Savvy spenders: 79% of Aussies use rewards points to cash in
From groceries to getaways, Aussies are cashing in on their frequent flyer points, according to new research by Finder.
A Finder survey of 1,039 respondents – 904 of whom are part of a loyalty program – revealed 4 in 5 (79%) are making the most of their frequent flyer/reward points.
The research found more than a third of Australians (37%) turn to rewards points to save money at the checkout. That's 6.5 million shoppers opting for cashback or cash off their shopping.
One in seven (16%) redeem their points on gift cards, while 14% book rewards flights or upgrades.
Graham Cooke, head of consumer research at Finder, said rewards points were a big incentive for some consumers.
"We are spending more than ever on everyday expenses so it's nice to be able to enjoy some perks in return.
"With inflation and interest rates adding to cost of living pain in 2024 – rewards points help to lighten the load."
Finder's research found 5% of shoppers use their rewards to book hotel stays or car hire, while 5% swap them for retail items such as appliances.
More than 1 in 5 (21%) Australians have never redeemed their rewards points.
Finder's research shows Woolworths Everyday Rewards is the most popular loyalty program in Australia – 71% of Aussies are members.
This is followed by Coles FlyBuys (70%) and Qantas Frequent Flyer points (31%).
Velocity Points (19%), Commbank Awards (9%), ANZ Rewards (4%) and Westpac Altitude rewards round out the top 7 rewards programs.
Cooke urged shoppers to focus on one or two rewards programs to supercharge their points.
"Assess which rewards programs are most valuable to you and plan your spending around special points promotions.
"Be sure to activate any rewards boosters and double down by using a rewards credit card when shopping. However, as these cards tend to have the highest interest rates – make sure you can pay off your spending at the end of each month."
| What do you usually do with your reward/frequent flyer points? | |
|---|---|
| Get cashback or cash off my shopping | 37% |
| Redeem them for gift cards | 16% |
| Book rewards flights or upgrades | 16% |
| Book other travel (e.g. hotel stays, car hire) | 5% |
| Get retail items (e.g. coffee machine, toaster) | 5% |
| I've never redeemed points | 21% |
| Source: Finder survey of 904 respondents who are part of a loyalty program, December 2023 |
Take a look at some of our top rewards credit cards for this month!