Money Magazine Article on The Rewards Team
Friday, 11 April 2008
The April edition of Money Magazine has an article featuring The Rewards Team and our Mortgage Rewards program. Money Magazine mentioned in their November 2007 issue that finding a "loan with rewards" is the 5th most important step to reducing your mortgage costs. Here at The Rewards Team we like to deliver, and believe we have created the leading mortgage reward program in the country.
I encourage everybody to read this article and make up their own mind. We would enjoy hearing your feedback and I think that Money Magazine could also benefit from your opinions.
Response from CEO Martin Kidd
Did the consumers really get the correct message from this article?
Whilst I am thrilled to see The Rewards Team receive national attention, I am at the same time disappointed and concerned that Money Magazine chose to include a number of negative and incorrect statements in the article. These statements relate to our mortgage rewards program and also to the independent brokers who use our system.
Did the consumers really get the correct message from this article, and has the story assisted those who could save money by using our system? I think not! It is unfortunate that Money Magazine chose to present such a negative overtone to their article and did not take the opportunity to correctly inform consumers and let them make up their own minds.
I have personally offered my assistance and time to inform and educate the relevant staff at Money Magazine as to how our program works and the benefits to consumers. I have made this offer on several occasions directly to the writer of the article. However the magazine chose to write this article with very little contact with us.
I continue to offer my time and resources to all involved with this article in an attempt to encourage them to understand our reward program and the benefits to consumers. I have responded to both the editor of Money Magazine and the writer of the article and have raised my concerns. I have asked for the right of reply and a response to my communications. So far the silence has been overwhelming.
In response to the article associating us with "soggy fries" and Mouse Traps I can only say the following to Money Magazine.
DISSAPOINTING! I THINK YOU CAN DO BETTER. THE CONSUMERS AND READERS DESERVE BETTER.
In response to the writer of the article stating again that they would prefer a discounted rate to reward points. The article clearly leaves the reader with the impression that consumers can have either a discounted rate OR rewards. We have provided the writer of the article with all the correct information relating to our rewards program. We have been very clear in our communications and have highlighted the fact that our reward program is achievable because of the participating brokers and does not affect the consumer's choice of loan, lender, or interest rate including discounts. The following example is the best response.
(Using the example of a $300,000 loan as displayed in the article in April it is stated that "a 0.7% discount on a $300,000 mortgage can save you over $33,000 dollars in interest" Great news.
What a shame the article did not mention that the same loan taken with a Rewards Team participating broker would have saved the consumer $68,000.
There are so many positive areas of The Rewards Team that could have been mentioned.
I hope the Money Magazine glass becomes half full soon.
I encourage everybody to read this article and make up their own mind. We would enjoy hearing your feedback and I think that Money Magazine could also benefit from your opinions.
Martin Kidd, CEO, The Rewards Team
11 April 2008