A new rewards scheme at 450 Aussie petrol stations gives motorists 20% cashback in the form of cryptocurrency actually traded on exchanges.
Sydney startup Incent is offering a fairly decent introductory deal at United Petrol to get users to sign up for its rewards scheme.
All you have to do is join their loyalty program, hook up your bank account and you’ll get 20% back on all fuel purchases at United Petrol.
The cash back is in the form of INCNT – a loyalty program crypto that is purchased off the open market.
That’s about $20 back on a tank
At today’s price per litre of $1.60.4, it costs around $96.24 to fill up a tank with 60 litres.
You’d get around $19.25 worth of INCNT back, which is currently trading for around 15 cents US on LiveCoin, Bittrex, Tidex and Waves.
Incent also has deals at H&M and Pizza Hut (3% cashback) and Ticketmaster (2%).
It’s one of a new breed of loyalty programs that give users something useful like crypto (see also Rewards4U, or TravelbyBit, which rewards users with Bitcoin), rather than points that expire or come with so many limitations, they’re barely worth owning.
You can sell it straight away
“Giving consumers something of real value rather than points that can expire or only be redeemed under strict conditions is one of Incent’s key differences,” explains CEO Rob Wilson.
“But it’s also what goes on under the bonnet that makes it truly compelling. Once a user has synced their bank account, rewards are issued automatically.
“There are no plastic cards to remember and no friction for the customer or business. Consumers can literally save as they spend, seamlessly.”
The fine print
It’s worth looking into carefully though, as they seem to be pushing paid memberships after your 30 day free trial to “maximise” rewards.
So if you’re not going to use the program a lot, you may not come out ahead.