Reached platinum status on Grab? Is the Grab app one of your most frequently opened apps in your smartphone? If you do, you should probably pay attention to these new Grab Reward scheme changes which will commence on 2 March 2020:
New Standardised GrabRewards Point System
At the moment, different forms of transactions will earn you different GrabRewards Points — not anymore in the future.
From 2 March 2020 onwards, points will be based on every dollar you spend, regardless of the category of your spending. Additionally, only GrabPay and GrabPay MasterCard can earn you GrabRewards.
Yup, earning GrabRewards just got harder!
That being said, if you make the switch from paying in cash to GrabPay, you can earn up to 4 times more points than before.
No More Preferential Redemption Rates
Platinum members had all the perks when it comes to GrabRewards with a lower cost of redemption. With the new revamp, all tiers will get the same redemption rates. Whether you’re a platinum member of just a regular member, vouchers will be redeemed at the same rate, with no preferential treatment.
Spend More to Unlock Membership Tier
Here’s a comparison of the old rate and the new rate.
Currently, every $1 you spend with GrabPay will give you 10 points. Getting a Silver membership tier will cost you about $60.
With the new rate, however, you’ll need to spend $150 in order to earn yourself a Silver membership — that’s a whopping 1.5 times more than the previous rate!
More Opportunities to Earn Points
It’s not all just bad news, though. Grab has introduced new ways for users to earn points through completing challenges. In the app, you can access a range of challenges. Once you’ve chosen to accept these challenges, you’ll be able to earn rewards and vouchers.
In the beginning of 2020, Grab also unrolled flash sales where users can enjoy discount vouchers on a range of goods and services. Seeing that Grab is getting creative with the ways users can earn rewards, it’s likely you’ll see more of these flash sales popping up in your app in the future.
With these new terms and conditions, platinum members are going to get hit the most. With no more preferential redemption rates and increased costs in maintaining platinum status, it’s probably bad news for Grab’s most regular consumers. Levelling up in membership tiers will also cost more with the new revamp.
While there are new opportunities to earn points, the overall cost of redeeming vouchers and rewards will definitely increase. The best way to deal with this? Make full use of the current reward structure while it lasts!