It used to be that the Everyday Money points program was much better than Fly Buys but as of last November, Woolworths made the rewards program a little tighter, changed the conversion rate of the points to make it 16% more expensive to redeem points for shopping cards. Back in 2009, we posted about how good the Everyday Money credit card program was. At that time, you needed to earn 3,448 points to redeem a $20 gift card which was 0.58% return on your normal expenditure (excluding bonus points etc).
Now it takes 4,000 points to get a $20 gift card and the tricky thing is, many websites like this one may have you believe that the old conversion rate still applies (I'll be changing the 2009 post after this).
If you don't buy woolworths select products you need to spend $4000 to get a $20 gift card which is a pay back rate of 0.5% which is less than the Qantas Frequent Flyer rate of roughly 0.7%.
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