Debit Mastercard releases first ever debit rewards program that celebrates millennials

In recent plastic news, Debit Mastercard are taking on millennials by releasing the first of its kind in Australia - a Debit Mastercard rewards program.

In the past, typical rewards programs were often reserved for credit or loyalty cards, alienating Aussies aged between 18-30.

However, Mastercard have put a twist on the typical rewards program - millennials will be rewarded for not how they much spend, but for how often they reach for their debit card.

What are these ‘millennial-themed’ perks you might ask? They’ll include discounts for travel, two-for-one entertainment offers, and experiences tailor made for the 18-30 year old Australians such as as food upgrades at popular places.

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However, Mozo’s Data Manager, Peter Marshall, believes that Mastercard may have jumped on the rewards bandwagon just in time.


To help determine what exactly millennials were looking for in a rewards program, Mastercard conducted an experiment called the ‘Millennial Demystified Experiment’.

The experiment found that millennials would swap their ‘stigma’ for down-to-Earth alternatives. For instance, participants reported to prefer a cozy chat with Mum over fad foods, like tumeric lattes. They’d also be willing to ditch selfies to participate in more selfless acts, while trading social media fame for self-confidence.

“I think a lot of us have got millennials all wrong - they have the potential to be smart with money. But just like a lot of us, they like to see rewards for hard work,” added Marshall.

With the new buzz around debit cards, we thought it might be a good idea to have a refresher on what exactly a debit card can and can’t do in terms of everyday spending.

Pros of Debit Cards

  • Convenience - With a debit card, you don’t have to carry a stack of cash or worry about an upcoming credit card payment.
  • Spending limit - Unlike a credit card, you can only spend the money you have and avoid paying interest on an outstanding balance.
  • Maintains credibility - If you are carrying debt on your debit card, rest assured that it will not damage your credit rating.
  • Easily attainable - It’s a lot easier to receive a debit card than it is a credit card. Your bank will usually offer you one for your savings account, so you may not even need to apply for one.

Cons of Debit Cards

  • Withdrawal limit - Planning on making a big withdrawal to do some serious retail therapy? Unfortunately, you may not be able to with a debit card as they have a daily withdrawal limit.
  • Less secure - If you love to do your shopping online, debit cards have the tendency to be less secure as they are a direct link to your bank account.
  • Can't build credibility - While a debit card won’t impact your credit rating, you won’t be able to build a great score, whereas using a credit card responsibly will.

Looking for debit card that does a little bit more? Check out our debit card comparison tool to find your next plastic match today.