Another question - I’d like to know if the cash back offer will result in me being taxed for these rewards. Would it be considered income if it is part of a rewards programme?
For personal banking customers generally there will be no tax implications on receiving cash back. For business customers they will need to declare this as taxable income. If you are unsure where you fall with this, check with your accountant or financial advisor.
So this means that business customers are substantially worse off than they were earning AirPoint Dollars.
Will the cash back rate for credit cards and loans for existing business customers be higher to ensure that we are not worse off?
E.g. 2 million loan used to equal 2,000 Air Point Dollars per year, now it equals $1,340 per year.