Marketplace
Just got the email about Ireward merging with MoneyBackco or whatever.
Unfortunately my work blocks access to Ireward because it is a social networking site….
[StartHere] MoneyBackCo is Merging with iReward
GreatWhiteHunter on 23/08/2010 - 13:20
Related Stores
Comments
They say that there is no annual membership fee if we migrate to iReward. So, what is the catch? How do iReward make money? My wild guess is from the exchange rate between iDollars to iPoints and from iPoints to the actual dollars put in our bank account. The problem is that I can't find the conversion rate from iDollar to iPoints. Steve, is there any information regarding how the payment system works after migrating to iReward? And, will mbc be closed eventually in the future?
I agree that there is a concern about iDollars and iPoints - I havent actually looked at it that closely yet, but one of the things I like about MBC is that it is simple and transparent - everything is measured in real $.
As soon as points come into it, you start having problems with points being worth less and less $ over time - certainly that's happened in all my credit card reward schemes….
After having a deeper look, iReward seems like a marketing website in principle aiming to increase its members by offering rewards. They may obtain some statistics from their members (such as ethnicity, income, etc) to somehow use them for marketing purposes.
The main drawback I found is that you cannot cash out to your bank account in an arbitrary amount. They only have options of cashing out in a fixed amount of $25, $50, $100, $500 and $1000.Guys,
Thanks for your feedback it's exactly what we want. As indicated in the newsletter nothing is set in stone yet and we want to gauge feedback seriously to figure out the best way forward.
I am acutely aware that all of iReward's offering may not be MBC members' cup of tea, that's why we've organised the iDollars, iPoint conversion and cashout levels to ensure that cashback members can operate their iReward account for online shopping only without using any of the other offerings iReward have available.
The conversion from iDollars to iPoints is that 1 iDollar converts to 1000 iPoints.
For cashout:
Cashout $25 (real dollars) with 27,500 points
Cashout $50 (real dollars) with 52,000 points
Cashout $100 (real dollars) with 100,100 points
Cashout $500 (real dollars) with 500,000 points
Cashout $1000 (real dollars) with only 999,000 pointsiReward doesn't charge an annual membership fee and the longer you wait to cashout the less it costs and we certainly have no plans to slowly reduce the points to dollar conversion.
With the vastly increased membership we believe that we'll be able to get better cashback rates as we drive more sales, additionally we'll also be looking to secure exclusive offers and coupons.
I will be responsible for the cashback side of iReward and will continue to drive MBC and introduce new features and services primarily on the cashback side of iReward.
We have some very big plans and these would certainly benefit all members.
At the moment we haven't decided on the future of MBC, it really depends on our members and what they want. Rest assured if we do decide to close MBC as a standalone site we'll ensure that no members will lose out on any cashback they've earnt.
Hope this answers some of your concerns and please do keep the comments coming, much appreciated.
Cheers, Steve.
Hey, I only found out MoneyBackCo is merging with iReward from reading OzBargain — I don't think I have actually received the email…
Actually I do know MoneyBackCo is working with iReward :) Just not the merge. One I have worked with on developing this website since 2006 (Steve from MoneyBackCo), and the other I am a friend of for over 10+ years (Kevin from iReward). It does look like you guys are in safe hands.
I'm also not so enthusiastic about this iReward / MoneyBackCo proposal. Like others, my concern is the points system. The points to dollar conversion takes away from the simplicity of MoneyBackCo as well as diluting the amount for conversions less than $500. I'm going to stick with MBC and hope that it continues to be offered as a separate option.
I wasn't satisfied with the limited info I could read about ireward. It sounded an awful lot like rewards central which has a pretty poor return to purchase value. I may need to spend more time looking but so far details are a little sparse.
not migrating my account too restricitve and not free unless you swap $500 worth of points. Not transparent and will go the way of rewards central
I suppose we need to balance this with the cost of the $10 a year fee with MBC.
Getting 27500 points without annual fee gives me $25
Getting $27.5 on MBC then paying $10 fee gives me $17.5Or have I got this wrong?
Someone please advise
Also what are the cashback rates on ireward are they the same or better or worse than MBC for the same vendor?
And how will the existing approved but not paid cashback be transferred. Does this stay with MBC and get transferred automatically to ireward or do we have to do this manually after it gets paid into the MBC account.
As far as I know, they have the same cashback rate.
Yes, the same rate, and potentially less or no fees if you get to utilise the services frequently.
iReward and MBC will always provide the same rate, 100% cashback for the members.
iReward and MBC are seeking ways to make things better for everyone. We are listening to our members and we will keep improving the system. There is indeed a plan to keep the existing MBC model for people preferred, unless we do come up with an absolutely better system that everyone will appreciate.
At the same time, we need members' understanding and support for the business to sustain and to grow. You may not see the competition and pressure go into the business. We enjoy providing the service and to reward our members. We like to keep things the best for our members and we need to work with the changes and to seek for more opportunities, so that this 100% cashback service will remain for everyone.
Again, we would like to stress the point that the spirit of 100% cashback will never be changed for this joined venture. We long for your understanding and support.
For the record, I transferred to iReward and it blows. There is no follow-up system for cashbacks, and rewards take… absolutely… forever… to come through. Just look through the iReward forums for complaints from people waiting 2-3 months for cashbacks to flow through, and no way to chase them up because MBC Steve doesn't chase up iReward claims (the functionality is not offered on their site).
They're also on the verge of considering shutting down their forums due to abuse (a lesson learned long after Rewards Central got burnt by the same thing) so there will be even less means to make yourself heard.
Will ride out the year to see if I get all of my outstanding cashbacks, and then will consider cancelling my account, but wish I could change my account back to MBC.
thanks for the feed back zzyss. i dont think ill convert over that soon. I prefer a $ system to a points system but i can understand the business side of things that larger members the more buying power. why not just open up a seperate account on irewards and keep your old mbc account that way you have the best of both?
Yeah, I'm a victim of my own greed. I took the bait of not having to pay the $10 annual fee…
So has the merger actually happened or what?
I still see Moneybackco links all over OzBargain, not irewards ones…
It was never a merger, it's a partnership.
Steve.
Oh OK - well I assume the partnership is still going?
I for one have re-opened a MBC account as I prefer the MBC web site and $ for $ approach, even if there is a $10 fee….
Cashback rates for 3 and Vodafone only half on iReward. iReward rate has dropped to $42 while MBC is still giving $84. Might as well stick to MBC and pay the annual fee.
I have joined iReward and made a purchase with 3 and was "approved" for $84 since March 2011. Just today, I was only honoured $42. I have written to iReward regarding this and will see if they will honour my $84, otherwise I will return to MBC.I noticed the same. Despite initially having the same cashback rate for StrawberryNet (10%) when my cashback was processed I got their stupid updated rate of 5% (50 points in the dollar) - making it even worse than Buckscoop.
EPIC FAIL.
I totally regret moving my account over to iReward.
i have been waiting since june 21 for my inquiry for a vodaphone purchase entitling 10% cashback. Does this mean i well and truly will never see that cashback?
Got this email as well, and I wanted to better understand iReward before migrating my MBC account.
From my initial checks on their site, though…looks like a lot of "features" I definitely don't need nor want.