Bank fuel rewards programmes compared

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Grubscrew

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The top tiers are like the people who get their money back when investing in ponzi scheme. The banks need them to dupe the bottom 99.8% with these faux rewards.

Not saying the rewards are ponzi scheme.
 
Speedster

Speedster

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Grubscrew said:
The top tiers are like the people who get their money back when investing in ponzi scheme. The banks need them to dupe the bottom 99.8% with these faux rewards.

Not saying the rewards are ponzi scheme.
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How does eBucks, for example, dupe anyone? There is no fee to join.
 
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Grubscrew

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Speedster said:
How does eBucks, for example, dupe anyone? There is no fee to join.
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In short, the pittance that is in the reward for the consumer is the lure to allow the big corporates to make mega bucks from that customer. Either by locking the customer in to their bank environment and pushing him to take up all the banks products so that they can qualify for the maximum rewards.

Eg, the maximum I could have gotten from 2 tanks of petrol from ABSA is ~R1200. I rarely use more than 2 tanks a month. But then I had to have home loan etc with them. But I choose to have a home loan with another bank. The difference between what ABSA and the other Bank with regards to interest rate is alot more than the R1200...

Also I don't like to be limited in my choice of service stations to use to qualify for the rewards.

Opportunity cost.
 
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mugikhan

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Grubscrew said:
In short, the pittance that is in the reward for the consumer is the lure to allow the big corporates to make mega bucks from that customer. Either by locking the customer in to their bank environment and pushing him to take up all the banks products so that they can qualify for the maximum rewards.

Eg, the maximum I could have gotten from 2 tanks of petrol from ABSA is ~R1200. I rarely use more than 2 tanks a month. But then I had to have home loan etc with them. But I choose to have a home loan with another bank. The difference between what ABSA and the other Bank with regards to interest rate is alot more than the R1200...

Also I don't like to be limited in my choice of service stations to use to qualify for the rewards.

Opportunity cost.
Click to expand...

If a bank or anyone for that matter pushes a customer to get loans or any other product and you can’t use critical thinking to know what’s better for you. Then it is on you as the customer.

As always you are free to move banks at any point in time.
 
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Grubscrew

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mugikhan said:
If a bank or anyone for that matter pushes a customer to get loans or any other product and you can’t use critical thinking to know what’s better for you. Then it is on you as the customer.

As always you are free to move banks at any point in time.
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Indeed, not the banks fault the customer is dumb.
 
Park@82

Park@82

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Absa limits the amount that you can get back to a mediocre amount.

"You will only earn cash rewards on the first R3 000 (three thousand rand) that you spend at Sasol."

So even if you are on tier 4 and your use your credit card you can only get up to R195 back.

Unless I'm missing something?
 
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Solver

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I know the conversation is limited to fuel rewards, but overall top tier rewards incl say grocery spend cash back all adds up. Cumulatively I'm getting +R25k cash back per annum, which counts quite a bit (to me at least)
 
Tman*

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Grubscrew said:
In short, the pittance that is in the reward for the consumer is the lure to allow the big corporates to make mega bucks from that customer. Either by locking the customer in to their bank environment and pushing him to take up all the banks products so that they can qualify for the maximum rewards.

Eg, the maximum I could have gotten from 2 tanks of petrol from ABSA is ~R1200. I rarely use more than 2 tanks a month. But then I had to have home loan etc with them. But I choose to have a home loan with another bank. The difference between what ABSA and the other Bank with regards to interest rate is alot more than the R1200...

Also I don't like to be limited in my choice of service stations to use to qualify for the rewards.

Opportunity cost.
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Maximize rewards means you win. Not the "big corporations"
 
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cr@zydude

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Jan said:
Big petrol price hike coming — These banks have the best fuel rewards

Several of South Africa's major banks offer rewards schemes that enable their customers to earn back some of their spending on fuel every month.

These initiatives can provide some relief for motorists who have been hammered by rising petrol and diesel costs in 2022.
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Capitec also gives credit card holders 1% back on all purchases. While it isn't fuel specific it doubles the reward at current prices.
 
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Grubscrew

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Solver said:
I know the conversation is limited to fuel rewards, but overall top tier rewards incl say grocery spend cash back all adds up. Cumulatively I'm getting +R25k cash back per annum, which counts quite a bit (to me at least)
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If it works for it works for you, but less than 99% of reward participants are reaching similar value as you.
 
RudderVator

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Speedster said:
Which you'd pay at any other bank too
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Do you?
Maybe when the thing is balanced out the 20c capitec guys get back is actually better…:ROFL:

Absa Rewards it doesnt really matter what level of card you have. Just how many products you have with them. Insurance, Car Loan etc.
 
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