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ANZ Cashrewards Max: How much cash can you get back?

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If you have an ANZ credit card or debit card, you can now earn cashback when you shop with over 1,700 brands. Here's how it works.

Launched on 23 August 2021 in partnership with Cashrewards, the ANZ Cashrewards Max program gives the bank's customers an easy way to collect cashback on their shopping with brands including Apple, ASOS, THE ICONIC, rebel, Uniqlo and Uber Eats.

How much cash you get back depends on where you use your ANZ card and the actual offer. But as a basic guide, Cashrewards said its members earn an average of 7% back per offer – and ANZ cardholders could get more through Cashrewards Max.

As an example, say you spent $200 shopping with a Cashrewards partner. With a 7% cashback rate, you'd get $14 back.

Some Cashrewards offers actually show you the amount of cash you'll get back. So, if you could get $5 off with a brand and only spent $50, that's equivalent to 10% cashback.

As a point of comparison, both Flybuys and Woolworths Everyday Rewards offer $10 cash off your shop (similar to cashback) when you redeem 2,000 points.

If you spent $2,000 to get points through either of those programs, it would be equivalent to a 0.5% cashback rate. (Converting Flybuys to Velocity Points or Everyday Rewards to Qantas Points usually has a higher value.)

In that sense, Cashrewards typically gives you more cashback value.

But whether it's really worth it will depend on how often you usually shop with the branded partners and if cashback is likely to tempt you to spend more – which could cancel out the value you get from it.

How does Cashrewards Max actually work?

To get started, you need to link your ANZ credit card or debit card to a Cashrewards account (which is free to create).

You'll then earn cashback when you use your ANZ card to shop in-store and online with Cashrewards partners.

The cashback is stored in your Cashrewards account, where you can transfer it to your bank account or PayPal once you have collected at least $10.01 cashback.

This program is set up to be free for shoppers, charging the businesses and brands a fee instead. Basically, every time someone shops with a Cashrewards partner, the company gets a commission from that business. Part of that commission is given back to shoppers as cashback.

Anyone can sign up for a basic Cashrewards account and earn cashback online or in-store by linking a Mastercard or Visa card to their account.

According to ANZ, the key difference with Cashrewards Max is that ANZ cardholders will get "offers with higher cashback rates and faster cashback approvals compared to the standard Cashrewards program."

Cashrewards Max will also offer "extra benefits" to ANZ customers, although neither Cashrewards nor ANZ has announced full details yet.

In a statement about the launch, ANZ head of cards and personal lending, Mike Shurlin, said the program gives customers a way to "buy now, save now" and choose how they use their cash rewards.

"This partnership is one of the many ways we are providing additional value for our customers," he said.

Want to know what else you can get as an ANZ customer? Compare ANZ credit cards and transaction accounts that could give you a way to join Cashrewards Max. You can also check out other cashback credit card offers available right now.

Picture: Finder, supplied

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