Do your bank’s rewards pass the ‘value test’?

4 September 2017: Rewards in banking have become part and parcel of the ‘value package’ that consumers expect from their banks.

“Rewards are taking on a new paradigm; our customers are getting savvier about how to get real value from the brands they support. It’s imperative that by creating tailored programmes, we allow our customers to engage with us, especially during tough economic times,” says Johan Moolman, CEO eBucks Rewards.

On paper, it seems as though consumers are spoilt for choice when it comes to rewards programmes offered by banks, but according to Khathu Ramoliko, Head of FNB Gold, you need to scrutinise whether the rewards you get on your bank account pass the ‘value test’.

“There’s no better time than the present to test whether your bank’s rewards offer you real value. Currently, most consumers are faced with diminishing disposable income and need to ensure that every rand goes a long way. In times like these, the value you get from your rewards programmes could be the difference between being stuck on the side of the road with no fuel or getting a full tank of fuel by simply banking the right way,” he says.

Khathu says ask yourself the following questions to test whether the rewards you get on your bank account offer real value:

  • Do you pay a joining fee for the rewards programme? While some rewards programmes are free to join for qualifying customers, some banks charge you a fee to join their rewards programme which is counterintuitive as one could ask whether it is really a rewards programme if you have to pay for it.

Khathu says FNB Gold customers enjoy FREE membership to eBucks Rewards which they can use for fuel, shopping, data/airtime and travel.

  • Do the rewards expire? Rewards that expire put consumers under unnecessary pressure because you are always racing against time. For many customers, the ability to extract value from their bank rewards on a frequent basis is a crucial part of household monthly budgeting. However, it’s even better when you are able to monitor them via a banking app like FNB customers, without incurring data charges.
  • Do you get further discounts at rewards partners? The purpose of being part of a rewards programme is to maximise the benefits, therefore, a programme that allows you to use your rewards across a number categories such as groceries and transportation is much more beneficial. FNB Gold customers have access to over 40 online and instore partners where they can access great deals as well as benefit from discounts (up to 40%, based on their reward level) on promoted vouchers and products on the eBucks Shop. They are also given an eBucks card they can use to purchase goods at official partners.
  • Are the rewards easy to understand, and can you easily change behaviour in order to earn more rewards?
    It’s easier to extract value when a rewards programme is aligned to your banking behaviour. For example, FNB Gold has made it easier for its customers qualify for eBucks rewards and move up the reward levels. The rewards programme for FNB Gold customers is linked to normal banking behaviour and the rules are structured to assist a customer to bank in a more efficient way. FNB Gold customers can maximise their rewards by making sure they deposit their salary in their bank account, make use of the FNB Banking App to perform transactions, use their FNB credit card for all their card purchases and making use of FNB as their primary bank for in terms for their loans, savings and insurance needs.
  • How much have you received and can your rewards offset your banking fees? This is the ultimate ‘value test’ for a rewards programme. The bottom line is that you must be able to quantify the amount of value you’re getting. If you have been with the same bank and continue to make use of their rewards programme, use your budgeting time to strictly scrutinise the rand value of what you’ve been getting back. After doing all the right things, a value-packed rewards programme should accumulate enough rewards or value to offset what you pay in fees.

Khathu says this is a possibility for FNB Gold customers who follow the eBucks Rewards programmes to the letter. He says the earning potential far exceeds the R105 bundled monthly account fee that customer pay.

FNB Gold customers are among millions of FNB customers who benefit from making their money go further every month with eBucks Rewards.

Khathu says they continue to encourage customers to take advantage of this free benefit. “Customers who are taking full advantage of this benefit are always surprised of how valuable it is, especially now because times are increasingly getting tougher for consumers. Even though interest rates have decreased, budgets remain very tight so consumers need every bit of help they can get,” concludes Khathu.

For more information contact:

Dumezulu Shiburi– FNB Corporate Communications

Tel: 087 328 0990 or Email:

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