Making the most of eBucks

HIGHER REWARD LEVELS: FNB CUSTOMERS MUST MEET DIFFERENT QUALIFYING REQUIREMENTS

Four payments, transfers, or purchases in a month equals 2 000 points on most accounts.

Maximising your reward level on FNB’s eBucks programme translates into a significant increase in eBucks earned.

eBucks is available on all FNB accounts from Gold upwards. To earn eBucks, clients must meet different qualifying requirements.

For instance, on FNB Premier, one needs a monthly deposit of at least R16 500, or to maintain a monthly balance of at least R50 000 (or R10 000 plus R50 000 in a savings and investment account if you’re a pensioner). All your FNB accounts must be in good standing, and you must use the app (or any electronic channel if you are over 60) at least once a month.

Changes in behaviour earn reward points. Doing at least four payments, transfers, or purchases a month, for example, equals 2 000 points on the Premier, Private Clients and Private Wealth accounts.

Points are earned for various products, balances or behaviour. On Premier, be- tween 7000 and 9999 translate to reward level three; 10000 to 11999 reward level four; and over 12000 points reward level five.

Your reward rates on spend during the subsequent month are then determined by your reward level. On spending at partner Checkers, or Shoprite, these vary from 1% (reward level one) to 5% on level three to 15% on level five.

Using the reward caps on FNB Premier, and calculating the maximum possible eBucks to be earned on reward levels three, four, and five, shows the difference between a slightly engaged customer and one adapted to take advantage of the earn rules can easily be 200%.

On conventional spend habits (excluding FNB Connect,

Life and forex), an engaged client on reward level five can earn up to eB11 680 (R1 168) in a month at typical rates (versus maximum eB3 628 on reward level three).

An engaged client will generally earn significantly more back in eBucks rewards than the amount paid in bank fees.

Earn rates on Premier cheque cards are flat at 0.25% of spend, with applicable monthly limits of R10 000 and R2 500, respectively, apply. On cheque cards, no eBucks are earned for purchases above these amounts. On credit cards, or Fusion accounts, earn rates are higher.

Hilton Tarrant works at YFM