Cashback incentives: What is cashback?

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

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Name Product Contactless Payments Instant Payments ATM Withdrawal Fee Monthly account fee
HSBC Everyday Global Account
Finder Award
HSBC Everyday Global Account
Google Pay, Apple Pay
N/A
$0
$0
Special offer: $100 cash bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases, and transfer money overseas online to family or friends and pay $0 International Transfer Fee (save $8). T&Cs apply on all offers.
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
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$5
Use your Westpac Digital Card in the Westpac App to make contactless purchases 24/7 with no physical card.
$5 monthly account keeping fee waived when you meet the deposit condition.
Pay with your phone or smartwatch using your digital card. Benefit from a temporary CVV that refreshes every 24 hours for security.
Access your money using Contactless Cash and pay no ATM fees at 50,000+ global ATMs.
NAB Classic Banking with Platinum Visa Debit Card
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$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
Google Pay, Apple Pay, Samsung Pay
Osko, PayID
$0
$0
$0 monthly account fee.
Make payments using Apple Pay, Google Pay or Samsung Pay, withdraw cash without your card using Cardless Cash and keep an eye on your spending using Spend Tracker with the St.George App.
Bank of Melbourne Complete Freedom
Google Pay, Apple Pay, Samsung Pay
Osko, PayID
$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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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.

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
Westpac Low Rate Card - Cashback Offer
$400
N/A
13.74% p.a.
$0 annual fee for the first year ($59 p.a. thereafter)
Get $400 cashback when you spend $4,000 on eligible purchases within the first 4 months. Plus, a $0 first-year annual fee.
Citi Clear Card - Cashback Offer
$250
N/A
14.99% p.a.
$49 annual fee for the first year ($99 p.a. thereafter)
Get $250 cashback when you spend $3,000 in the first 90 days. Plus, free wine when you dine and purchase insurance cover.
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.
American Express Cashback Credit Card
1%
N/A
20.74% p.a.
$0 annual fee for the first year ($120 p.a. thereafter)
Earn 1% cashback per $1 dollar spent on your everyday purchases. Plus, an additional 5% for the first 3 months (up to $200) and no monthly fees for the first 12 months.
ANZ Frequent Flyer Black
$255
Qantas Frequent Flyer
20.24% p.a.
$425
Cashrewards Max benefit. Up to 130,000 bonus Qantas Points (100k first year, 30k second year) and $255 back when you meet the spend criteria.
American Express Platinum Edge Credit Card
$200
Membership Rewards
20.74% p.a.
$195
Earn 50,000 bonus points when you spend $1,500 within the first 3 months. Plus, a $200 statement credit offer. Ends 01 Feb 2022.
Coles No Annual Fee Mastercard
$150
Flybuys
19.99% p.a.
$0
Get $150 off a Coles Supermarket shop when you spend at least $1,000 in the first 60 days. Plus, a 0% balance transfer offer.
American Express Essential Credit Card
$200
Membership Rewards Gateway
14.99% p.a.
$0
Get a $200 credit when you spend $1,500 on eligible purchases in the first 3 months. Plus, a $0 annual fee for life.
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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 Home Value Loan P&IHome≥ 30% Deposit

HSBC Home Value Loan
1.97%
1.98%
  • App: $0
  • Ongoing: $0 p.a.
$554
$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.

ME Flexible Home Loan Fixed with Members Package P&IHome 2Y Fixed≥ 20% Deposit

ME Flexible Home Loan Fixed with Members Package
2.29%
3%
  • App: $0
  • Ongoing: $395 p.a.
$578
$3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply. Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

HSBC Home Value Loan P&IHome≥ 10% Deposit

HSBC Home Value Loan
2.27%
2.28%
  • App: $0
  • Ongoing: $0 p.a.
$577
$3,288 refinance cashback offer
A competitive value home loan with no ongoing fee. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.
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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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