- Popular shopping platform ceases operations
- Shoppers earned money back on purchases
Australian cashback site Cashrewards has suddenly shut down, leaving thousands of Aussies wondering if they will get back the money they earned through the online shopping platform.
Cashrewards was a platform designed to help shoppers earn money back on purchases from some of Australia's biggest retailers by offering cashback of up to six per cent of the transaction value.
Founded in 2014 by Andrew and Lorica Clarke in Sydney, Cashrewards grew to more than 2.5 million members and partnered with more than 2,000 major brands – including Apple, Myer, Adidas, THE ICONIC, and Booking.com.
Cashrewards ceased offers on its website and app effective immediately on Monday, just four days after the site's most recent social media post promoting its services.
'Recent transactions will continue to track and be approved or declined in the next three days,' a statement on its website read.
'All transactions that are pending as at Thursday, September 11 will be approved and then you will be able to withdraw your cashback.'
Customers have until October 24 to withdraw funds.
Any remaining balances will be 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'Members who have not withdrawn by this deadline, but have a linked bank or PayPal account, will have their available funds automatically transferred to those accounts. If you have both bank and PayPal details linked, the transfer will be made to your linked bank account,' the statement added.
All withdrawal claims must be received by December 12.
No reasons have been given for the unexpected shutdown of operations.
Cashrewards claimed to have generated more than $4billion in sales for its retail partners and $165million in cashback savings to members.
Members were sad to hear the news.
'I miss you Cashrewards,' one commented online.
Wealth coach Andrew Woodward warned Aussies to remain vigilant and withdraw their money now before it's too late.
'If you're an impacted user, make sure to check the website for updates, including pending transactions and withdrawals. It would be best not to wait for deadlines to avoid losing your money,' he said.
'There are other cashback and discount tools such as TopCashback which can make a noticeable difference. If you are going to be buying groceries anyway, there are still ways to get that 2-5 per cent cashback.'
He also had tips for Aussies scrambling to find alternative ways to save.
'Broadly speaking, as everyone is facing increased costs, whether it is groceries, utilities like electricity, housing, and day-to-day living expenses, a lesson to learn is to prioritise what is important when it comes to your spending, not what is popular,' Mr Woodward said.
'Apply the "enough principle" – know exactly how much you need to maintain the lifestyle you want, how much you need for security, and how much you need to grow wealth. Everything above is freedom money.'
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