Debts push loyalty rewards program to brink - shall go and claim our rewards now?

Lsquashy on 29/09/2013 - 21:12

One of Australia's largest loyalty programs is on the brink of collapse potentially leaving more than 700,000 customers and some of the nation's biggest companies, including Myer, iSelect, Hoyts and GE Money, in limbo.

The Lifestyle Rewards program is facing insolvency proceedings over its failure to pay the Australian Taxation Office a $536,000 debt, with the company's director Edward ''Eddie'' Malkoun also under serious financial pressure from mounting debts.

Read more: http://www.smh.com.au/business/debts-push-loyalty-rewards-pr…

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Should I be worried about the hard earned Myer points that I have?

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Comments

  • cloudy on 29/09/2013 - 21:24

    I couldn't imagine myer, a large publicly listed company with nearly all initial shareholders having a myer one card, let their promised rewards fail. So, nar, don't worry.

  • mskeggs on 29/09/2013 - 21:30
    +1

    I wouldn't be so sanguine. If the exposure is too high, I doubt Myer etc. would eat the loss.
    Much more likely they would make a statement how disappointed they are that their valued customers have been let down by this company, and how Myer will do everything it can to help, except honour the points at face value.
    If I had a sizable point balance I would be trading them for giftcards or whatever ASAP.

    • cloudy on 30/09/2013 - 12:37

      if thats the case, grab ur rewards card and spend it all on goods so you know you wont lose ur points. :)

  • [Deactivated] on 29/09/2013 - 21:56

    I ended up in Club Lifestyle through ISelect. According to the article listed above, this is tied into the same company mentioned.

    I used the group to buy 4 discounted gift cards last year and had problems with every transaction. They took double their promised time to send the gift cards and sent one of them to the wrong address. Luckily the person who received the card sent it back via the australia post return to sender option. I saved $20 all up but it wasn't worth it in the end and I stopped ordering cards from them. I'm glad I did now.

  • RockyRaccoon on 30/09/2013 - 06:46
    +1

    I think - and I maybe wrong - that Myer's involvement here is not their myer one program, its that they supply Giftcards to Lifestyle rewards, like pointscrazy mentions.

    Where Eddie talks about his involvement with Myer one program its probably at best, he might have supplied the software or some of the IP to develop their program, to Myer (although on their website Myer appears to claim direct copyright to the program)

    Or he has used his association with Myer in a looser term than you have interpreted, in that he might have been involved in brokering the external relationship with other vendors and Myerone. Eg Relationships where you get points on Myerone at a servo or travel agency.

    Obviously worth watching but until it plays out we wont have specifics. Looking at his website its fairly outdated and a number of the links to more info dont work.

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