CommBank launches new rewards program offering Aussies cashback for everyday purchases

By Katherine O'Chee ·

Commonwealth Bank (CBA) has just launched a new in-app feature that rewards you for making everyday purchases with your credit card or debit card - whether that’s buying your weekly milk and bread, topping up petrol, or ordering takeaway Chinese for dinner. 

As part of CommBank Rewards, eligible CBA Mastercard customers will receive cashback for spending at stores, including Coles, Caltex, Myer, JB Hi-Fi and Menulog.

The launch comes in light of new CBA research which found a staggering 9 in 10 Australians have tried to cut down the cost of spending by adopting strategies like comparing prices online, hunting down discounts and going secondhand. Sitting at the top of their to-thrift list were groceries (65%), fuel (55%) and takeaway food (29%). 

CBA’s Executive General Manager of Everyday Banking, Kate Crous, said CommBank Rewards aims to help Aussie shoppers save on those day-to-day expenses.

“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. This is especially true of the everyday spending that can usually hit consumers the hardest,” she said.

“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 has also been touted as hassle-free, with Crous saying that it features “a simple redemption process - it’s as easy as activate, spend money and receive cash-back.” 

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What makes CommBank Rewards different from other loyalty programs? 

According to Crous, CommBank Rewards addresses a pitfall of many existing loyalty programs: that they don’t give customers much freedom to redeem points as they wish. 

In fact, CBA’s research revealed that while 17 million or 89% of adult Australians have joined a loyalty program, nearly one third have felt deterred by the limits placed on where and when they can use their points.

Crous said CommBank Rewards instead takes a unique approach of offering customers cashback rewards based on their shopping habits. For example, spending $50 on Caltex might earn you $5 back, while spending $100 at Myer might earn you $15 back. 

“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,” she said. 

“Rewards are allocated regularly to the app and only relevant rewards are sent to customers as they become available.” 

Just bear in mind this is separate to the CommBank Awards Program, where CBA customers can earn points on everyday purchases made with their CommBank rewards credit card and redeem them for rewards. 

What kind of Aussie shopper are you? 

So what do Aussies frequently spend their money on? CBA’s research broadly divided Aussie shoppers into four categories: 

The Savvy Shopper: 

From sales to online deals, the savvy shopper loves a bargain. Whether it’s doing their research online before going in-store or using their shopper dockets to get discounts on petrol and other products, these Aussies enjoy sniffing around for hot deals. They form the largest group out of the four, with 60% of respondents placing themselves in this category. 

The Experience Shopper: 

Prefer a good time over goods? You’re not alone - 13% of surveyed Australians said they would rather spend their money on experiences, with eating out, travel and holidays sitting at the top of their bucket list. 

The Sustainable Shopper: 

Following closely at 12% are Aussies who pay attention to the environmental and ethical practices of the brands they buy from. About a third of these shoppers said they try to slim down the cost of spending by buying secondhand, although they’re the least likely to be influenced by discounted prices. In other words, they would prefer spending more on a product if it’s the more ethical or sustainable option. 

The Serial Shopper: 

Forming the smallest clique with 6% of respondents, these Aussies loves shopping for the sake of shopping. Just over half of this group said they make purchases 3-4 times a week. But while they love buying things, they’re also conscious of ways to reduce the cost of spending, for instance, by using phone apps to find better prices.

Love being rewarded for spending, and curious about what other credit cards out there give you access to these bells and whistles? Then head over to our credit cards comparison table to compare options today.

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Katherine O'Chee
Katherine O'Chee
Money writer

Katherine O’Chee is Mozo’s international money transfer and forex expert and business banking writer. She keeps Mozo’s readers on top of the latest news and writes in-depth features to inform and help Australians make smarter financial decisions. Her work has been published in major media outlets including Sydney Morning Herald, SBS News and Bangkok Post. She has a Bachelor of Arts (Media and Communications) from the University of Sydney.