Leading cashback platform Cashrewards can now be accessed directly via a new add-on within the ANZ Plus app.
"Integrating Cashrewards with the ANZ Plus app makes the cashback process simpler and more convenient for our customers by saving them time, and importantly, it can help customers save money on their everyday purchases from some of the biggest brands," said Maile Carnegie, ANZ Bank group executive of Australia retail.
ANZ Plus add-ons is part of ANZ's digital banking ecosystem, which enables users to customise their banking app with a mix of money management tools and integrated experiences from third-party partners like Cashrewards.
"ANZ Plus customers can now earn cashback on everyday purchases like groceries, fuel, travel, marketplace, fashion, and view their Cashrewards balance directly within the ANZ Plus app," Cashrewards CEO Anthony Seymour-Walsh said.
According to Mr Seymour-Walsh, ANZ customers have so far earned over $50 million in cashback by shopping through the fintech platform.
"We are excited to help more Australian households make their household budgets stretch further," he added.
Prior to the integration, ANZ had already teamed up with Cashrewards through the Cashrewards Max program, enabling the bank's customers to earn cashback on purchases made via their linked ANZ credit or debit cards.
How Cashrewards works
Cashrewards allows users to earn money back when they shop through its portal or app.
Users can sign up for a free account on Cashrewards through its website or app. Once registered, they can browse partner retailers offering cashback on purchases.
To earn a cashback, users must access the retailer through the Cashrewards portal and be redirected to the retailer's website.
The user shops as usual and the rewards program tracks the purchase, offering cashback on eligible items.
Cashback rates vary depending on the retailer and product category, often ranging from 1% to 20%. The cashback amount is credited to the user's Cashrewards account.
Certain bonus offers may also apply from time to time.
By integrating the platform into the ANZ Plus add-ons, the bank's customers need not download Cashrewards app to access its features.
ANZ add-ons also feature other in-app tools for setting savings goals and tracking spending habits.
Cashback programs in other Big Four banks
While ANZ's Big Four peers don't directly offer instant cashback on everyday transactions in the same way fintech apps like Cashrewards and Shopback do, they do provide ways for credit card customers to convert reward points into cashback.
- CommBank's Awards programs allows credit card users to redeem rewards points earned from eligible purchases as cashback.
- NAB offers cashback via its Rewards Store, where customers can redeem points accumulated on their credit cards. A cashback option is available along with other rewards.
- Westpac customers can redeem points for cashback or other products like gift cards and travel via the bank's Altitude Rewards program. These rewards can be redeemed via the bank's app.
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