MONEYME has launched a new credit card offering a flat 1% cashback on everyday spending, as new consumer research points to growing frustration with traditional rewards points.
A national survey of 1,020 Australian credit card holders found 85% would consider switching from points-based rewards to cashback. The research was commissioned by MONEYME and conducted by YouGov among Australians aged 18 and over.
The results suggest that points programs are losing relevance for many cardholders. Almost seven in 10 respondents (69%) said rewards points are not always suited to their lifestyle. More than half (58%) said redeeming points is harder than it should be, while 37% said they struggle to understand what their points balance is worth.
Cashback offer
The new product, the Cashback Rewards Credit Card, is MONEYME's first credit card. Cashback is credited monthly and calculated as 1% of everyday purchases.
MONEYME positioned the flat cashback rate as a simpler alternative to points programs, where earn rates, redemption rules and point values can vary. Cashback is expressed in dollars rather than points balances that may be tied to specific redemption options.
Approved customers can access a digital card and add it instantly to Apple Pay or Google Pay, reflecting the lender's digital-first approach and the shift to mobile payments.
The card includes mobile phone insurance, purchase protection and event ticket cover at no additional cost, according to MONEYME. The features sit alongside the cashback structure, which focuses on everyday spending rather than category-based points offers.
Consumer sentiment
The YouGov survey highlights confusion and friction around rewards programs as central complaints. Respondents cited difficulty redeeming points and uncertainty over value, shaping perceptions of whether rewards are worth the effort.
Points programs have long been a key tactic for credit card issuers competing for customer spend and loyalty, often combining earn rates, sign-up incentives and partnerships with airlines or retailers. The survey suggests a substantial share of cardholders now prefer more direct value, particularly as household budgets remain under pressure and consumers scrutinise recurring costs.
MONEYME said Finder recently recognised its card as "Australia's most valuable ongoing cashback credit card", using Finder's description of the category. No comparative data was provided in the announcement.
Company strategy
MONEYME is listed on the ASX and operates as a non-bank digital lender. Its broader product range includes personal loans and auto finance, alongside tools linked to credit scores and credit decisions. The credit card adds another consumer credit product to its portfolio.
CEO and founder Clayton Howes linked the launch to shifting expectations around transparency in rewards. He said there is often a gap between earning points and understanding their real-world value, especially when cardholders cannot easily convert points into dollars.
"The survey results show that people are struggling to see the value of points-based rewards programs and want to understand what they're getting back today with their credit card, not just what might accumulate over time. If consumers can't easily translate rewards into dollar terms, the value starts to feel distant and theoretical rather than real," Howes said.
He added that customer feedback has consistently favoured simpler products and clearer value.
"People are far more deliberate about how they assess rewards programs. For us, that feedback has been consistent. Our broader strategy has always been to remove complexity from borrowing, and a transparent cashback credit card is a natural extension of that philosophy," he said.
The Cashback Rewards Credit Card is available now.