Are you someone who uses Grab a lot either to buy things or to get from one place to another? And are you someone who religiously collects your GrabPoints so that you can spend them on GrabRewards? Well, if you are, then you’re definitely going to want to read on. GrabPoints earned per dollar spent will be reduced on 2 March.
Yep, you read that correctly.
The New GrabRewards Programme
According to Grab’s official website, they have included a list of important updates that they are making to the new GrabRewards programme.
There will be a reduction in the number of points you will be able to get per transaction and an increase in the number of places you can earn points at.
But the current system is doing pretty alright, why does it have to change?
Well, they claim that it’s because “as our offerings grow and your needs change, so must the way we reward you”.
Previously, if you were in the highest tier at platinum, you would be able to earn 10 points for every $1 that you spend using GrabPay in stores, and six points for every $1 that you spend on your rides and food delivery.
Now, at the platinum level, you will only earn four points if you pay via GrabPay or GrabPay Mastercard.
Do also take note that cash transactions will no longer be eligible for GrabRewards Points.
The number of points needed to redeem certain rewards has also been increased.
With the launch of the GrabPay Mastercard, Grab users will now have more places to earn and spend their reward points, according to a representative of Grab.
The card can be used as long as merchants accept Mastercard, which is a win-win situation because users would then be able to earn GrabRewards points through this.
Other than these changes, the GrabPoints expiry policy has also been updated in which you would be able to keep your points as long as you continue to use Grab. This means that you just have to make one Grab transaction a month to make sure your points don’t expire.
Once you make a transaction, your GrabPoints will be valid for six months. The points will expire on the last day of the sixth month.
Profitability Issues
According to media reports last month, Grab had issues with profitability. Apparently, Grab had projected a 2019 annual net loss of about US$1.5 billion (~S$2 billion) at the end of 2018.
As a result of this, they have to come up with more innovative ways to bring up their profitability and cut their losses.
National University of Singapore Business School Associate Professor Lawrence Loh shared his thoughts about how he believes that big start-ups like Grab are now realising that “they cannot burn cash indefinitely”.
He added, “Given Grab’s challenging profitability situation, it has to progressively rationalise its costs, particularly those of a more discretionary nature like consumer rewards.”
GrabRewards Flash Sale (21 Jan to 3 Feb)
If you’re feeling upset about this new change, (totally understandable by the way), you would probably feel slightly better to know that Grab will be having a GrabRewards flash sale from now till 3 February.
You can enjoy various discounts off your favourite merchants at a lower redemption rate!
So go on and enjoy these perks if you still have more points to spare. And earn as many points as you can before the new GrabRewards programme starts on 2 March!
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