In addition to HSBC, are they any other better debit cards which give you cashback for purchases?
HSBC's rate is 2% if you deposit $2000 per month.
Debit Card with Cashback
Ash-Say on 10/10/2020 - 11:01
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Does the cashback work for online, or just tap and pay?
Only tap and pay (including Apple Pay and Google Pay), though you can easily tap and pay to buy gift cards at stores (e.g. eBay gift cards at Coles or WW etc.) that you then use online.
Great tips, thanks for sharing
If you don't want to have money always sitting in the HSBC account, linking the debit card with the BeemIt app
Can you please elaborate on this? I currently regularly top up my HSBC manually. I have the beemit app but only use it for bank transfers. Thanks!
With BeemIt you can link up to 5 personal debit cards to your account now. I have the both the debit card from my main bank and my HSBC debit card linked to my account.
Once the cards are linked to the BeemIt account you can instantly transfer money back and forth between these two different cards/accounts by using the 'Transfer' option in the app.
So whenever I go shopping I just use the BeemIt app to 'load' money onto the HSBC card from my main bank account and then can instantly transfer any excess back if I ended up spending less than I expected. Or if I know the exact amount of an item I will buy, I just transfer that specific amount to the HSBC card via beemit.
Only takes a few seconds and allows me to avoid waiting 1 day for the funds to be available via the manual method.
Awesome, thanks đź‘Ť
@tomclancy: One other thing, it's best to still keep some cash on the HSBC card anyway, just in case there's no phone data reception or the app ever has a problem.
@AussieDeals: In addition, HSBC always charges 1 cent pending for Beem It transfer. Zero balance will cause a transfer problem. Have to leave 10 cents on it (if you are tight).
@Neoika: Would you be able to clarify that please? I don't currently use Beem it.
Are you saying they charge 1 cent for Beem it transfers? Or Are you saying they put 1 cent on pending for Beem it transfers?
The latter would mean you get it all back in the end right? I know it's only 1 cent….
Also Someone below said HSBC don't use OSKO. I looked online and it appears they do? I was wondering why use Beem it when OSKO is near instantaneous anyway.
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Cashback changes causes the card holder to lose more money than not having cashback while buying into a fantasy about being better off because they were told about a "reward".
Could you elaborate?
Since I swapped to using my HSBC debit card to pay for things, my monthly spend that I've been tracking has not gone up (it's actually gone down). The small cashback I see on my statement is simply a nice little bonus from my typical groceries and Bunnings shopping
2 percent tax free rebate with no risk, how can you beat that.
Seems like you might be concerned about cashback credit products—it's HSBC's debit card which rewards cashback here. Only issue I can see there is people sticking around with the bank just because they "can't be bothered changing banks" for better rates, but I don't think anyone on OzBargain would do that.
How much cash back do you get
These are targeted offers and not a straight cash back though. Westpac also have rewards linked to a bank account.
I was initially excited about the instore shopping cashback on Visa or Mastercard purchases via Linked Cards to Cashrewards, but I thought the Merchant list "included in" all of the Merchants.
But, click in on https://www.cashrewards.com.au/in-store/offers and you find it can be select Merchants or odd limited Geographical Locations and not Australia Wide.
That said, an example is 15% Cashback to a linked Visa or Mastercard on a buy over $20 @ Liquorland.
Think 15% was a limited offer, showing 1% now
I haven't found anything with more than 2% cashback as a debit card. Think those days are gone. There are websites like cash rewards and shopback to earn cashback on purchases.
Commbank and Westpac have offers for discounts (example - spend $35 get $20 back on Menulog is one i used recently via Commbank)
Amex credit cards offer discounts via offers as well.
I think HSBC tries to retain customers by this offer so that it can postpone the participation of OSKO NPP indefinitely. Luck we have got Beem It!
As far as I am aware there are no other cashback debit cards in Australia. Bankwest has a debit card that gives you a small amount of Qantas points for purchases (but it's not much at all).
If you don't want to have money always sitting in the HSBC account, linking the debit card with the BeemIt app can make it much less of a hassle to use. Also the $2000 can be transferred in and then you can transfer it out immediately and still qualify for the cashback
After setting up and using the HSBC debit card with BeemIt, I've completely stopped using my other credit cards for any purchases under $100.
NAB has a platinum debit card with 1% 'cashback' but I don't count that one as it only serves as a way for the card holder to recoup the monthly $10 fee you have to pay to hold that debit card