Episode Details

Westpac is ditching merchandise redemption for its credit card rewards, swapping it with personalized cashback offers tailored to your spending—like $50 back on $300 at Michael Hill or $10 on a $35 Coffee Club purchase. With only 7% of points previously used for goods, the bank’s shifting focus to cashback aligns with changing customer habits and offers more flexibility in tough financial times. Cashback also simplifies operations for banks and lets merchants target customers more effectively. Meanwhile, rivals like ASB are tweaking their own terms, making now a prime time to watch how rewards evolve.

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