Cashrewards closing has sent shockwaves through the Australian retail landscape. The popular cashback service suddenly ceased operations after more than a decade in business. During its 11-year run, the service had grown to serve over 2.5 million members and partner with 2,000 brands across the country.
The Cashrewards app, which allowed users to earn money when making purchases through affiliated retailers, had become a staple for savvy Australian shoppers. What is Cashrewards? It was essentially a platform that offered users cashback incentives of up to 20 per cent when they shopped with participating brands. Furthermore, the service had a significant economic impact, generating over $4 billion in sales for its retail partners and returning $165 million in cashback to its members. Notably, the company also contributed more than £1.9 million to the Starlight Foundation, helping support upwards of 45,000 children and families. However, users must now rush to cashrewards to close account processes, with all withdrawal claims required by December 12.
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Why Did Cashrewards Shut Down so Suddenly?
The sudden closure of Cashrewards has left millions of Australian users bewildered. The platform ceased all operations on Monday, September 8, 2025, at 12 pm AEST, leaving many scrambling to access their accumulated rewards.
No Prior Warning Issued
The abrupt termination came without any advance notice to the service’s 2.5 million members. In what many described as a shock move, users discovered the platform’s shutdown only upon receiving notifications on the day of closure. According to reports, this unexpected announcement completely blindsided users who had actively been using the Cashrewards app just hours before. Many were midway through tracking purchases or waiting for pending cashbacks to clear.
The Company Statement Lacks an Explanation
Despite the significant impact on its substantial user base, Cashrewards provided minimal justification for its closure. CEO Anthony Seymour-Walsh issued a brief statement acknowledging the end of operations after “11 years serving over 2.5 million members and 2,000 brands”. Nevertheless, this statement conspicuously omitted any concrete reasons for the shutdown. The official notice on the company website focused primarily on procedural matters—explaining how pending transactions would be processed and outlining the steps for users to close account processes. This absence of transparency has intensified user frustration.
Links to ANZ’s Internal Review
Several industry sources point toward ANZ Bank’s corporate restructuring as the likely cause behind the shutdown. Cashrewards, owned by ANZ’s external venture capital arm 1835i Ventures, appears to have fallen victim to a broader strategic realignment. The Australian Financial Review reported that ANZ has “significantly streamlined its venture capital fund 1835i, closing poorly performing cashback service Cashrewards shortly after selling its share in payments company Airwallex”. Additionally, the closure coincides with a comprehensive performance review conducted by ANZ Bank, wherein cash rewards apparently failed to meet the bank’s financial expectations. This shutdown may be part of a larger corporate restructure announced by ANZ, which stated it “expects approximately 3,500 employees to depart the Group by September 2026″.
How Are Users Reacting to the Closure?
The abrupt closure of Cashrewards has prompted strong reactions from its loyal user base, with many expressing disbelief and disappointment on social media platforms and forums.
Testimonials From Long-Time Users
Long-term users have voiced their dismay at losing a service that had become integral to their shopping habits. Tracy Hall, who had been using the platform primarily for grocery shopping at Woolworths alongside Amazon and Virgin purchases, managed to accumulate AUD 2,140.59 in cashback over several years. “I use it for everything from clothes to travel to tickets, running shoes, and car hire,” she explained, adding that she specifically sought out retailers affiliated with the programme. Meanwhile, another Reddit thread showed users lamenting the loss with simple statements like “Did anyone else just get this email?” reflecting the collective shock.
Emotional Impact and Frustration Over Lost Benefits
The termination has left users visibly upset, with many describing themselves as “devastated” by the news. Beyond the monetary impact, users expressed frustration over losing a trusted shopping companion that had shaped their purchasing decisions for years. Understanding what Cashrewards meant to its users goes beyond numbers—it represented significant savings in an increasingly expensive economy. As inflation continues to affect household budgets, users now face the urgent task of cashing out Cashrewards, closing account processes and withdrawing their remaining funds, adding stress to an already disappointing situation.
What Should Cashrewards Users Do Now?
With Cashrewards closing operations permanently, users must act promptly to secure their funds and benefits. The platform has established a specific timeline for members to follow.
Closing the Account and Withdrawing Cashback
Users have until 11:59 am AEDT on 24 October 2025 to withdraw their available cashback. To access funds, members should click “Withdrawal” in the “My rewards” section and follow the outlined steps. All transactions pending as of 11 September 2025 will be approved for withdrawal. For those who fail to withdraw manually, Cashrewards will automatically transfer remaining balances to linked bank or PayPal accounts. Subsequently, PayPal withdrawals will cease entirely after the October deadline. To completely close an account, users must navigate to Settings > Security > Close account, though this will render all pending or available balances inaccessible.
How to Retrieve Gift Cards From Email?
Gift cards stored in user wallets will only remain accessible until 24 October 2025. Consequently, Cashrewards strongly urges members to download any stored gift cards before this deadline. Alternatively, users can access their gift card details via the original confirmation email received at purchase time.
Manual Claim Process After October 24
Following 24 October, all withdrawals will only be processed manually through Cashrewards’ member services. Users must contact support via the Help Desk Portal or email at support@cashrewards.com. The final deadline for all withdrawal claims is 12 December 2025.
What Legacy Does Cashrewards Leave Behind?
Behind the Cashrewards closing announcement lies an impressive 11-year legacy that has permanently altered Australia’s retail landscape.
What is Cashrewards?
Following their son’s illness experience, Andrew and Lorica Clarke launched Cashrewards in 2014. In essence, it is a platform based on the “three-way win” idea. The business model operates simply: retailers pay commissions for directing traffic, which Cashrewards then shares with customers as real cash savings. This creates value simultaneously for shoppers, merchants, and the platform itself.
Retail Partnerships and $4 Billion in Sales
Throughout its operation, the Cashrewards app built relationships with over 2,000 global and local brands, including Apple, Myer, THE ICONIC, Adidas, Bonds, and Booking.com. These partnerships ultimately drove between AUD 6.12 billion and AUD 7.64 billion in sales for retail partners, demonstrating their significant economic impact.
Cashback Total of $165 Million
Overall, Cashrewards returned between AUD 252.28 million and AUD 458.70 million in cashback to members. This considerable sum provided tangible savings for millions of Australians while enhancing brand loyalty for participating retailers.
Charitable Contributions and Social Impact
Indeed, Cashrewards’ most enduring legacy may be its philanthropy. The company donated over AUD 3.82 million to the Starlight Foundation, helping more than 64,000 sick children and their families. As the first Pledge 1% business to list on ASX, it matched 1% of all cash rewards, close account withdrawals, and charitable donations.
Conclusion – Cashrewards Closing
The sudden closure of Cashrewards marks the end of an era for Australian shoppers who relied on the platform for substantial savings. Throughout its 11-year journey, the cashback service undoubtedly transformed how Australians approached online shopping, generating billions in sales for retailers while returning millions to consumers. Nevertheless, the abrupt shutdown, likely linked to ANZ Bank’s broader corporate restructuring, has left users scrambling to secure their accumulated rewards before the December deadline.
Former members must act quickly to withdraw their funds, with the final opportunity closing on 12 December 2025. After this date, all unclaimed cashback will become inaccessible. Additionally, gift card holders should download their stored vouchers before 24 October to avoid losing access to these purchases.
Despite its unfortunate end, the Cashrewards app leaves behind a remarkable legacy that extends beyond mere financial transactions. The platform not only created a viable economic model benefiting both consumers and retailers but also demonstrated how businesses could integrate philanthropy into their core operations. Their AUD 3.82 million contribution to the Starlight Foundation helped tens of thousands of sick children and families across Australia.
The closure certainly highlights the volatile nature of digital services, even those with substantial user bases and seemingly successful business models. Though Cashrewards has disappeared from the Australian retail landscape, its impact on shopping habits and expectations regarding customer rewards programmes will likely endure for years to come.
Why did Cashrewards suddenly shut down its operations?
Cashrewards closed abruptly due to a corporate restructuring by ANZ Bank, which owns the company through its venture capital arm. The closure came after an internal review where Cashrewards apparently failed to meet financial expectations.
How long do Cashrewards users have to withdraw their funds?
Users have until 12 December 2025 to claim their remaining cashback. After this date, all unclaimed funds will become inaccessible.
What should I do with my gift cards stored in the Cashrewards wallet?
You should download any stored gift cards before 24 October 2025. After this date, they will no longer be accessible through the platform.
How much cashback did Cashrewards return to its users over the years?
Throughout its operation, Cashrewards returned between AUD 252.28 million and AUD 458.70 million in cashback to its members.
What charitable contributions did Cashrewards make during its operation?
Cashrewards donated over AUD 3.82 million to the Starlight Foundation, helping more than 64,000 sick children and their families. As a Pledge 1% business, it also matched 1% of all account withdrawals as charitable donations.