Kinesis has launched the Metalback program

Kinesis has launched the Metalback program

Kinesis Metalback program provides users with the unique opportunity to earn up to 10% Metalback – paid in physical gold – on everyday purchases from over 6,000 leading retailers worldwide.

Through the Metalback hub on the Kinesis platform, users can explore thousands of exclusive savings from global brands such as Apple, Gucci, Lacoste, Ralph Lauren, Samsung, Sony, and many more. Metalback is accessible to users across the United States, United Kingdom, Asia, Europe, the Middle East, and Australia & Oceania.

Features & benefits of Metalback

- Get up to 10% Metalback every time you make online purchases.
- Earn gold deposited into your Kinesis account.
- No fees on your Metalback purchases.
- Pay with your regular card or select from a wide range of payment methods.
- Earn extra gold and silver with a Kinesis card through the Velocity Yield.
- Over 6,000 brands offering exclusive savings.
- Shop across 24 categories, from travel and luxury to entertainment and more.
- Free to join – sign up & verify your Kinesis account to access the Metalback hub.

Check out the full company news article here:

Kinesis Launches Metalback | Kinesis

Offering up to 10% in gold on everyday purchases from over 6,000 retailers worldwide.

kinesis.money

 

[Uchiki]

I received my first MetalBack today

I also received my first Metalback on Wednesday.
This was earlier than I was expecting. Just under 5 weeks.
Email title was Metalback Summary.



Although I was sure that cookies were enabled for kms.kinesis.money and the merchant (a requirement for the transaction to be tracked), I didn't receive a "Metalback pending" email confirmation after the purchase. Support were made aware of this.

Nevertheless, the transaction did go forward and I received some worthwhile gold shavings for stuff that I would have bought anyway.
The amount is relatively high compared to the spend, but was a fixed reward amount for signing up for an online account and making a minimum purchase of £25.
Of course, the same amount will also have gone to the fee pool.

There is no ongoing opportunity for further Metalback with this merchant, but great personally to have a first Metalback transaction closed off.
Even though it's a one off reward, it should also be a good one to recommend to those in the UK to start their Metalback journey.

• Based on my experience, not too long to wait for the Metalback.
• Everyone should be able to find £25 worth of goods to buy in a supermarket.
• The main requirement is that you don't already have an online account with them.
• At the minimum spend, the payout % is quite high.

 

[Troglodytes]

I also received my first Metalback on Wednesday.
This was earlier than I was expecting. Just under 5 weeks.
Email title was Metalback Summary.

View attachment 7469

Although I was sure that cookies were enabled for kms.kinesis.money and the merchant (a requirement for the transaction to be tracked), I didn't receive a "Metalback pending" email confirmation after the purchase. Support were made aware of this.

Nevertheless, the transaction did go forward and I received some worthwhile gold shavings for stuff that I would have bought anyway.
The amount is relatively high compared to the spend, but was a fixed reward amount for signing up for an online account and making a minimum purchase of £25.
Of course, the same amount will also have gone to the fee pool.

There is no ongoing opportunity for further Metalback with this merchant, but great personally to have a first Metalback transaction closed off.
Even though it's a one off reward, it should also be a good one to recommend to those in the UK to start their Metalback journey.

• Based on my experience, not too long to wait for the Metalback.
• Everyone should be able to find £25 worth of goods to buy in a supermarket.
• The main requirement is that you don't already have an online account with them.
• At the minimum spend, the payout % is quite high.

That's pretty awesome to get $2.94 worth of gold for a £25.52 spent (even for a one off). Too bad I don't have a Morrissons near me.

 

[MrLombaard]

How would you handle the metalback transaction in cointracking for UK?

 

[Uchiki]

How would you handle the metalback transaction in cointracking for UK?

My understanding is that it's treated as a discount on a purchase and is therefore not taxable as Income.

The Metalback is funded by the merchant and is part of your purchase amount, so this makes sense to me.
It's just facilitated by third parties with the resulting time delay rather than them giving you the discount directly at the time of purchase.

 

[Uchiki]

How would you handle the metalback transaction in cointracking for UK?

This is the best HMRC reference I could find:

7. In general, ordinary retail customers purchasing goods, investments or services at arm’s length will not be liable to Income or Capital Gains Tax in respect of any commission, discounts or cashbacks received by them.

Statement of Practice 4 (1997)

www.gov.uk

That covers off the Income tax side for me.
I think that statement envisages cashback in terms of GBP.
Because the Metalback is in KAU, you could think of the GBP value having purchased KAU at the time of receipt.

Having received the non-taxable income in KAU, I would expect this to subsequently be included in any Capital Gains calculation, which Cointracking should do automatically. You could therefore either make a capital gain or loss on your Metalback when/if it's spent/sold.

 

[Alexgeo]

When making a purchase and the retailer confirms the order etc, do you get a separate email for the metalback?

 

[Gary L]

When making a purchase and the retailer confirms the order etc, do you get a separate email for the metalback?

You get an email confirmation from the retailer immediately, but this is for the product and doesn't include MetalBack.
Any time, from minutes to days later, a rewardengine email will arrive with MetalBack details and estimated reward.
Finally, an email arrives up to 150 days later from Kinesis with actual MetalBack reward details and this can be seen in.transactions in KMS.

 

[Alexgeo]

Thanks. Waiting the email from the rewards engine then about the metalback.

 

[Gary L]

Thanks. Waiting the email from the rewards engine then about the metalback.

No problems! I'm also waiting on one too. I type rewardengine@rewardengine.com in the email search to keep up to date.

 

[Alexgeo]

Metalback is so great! The MFP will grow exponentially.

No problems! I'm also waiting on one too. I type rewardengine@rewardengine.com in the email search to keep up to date.

 

[Gary L]

Metalback is so great! The MFP will grow exponentially.

I'm already at about 0.65KAU pending and the same pending to the MFP. The card usage will generate about 1 KAU per month with my wife and I spending our cards on normal bills. 15-20 KAU per year seems doable without changing spending habits, just changing where we shop and the cards. Additionally, over 10 KAU would likely go straight into the MFP and this is just one regular family. Kinesis Partners are going to love this if they get 20% of MFP contributions.

 

[Alexgeo]

And with the new VDC you will get also cash back on top - so great!

And as you said that is just by one family/person. Imagine thousands and millions using it. People are already using the metalback!

Exciting times ahead.

I'm already at about 0.65KAU pending and the same pending to the MFP. The card usage will generate about 1 KAU per month with my wife and I spending our cards on normal bills. 15-20 KAU per year seems doable without changing spending habits, just changing where we shop and the cards. Additionally, over 10 KAU would likely go straight into the MFP and this is just one regular family. Kinesis Partners are going to love this if they get 20% of MFP contributions.

 

[Uchiki]

Thanks. Waiting the email from the rewards engine then about the metalback.

In my case, I haven't had any rewardengine emails yet, but have received my first Metalback as detailed in post #141 above, so the rewardengine email isn't a prerequisite for receiving the Metalback.
However, it's a nice confirmation that things are in progress.
Hopefully just some early stage creases to iron out...

 

[Alexgeo]

In my case, I haven't had any rewardengine emails yet, but have received my first Metalback as detailed in post #141 above, so the rewardengine email isn't a prerequisite for receiving the Metalback.
However, it's a nice confirmation that things are in progress.
Hopefully just some early stage creases to iron out...

Maybe yes. As long as the metalback keeps on coming!

 

[s5072]

In my case, I haven't had any rewardengine emails yet, but have received my first Metalback as detailed in post #141 above, so the rewardengine email isn't a prerequisite for receiving the Metalback.
However, it's a nice confirmation that things are in progress.
Hopefully just some early stage creases to iron out...

Same here, no confirmation email after purchase but pleasantly surprised when metalback appeared last week with an email, $0.22 in KAU for some socks from sockshop!

 

[Tino_Germany]

My metalback worked ( Germany / H&M )

My question: where can I track the money pool online where all Metalback refunds go into?

 

[SteveW]

Using the web app the master fee pool, MFP, is on the yields tab,

 

[Gary L]

My metalback worked ( Germany / H&M )

My question: where can I track the money pool online where all Metalback refunds go into?

I’ve used about 15 MetalBack merchant purchases and only received one lot of KAU, the rest still pending. When talking to my account executive the other day, he said that he could see all of my purchases and that he thought many had already been paid to me. I told him only one had.

The account execs obviously have access to software which better tracks the payments. On one hand, I was thinking that it would be great for clients to have this sort of access and on the other hand, if the account executive has trouble interpreting where the point of payment processing is up to, maybe there would be too much confusion being caused to be available for retail users, at the moment. I guess a retail friendly UI is in the works.

 

[Gary L]

My second MetalBack payment arrived. No email but comes up in recent transactions on the KMS. My daughter loves her headphones and I love my KAU back. The MFP loves its KAU from the merchant. The merchant’s happy too. Win, win, win and win.

 

[Lozion]

Sennheiser? Nice, from which store?