Most say points feel like free money - yet nearly 6 in 10 have collected them without knowing their value
The promise of a reward is costing some Australians more at the checkout, with AMP Bank GO’s national research finding more than one in four (27%) have spent more than planned because of rewards.
Nearly two-thirds (62%) say points feel like “free money” or value, while 58% have collected them without knowing what they are worth.
The national research found that rewards programs have led a quarter of Australians to buy sooner than planned, 17% to buy something they otherwise would not have bought, and 14% to choose a more expensive option.
The findings suggest Australians may need to look beyond the promise of points and focus on what they’re really costing.
Sean O'Malley, AMP Bank Group Executive, said rewards can offer genuine value, but consumers should consider what they're spending to earn them.
“Australians clearly love points, but it's important to look at the whole equation.
"If you're spending more, paying a higher price or passing up a better deal elsewhere, those costs belong in the calculation.
"The simplest question consumers can ask is: would I still buy this, at this price, without the points?
"If the answer is no, the reward may not be as valuable as it first appears."
Young Australians most influenced
The pull of rewards is strongest among younger Australians. For Gen Z, those aged 18–29:
- Almost 2 in 5 (39%) have bought something sooner than planned because of rewards
- More than 1 in 3 (35%) have spent more than planned
- 3 in 10 have chosen a more expensive option
- Almost a quarter (24%) have stayed with a provider despite a better deal elsewhere.
Yet two-thirds (67%) of this age group have collected points without knowing their value, and nearly three-quarters (73%) say points feel like free money or value.
Millennials (aged 30–45), were the most likely of the four age groups surveyed to say rewards had made them spend more than planned, at 38%.
Sean O’Malley added:
“When budgets are tight, the prospect of getting something back is appealing.
“Rewards can deliver real value on purchases you already planned to make. Whatever the offer, the question should be the same: does this leave me better off?”
Three questions to ask before chasing points
1. What are the points actually worth?
Look at their value when redeemed for something you would genuinely use.
2. What will it cost to earn them?
Consider additional spending, fees, higher prices or a better deal you may be giving up.
3. Would you make the same purchase without the points?
If not, the reward may be influencing you to spend money you otherwise would have kept.
About the research
AMP Bank GO commissioned research of 1,000 Australians, conducted by independent research company Dynata in September 2026.
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.