ASB launches Facebook rewards sequel, flips first effort on its head — UPDATED

ASB is on another crusade for Facebook likes, this time with a competition to push up the value of a True Rewards dollar prize pool and give it away. It’s the reverse of the bank’s earlier Facebook app, June’s Like Loan, that pushed home loan rates down.

ASB will increase the prize pool of True Rewards dollars, the reward it gives under its credit card loyalty scheme, as more people like the rewards app.

Like Rewards runs from 8am to 9pm for four consecutive Wednesdays from 27 November 2013, with the winner each week taking the lot. There are also four spot prizes of $500 worth of True Rewards vouchers.

“It’s the opposite of Like Loan where people clicked to lower mortgage rates. This time we want them to click to increase the total so people can win more,” says ASB’s general manager of marketing, Anna Curzon.

The competition terms say the prize draw amount will increase each time it is liked, until the draw closes, with the bank deciding the amount of each increase.

“The grand prize draw will be open on 27 November 2013 from 8.00am – 9.00pm, or until the maximum amount of True Rewards Dollars is reached, whichever comes first,” the terms say.

ASB wouldn’t reveal the maximum amount, saying “keep liking the page to see how far it can go”. It says the amount the pool increases with each like varies.

The first draw winner, Brendon B, received 6144.88 True Rewards dollars. Each TR dollar is the equivalent value of a New Zealand dollar.

Entrants don’t have to be ASB customers.

The bank celebrated the launch of the promotion by ‘planting’ giant yellow and white lollipops on Queen St in Auckland’s CBD. 

The lowest rate won under the Like Loan app was 1.15 percent, fixed for two years.

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