In an exclusive report from the AFR, a CommBank spokesperson said the bank will be retracting its $2,000 cashback offer starting June 2023.

A spokesperson from the bank said the move was in response to feedback concerning improving the simplicity of loan terms.

Despite the removal of the cashback offer, the spokesperson said the bank will continue to offer a wide range of flexible home loans with competitive rates.

Meanwhile, Cheddar, a cashback app by Commonwealth Bank’s entity x15 ventures, recently announced the end of its offers.

The app, which uses artificial intelligence to deliver personalised brands, content, deals, and cashback offers, is no longer processing new purchase transactions since 5 May 2023. However, users can still withdraw available cashback balances at any time up to 31 August 2023.

In a recent episode of Savings Tip Jar podcast, WLTH CEO Brodie Haupt shared his insights about cashback offers, saying that for major banks, they are failing to understand that the cost of acquisition for a customer have become “quite lazy”.

“Rather than trying to invest in education to their borrowers and customers, they’ve got to look for retention,” he said.

Full Article: Your Mortgage