Banks reward you, their customer, by letting you earn rewards on your daily purchases. A comparison of all the benefits of each bank’s rewards programme is shown below. Please note that “eligible purchases” exclude all cash withdrawals, electronic transfers and payments, casino chip purchases, foreign exchange purchases, bank fees, garage card purchases and certain other criteria that differ for each bank.
Monthly/Annual Membership Fees:
|Free if your FNB cheque card qualifies (see criteria here) or if you register with an FNB credit card there is an annual fee of R200||R179 Annual Fee||R21pm||R20 PM or R240 Annual Fee|
How To Earn Rewards:
|You need to swipe your qualifying FNB cheque account or FNB credit card for eligible purchases. Double points are earned for purchases at eBuck’s partner’s (see them here).||Swipe your linked Nedbank cheque or credit card to pay for eligible purchases. Earn double points if you use your Greenbacks American Express credit card or cheque card.||Swipe your Absa debit, cheque or credit card to pay for eligible purchases to earn cash rewards||Swipe your Standard Bank personal debit, cheque or credit card to pay for eligible purchases.|
Can Business Accounts Qualify?
Are there different tier Levels where customers earn different amount of reward points for eligible purchases:
|There are 5 levels and they are based on the amount of eBucks rewards points earned in the previous 12 months||No, every Greenbacks reward member earns the same amount of rewards but if you have an American express credit card, you earn double points.||There are 3 tier levels and they are based on how many Absa banking products you use||There are 4 tier levels and they are based on your banking activity and how many standard Bank products you use|
The amount of rewards points you can earn:
|Every R1 of eligible spend earned is 10 eBucks||One Greenback point is earned for every R5 eligible spend||By simply swiping for purchases you can earn 0,25% (tier 1), 0,5% (tier 2) or 1% (tier 3) back in cash rewards, however Absa has a significant list of rewards partners with different amounts of rewards, see them here||
Purchasing groceries at any Pick n pay, Makro, SPAR, Woolworths, Checkers and Checkers hyper can earn you between 0% (tier 1) – 10% (tier 4) back in rewards points
Every Litre of fuel purchased at all Caltex Forecourts will earn you between 25 cents and R1 back in rewards, based on your tier level. Please note this offer is only available until 15 July 2014.
Get between 0,25% (tier 1)- 1,5% (tier 4) back in rewards points for all other everyday purchases
Earn up to 5% (rewards points differ per partner) back on purchases from Tiger Wheel and Tyre, Coricroft, Makro, Incredible Connection, Clicks and Altech Netstar.
What you can do with your rewards:
|Visit the eBucks online Shop to see what goods and services you can spend your eBucks rewards on.
eBucks members can also qualify for discounts of up to 40% on flights, shopping vouchers, movies, gadgets and many more..
|Visit the Nedbank Greenback Online shop to see what you can buy with your rewards||Because your rewards are earned in cash you can choose whether your rewards are paid into your bank account or if you would like to convert them into points to be used to shop at Absa partner shops, donate to charity or if you would like the cash transferred into an Absa Moneybuilder account. For more Info on redeeming your cash rewards please call 0861 788 888||Visit the UCount Rewards Online Mall to view how you can spend your rewards|
Bank fee calculator
Banking rewards info:
Banking rewards are there to try and reward your loyalty to your bank. Although you might see great benefits from these programmes, you must be aware of the monthly fee (this fee is payable if you make use of the rewards programme or not).
Another reason banks offer rewards to their customers is that they are trying to instill good banking habits in you, we will elaborate this point with the use of an example.. As we are moving more and more towards a pure electronic banking system, whereby currency is now digital (simply think of how the need to carry around physical cash is becoming more and more unnecessary) the need for branches to handle cash transactions is also slowly but surely going to become a thing of the past. Every year banks spend billions on the maintenance of these branches, staff costs and transport of currency to and from these branches, but with a pure electronic banking system these costs simply don't exist as everything is automated. This reason is why banks reward you for only using electronic means (swiping for eligible purchases and using internet banking) because the cost of you transacting this way is next to nothing.
It is not just the banks that prefer you to only transact electronically, it is also much cheaper for you, as all electronic bank transactions are included in your monthly fee meaning that if you become habitual about always swiping for purchases and making use of internet banking, you will save money on transaction fees associated with withdrawing/depositing cash as well as earn rewards points that you can use to buy goods and services..