Cashrewards members need to move fast after app closes

Popular cashback site Cashrewards has closed its doors, and members need to move fast to redeem rewards.

Monday saw homegrown cashback platform Cashrewards announce that it's closing its doors - effective immediately.

Not only are cashback rewards no longer available on new purchases, subscribers don't have much time up their sleeves to redeem unclaimed cashback payments.

If you're among the platform's 2 million users, here's what you need to know.

Can members still claim their rewards?

According to the Cashrewards website, all pending cashbacks will be approved by Thursday, September 11.

If you're unsure about any transactions, contact Cashrewards by October 10. Queries submitted after this date won't be assessed.

Cash rewards need to be withdrawn by October 24.

If you do nothing, any available funds will be automatically paid to your linked bank or PayPal account.

However, PayPal withdrawals will end after midday October 24. Payments after this date will only be made to a nominated bank account.

Gift cards stored in a Cashrewards wallet will only be available until October 24 though they will still be accessible via email.

Between midday October 24 and December 12 - the final cut-off date to claim rewards - you'll need to contact Cashrewards to have payments processed manually.

Cashrewards says it will get in touch with members who haven't applied to withdraw rewards by December 12 to discuss ways of accessing their funds.

What went wrong with Cashrewards?

Cashrewards has a short but lively history.

Founded in 2014, the company enjoyed early success, and was briefly listed on the Aussie stock exchange.

ANZ Bank purchased a 19% stake  in the business, attracted by the platform's perceived point of difference. Instead of offering rewards that encourage consumers to spend more, Cashrewards gave shoppers the chance to build cash savings to be used as they chose.

ANZ was so keen on the concept that in late 2021 the bank's venture capital fund - 1835i, made a successful takeover bid for Cashrewards, which reverted back to being a private company. To date, neither Cashrewards, 1835i nor ANZ have offered a reason for the platform's abrupt closure.

It's all the more unexpected because it was only a few weeks ago that Cashrewards announced a new partnership with mobile payment app Beem.

However, plenty of Reddit users are speculating that the demise of Cashrewards is part of the cost cutting and performance measures being undertaken by ANZ's new CEO Nuno Matos.

Is this the end of rewards programs?

Whatever the case, Aussie shoppers eager to be rewarded for their purchases still have several options to choose from.

If you're interested, take a look at ShopBack, TopCashback or Boost Your Super, which funnels cash rewards into superannuation accounts.

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