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CBA Launches Yello Rewards, Favors Virgin Over Qantas Conversions
The new program ties rewards to customer loyalty and expands earning across banking products as banks brace for about $660 million in annual revenue cuts, the RBA said.
- On Tuesday, Commonwealth Bank announced a 'whole of bank' rewards system called Yello, allowing customers to earn points on everyday banking including home loans, savings, and insurance products.
- The Reserve Bank of Australia surcharge ban begins in October, with reforms expected to cut banks' revenue by $660 million annually, prompting CBA to overhaul its loyalty structure.
- CBA is favoring Virgin Velocity over Qantas Frequent Flyer for point conversions; sources suggest Virgin offered more generous value for its points during negotiations .
- Earn rates are now tied to Yello tier rather than card type, with base rates of 0.5 points per dollar rising to 1.5 points for the most loyal customers.
- Points Hacks spokesperson Daniel Sciberras noted banks are pulling different levers to manage RBA reforms, with CBA aiming to unify its fragmented rewards structure under one umbrella.
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‘Australian banking first’: CBA unveils major change for 9 million customers
Australia’s biggest bank has unveiled a major overhaul to how Aussies can earn rewards points as banks tweak their offerings ahead of the Reserve Bank of Australia’s (RBA) looming card surcharge ban.
·Surry Hills, Australia
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Coverage Details
Total News Sources8
Leaning Left3Leaning Right3Center1Last UpdatedBias Distribution43% Left, 43% Right
Bias Distribution
- 43% of the sources lean Left, 43% of the sources lean Right
43% Right
L 43%
14%
R 43%
Factuality
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