Everyone we know has a loyalty card of some description, Woolworths Rewards, Coles Fly Buys, QANTAS Frequent Flyer, Virgin Velocity, AMEX awards, you name it. No doubt some of you lovely people have more than one, or even all of them. What a waste of time! These rewards are often miserly to say the least unless you are a high-frequency business flyer (how many people does this cover – less than 5% of users?)
With AMEX awards, in order to get a free week to travel Tahiti one would have to spend $600k on their Amex Card. Wow! Not really achievable for the everyday person.
Cashrewards Founder Andrew Clarke built Cashrewards to ‘give back’ to the Australian community, putting real money back in Cashrewards members’ pockets. Not loyalty points.
The Cashrewards.com.au 100,000 plus community have already earned $5M in cashback (2016).
Canstar Blue finance editor Justine Davies said based on a $250 spend a week for the average family, the new Woolworths scheme could deliver twice as much benefit as Coles™ Flybuys.
For a $250 spend a week, $13,000 a year, you expect to receive about $65 back per annum. With Woolworths Rewards, you would be spending about $6,500 to get that $65, so essentially you should get twice as much back as the Coles Flybuys.
To put it in comparison with Cashrewards, on a $6,500 spend at Woolworths, you would receive $325 cashback utilising 5% cashback on Woolworths Gift Cards.
That’s FIVE times more than you would otherwise.
The real cost of customer loyalty reveals why the whole system may soon be a thing of the past. Recent interchange fee changes by the Reserve Bank of Australia, means that credit card holders face having to spend more to get their frequent flyer points, as banks face reduced revenue from fees they used to purchase points from airlines to pass on as rewards to customers.
Disclaimer: Deals, products, displayed prices and available retailers through Cashrewards mentioned above may change at any time without notice. This article has not been specifically sponsored in any way, by any retailer, although Cashrewards has ongoing partnerships with the stores mentioned above in order to provide you cashback at these stores.