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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.

Cashback Account Offer

HSBC Everyday Global Account

HSBC Everyday Global Account

Cashback Account Offer

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.

  • Monthly account fee: $0
  • Linked debit card: Visa
  • ATM withdrawal fee: $0
  • Overseas EFTPOS fee: 0%
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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

Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Citi Rewards Card - $500 Voucher Offer
21.49% p.a.
0% p.a. for 12 months
$99 annual fee for the first year ($199 p.a. thereafter)
Get a $500 e-voucher to spend at Myer, JB Hi-Fi or Coles when you spend $3,000 in the first 90 days. Plus, earn points with the Citi Rewards Program.
Westpac Low Rate Card
13.74% p.a.
0% p.a. for 20 months with 1% balance transfer fee
$59
A low rate card offering 0% p.a. interest on balance transfers for the first 20 months and a $200 cashback offer.
Citi Rewards Card - Flybuys Offer
21.49% p.a.
0% p.a. for 15 months with 1% balance transfer fee
$49 annual fee for the first year ($149 p.a. thereafter)
Receive 75,000 bonus Flybuys points and a $100 Kmart eGift Card when you meet the spend requirement. Plus, a reduced first-year annual fee.
Coles Rewards Mastercard - Exclusive Offer
19.99% p.a.
0% p.a. for 18 months with 1.5% balance transfer fee
$0 annual fee for the first year ($99 p.a. thereafter)
Finder Exclusive. Ends 29 October 2020
Save with $100 off a Coles Supermarket shop and a $0 first-year annual fee. Plus, 0% p.a. on balance transfers for 18 months (1.5% fee applies).
ANZ Frequent Flyer Black
20.24% p.a.
20.24% p.a.
$425
Collect 120,000 bonus Qantas Points and $200 back when you spend $3,000 in the first 3 months. Plus, complimentary lounge passes.
Coles Low Rate Mastercard - Exclusive Offer
12.99% p.a.
0% p.a. for 6 months
$58
Finder Exclusive. Ends 29 October 2020
Receive $100 off a Coles Supermarket shop when you make an eligible purchase within the first 30 days. Plus, a 0% balance transfer offer.
Bendigo Bank Low Rate Credit Card
0% for 15 months, reverts to 11.99% p.a.
13.99% p.a.
$45
Get 0% p.a. interest on purchases for 15 months and a $150 Woolworths Supermarket gift card when you spend $1,000 in the first 90 days.
American Express Platinum Edge Credit Card
20.74% p.a.
$195
Get $150 back when you spend at least $1,500 within the first 3 months. Plus, receive $200 Travel Credit each year.
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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

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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