Article: Debit Cards Might be the Way Forward for Rewards

[AFF Editor]

Canonical URL

https://www.australianfrequentflyer.com.au/debit-cards-rewards/

Debit Cards Might be the Way Forward for Rewards is an article written by the AFF editorial team:

Debit Cards Might be the Way Forward for Rewards

Credit card rewards will take a hit in October, as the RBA interchange fee cuts are introduced. But, debit cards offering rewards might be a viable option for banks, with the UK showing what a potential market could look like.

www.australianfrequentflyer.com.au

You can leave a comment or discuss this topic below.

 

[Buzzard]

What I find interesting ATM is banks offering a cash sign up bonus for new savings accounts. I just applied for a ING account(s) using a referral code where we (the referer and I) both get $100. Like credit cards, there's a condition or two but unlike a CC application there's no hoops to jump through. The whole thing took me around 5 minutes. All I need to do now is pass on my referral link and earn some more cash

 

[Dr4manyspecies]

Yeah, having been with Bankwest for nearly 30 years I was bummed that they pulled their QF alliance and points. It was excellent when I got points for money sitting in an acct doing nothing. I'd consider opening a new debit card with someone else but it's just so convenient having everything linked with the same bank. I imagine a lot of oldies feel the same

 

[lovestotravel]

What I find interesting ATM is banks offering a cash sign up bonus for new savings accounts. I just applied for a ING account(s) using a referral code where we (the referer and I) both get $100. Like credit cards, there's a condition or two but unlike a CC application there's no hoops to jump through. The whole thing took me around 5 minutes. All I need to do now is pass on my referral link and earn some more cash

Cheaper to use peoples cash for banks to loan out

 

[RAM]

Cheaper to use peoples cash for banks to loan out

That takes me back - 2003/04 they gave you $125 (IIRC) for opening a cash management account with a min of $1,000. A group of value seekers where I worked trooped down to their Sydney CBD office that very lunch time...

 

[levelnine]

While I get the sentiment, I don't really think I would describe the UK debit rewards card market as particularly attractive.

For example: 'Hilton launched two Hilton Honors debit cards in 2024. The premium’ £150 (~AU$308) Hilton Honors Plus Debit Card offers a standard sign-up bonus of 15,000 Hilton Honors points and Hilton Honors Gold status.'

15K HHonors can be bought for $USD75 when on sale. So you're paying $AUD308 for something you can buy for $AUD108 on a regular basis.

In other words, all this debit card offers is a way to pay $200 for Gold status.