The Commonwealth Bank will give cash back to customers shopping with certain retailers through a new rewards program, the bank announced on Monday.
The new CommBank Rewards program will deposit cash back into eligible customers accounts for spending using CBA credit or debit cards at brands such as Coles, Caltex, Myer, JB Hi-Fi and Menulog.
According to CommBank’s executive general manager of Everyday Banking Kate Crous the rewards program has been designed to give customers relevant and personalised offers for what they regularly spend their money on.
“The majority of Australians subscribe to some kind of loyalty program, which shows customers are on the lookout for deals year-round,” Crous said.
“With the launch of CommBank Rewards, it’s an easy way to say thank you to our customers… in a way that benefits them financially.”
The program will function by allowing customers to activate reward offers, which when fulfilled will put cash back into their accounts within 5-14 business days.
According to CommBank, 17 million Australians already belong to a loyalty program, though nearly one third are deterred by restrictions on where they can use their accumulated points.
Additionally, Aussies surveyed said they would want to use these points to save money on everyday expenses, such as grocery (65 per cent), fuel (55 per cent), and takeaway food (29 per cent).
“We may have our unique preferences on how and where to spend, however no matter the shopping habits, all Australians want their money to go the distance,” Crous said.
“This is especially true of the everyday spending that can usually hit consumers the hardest.”