We wanted to keep you informed with regards to the planned changes coming to the way that your Digital Subscription Rebates and Spend Rewards are distributed.
Previously, we shared that the updated rules would be effective as of 1st November. Due to various moving parts, this roll-out is now paused until further notice.
That means – the HI Spend Rewards you earn on your transactions will continue to go to your Flexible wallet until the next update.
As we continue to expand and welcome new members – we’re constantly evaluating the way in which we’re generating value for our community.
Since inception, hi’s mission has been to provide value back to the community who helped build it. Unfortunately, there are certain bad actors who are abusing the $HI rewards system, causing downward pressure on the $HI token price.
As such, we’d like to inform you of important changes coming in App Update slated for the first week of November. These changes are being implemented to better protect the $HI price, the hi Spend Rewards program and our members against instances of fraud.
In order to safeguard our community’s shared interest in the sustainable growth and success of our platform and token, we’re making changes to the way that Spend Rewards and Digital Subscription Rebates are credited to your account.
As of 1 November 2023, the following changes will be implemented:
- The legacy system of inactive and active rewards will be archived.
- The Rewards wallet will now hold rewards earned from Spend Rewards from Card transactions and Digital Subscription Rebates
- Any Spend Rewards and Rebates accumulated during the month will be credited instantly to the Rewards wallet and released to the Flexible wallet within 30-60 days
- This is to prevent abuse of our rewards system and account for refunds and clawbacks
Scenario - Spend Rewards
- Member pays 50 EUR on January 15th and is entitled to a 5% cashback
- Instantly, the accumulated rewards are credited to the Rewards wallet
- To account for any refunds or unsettled transactions, the rewards will continue to remain in the Rewards wallet until the end of the following month – in this case, the end of February
- Rewards start to release over the course of the subsequent month i.e. March
- At this stage, the accumulated rewards will transfer to the Flexible wallet, available for you to withdraw
The new rewards system will apply to transactions starting 1 Nov 2023.
As soon as you make a transaction with your hi Card, the Spend Rewards you earn will be instantly credited to your Rewards wallet. The accumulated rewards are held in your Rewards wallet until the end of the following month, in this case 30th December, and will start to be released over the course of the subsequent month i.e. January.
Make a formal complaint here
Stay tuned for an AMA!
We’ll be announcing a date for an AMA very soon to answer your additional questions. Stay tuned!