We introduced MaxRewards Gold in December 2020. Since then, tens of thousands of members have become Gold subscribers. We crunched the numbers, and we made a few key insights:
Prior to MaxRewards Gold, the average lifetime savings from offers was just $23
Slightly more than a third of new subscribers use an offer on their first month and earned $46 in cash back, on average
By the first year, 97% of active subscribers have used an offer, and the average savings from just cash back offers was $295 (this figure does not include offers that earn more points or miles)
Gold members earn about 40% more in rewards than non-Gold members in their first year
In context to how offers work, this data makes perfect sense.
Most people are not actively using their offers prior to MaxRewards Gold. We've noticed that after we start activating offers, the relevance and value of offers go up. We see this in the percentage of people that use an offer and the average savings from offers over time.
Based on these insights, we believe that by offering a monthly plan, we are doing a disservice to our members by not properly setting expectations. While we cannot guarantee a Gold subscriber will use an offer in their first month, we are very confident that they will use enough offers in their first year to earn back the annual price several times over.
Therefore, starting June 29th, we will be offering only annual-billing for MaxRewards Gold. The minimum annual price will remain at $7/month, charged once for whole year ($84). We will also be adding a 7 day free trial to give members a chance to experience MaxRewards Gold risk free.
We know members have questions around this transition, and we've compiled a FAQ here.