Home News CommBank pulls the pin on cashback app Cheddar

CommBank pulls the pin on cashback app Cheddar

Launched in 2021 by Commonwealth Bank's entity x15 ventures, Cheddar has announced it will wind up operations effective 31 August 2023.

By Jacob Cocciolone

First published on 08 May 2023

Fact Checked

CommBank pulls the pin on cashback app Cheddar

The Cheddar app was tailored to Gen Z shoppers, utilising artificial intelligence to deliver personalised brands, content, deals, and cashback offers.

Cheddar informed users via email on Friday 5 May of its decision, offering customers the ability to withdraw available cashback balances at any time up to 31 August 2023.

Further, Cheddar will no longer process new purchase transactions 12pm AEST from 5 May 2023.

All pending cashback transactions and bonuses where a qualifying transaction has occurred are to be approved by 6 May 2023.

In a statement released Friday 5 May, Cheddar noted since launching in November 2021, the app has paid out more than $2 million in cashbacks and bonuses.

Cheddar's main competitor is ‘ShopBack’ which serves more than 35 million customers in the Asia pacific region across major brands such as Amazon, Booking.com, eBay, Target, ASOS and Uber.

In December 2022, Westpac pumped $44 million into ShopBack, allowing Westpac credit and debit card customers to access exclusive cashback offers via a dedicated Westpac hub in the ShopBack app and website.

ANZ also operates in the cashback space, having partnered since July 2021 with the second-largest cashback app in Australia ‘Cashrewards’.

Cheddar notes customers that have questions or require assistance can contact the Cheddar team via the Help button in the App or by emailing support@getcheddar.com.au.

Image by Erik Mclean via Pexels

Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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