For many, earning rewards is just one of the perks of having a credit card. But what if you don’t want a credit card – or you can’t get approved for one? Can you still earn rewards? The answer is yes, you can earn rewards using a debit card. But, there aren’t many debit cards out there that offer this feature. Here’s what you need to know.
Bankwest Qantas Transaction Account
Bankwest is the only bank currently offering everyday debit card holders the opportunity earn rewards via their transaction account. This is how it works.
Aligned with the Qantas Frequent Flyer program, the Bankwest Qantas Transaction account allows you to earn Qantas Points in three ways:
- You can earn points on your account balance: With this, you will earn 0.3 Qantas Points for every $100 held in your account each day.
- You can earn points from your Debit Mastercard transactions: With this, you will earn 3 Qantas Points for each eligible purchase you make using your card, regardless of the size of the transaction. Most purchases are eligible purchases, except transactions such as bank fees, gambling and government charges. Check the Bankwest terms for the full list.
- You can earn points on overseas ATM cash withdrawals: With this, you will earn 5 Qantas Points each time you withdraw cash at an overseas ATM. While Bankwest doesn’t charge a fee for this type of withdrawal, the bank notes that the overseas bank may charge a fee for using their ATM. Any foreign currency withdrawn from the account will also come with a 2.95% foreign transaction fee.
In terms of the account itself, it offers all you’d expect from an everyday transaction account. There is a $6 monthly maintenance fee to cover, but Bankwest will waive this fee when you deposit at least $2,000 per month. Bankwest will also cover the Qantas Frequent Flyer membership fee if you’re not yet a member.
BOQ Specialist Everyday Plus Account
Unlike the Bankwest account, which any Australian resident or citizen over the age of 18 can apply for, the BOQ Specialist Everyday Plus account is designed for professional applicants within specified fields. To apply, you have to be a medical, dental or veterinary professional or student, or a qualified accountant.
As long as you meet the bank’s requirements, you can earn Qantas or Velocity Points using your debit card linked to the BOQ Specialist Everyday Plus account. How does it work? With no establishment or account keeping fees to pay, you will earn 1 Qantas Point or Velocity Point for every $10 of the average daily balance in your account, calculated at the end of each month.
As an example, let’s say you had a flat $10,000 in your account all month. You would earn 1,000 points per month.
HSBC Everyday Global Account
With the HSBC Everyday Global account, there are no rewards points on offer. However, you can earn limited cashback when you unlock Everyday Extras.
To unlock the Everyday Extras feature, simply deposit at least $2,000 into the account each month. From there, you can take advantage of the following benefits:
- You can earn 2% cashback on contactless transactions under $100. This allows you to earn up to $50 cashback each month when you when you tap and pay with Visa payWave, Google Pay or Apple Pay.
- You can earn a $100 Bonus when you deposit $2,000 or more each month for three consecutive months, within six months of opening your Everyday Global Account.
If you have an HSBC Serious Saver account, Everyday Extras also allows you to earn 0.4% p.a. bonus interest on the ongoing variable rate after the 4-month introductory rate.
Other features on offer include no monthly fees or transaction fees, no ATM fees charged by HSBC, and the opportunity to pay in the local currency with no hidden fees when you travel overseas, and to buy, hold and spend in up to 10 currencies (including AUD).
ME Everyday Transaction Account
While the ME Everyday Transaction account may not offer cashback or rewards points, it does offer you the chance to earn karmic rewards. If you opt for the pink Everyday Transaction Account, ME will donate 1 cent to the National Breast Cancer Foundation for every purchase you make using the linked pink debit card.
As you can see, the opportunity to earn rewards with a debit card isn’t exactly overwhelming. But, there are options out there if you want to get a little something back on your everyday debit card spending. Before making your decision however, it is worth considering whether earning rewards or earning interest on your everyday transaction account would offer more value to you.