CHILE · RETAIL
Key Facts
- —The country Chile, in South America, is home to Falabella, one of Latin America’s largest retail groups.
- —Why it matters Falabella’s points tie its stores, bank and shoppers together, so rule changes shape spending.
- —Why now Fpuntos began 14 September, Cencosud has announced changes too, and earnings land 10 November.
- —What happened Falabella renamed CMR Puntos as Fpuntos; each point is worth CLP 1 (about US$0.001) when spent.
- —The numbers 12 million clients in Chile; a CMR card earns 1 point for every CLP 150 (about US$0.15).
- —What it means for you Investors see Falabella’s loyalty engine; Elite cardholders earn from triple points.
- —Still open Whether richer earn rates lift sales or squeeze margins shows in 10 November earnings.
- —Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 63.6 points (October 2026 edition).
The Falabella rewards plan, renamed Fpuntos on 14 September 2026, now serves 12 million clients in Chile, the company says. Each point is worth CLP 1 (about US$0.001) when spent, and card holders earn points faster than under the old CMR Puntos scheme.
For US readers the story is about how a Chilean retailer with its own bank and shopping malls keeps customers close, which feeds the sales and card income that investors follow. Falabella’s newsroom puts its net profit at US$497 million so far in 2026, up 17.9% from the first half of 2025.
Rival Cencosud and Latam Airlines have also changed their loyalty rules, The Clinic reports, so points are in play across Chilean business. This report sets out the Falabella rules, the money they imply and what to watch before earnings on 10 November.
In Plain English
- Loyalty programme: points a shop or bank gives you for spending, which you can spend later like a small discount.
- Fpuntos: Falabella’s new name for its points, where one point is worth CLP 1 (about US$0.001) when spent.
- CMR card: Falabella’s store credit card, issued by Banco Falabella, in Classic, Premium and Elite versions.
- Cencosud: Chile’s other big retailer, owner of Jumbo supermarkets and the Paris and Easy stores.
- Exchange rate: all US$ values here use the Banco Central de Chile observed rate of CLP 986.58 per US$ on 23 October 2026.
What Changed in the Falabella Rewards Plan
Falabella confirmed on 11 September that CMR Puntos would become Fpuntos on Monday 14 September, and redemptions were switched off the weekend before, The Clinic reported at the time. The group’s newsroom says each Fpunto equals CLP 1 (about US$0.001) and that four categories, Standard, Classic, Premium and Elite, depend on the payment method.
CMR cardholders now earn from 1 Fpunto for every CLP 150 (about US$0.15) spent in Falabella group shops and partner shops, against 1 for every CLP 200 (about US$0.20) in the old programme, Banco Falabella’s programme page says. That is one third more points for the same spending by our arithmetic, though the page does not say what a point was worth before.
Premium cardholders can double their points and Elite cardholders at least triple them, and the heaviest users can reach five times the base rate, the newsroom says. Falabella also lists a wide range of redemptions and events across the group and more than 100 partner shops.
What Each Point Earns
The list below turns the published earn rates into a rough share of spending, using the stated CLP 1 per point. It is our arithmetic, and the Classic, Premium, Elite and no-card rates come from The Clinic’s review of 23 October.
Earn Rates at Falabella Group and Partner Shops
- CMR Classic: 1 point per CLP 150 (about US$0.15), roughly 0.67% of spending back.
- CMR Premium: 2 points per CLP 150 (about US$0.15), roughly 1.33%.
- CMR Elite: from 3 points per CLP 150 (about US$0.15), roughly 2.0% or more.
- Banco Falabella debit card: 1 point per CLP 500 (about US$0.51), roughly 0.2%, or per CLP 1,500 (about US$1.52) at other shops.
- No card, Chilean tax ID only: 1 point per CLP 750 (about US$0.76), roughly 0.13%.
Outside group and partner shops, a CMR Classic card earns 1 point per CLP 300 (about US$0.30), with Premium and Elite multiplying that, The Clinic says. The real worth of a point still depends on what it buys at redemption.
Fee Cuts for Heavy Card Users
Banco Falabella says CMR cardholders who collect more than 80,000 Fpuntos (about US$81) or spend more than CLP 6.6 million (about US$6,690) in a calendar year pay half of the card’s administration cost. Above 220,000 Fpuntos (about US$223) or CLP 18 million (about US$18,245) of spending, that cost falls to zero.
Customers who held a category by December 2025 keep it until December 2026, and those who reach one by December 2026 keep it through 2027, the same page says. Customers without a points-based category get one that depends on the card they hold.
For investors, the fee waivers are card income that Falabella gives up for its heaviest spenders. The third quarter, which ends 30 September, covers only 17 days of the new scheme, so the 10 November earnings will be an early look at best.
Cencosud and Latam Also Changed Rules
Cencosud, owner of the Jumbo supermarkets and the Paris and Easy stores, now gives 1 point for every CLP 150 (about US$0.15), against 1 for every CLP 300 (about US$0.30) before, The Clinic reported on 23 October. It also cut the minimum redemption from 6,000 to 2,000 points and says anyone can earn without a bank card, while the price of a redemption stays the same.
Latam Airlines will move elite members of its Latam Pass programme to automatic requests for free cabin upgrades from April 2027, so they no longer ask flight by flight, The Clinic said. The airline puts the programme at more than 57 million members and says they received more than 760,000 courtesy upgrades in 2025.
Each change is a separate company decision announced on its own date. We rely on Falabella’s own pages for its rules and on The Clinic for Cencosud and Latam, which we could not confirm on their own sites.
What It Means for You
Investors in Falabella shares or bonds can read the plan as a bet that richer points keep customers spending across its stores, bank and malls. Fitch Ratings raised the group’s international rating to BBB from BBB- with a stable outlook on 14 October, which our earlier report on the Fitch upgrade covers.
The Clinic says shoppers without a CMR card can still earn by giving their RUT, the Chilean tax ID, though at a lower rate. The sources do not say whether foreign visitors without a RUT can earn, so tourists should ask at the till before counting on points.
Our Falabella company profile tracks the group’s businesses and results, and our guide Who Dominates Chile, Elites and Regions Explained covers the wider business world. Shoppers comparing offers before the sales season can also read our Black Friday in Latin America 2026 guide.
What Is Not Known
Falabella’s pages do not say how much a CMR Puntos point was worth before 14 September, so the true gain from the new CLP 1 value cannot be calculated. Headlines from BioBioChile and Diario El Día on 13 August said the consumer agency Sernac had sent Falabella a formal request about the earlier changes, but we could not open the agency’s own statement.
It is not known how many of the 12 million clients are active or how many points are outstanding. No figure for the cost of the richer earn rates has been published.
We could not open the Cencosud or Latam pages, so their rules rest on The Clinic’s account of what the companies told it. Falabella lists its third-quarter earnings release for 10 November 2026 and a call for 12 November.
Frequently Asked Questions
What is Fpuntos?
Fpuntos is the name of Falabella’s loyalty programme, which replaced CMR Puntos on 14 September 2026. Each point is worth CLP 1 (about US$0.001) when spent.
How many clients does the Falabella rewards plan have?
Falabella says it has 12 million clients in Chile, up 65% in five years. The figure is the company’s own and does not say how many are active.
How fast do CMR cardholders earn points?
CMR cardholders earn from 1 Fpunto per CLP 150 (about US$0.15) at group shops and partners. Premium cardholders earn double and Elite cardholders at least triple.
Did Cencosud change its points too?
Yes, Cencosud told The Clinic it now gives 1 point per CLP 150 (about US$0.15) instead of 1 per CLP 300 (about US$0.30). Its minimum redemption fell from 6,000 to 2,000 points.
When are the next Falabella results?
Falabella lists its third-quarter earnings release for 10 November 2026 and an earnings call for 12 November. That quarter covers only 17 days of the new programme.
What does it mean for US readers?
It shows how a large Chilean retailer uses points to keep shoppers across its stores and bank, which investors in the group follow. The 10 November results are the next check.
Sources: Grupo Falabella newsroom, 16 September 2026; Banco Falabella, Fpuntos programme page; Grupo Falabella newsroom, 15 October 2026; Grupo Falabella investor calendar; The Clinic, 23 October 2026; The Clinic, 11 September 2026; Banco Central de Chile, observed dollar, 23 October 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error