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Maximise your money: The ultimate guide to shopping cashback programs that boost your savings!

Pascale Helyar-MorayPascale Helyar-MorayPascale Helyar-Moray OAMFeb 08, 2024
[Blog] Maximise your money: The ultimate guide to shopping cashback programs that boost your savings![Blog] Maximise your money: The ultimate guide to shopping cashback programs that boost your savings!

In today's world, where every penny counts and smart shopping is no longer just a hobby but a necessity, cashback programs have become a go-to for savvy consumers. These clever schemes promise a win-win scenario: shoppers save money on purchases they were already planning to make, and retailers boost customer loyalty and sales. In essence, shopping cashback programs are a way to earn money back on everyday purchases, from groceries to electronics and everything in between. Let's dive into the world of shopping cashback programs, unravelling their inner workings, dissecting their benefits, and providing insightful tips on maximising your earnings with every swipe, click, or tap. Get ready to transform your online or in-store shopping excursions into a lucrative endeavour that's about spending and earning.

What is a cashback reward program anyway?

A shopping cashback program is a loyalty program where customers earn a percentage or dollar amount of their purchase amount back as cash, which they can redeem for future purchases, receive as cash, or put toward their superannuation or mortgage. The cashback amount is credited to the customer's account after the purchase is made and can typically be redeemed once a certain period of time has passed (to allow for refunds and returns, etc). With shopping cashback programs like Grow My Money, the cashback can be deposited into your mortgage or offset account to help pay down your mortgage or into your superannuation fund to help grow your super balance. Find out more about how Grow My Money works.

Why are shopping cashback programs so popular?

One of the main reasons why cashback reward programs have become so popular is that they offer a simple way for consumers to save money. By offering a percentage of the purchase price back to the consumer, these programs provide a fast and tangible benefit that can be very appealing. Many cashback programs partner with major retailers like Flight Centre, The Good Guys, Freedom or Menulog, meaning consumers can earn cashback on regular purchases.

Do shopping cashback programs shape consumer behaviour?

Cashback programs are about more than just saving money; they can also play an important role in shaping consumer behaviour. By encouraging consumers to seek out deals and discounts, cashback programs have helped create a culture of savvy shoppers who are always on the lookout for ways to save money. This has led to a greater emphasis on price comparison and a more informed and empowered consumer base.

Do shopping cashback programs increase customer loyalty to a brand?

Yes, cashback programs increase consumer loyalty to certain brands and retailers. Many shopping cashback programs are tied to specific stores or brands, meaning consumers participating in these programs are likelier to return to the same stores to take advantage of the cashback rewards. This has ultimately led to increased competition among retailers and a greater focus on customer satisfaction, ultimately benefiting the consumer. Cashback programs also offer a simple and effective way for consumers to save money while increasing loyalty to certain brands and retailers. As these programs continue to evolve and grow, they will likely play an even greater role in shaping how we shop and consume goods and services.

Innovation in cashback with Grow My Money

Innovative cashback programs like Grow My Money provide customers with an opportunity to maximise their cashback even further. With this program, customers not only earn cashback on their purchases but the cashback is deposited into their mortgage or superannuation account to multiply their longer-term savings. By depositing the cashback amount into your mortgage or offset account, you can pay down your mortgage faster and reduce your interest payments. Alternatively, by depositing the cashback amount into your superannuation account, you can grow your cashback even further and your super balance, helping you achieve your long-term financial goals. Grow My Money is a great option for those who are looking to multiply their savings beyond the initial cashback earned and make the most out of their everyday purchases. By offering flexible redemption options, Grow My Money allows you to use your cashback rewards in a way that best suits your financial needs.

Tips for maximising your cashback

If you are looking to maximise your cashback earnings with Grow My Money, here are our top tips:

1. Link a card to earn cashback in-store: One of the easiest ways to earn cashback with Grow My Money is to link one or more of your credit or debit cards to your account. This way, you can earn cashback on in-store purchases at participating retailers just by paying with your linked card as you normally would, without having to scan a loyalty card or use a coupon.

2. Maximise your savings: Grow My Money offers cashback on top of store discounts and reward points, making it an excellent way to maximise your savings. By using coupons, sales, and other promotions, you can increase your savings even further.

3. Earn cashback on gift cards: You can also earn cashback on gift cards with Grow My Money. Purchase gift cards through the program and earn cashback on the purchase. This is a great way to save on gifts for family and friends while earning cashback at the same time.

4. Download the browser extension: To ensure that you never miss a cashback reward, it's a good idea to download the Grow My Money browser extension. This extension will notify you when you are shopping on a participating retailer's website, or will highlight participating retailers in your internet search, making it easy to make sure you're shopping with those retailers who provide cashback on your purchases.

5. Multiply your cashback: When you earn cashback with Grow My Money and put that cashback toward your mortgage or retirement savings, depending on your circumstances, you could be multiplying your cashback even further.

Shopping cashback programs are more than just a passing trend in the retail world - they are a transformative aspect of how consumers interact with brands and make purchasing decisions. By incentivising shoppers with the allure of earning back a portion of their spending, these programs effectively guide buying habits, fostering brand loyalty and promoting repeat business. As businesses continue to refine their cashback offerings to align with the digital age, we expect to see a more pronounced impact on consumer behaviour, with the potential for these programs to dictate market trends and influence the future landscape of the retail industry. As consumers, embracing cashback helps our wallets and empowers us to shop smarter. For retailers, the message is clear: integrating a compelling cashback program is no longer a nice-to-have but a must-have. Sign up for Grow My Money to get started earning cashback today.