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

NAB Classic Banking with Platinum Visa Debit Card

Cashback Account Offer

$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.

  • Account keeping fee: $10.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: 0%
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Compare debit cards with cashback

Rates last updated October 17th, 2018
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Classic Banking with Platinum Visa Debit Card
Get 1% back on contactless purchases with your Platinum Visa Debit Card, up to a value of $10 per month.

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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 October 17th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Virgin Money Low Rate Credit Card
11.99% p.a.
0% p.a. for 14 months
$49 p.a.
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) 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.
ANZ Frequent Flyer Black
19.99% p.a.
$425 p.a.
Earn 120,000 bonus Qantas Points and $150 back when you spend $7,500 in the first 3 months. Plus, 75 Status Credits.
ANZ Frequent Flyer Platinum
19.99% p.a.
$295 p.a.
Receive 75,000 bonus Qantas Points and $75 back to your card when you spend $5,000 on eligible purchases within 3 months. Plus, a personal concierge.
ANZ Rewards Black Credit Card
18.79% p.a.
$375 p.a.
Receive 120,000 bonus Reward Points and $100 back onto your card when you spend $7,500 within the first 3 months, plus, lounge passes.

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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 October 17th, 2018
Loan purpose
Offset account
Loan type
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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)
Get a competitive rate, save on fees and access a 100% offset account plus redraw facility. $900 cashback offer.
3.54% 3.58% $0 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150k+ Owner Occupier, P&I) Discount 1
New borrowers or refinancers can get a discounted rate with this package loan. Bonus $1,500 cashback for refinancers.
3.72% 4.10% $0 $395 p.a. 80% Go to site More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
Get discounts on a range of Commonwealth Bank products and enjoy the option of fee-free extra repayments during the fixed term. $2,000 cashback offer for eligible refinancers.
3.79% 5.07% $0 $395 p.a. 95% Enquire now More info
3.85% 5.05% $0 $395 p.a. 95% Enquire now More info
Bankwest Complete Home Loan Package Fixed - 2 Year Fixed Rate LVR <90% (Owner Occupier, P&I & $200k+)
Lock in a very competitive 2 year rate and get package discounts on your credit card and offset account. $1,500 cashback available (conditions apply).
3.88% 4.51% $0 $395 p.a. 90% Go to site More info
Commonwealth Bank Wealth Package Fixed Home Loan - 3 Year Fixed (Owner Occupier) P&I
Lock in a discounted rate for 3 years and have the option for interest only repayments. $2,000 cashback offer for eligible refinancers.
3.89% 5.01% $0 $395 p.a. 95% Enquire now More info
Bankwest Complete Home Loan Package Variable - LVR <=90% (Owner Occupier, P&I)
Package your loan with an eligible credit card for discounts on rates and fees, and get a 100% offset account. Get a $1,500 cashback (conditions apply).
4.14% 4.56% $0 $395 p.a. 90% 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.
4.55% 4.95% $0 $395 p.a. 90% Enquire now More info
St.George Advantage Package Home Loan - $250k to $499k (Special Discount Owner Occupier, P&I)
Enjoy discounts off your interest rate and other products when you package them together. $1,500 cash back available for refinancers, conditions apply.
4.56% 4.96% $0 $395 p.a. 95% Enquire now 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 October 17th, 2018
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
FCCS Affinity 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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