That satisfying ding when you scan your rewards card. The little thrill of watching points accumulate. The smug satisfaction of using miles for a "free" flight. Sound familiar?

We're all players in the massive loyalty program game—whether we're collecting coffee stamps, airline miles, or cashback percentages. But here's the million-point question: Who's really winning?

Is that loyalty card in your wallet a golden ticket to genuine value, or are you just a willing participant in the most sophisticated customer retention scheme ever devised?

Steve Hui, founder of iFLYflat, explains the psychology behind those irresistible point systems, the real mathematics of "free" rewards, and the critical difference between programs that genuinely reward customers versus those that incentivise loyalty more than deliver true benefit.

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The Business Of podcast is brought to you by the University of New South Wales Business School, produced with Deadset Studios.

This episode is hosted by Dr Juliet Bourke, with insights from Professor Barney Tan.

The transcript and show notes can be found on our website here.

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