The Rewards Ruckus: When Loyalty Programs Go Rogue Commonwealth Bank's (CBA) overhaul of its loyalty program has sparked outrage among Qantas Frequent Flyer points enthusiasts.
At first glance, CBA's new "Yello" scheme appears to reward customers for everyday banking activities by earning points on home loans, savings accounts, insurance, and cards.
However, the devil is in the details: CBA has struck a deal with Virgin's Velocity program offering more generous conversion rates for Yello points than Qantas Frequent Flyer.