The Sudden Closure of Cashrewards Leaves Shoppers in Uncertainty
A popular cashback platform in Australia, Cashrewards, has unexpectedly shut down, leaving thousands of users questioning whether they will be able to access the money they earned through the service. This development has sparked concern among members who were relying on the platform to get a percentage of their purchases back.
Cashrewards was designed to help shoppers earn money back on purchases from some of Australia’s top retailers, offering cashback of up to six percent of the transaction value. The platform was founded in 2014 by Andrew and Lorica Clarke in Sydney and quickly grew to over 2.5 million members. It partnered with more than 2,000 major brands, including Apple, Myer, Adidas, THE ICONIC, and Booking.com.
The shutdown came as a surprise, with Cashrewards ceasing all offers on its website and app immediately on Monday, just four days after its most recent social media post promoting its services. A statement on the website explained that recent transactions would continue to be tracked and approved or declined within the next three days. It also mentioned that all pending transactions as of Thursday, September 11, would be approved, allowing users to withdraw their cashback.
Customers have until October 24 to withdraw funds, with any remaining balances being automatically transferred to linked bank accounts or PayPal accounts. Members who have not withdrawn by this deadline but have a linked bank or PayPal account will have their available funds automatically transferred. If both accounts are linked, the transfer will go to the bank account.
All withdrawal claims must be received by December 12. However, no reasons have been provided for the unexpected shutdown of operations. Despite the closure, Cashrewards claimed to have generated over $4 billion in sales for its retail partners and $165 million in cashback savings to members.
Members expressed sadness over the news, with one commenting online, “I miss you Cashrewards.” Wealth coach Andrew Woodward advised Aussies to remain vigilant and withdraw their money now before it’s too late. He emphasized the importance of checking the website for updates, including pending transactions and withdrawals, and urged users not to wait for deadlines to avoid losing their money.
Woodward also highlighted other cashback and discount tools such as TopCashback, which can make a noticeable difference. He suggested that even if people are going to buy groceries anyway, there are still ways to get 2-5 percent cashback.
In addition to cashback platforms, he offered tips for Aussies scrambling to find alternative ways to save. He encouraged prioritizing essential spending over popular trends and applying the “enough principle” to know exactly how much is needed to maintain a desired lifestyle, ensure security, and grow wealth.
Other related topics include why savvy Aussies are raving about CashbackAustralia.com.au to unlock hidden savings on everyday purchases, UK customers reeling from new restrictions on cashback, Kiwi shoppers mourning the end of Flybuys New Zealand, and concerns about online scams during Black Friday. Additionally, the abrupt ending of Flybuys New Zealand after nearly three decades has left loyal shoppers scrambling for rewards.
