The Commonwealth Bank of Australia (CBA) has introduced a new rewards programme that offers personalised cashback offers to customers when they shop using their debit card or credit card.
Dubbed CommBank Rewards, the programme will enable eligible CBA Mastercard cardholders to earn cashback when they buy anything from stores, such as Caltex, Myer, Coles, JB Hi-Fi and Menulog.
The Australian lender rolled out the new reward programme after a study revealed that a whopping nine out of ten Aussies have tried to slash the cost of spending using various methods.
According to the study, over 60% of Australians surveyed call themselves Savvy Shoppers. This group tends to avail most of sales, discounts, online deals or marketplaces.
The Experience Shopper group, as per the research, is more attracted to dinning offers (49%) as well as travel and holidays offers (44%).
Nearly 12% of the participants fell in Sustainable Shopper group that is sensitive towards environmental and ethical practices. Around one-third of Sustainable shoppers (32%) try to cut expenses by purchasing second-hand goods.
Lastly, the Serial Shopper group, which are also keen to reduce the cost of spending by using phone apps to get the best price (27%).
Commenting on the launch of new rewards programme, CBA executive general manager of everyday banking Kate Crous said: “Accessed through our number one banking app, and leveraging the Customer Engagement Engine (CEE) – combining advanced analytics, AI and machine learning – CommBank Rewards is designed to give customers relevant and personalised offers for what they regularly spend their money on. It also has a simple redemption process – it’s as easy as activate, spend money and receive cash-back.
“The majority of Australians subscribe to some kind of loyalty program, which shows consumers are on the lookout for deals year-round. With the launch of the CommBank Rewards, it’s a way to say thank you to our customers by giving them something tangible back for banking with the Commonwealth Bank in a way that benefits them financially.”
CommBank Rewards is an in-app feature that can be accessed through the latest version of the CommBank app.