RedZed and pay.com.au launch market-first loyalty offering for self-employed borrowers

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Leading non-bank lender RedZed has announced a first-of-its-kind partnership with pay.com.au, introducing PayRewards to its loan borrowers.

Leading non-bank lender RedZed has announced a first-of-its-kind partnership with pay.com.au, introducing PayRewards to its loan borrowers.

Through the partnership, new and existing RedZed customers can opt in to earn PayRewards points on their loan. While an additional interest rate applies, there are no earning caps or minimum spend requirements. For a borrower with an average loan balance of $800,000 for the year, this equates to a maximum of 200,000 points, which can be redeemed for, say, long-haul flights, such as a return Economy flight with Virgin Australia from Melbourne to San Francisco.

The feature applies to RedZed’s home and commercial loan products. Points can be redeemed against business expenses and bills to protect cash flow, or transferred to 17 airline and hotel partners, including Qantas Business Rewards, Virgin Australia Business Flyer, and Singapore Airlines KrisFlyer.

“Managing cash flow is a top priority for self-employed Australians,” said Grant Austin, CEO of pay.com.au. “We’re excited to partner with RedZed to extend the benefits of our PayRewards ecosystem to their customers, giving them another opportunity to earn rewards from existing financial commitments that can be used for business expenses, everyday purchases or a well-earned holiday.”

In a competitive lending landscape where non-banks traditionally compete on interest rates, the partnership represents RedZed’s commitment to long-term customer value and coincides with its 20th anniversary.

“Our customers are small business owners who work incredibly hard to build something of their own, and we’re always looking for ways to give them more value and support them beyond the loan itself,” said Natalie Irvine, Chief Sales and Marketing Officer at RedZed.

“Our partnership with pay.com.au is another way we can reward our customers while continuing to do what RedZed has done for the past 20 years: back self-employed Australians and the businesses they’ve worked so hard to build.”

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