After paying your housing expenses, your grocery bill is generally the next largest expense. If you can reduce your expenses and save money just by collecting rewards points on your weekly spend, this means good news for your budget.
However, one trap of flybuys is that you may feel tempted to spend more than you budgeted for just to earn some extra bonus points. This is particularly risky if you’re doing so with a credit card. Making costly purchases on a credit card just to earn rewards points may lead to bigger card balances than you can manage, and snowballing debt through accrued interest.
It’s also important to note that these points can often be worth less than the money you end up spending. They are simply designed to reward you with perks for your regular spending. For example, a $50 Coles gift card will cost you 10,000 flybuys points. If you have a Coles Rewards Mastercard, spending at a Coles retailer will see you earn 2 points per $1 spent, so you’re effectively spending $5,000 to get a savings of $50. However, it’s still better than no $50 gift card for spending $5,000. But it’s good to be aware of the value of what you’re spending versus what you’re actually earning.
Flybuys can be a competitive rewards program option for points chasers due to their accessibility across Australia. You’d be hard-pressed to go very far without running into a Coles, Kmart or Target. As long as you are responsible with your spending and can earn rewards points within your budget, flybuys may be worth considering.
