ANZ Loop puts cash back into wallets of customers

ANZ NZ customers can now earn cash back automatically on eligible purchases from major New Zealand retailers and brands when they pay with their personal Visa Debit or credit card with ANZ Loop.

In a first for the New Zealand banking industry, ANZ is teaming up with Visa to provide exclusive card-linked cashback offers from well-known stores such as The Warehouse and Noel Leeming. Rather than receiving points, customers receive cash right back to their account from eligible purchases.

Grant Knuckey, ANZ NZ Managing Director for Personal Banking, said ANZ Loop responded to customer demand for banking products that were simple to use and relevant to them.

“Rewards schemes have proven popular with Kiwis and this is a way we can deliver cashback offers straight to our ANZ customers. The same offers are presented to Visa Debit card holders as well as credit, meaning a much larger group of customers benefit from ANZ Loop.

“ANZ Loop is an example of an industry leading innovation that puts money straight back into the pockets of our customers.“

ANZ Loop uses Visa’s Visa Offers Exchange technology, which has proved popular in overseas markets, to deliver personalised cashback offers for both Visa Debit and credit card customers.

"People want rewards to feel relevant and effortless, and to be built into how they pay, rather than something they have to think about or opt into," said David Peacock, Country Manager for Visa New Zealand and Pacific Islands.

"Visa Offers Exchange helps deliver that experience by seamlessly connecting customers with meaningful rewards at the point of purchase, while enabling businesses to stay competitive, top of mind and better connected to their customers."

With ANZ Loop, Visa customers who are registered with goMoney will each have access to a range of offers at any time, customised to them.

Customers can check their goMoney app (under the Cards tab) to browse their available offers, and get a notification when cash is on its way to their account.

Cashback will be automatically credited following an eligible purchase – customers don’t need to activate offers, use a promo code, or do anything else.

Other participating partners for the launch of ANZ Loop include Milkrun, The Coffee Club, Designer Wardrobe, New Balance, Flamingo Scooters, Petdirect and M.A.C. – with more to come.

Each participating partner will have its own specific offers for eligible customers, for example Noel Leeming is offering $50 cashback on spending above $500, while New Balance is providing 5% cashback on all online purchases 

The offers will be available in ANZ Visa customers’ goMoney app from today.

Transactions must go through the Visa network to be eligible, so when paying in store with a debit card, customers will need to tap and make a contactless payment.

Rewards will usually be paid within two to seven days, directly into the card account the transaction was originally made from. ANZ Loop cashback offers are in addition to any other credit card rewards a customer may already earn.

Offer periods and rewards will vary by merchant and terms and conditions apply.

You can find out more about ANZ Loop here.