40% cashback for new Temu customers only, or 30% for existing customers - upsized from 2.3%. Better than current Cashrewards.
Cashback Rates
- New Temu Customers (Capped at $20, Valid for All Orders Placed Between 10AM and 8PM AEST): 40.00%
- Existing Temu Customers (Capped at $20, Valid for All Orders Placed Between 10AM and 8PM AEST): 30.00%
Firstly, most card transactions are handled by VIsa/Mastercard. If China were to-do that on a grand scale, both of those companies would pull out of China, and they would lose hundreds of billions of dollars. Also, when you get charged by a merchant, the money isn't taken out immediately, the merchant processor just holds the funds. Once it gets settled, the transaction goes through. If China were to-do that on a grand scale, the transactions would simply get reversed by Visa/Mastercard.
Since Temu launch in September 2022, in less than a year they've gained 104 million paying users, doubt there would be a need for them to resort to low-level thief to earn a buck. But I can see why competitors are after them because they're a major threat. I have no doubts they did some dodgey stuff (capturing more data then they're suppose to) on their initial app release, but quickly changed tune after being found out. Also, there's a lot of unfounded accusations being tossed between US/Chinese companies. imo they're both as bad as each other.