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Money Hacks

Why everyone should consider a cashback program

Financial Wellbeing Coach

2022-09-27 00:00

Estimated reading time
5 min

In this article

  • How do cashback programs work?
  • How does cashback compare to other rewards programs?
  • Are cashback programs too good to be true?

As the saying goes, 'there's no such thing as a free lunch' – but anyone who's signed up to a cashback program might just beg to differ.

Cashback programs are a great way to put some money back in your pocket. If you're not signed up to one, it's worth considering if you might be missing out. Whether you use the money you get back on a free lunch, or something else entirely, is of course up to you.

How do cashback programs work?

Essentially, cashback programs rack up cashback when you make an eligible purchase at a participating retailer. They work a bit like a piggy bank – you could earn cashback each time you shop, which adds up over time.

Cashrewards is a cashback program that is free to join and offers a wide range of popular retailers, including food and grocery providers like Menulog, online marketplaces like Amazon, and travel sites like There are often great deals for everything from every day products to big ticket items like furniture and appliances from popular brands like Koala and Bing Lee. Our furry friends are even covered with Petstock!  You simply need to join the program, then start your shop through the Cashrewards website or app, or shop in-store at participating retailers, and wait for the cashback to start rolling in.

Being part of a cashback program may also give you access to special deals and advanced warning when things go on sale, which can help you to plan your spending more effectively.

For example, Ruby spends about $50 on pet food each month. She notices her cashback program has a 10% cashback deal on Petstock, and access to a special 20% off discount on some products. By shopping via her cashback app, she could save around $10 on her purchase and she’ll get a few dollars back in cashback. Once she’s built up a cashback balance, she can request to withdraw this using her preferred method offered by her cashback program.

How does cashback compare to other rewards programs?

There are a great deal of loyalty and rewards programs to choose from in Australia. Most offer more traditional points-based systems, allowing you to earn rewards on selected purchases in the form of points, which vary in value across each program.

Many credit cards come with an in-built rewards program – so it's worth checking with your bank to find out what's on offer. But you can also sign up to retailer-specific programs if you don't have a credit card or want something extra. Frequent flyer, supermarket and cashback programs are all ways to add a little weight to your wallet each month.

Better yet, you can often land multiple rewards from different programs in the one purchase. For instance, you could double-dip on rewards simply by using your credit card when shopping through a cashback site. This means for eligible purchases, you can nab both the credit card points and cashback in one fell swoop.

Are cashback programs too good to be true?

There are very few drawbacks to being part of a cashback program, although it is important to check the T&Cs before you get on board. (For example, is there an annual fee? Or do you have to spend a certain amount each month to be eligible?) You don't want to be overspending (especially using a credit card) just in order to reap the rewards. Some cashback programs may also have expiry dates, so it's worth considering whether you're actually going to withdraw your cashback or not.

Take control of your spending

A cashback program isn't the only way to be a savvy shopper. Although it can seem a little old-school, looking for coupon codes or waiting for something to go on sale are powerful ways to take control of your spending and put a few extra bucks towards Christmas and birthday gifts for your loved ones, or a rainy-day fund that could use a little boost. Some providers even offer bonuses to customers who sign up to their mailing list or refer-a-friend. 

Why everyone should consider a cashback program
Financial Wellbeing Coach

Ready for that free lunch?

We've teamed up with Australia's leading cashback program, Cashrewards, to offer access to cashback from popular brands. Find out more about Cashrewards and what you might be missing out on.

Find out more



The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.

Cashrewards is offered by Cashrewards and not ANZ. To earn cashback you must be a Cashrewards member. Eligibility criteria, cashback redemption and withdrawal conditions, and T&Cs apply. Visit the Cashrewards website for more information.