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Cashback incentives: What is cashback?

An incentive that puts money directly in your pocket.

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.

Cashback Account Offer

ING Orange Everyday Account

Cashback Account Offer

$75 cash bonus. $0 monthly account fees. Receive a $75 cash bonus if you open a new Orange Everyday account, enter the promotional code and deposit at least $1,000 within a calendar month and make 5+ card purchases (T&Cs apply). Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.

  • Account keeping fee: $0.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: 2.5%
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Compare debit cards with cashback

Rates last updated May 24th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
ING Orange Everyday Account
Visa
$0
$1,000
Receive a $75 cash bonus if you open a new Orange Everyday account, enter the promotional code and deposit at least $1,000 within a calendar month (conditions apply)
St.George Complete Freedom Account
Visa
$0
$2,000
Open an account by June 29th, deposit $500 within 45 days of opening the account (or $250 for students & under 21's) and you'll receive a $50 cash bonus (conditions apply)
Bank of Melbourne Complete Freedom
Visa
$0
$2,000
Get $50 cash back by opening an account by June 29 and depositing $500 in the first 45 days. Students and under 21's receive the $50 deposit when they deposit $250 in the first 45 days (conditions apply)
BankSA Complete Freedom
Visa
$0
$2,000
New customers receive $50 cash back by opening a new account by June 29 and depositing $500 within 45 days of opening the account (or $250 for students & under 21's) (conditions apply)

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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

Rates last updated May 24th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Simplicity Card
19.99% p.a.
0% p.a. for 15 months with 1.5% balance transfer fee
$0 p.a.
Save with 5% cashback on eligible purchases (capped at $50 per month) for the first 90 days from approval. Plus, a 15 month balance transfer offer.
Virgin Money Low Rate Credit Card
11.99% p.a.
0% p.a. for 14 months
$49 p.a.
Offers a discounted annual fee, $100 cashback when you meet the spend requirement and 0% p.a. for 14 months on balance transfers.
Citi Rewards Classic Credit Card
20.99% p.a.
0% p.a. for 15 months with 1.5% balance transfer fee
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Receive 1 point per $1 spent on eligible purchases, up to $50 cashback when you meet the minimum spend and a 15 month balance transfer offer.

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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:

Rates last updated May 24th, 2018
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Homestar Finance Variable Rate Home Loan - Owner Occupier ($900 cashback)
Eligible borrowers can get $900 cashback on this loan with a 100% offset account and a redraw facility.
3.54% 3.58% $0 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I)
Low deposit home loan. Enjoy flexible repayment options while paying limited fees.
3.88% 4.89% $0 $395 p.a. 95% Go to site More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
Refinancers can get $1,500 cashback. Conditions apply. Package your home loan with a Qantas rewards earning Amplify credit card.
3.89% 4.96% $0 $395 p.a. 95% Enquire now More info
BankSA Advantage Package Home Loan - $250k to $499,999 (Special Discount) (Owner Occupier, P&I)
Borrow from $250000 up to $499999. $1,500 cash back offer available to refinancers, conditions apply.
4.41% 4.81% $0 $395 p.a. 90% Enquire now More info
4.45% 4.85% $0 $395 p.a. 95% Enquire now More info
SCU Basic Variable Rate Home Loan
A simplified mortgage with a low interest rate and a redraw facility.
3.77% 3.81% $200 $0 p.a. 95% Go to site More info
Northern Inland Credit Union Smart Variable Home Loan - Owner Occupier
This loan is a flexible home loan packed with smart features for purchasing or refinancing a home or investment property. Refinancing cash back offer of $1,000 available, conditions apply.
5.43% 5.56% $600 $8 monthly ($96 p.a.) 90% More info

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.

Car loan offers with cashback incentives

Rates last updated May 24th, 2018
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
FCCS Rewards Car Loan
Purchase a new car and be eligible for $50 cash back if you're successful.
From 6.95% (variable) 7.22% $5,000 7 years $195 More

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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