Westpac Introduces Cashback for Fuel Gift Cards Amid Rising Prices
In response to soaring petrol and diesel prices, Westpac is offering customers the chance to earn "instant cashback" on Ampol fuel gift cards, potentially saving them approximately 13 cents per litre. This initiative comes as many Australians are feeling the pinch of high fuel costs, exacerbated by ongoing conflict in the Middle East.
Westpac has launched a 6% cashback promotion on the purchase of Ampol digital gift cards, valid until May 24, with amounts ranging from $25 to $1,000. Carolyn McCann, the bank’s CEO for consumer banking, acknowledged the challenges faced by households in budgeting due to the unpredictability of fuel prices. She noted that fuel represents an essential expense, and the volatility can complicate financial planning for many families.
McCann stated, "When prices fluctuate, it complicates household budgeting," further emphasising that the cashback offer serves as a practical solution for managing everyday expenses. Currently, customers in Sydney can expect to benefit from approximately 13 cents per litre in savings due to the cashback offer.
Recent data from Westpac highlights that customers spent $163.4 million on fuel last week, reflecting a 3.8% decline compared to the previous week, following a more significant drop of 17.9% the week before. This decrease suggests that changes in fuel excise are easing the financial burden on households. However, despite this trend, total spending remains elevated, showing a 16.2% increase year-on-year, with the average transaction now at $59.21, rising by 2.9% week-on-week.
To take advantage of the cashback offer, customers must purchase fuel gift cards through the Westpac Lounge on ShopBack or the Westpac Rewards Hub, with a limit of one transaction per customer each week. Those opting for the maximum $1,000 gift card stand to save up to $60 in total fuel costs.
As households continue to seek ways to manage rising living expenses, Westpac’s initiative is expected to provide much-needed relief for customers at the petrol pump.
