Xindots Has Introduced A Rewards Program - Is It Any Good?
Xindots Rewards Program Review
Last week, I posted about yet another eWallet, Xindots.
I didn't intend to post again about them so quickly, but they just announced a new rewards program and it's not too complex, and probably reasonably easy to cover in a post in its current format.
Oh, a quick shout out before I forget - use the code "CATCH50" to get $0.50 off any order until March 6 (2 more days to use this). I believe this can be used more than once per account and could make your $1-1.50 drinks $0.50-1.
How many points will you earn?
$1 = 5 points.
You only earn on your net spend, so if you use a $2 voucher towards a $5 order and thus only pay $3 out of pocket, you'll earn $3 * 5 points = 15 points.
At this stage, I'm unsure as to how cents are treated - do they round up or down?
How much can X points get you?
At the time of writing, there are only 5 rewards. It's extremely easy to follow:
- $1 Voucher = 1000 points (1000pts/$)
- $2 Voucher = 1800 points (900pts/$) - or is it 1600 points? The website shows 1600 points, but the app shows 1800 points. I would assume the app is correct, because that is where the redemption must be made.
- $3 Voucher = 2700 points (900pts/$)
- $4 Voucher = 3600 points (900pts/$)
- $5 Voucher = 4500 points (900pts/$)
The $1 voucher could make sense if you only had enough points for the $1 voucher, but there is literally no incentive to purchase a voucher beyond $2.
$1 spent earns you 5 points, and you need 1000 points for a $1 voucher. This gives you a rate of return of 0.5% (i.e. every $1 you spend earns you 0.5 cents in "cashback"). This rate increases to 0.55% based on 900pts/$ required for the $2-5 Vouchers.
It's not clear as to how long the vouchers are valid for upon redemption.
The expiry is quite simple to follow, albeit a little short for my liking.
The points you earn are valid for between 3-6 months, depending on when within each period the points are earned.
It's not a particularly generous period of validity, but hey, I did say last week that I literally would have no incentive to use Xindots without promotions. This changes things, albeit only ever so slightly.
It's a pretty simplistic rewards system, but simplistic is not necessarily a bad thing.
At a maximum of 0.625% "return", it's nowhere near high enough to drive a change in my behaviour.
However - as Xindots have pointed out, "Look out for stalls or locations that have a higher multiplier and order from them to gain more points!"
At the time of writing, every single merchant
at Amoy Street Food Centre has at all locations have a multiplier of at least 10x. This makes your potential "cashback rate" (via the Rewards system) at least 5%. Yuan Chun Famous Lor Mee has a ridiculous high multiplier of 30x. They only sell one item at $6, which means each transaction earns you 900 points. That is 100 points short of the $1 voucher. Order twice, and that's enough for a $2 voucher with 200 points leftover.
Game changer? Somewhat. But there's definitely some uncertainty. How long is the multiplier valid for? Do the multipliers fluctuate on a daily basis? I certainly don't expect it to be permanent.
In any case, if the merchants retain a mutiplier of at least 10x, it probably would result in me changing my dining behaviour... especially at multipliers of 20x or more, i.e. 10% cashback or more.
In comparison to FavePay, I still prefer the cashback system they use, because it doesn't require you to accrue a set number of points before you are able to use the cashback. The expiry period with Fave is also not too dissimilar - which I believe is the end of the month 3 months from the time a transaction is made (ok, it's slightly shorter).
In conclusion, from an ongoing usage point of view, I think this looks like a step in the right direction. I still get the "start up" vibe from Xindots though, so it will be interesting to see how things pan out over the next few months.