A big four bank has announced a major change for payments in an Australian first move set to “put the power” back in the hands of customers amid a cost of living crunch.
REA Group Economic Research Director Cameron Kusher says consumer sentiment still remains “pessimistic” as the cost-of-living crisis continues.
Mr Kusher joined Sky News Australia Business Editor Ross Greenwood to discuss the Westpac-Melbourne Institute Consumer Sentiment Index of House Price and whether people think it’s a good time to buy.
“If we look at consumer sentiment it’s in the doldrums,” Mr Kusher said.
“Pessimism has outweighed optimism for 27 consecutive months now. As part of that release, they have what they call the time to buy a dwelling index and it’s also at extremely low levels at the moment.
“So, that says to me consumers are doing it tough, they don’t think things are great, and they certainly don’t think it’s a good time to buy a property.”
In partnership with realestate.com.au
The major bank on Wednesday announced the new ‘Pay With Points’ scheme for eligible Westpac Altitude Rewards customers to use towards purchases including morning coffees, groceries, tickets or flights where Mastercard is accepted.
Customers can switch on ‘Pay with Points’ through their Westpac App and use them to receive a cashback within moments of making a purchase.
Westpac customers can now use their Altitude Points for credit card purchases. Picture: Getty Images
Westpac Consumer FinanceManaging Director Jason Hair said the customer-requested scheme was designed to “put the power” back in people’s hands during a cost of living crunch.
“’Pay With Points’ is all about putting power back in our customers’ hands, giving them more convenience and choice and allowing them to use their points in ways that suit their lifestyle and preferences,” Mr Hair said.
“Our customers have been asking for this and I’m delighted we’ve now delivered it.
“We know Aussies are tightening their belts at the moment, but opening up the ability to use points towards everyday purchases gives a little bit of flexibility that we know will be appreciated by our customers.”
Customers can use the scheme when $3 of points or more accumulates and there is no limit to how many can be spent in any one time, nor do they expire.
Westpac Consumer Finance Managing Director Jason Hair said the customer-requested scheme was designed to “put the power” back in their hands during a cost of living crunch. Picture: NCA Newswire / Gaye Gerard
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However, customers cannot use the points to repay their credit card balance, or pay for certain transactions including gambling, government payments or cash equivalent transactions.
In addition to using ‘Pay With Points’, Westpac customers can continue to redeem available points through the Altitude Rewards Centre for gift cards, travel, and cashback.
Westpac, St.George, BankSA and Bank of Melbourne customers also have access to an exclusive, which has seen Westpac customers receive more than $19 million in Shopback Cashbacks over the past year.
Pay With Points eligible purchases criteria and further information can be found on the Pay with Points landing page: Pay with Points | Westpac.