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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.

St.George Complete Freedom Account

10% Cash back for online gaming purchases

Enjoy low monthly account-keeping fees with St.George Complete Freedom Account and $0 ATM fees.

  • $0 monthly fee when at least $2,000 is deposited per month or open a Complete Freedom Student account, otherwise a fee of $5 applies per month
  • $0 ATM withdrawal fee at 50,000+ ATMs globally
  • Visa Debit with payWave

    Compare Debit Cards with Cashback

    Rates last updated July 22nd, 2017
    $
    Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
    St.George Complete Freedom Account
    10% cash back on online gaming purchases until 30 September limited to a spend of $200 (other conditions apply)
    Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
    ING DIRECT Orange Everyday Account
    $75 cash bonus & Apple Pay available.
    Get a competitive ongoing variable rate when linked with an ING Direct Savings Maximiser.
    Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Go to site More
    St.George Complete Freedom Student Account
    10% cash back on online gaming purchases until 30 September limited to a spend of $200 (other conditions apply)
    Visa $0 $2,000 $0 account keeping fee for students. Unlimited Free withdrawals at St.George, Bank of Melbourne, BankSA and Westpac ATMs. Go to site More

    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 Offer

    Rates last updated July 22nd, 2017
    Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
    American Express Essential®  Credit Card
    14.99% p.a.
    0% p.a. for 12 months with 1% balance transfer fee
    $0 p.a.
    Receive a $50 credit when you apply online, are approved and spend $750 within the first 3 months of card membership.
    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 up to 5% cash back on all retail purchases, up to $1,000 in your first 90 days from card approval (capped at $50).
    Citi Simplicity Card
    19.99% p.a.
    0% p.a. for 6 months
    $0 p.a.
    Receive 10% cashback on eligible purchases (capped at $50 per month for 4 months from card approval).

    Compare up to 4 providers

    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 July 22nd, 2017
    $
    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
    NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I)
    A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
    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)
    A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
    3.99% 4.98% $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% More info
    4.45% 4.85% $0 $395 p.a. 95% Enquire now More info
    SCU Basic Variable Rate Home Loan
    A basic home loan with a low interest rate and a redraw facility available. Take out a new SCU loan and enjoy $500 cash back on loans above $150k, terms and conditions apply.
    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% 5.48% $0 $0 p.a. 95% Enquire now More info
    HomeloanHQ Streetwise Investor Loan
    Part fixed part variable home loan with redraw facility. $600 cashback offer available, conditions may apply.
    4.19% 4.25% $0 $120 p.a. 80% 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 July 22nd, 2017
    $
    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 7.95% (variable) 8.26% $5,000 7 years $195 Enquire now 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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