frequent flyer credit card which lets you earn 1 Qantas Point per $1 spent.
    1 $0 p.a. Go to site More info
    Qantas American Express Premium Card
    Earn 60,000 bonus Qantas Points when you apply as a new card member and meet the minimum spend requirement. Pllus enjoy frequent flyer benefits including uncapped Qantas Points per $1 spent, complimentary travel insurance and Qantas Club lounge invitations.
    1.25 60,000 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 50,000 bonus Qantas Points when you spend $2,000 or more on eligible purchases in the first 90 days. Plus, enjoy an introductory interest rate on balance transfers with a discounted annual fee of $199 in the first year.
    1 0 50,000 bonus points $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
    American Express Platinum Business Card
    Receive 150,000 bonus points when you meet the minimum spend requirement and earn up to 2 Membership Rewards points for every dollar spent.
    0 1 150,000 bonus points $1,500 p.a. Go to site More info
    American Express Gold Business Card
    Enjoy 24-hour worldwide service plus a great range of tailored expense management solutions designed to help maintain control of your corporate expenses.
    0 1 10,000 bonus points $169 p.a. Go to site More info
    Bank of Melbourne Amplify Platinum
    Enjoy introductory offers on purchases and balance transfers with a sign up bonus points of 30,000 on eligible spend.
    1 0 30,000 bonus points $99 p.a. Go to site More info
    BankSA Amplify Card
    The BankSA Amplify Card is a brand new rewards credit card that allows you to earn more Qantas Points combined with low purchase and balance transfer offers.
    1 $79 p.a. Go to site More info
    St.George Amplify Card
    A low interest rate of 0% p.a. for 12 months on balance transfers and a purchase offer of 0% p.a. for 6 months.
    1 0 $79 p.a. Go to site More info
    St.George Amplify Platinum
    Choose between Amplify or Qantas rewards program. Uncapped points earning.
    1 0 30,000 bonus points $99 p.a. Go to site More info
    St.George Amplify Signature
    Earn 1.5 Qantas or Amplify Points per dollar spent on eligible purchases.
    1.5 0 30,000 bonus points $279 p.a. Go to site More info
    Commonwealth Bank Business Awards Credit Card
    Enjoy up to 1.5 Awards points for every dollar spent plus up to 55 days interest-free on purchases.
    1 1.5 $100 p.a. Go to site More info
    Commonwealth Bank Business Platinum Awards Credit Card
    Earn up to 3 Awards points per dollar spent and enjoy a range complimentary insurances.
    1 3 $300 p.a. Go to site More info
    American Express Platinum Card
    Receive 100,000 Membership Rewards Bonus Points when you meet the minimum spend requirement and earn up to 3 points per $1 spent. Gain access to travel insurance, $300 Platinum travel credit every year and access to 1,000 VIP airport lounges.
    0 1 100,000 bonus points $1,200 p.a. Go to site More info
    Rates accurate as at: March 31st, 2017 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.

    Back to top

    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.

    Back to top

    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.
    Back to top

    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.

    Savings Account Offers

    Learn about our information service
    ING DIRECT Savings Maximiser

    Maximum Variable Rate

    3.00

    Standard Variable Rate

    1.60
    ME Online Savings Account

    Maximum Variable Rate

    3.05

    Standard Variable Rate

    1.30
    Bankwest Hero Saver

    Maximum Variable Rate

    2.65

    Standard Variable Rate

    0.01
    ANZ Progress Saver

    Maximum Variable Rate

    1.81

    Standard Variable Rate

    0.01

    Ask a Question

    You are about to post a question on finder.com.au

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com.au is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
    Rates and fees mentioned in comments are correct at the time of publication.
    By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

    Ask a question
    feedback