Cashback incentives are a way for banks, lenders and other financial providers to attract new customers. You can receive a cashback incentive for credit cards, transaction and savings accounts, home loans and financial package deals.
A cashback incentive is basically what it sounds like—you receive cash back into your account after you apply for a financial product and your application is accepted. Sometimes providers also waive fees or charges with these offers, making them even more attractive to new customers.
With some cards or transaction accounts you can earn an ongoing cashback based on your spending.
Credit cards often have cashback incentives. They are sometimes offered in conjunction with low purchase rates, balance transfer rates or other discounted rates or fees. These offers are usually for a limited time only and require you to apply for the card by a certain date.
When considering these credit cards remember to check the fees and rates before you sign up. A good idea is to calculate the fees and interest you will be paying and decide whether the cash back offer is worth it. Remember to compare your options online before you settle on a card.
Home loan cashbacks can be some of the most generous cashback offers available. Lenders typically offer up to several thousand dollars to encourage customers to switch home loans.
There are usually eligibility criteria you have to meet, such as having a certain size of loan or a certain loan type. Home loan cashbacks are paid when the loan settles. You'll need a bank account with the same lender to receive the cash.
Cashbacks or rewards can be a nice perk for any financial product. But you should always read the offer details in full to make sure that:
This last point is important. Don't let the cashback fool you: compare the product properly and make sure it's right for you. In other words, would you still consider this a good product without the cashback?
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