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Debit Card Cashback

Find out how to maximise your cashback and rewards on a new debit card here with Savvy. 

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, updated on September 13th, 2023       

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Compare debit cards

If you are looking for a debit card, use our table to compare Australia's best debit card offers with $0 monthly fees, free ATM withdrawals, cashback offers, budgeting apps, security features and much more. Start your debit card search with us now.

site-logos Up Everyday Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Osko,
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Mastercard $0 0%
Go to site

Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)

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site-logos ING Orange Everyday
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Apple Pay,
  • Google Wallet,
Visa $0 0%
Read review

Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.

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site-logos NAB Classic Banking Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Visa $0 0.01%
Read review

No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

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site-logos St.George Complete Freedom Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Visa $0 0%
Read review

Get $40 with a new Complete Freedom everyday bank account.

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site-logos Westpac Choice
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $5
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Mastercard $0 $0
Read review

Westpac Choice for easy day-to-day banking

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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.

You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.

More about debit card cashback offers

These days it’s possible to get fabulous rewards and cashback offers just by using your debit card for your everyday spending needs. Compare a range of debit card offers right here with Savvy. By considering a variety of options with us, you can decide which is the best card for your spending habits with more confidence.  

What are debit card cashback offers and how do they work?

Cashback offers are now very common with debit cards offered by both Visa and Mastercard. They reward you for your everyday spending with the card. With some debit cards, a cashback reward is paid as soon as you open a new bank account with a linked debit card. Others reward you depending on how often you use your card. These are some of the most common forms of cashback offers: 

  • Cashback for opening a new account – this one-off cash bonus offer is usually between $20 and $100 and is paid when you open a new bank account with a linked debit card. 
  • Cashback on utility bills – this type of debit card comes with a cashback offer when you use it to pay your utility bills. The offer is based on a percentage of the bill you pay, often around 1%. There is usually a monthly cap of around $50 to $100 on this type of offer. 
  • Cashback on purchases – these types of offers give you a percentage cashback on tap-and-go purchases you make with your card, such as 1% of your purchase total up to $100. They’re usually capped at between $10 and $50 per month, but are available on an ongoing basis. 
  • Reduced fees and fee waivers – although this type of card doesn’t directly give cash back, it still saves you money by offering a fee reduction or a waiver on the fees charged for other bank accounts you may have with the same institution. For example, the card may offer waived ATM fees when you use your debit card in overseas ATMs. Although you’re not directly getting cash back with this type of card, you are still gaining a reward for use of the card. 
  • Bonus travel insurance – get free travel insurance when you use this type of debit card cashback offer. It covers you for all illnesses and accidents when holidaying abroad. 
  • Money rewards points – this type of offer is very similar to a cashback offer in that you earn rewards points for spending with your debit card. When you’ve accrued sufficient points, you can earn a digital gift card, which you can spend at popular stores such as Woolworths, Amazon and Myer 
  • Frequent flyer points – earn frequent flyer or velocity points based on how much you use your debit card per month. These points can often be redeemed for a wide variety of goods and subscriptions including flights through an online store 

How do I compare debit cards with cashback offers?

These are some of the questions to ask yourself before deciding which debit card offers the highest cashback or rewards points:  

First of all, compare the basics 

The basic features of a debit card to compare are: 

  • Fees – look for a card with no fees and check on fees charged if you overdraw your card. Compare overseas transaction fees and ATM fees if you use your card abroad, as they could reach as high as 4% and $5, respectively 
  • Security – make sure you can easily lock your card if it’s lost or stolen. Being able to do so through online banking or a mobile app is preferable to having to phone a card hotline, which may only operate during business hours 
  • Spending limits – many debit cards come with spending limits per day, which could be around $2,000 or less, or cash withdrawal limits at ATMs. Compare these limits and make sure they fit in with your needs 
  • Compatibility – make sure the card you choose works with the virtual wallet on your phone or wearable device, so you’re able to make contactless payments and store your card digitally 

Think about whether the rewards are useful 

The main thing to consider when choosing between debit card reward offers is whether you’ll actually make use of the rewards on offer. Surveys have shown that almost half of people who have a loyalty program don’t claim the rewards they’re entitled to. This waste of rewards points is often a result of having an unsuitable debit or credit card. For instance, there’s no point in being offered a pay TV subscription if you only ever watch free-to-air TV. As such, it’s important to make sure the highest cashback or rewards points are also relevant to your everyday spending and that you’ll use the points which are earned. 

Is the reward worth the spending? 

In addition, make sure you aren’t swayed by all the hype and advertising to spend more than you would have normally spent for very little real reward. For example, one bank offers cashback reward points if you spend $30 or more at least three times a month with Menulog. This equates to a minimum spend of over $1,080 on takeaway food in a year, for which you could receive a $200 cashback voucher. You should look at the big picture and ask yourself if the rewards on offer are worth the spending necessary to earn them. 

Does the card fit in with your normal spending habits? 

It’s also crucial to ask yourself whether the cashback offer on your debit card aligns with your normal spending routine. It isn’t always best to force yourself to shop in a particular store or buy specific branded products you might not normally buy just because they’re linked to your debit card cashback offer. 

Why compare debit cards with Savvy?

More of your questions about debit card cashback offers

Can teens earn cashback rewards on their debit cards?

Yes – the cashback rewards offered on debit cards for teens and children are the same as those offered on adult cards. The two major frequent flyer schemes in Australia don’t have a minimum age to sign up, so teens can start earning frequent flyer points from an early age. 

What are the best rewards available with a debit card?

The best rewards available on a debit card are ones you’ll actually use and claim. For example, you might seek one out which rewards you for your normal payments on food, groceries and online shopping without having to alter your natural spending habits. When choosing a debit card, make sure the rewards you earn are useful to you. 

Are debit or credit cards the best card to use?

These two types of cards are often used for different purposes. A debit card is frequently used for everyday spending on items like food, clothes and groceries. A credit card may be more useful when a larger purchase is planned, one that may need to be paid for over more than one pay period. However, these cards typically come with very high interest rates, meaning they’re likely to cost more to use than a debit card.  

Can you get cashback rewards with prepaid debit cards?

Yes – cashback rewards do come with prepaid debit cards from both Visa and Mastercard. However, since prepaid cards often come with recharge fees, they can prove to be a more expensive option in the long run even though the rewards offered on purchases are the same. 

Can you link multiple debit cards to the one rewards account?

Yes – it’s possible to have more than one debit card linked to the same rewards account, allowing families to combine their spending power. However, each person is only permitted to have one frequent flyer or rewards account, not multiple different accounts. 

Can debit cards be used to pay for online shopping?

Yes – debit cards can be used online in just the same way that credit cards are, anywhere you see the Visa or Mastercard sign at a virtual checkout.   

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