Steve of MoneyBacoCo wrote on the OzBargain Forums,

We’ve finished! The website upgrade.

Additionally we’ve reduced the cashout fee from 2.7% to just 20c, and you can now choose a direct bank transfer rather than being limited to just PayPal, you can add a bank account and change your “Payment to” in your preferences (see the top of the page when you’re logged in) and don’t worry, we use a secure connection (https) so your details are safe.

Great stuff. Just in case you are not aware, OzBargain is currently in partnership with MoneyBackCo to deliver affiliation commission back to the community, and you should hopefully see more integration between two sites in the coming months.

Just a few things that I feel that I need to clarify. MoneyBackCo charges two fees — a $10 per year membership and 20 cent withdrawal fee. You only pay the membership fee if you earn more than $10 per year on moneyback, which is quite easy (a $1,599 MacBook from Apple would get you $43.20 moneyback for example). However MoneyBackCo does offer one of the best moneyback rate out there — 100% back from affiliation network. (I used to say that MBC gives THE BEST rate but Cashloop whom I reviewed here is now also on 100%).

Another thing that I think that wasn’t explained clear in all moneyback/cashback sites is, the percentage moneyback applies to ex-GST amount. I guess what is government’s still belongs to government, and the merchants themselves are only receiving the ex-GST amount in the transaction. The data coming back from the affiliation network also does not include the GST. That means:

• A 3% cashback from Apple is acutally 2.73%.
• A 6% cashback from OO.com.au is actually 5.45%.

Because it is 3%/6% moneyback over the 90.9% (ex-GST) of the total amount of the transaction. Not sure how it works in other parts of the world, but at least in Australia, we are stuck with it.