More Than launches cashback scheme
More Than Rewards offers the insurer’s customers cashback at hundreds of stores – but it will take a cut of the money if you don’t renew your policy.
Insurer More Than has launched a new cashback scheme offering home, pet and car insurance customers money back on purchases at selected high street and household brands, including Tesco, Morrisons, and Just Eat.
More Than customers can sign up by visiting the More Than Rewards website and creating an account. They can then use the Rewards website or mobile app to click through to a retailer’s site to gain a cashback reward for their purchases.
Customers can also connect their credit or debit card to their Rewards account to earn cashback on spending with retailers such as Byron Hamburgers and Jack Wills.
When the time comes to renew their insurance policy, the cashback customers have earned will be paid into their bank account, giving them the option to either put it towards the cost of their new policy or spend it elsewhere.
However, customers who don’t renew their insurance policy will be charged a £35 administration fee to access their cashback. More Than said the fee is to cover the cost of the scheme.
There is no limit on the amount of cashback that can be earned – More Than expects the average shopper to earn around £300 cashback per year by using the service.
Kenny Leitch, global connected insurance director at More Than, said: “We’re proud to be the first insurer to offer a cashback scheme for our customers, helping them save money to pay for their insurance. As the scheme gives unlimited cashback some customers could even make money from it if they earn more than the cost of their renewal.”
“More Than staff have been testing the scheme and one of our employees racked up more than £600 in five months. We know that managing finances, while juggling family life, can be difficult so we’ve worked to make the scheme as simple as possible, allowing customers to earn as they spend by linking their account to their credit or debit card.”