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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. 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.

Compare Debit Cards with Cashback

Rates last updated February 21st, 2017
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
St.George Complete Freedom Account
10% Cash back for online gaming purchases.
Waived account keeping fees when minimum deposit is met with no minimum balance.
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. Open More
ANZ Access Advantage
Apple Pay, Android Pay and ANZ Mobile Pay. Take advantage of Apple Pay by linking your ANZ Visa Debit card to an eligible iPhone and seamlessly pay for purchases with your phone.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Open More
ING DIRECT Orange Everyday Account
$75 cash bonus up for grabs
Get a competitive ongoing variable rate when linked with a Savings Maximiser.
Visa $0 $1,000 No monthly account keeping fees. No ATM fees using any ATM in Australia if you deposit $1,000 each month. Open More
HSBC Day to Day Transaction Account
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
Visa $0 $0 $0 monthly fees. No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. More

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 February 21st, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
Virgin No Annual Fee Credit Card
$100 cashback and a no annual fee card with balance transfer offer. Spend criteria applies for cashback offer.
18.99% p.a. 0% p.a. for 18 months with 2% balance transfer fee $0 p.a. Go to site More info
ANZ Low Rate Platinum Credit Card
$250 Back plus 0% p.a. for the first 6 months on purchases from approval.
0% p.a. for 6 months (reverts to 13.49% p.a.) $99 p.a. Go to site More info
ANZ Low Rate
$100 Back plus 0% p.a. for the first 6 months on purchases from approval.
0% p.a. for 6 months (reverts to 13.49% p.a.) $58 p.a. Go to site More info
Citi Rewards Credit Card - Classic Card
Enjoy 0% p.a. on balance transfers for 15 months, up to $50 cash back and a reduced annual fee in the first year.
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) Go to site More info
Coles Low Rate MasterCard
A low rate MasterCard that features $100 off a single Coles Supermarket shop with a competitive rate on purchases and a low annual fee.
12.99% p.a. 0% p.a. for 6 months $49 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 15 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cash back on retail purchases.
19.99% p.a. 0% p.a. for 15 months with 1.5% balance transfer fee $0 p.a. Go to site More info

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 February 21st, 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)
A fixed rate package loan with flexible repayments options. $1,500 cashback offer available, terms and conditions apply.
3.98% 4.92% $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 cash back available for refinancers, conditions apply.
3.99% 5.04% $0 $395 p.a. 95% Enquire now
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.
4.49% 4.89% $0 $395 p.a. 90% Enquire now
Queenslanders Credit Union Fixed Rate - 2 Years Fixed Special Offers (P&I)
Borrow from $50000 up to $3000000. $1,000 cash back available. Terms and conditions apply.
3.82% 4.42% $595 $0 p.a. 97% More info
Bank of Melbourne Advantage Package Home Loan - $250k - $499,999 (Special Discount) (Owner Occupier, P&I)
Advantage Package home loan with $0 application fee. Refinancers have $1,500 cash back offer available, conditions apply.
4.47% 4.87% $0 $395 p.a. 95% Enquire now
SCU Basic 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, terms and conditions apply.
3.77% 3.81% $200 $0 p.a. 95% More info
Credit Union SA Home Loan Package - Variable $500k+ (Owner Occupier)
Cash back and other offers available to teachers who take out a new loan or refinance from another lender.
4.39% 4.77% $0 $395 p.a. 80% Enquire now
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.
5.33% 5.37% $0 $0 p.a. 95% Enquire now
homeloanHQ Rate Lock Loan
Part fixed part variable home loan with redraw facility. $600 cashback offer available, conditions may apply.
4.01% 4.04% $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 February 21st, 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 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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