From cash back rewards to discounts, vouchers and free flights there are an ever increasing number of rewards programs that financial services providers and retailers are coming out with to keep their client base happy and loyal.
If you own a credit, cheque or debit card than chances are that your provider has some form of rewards program that you’re already a part of.
In this article we’re going to delve into some of South Africa’s leading and most rewarding credit, debit and cheque account rewards programs to help you figure out which would be best for you.
Some of South Africa’s leading rewards programmes:
- Nedbank Greenbacks Rewards Programme
- FNB’s eBucks Rewards Programme
- Standard Bank’s UCount Rewards Programme
- Absa’s Cash Back Rewards Programme
Do I really get something out of my bank’s rewards programme?
Whether or not you actually benefit from the rewards programme that you’re a part of will depend on the programme as well as your spending habits.
If you tend to stick to certain retailers for instance Dis-Chem or Clicks and Woolworths, it would make sense for you to earn rewards when shopping at these places but this should not be the deciding factor on which bank to use.
As a general rule, always choose a bank that offers you banking services and products that meet your needs and are convenient rather than choosing a bank with the hopes of earning rewards points.
Get to know you bank’s rewards programme
In order for you to benefit from the rewards programme offered by your bank you need to make sure you get to know the programme well. You can do this by visiting your bank’s website and going through the rewards programme section.
What to take note of about your bank’s rewards programme
- Where and how rewards points and cash backs are earned
- How points can be spent
- Pay particular attention to which petrol station your bank has partnered up with
- Maximum spend that will qualify for rewards
- The cash back rates
- If you need to apply for a physical card and how to do so
- Keep an eye out for special offers and promotions such as periods during which you can earn double points
Earn cash back rewards for your regular spending with Absa
If you have any Absa transactional account or credit card you will automatically earn cash back rewards when you use your card. Some of their primary partners include Sasol, Pick n Pay Woolworths and Spar where you can earn up to 20% cash back.
Absa’s cash back tiers & rates
- Tier 1 offers 0.15% cash back on debit cards and 0.20% on credit cards
- Tier 2 offers 0.45% cash back on debit cards and 0.65% on credit cards
- Tier 3 offers 0.50% on debit cards and 1.25% on credit cards
- Tier 4 offers 1.5% on debit cards and 6.55 on credit cards
- Tier 5 offers 4.50% on debit cards and 20% on credit cards
FNB’s eBucks explained
FNB’s eBucks are certainly already one South Africa’s favorite rewards programs with multiple ways to both earn and spend points. You can earn eBucks with any qualifying FNB or RMB bank account and there are different tiers, depending on how much you spend.
Which FNB accounts offer eBucks?
- FNB Easy Account
- FNB Gold Account
- FNB Premier Account
- FNB Private Clients Account
- FNB Private Wealth
- RMB Private Bank
Where you can earn eBucks
- At Checkers and Shoprite
- By filling up at any Engen
- At any partner retailer including Dis-Chem, Makro and Supa Quick
How to spend your eBucks
Once you get your eBucks card you can use it to make purchases just like you would with your debit or credit card at many in-store and online partners including Checkers, Shoprite, Dis-Chem, Makro, HiFi Corp and Takealot, to name but a few.
How Standard Bank’s UCount Rewards Programme works
Standard Bank offers rewards points for all qualifying purchases made on any personal (cheque or debit), savings or credit card account that you have with them. Purchases can be made by swiping instore or online and by filling up at Caltex or any partner retailers with up to 1.25% back. You can also earn up to 5% from any partner retials which include KFC, Musica, Showmax, Samsung and Clicks to name a few.
Spending your UCount rewards points
You can spend your UCount rewards at the UCount Online Mall which allows you to make purchases from HiFi Corp, Hirsch’s, Incredible Connection, Makro, Net Florist, Wine of the Month Club and Zando.
The UCount Rewards Travel Mall
The Travel Mall allows you to use your points to purchase flight tickets and rent cars or book hotels online. The Online Mall allows you to make quick, easy and secure purchases for your next holiday from the comfort of your own home.
Nedbank Greenbacks Rewards Programme
You can earn Greenbacks when you make any qualifying purchases on your Nedbank cheque, credit or American Express card. With the Nedbank credit card and Nedbank cheque card you can only earn rewards on spending up to R5,000 for cheque cards and R10,000 for credit cards.
How much Greenbacks you earn per Rand
- You will earn 2 Greenbacks for every R10 you spend on your Nedbank credit card
- You will earn 1 Greenback for every R10 you spend on your cheque card
- You will earn 4 Greenbacks for every R10 you spend on you American Express card
Spending your Nedbank Greenbacks
Nedbank are unique in that they encourage you to put your earned rewards to constructive use. From making donations to investing in unit trusts, Nedbank are the leaders when it comes to offering a range of smart spending options to their customers.
In addition to the investing and donation options you can also book flights, rent cars, fill up you tank, shop online and even draw your money using your Greenbacks SHOP card.