Cashback incentives: What is cashback?

Find out how to get cash rewards when you sign up for new bank products.

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Cashback incentives are becoming an increasingly popular way for lenders and financial providers to attract new customers to their products. You can receive a cashback incentive for credit cards, transaction and savings accounts, home loans and financial package deals. Different lenders have different incentives on offer, some requiring you to sign up for new products to qualify.

Promoted
Bank account offer
HSBC Everyday Global Account
Promoted
$0
monthly fee
$0
ATM withdrawal fee
  • Google Pay, Apple Pay
  • Monthly fees: $0
  • No international transaction fees
  • Up to 10 currencies

HSBC Everyday Global Account

Special offer: $100 cash bonus for new HSBC customers. Earn 2% cashback on tap and pay purchases (T&C's apply).
Special offer: $100 cash bonus for new HSBC customers. Earn 2% cashback on tap and pay purchases (T&C's apply).

Compare debit cards with cashback

Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
HSBC Everyday Global Account
Visa
$0
$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.

Westpac Choice
Mastercard
$0
$2,000
$5
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. Access more than 50,000 ATMs globally for free via the Global ATM Alliance.
NAB Classic Banking with Platinum Visa Debit Card
Visa
$0
$0
$10
$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.
St.George Complete Freedom Account
Visa
$0
$2,000
$0
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month. No account fees for students and customers under 21.
Bank of Melbourne Complete Freedom
Visa
$0
$0
$0
$0 monthly account fee.
No monthly account fee and no monthly deposit conditions to meet. Access ATMs overseas via Westpac's Global ATM Alliance.
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Digital bank accounts with cash back offers

Most of these incentives are limited time offers and are used by providers as a way to 'seal the deal' for people who are on the fence about their products.

Keep reading to find out the different type of cashback offers available and which lenders are currently providing them.

What is a cashback incentive?

A cashback incentive is basically what it sounds like—you receive cash after you apply for a financial product and your application is accepted. Sometime providers also waive fees or charges with these offers, making them even more lucrative.

A cashback incentive is a great offer from providers because it allows you to spend the money how you like. You can put it towards paying off fees or charges associated with your new financial product, or you could use it to go and buy something. The choice is yours. These incentives can come in the form of actual cash or gift cards.

Credit cards with cashback incentives

Credit cards are one of the most popular products that providers offer cashback incentives with. 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 cashback offer is worth it. Remember to compare your options online before you settle on a card.

Compare credit cards with signup cashback offers

Name Product Cashback Rewards program Purchase rate Annual fee
Citi Clear Card
$250
14.99% p.a.
$49 annual fee for the first year ($99 p.a. thereafter)
Get $250 cashback when you spend $3,000 within the first 90 days. Plus, a 0% balance transfer offer and first-year annual fee discount.
Kogan Money Black Card - Exclusive Offer
$50
Kogan Rewards Program
20.99% p.a.
$0
Save with a $0 annual fee and a 0% introductory rate on balance transfers. Plus, earn $50 Kogan.com Credit and uncapped rewards points.
Citi Rewards Card - Points & Gift Card Offer
$100
Citi Rewards Program
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Receive 90,000 bonus Citi reward Points (worth $400 in gift cards) and a $100 Coles eGift Card when you spend $3,000 in the first 90 days.
Coles No Annual Fee Mastercard
$100
Flybuys
19.99% p.a.
$0
Get $100 off a Coles Supermarket shop when you spend at least $1,500 in the first 60 days. Plus, a 0% balance transfer offer.
American Express Cashback Credit Card
1%
20.74% p.a.
$120
Earn 1% cashback per $1 dollar spent on your everyday purchases. Plus, an additional 5% for the first 3 months (up to $200).
St.George Vertigo Card - Cashback Offer
300
13.99% p.a.
$0 annual fee for the first year ($55 p.a. thereafter)
Get $300 cashback when you spend at least $4,000 in the first 120 days. Plus, a $0 annual fee for the first year.
Bank of Melbourne Vertigo Card - Cashback Offer
300
13.99% p.a.
$0 annual fee for the first year ($55 p.a. thereafter)
Offers a $300 cashback when you spend $4,000 on eligible purchases within the first 120 days. Plus, a $0 first-year annual fee.
BankSA Vertigo - Cashback Offer
300
13.99% p.a.
$0 annual fee for the first year ($55 p.a. thereafter)
Earn $300 cashback when you spend at least $4,000 in the first 120 days. Plus, a $0 first-year annual fee.
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Home loans with cashback incentives

Home loans offering cashback incentives aren't exactly new, but they certainly have become more popular as of late. The amount of cash on offer is usually much higher than what you receive with credit cards or other financial products because a home loan is so much of a bigger commitment. Some lenders offer you gift cards worth thousands of dollars or give you cash when you settle. You can choose to put these towards your home loan, or maybe even go on a spending spree to celebrate the purchase of your property.

Remember that selecting a home loan is a big decision and one that will be with you for a significant amount of time. You should consider cashback incentives for home loans as they are intended and that is a bonus. You need to consider interest rates, fees and the flexibility of the loan to see if it's suitable for your financial needs.

Compare the home loans currently offering bonus incentives or cashback

$
years
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

HSBC Fixed Rate Home Loan Package P&IHome 2Y Fixed≥ 20% Deposit

HSBC Fixed Rate Home Loan Package
1.88%
2.86%
  • App: $0
  • Ongoing: $390 p.a.
$546.6
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

St.George Basic Home Loan P&IHome≥ 20% Deposit

St.George Basic Home Loan
2.49%
2.51%
  • App: $0
  • Ongoing: $0 p.a.
$593.01
$3,000 refinance cashback
Get this low-rate variable loan with a 20% deposit and pay $0 application fee. Borrow from $150k (or $250k to be eligible for the cashback offer). Terms, conditions & exclusions apply. Refinancers Only.

Newcastle Permanent Building Society Fixed Rate Home Loan P&IHome 3Y Fixed≥ 5% Deposit

Newcastle Permanent Building Society Fixed Rate Home Loan
2.49%
3.83%
  • App: $0
  • Ongoing: $0 p.a.
$593.01
$2,000 refinance cashback
A low 3-year fixed rate with the option to split your loan for free. $2,000 cashback for eligible refinancers borrowing $250,000 or more.

HSBC Home Value Loan P&IHome≥ 30% Deposit

HSBC Home Value Loan
2.19%
2.20%
  • App: $0
  • Ongoing: $0 p.a.
$569.91
$3,288 refinance cashback offer
This competitive variable rate loan is available for borrowers with 30% deposits. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

Westpac Flexi First Option Home Loan Home≥ 5% Deposit

Westpac Flexi First Option Home Loan
2.29%
2.72%
  • App: $0
  • Ongoing: $0 per month
$577.55
$3,000 refinance cashback
A flexible and competitive variable rate loan. Available to owner occupiers on principal and interest loans. $3,000 cashback for eligible refinancers. Apply by 31 August 2021. Terms and conditions apply.

Bank of Melbourne Basic Home Loan P&IHome≥ 20% Deposit

Bank of Melbourne Basic Home Loan
2.49%
2.51%
  • App: $0
  • Ongoing: $0 p.a.
$593.01
$3,000 refinance cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Other terms, conditions and exclusions apply). Refinancers Only.

Virgin Money Reward Me Variable Home Loan P&IHome≥ 40% Deposit

Virgin Money Reward Me Variable Home Loan
2.39%
2.56%
  • App: $300
  • Ongoing: $10 per month
$585.25
A variable rate loan for owner occupiers with a 40% deposit (or equity).

Newcastle Permanent Building Society Premium Plus Package Fixed Rate P&IHome 3Y Fixed≥ 20% Deposit

Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.09%
3.58%
  • App: $0
  • Ongoing: $395 p.a.
$562.33
$2,000 cashback for eligible refinancers borrowing $250,000 or more.

Virgin Money Reward Me Fixed Rate Home Loan P&IHome 2Y Fixed≥ 20% Deposit

Virgin Money Reward Me Fixed Rate Home Loan
1.98%
2.66%
  • App: $300
  • Ongoing: $10 per month
$554.06
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 29 August 2021 and settle by 26 November 2021.

Newcastle Permanent Building Society Premium Plus Package Home Loan P&IHome≥ 5% Deposit

Newcastle Permanent Building Society Premium Plus Package Home Loan
3.77%
4.15%
  • App: $0
  • Ongoing: $395 p.a.
$697.42
$2,000 refinance cashback
No application fee and 100% offset account. $2,000 cashback for eligible refinancers borrowing $250,000 or more.

86 400 Neat Variable Home Loan P&IHome≥ 40% Deposit

86 400 Neat Variable Home Loan
2.19%
2.20%
  • App: $0
  • Ongoing: $0 p.a.
$569.91
Get flexibility and the option to make unlimited extra repayments with this variable rate loan.

Newcastle Permanent Building Society Premium Plus Package Fixed Rate P&IHome 1Y Fixed≥ 5% Deposit

Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.19%
3.83%
  • App: $0
  • Ongoing: $395 p.a.
$569.91
$2,000 refinance cashback
Enjoy a competitive rate with no application fee for this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
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Other products that offer cashback incentives

There are a number of other financial products and services that lender's offer cashback incentives for. A popular offer is a package deal, where if you package certain products together you will receive discounts and cashback rewards. For example, if you sign up for a credit card the lender may offer you a cashback reward for also getting a transaction or savings account with them. These packages benefit lenders because it means you will have more products with them and these deals also may benefit you because of the convenience of having all your products in one place and also through savings.

You should check all of the fees and charges associated with each product in the package before you sign up for one of these incentives. You should calculate the fees and charges of all the products and take that into consideration when deciding if the deal is worth it for you.

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