Nedbank Greenbacks

B

Bilaal687

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Hi, All was seeing a thread wasn't created on Nedbank Greenbacks So I did start One :)
 
Last time I checked it sucked. It was something in the line of spend R100K and get R3K back. Please don't quote me on that statement but the rewards was bad.
 
Insint said:
Last time I checked it sucked. It was something in the line of spend R100K and get R3K back. Please don't quote me on that statement but the rewards was bad.
Click to expand...
Rewards did change drastically, much easier
 
Maybe start with some basic Q&A in your OP (also in the ABSA and uCount threads if there is one). This will help making the comparison to eB easier.

How many greenbacks = R1?
What's the easiest way to earn them?
Where's the best places to spend them to get the most value?
What's the best things to spend them on to get the most value?
Etc.
 
Once a year I change all my Greenbacks into cash (there is a cash/debit Shop card you get). This allows me to splash out on Xmas food and extra pressies :)
 
roadcat said:
Once a year I change all my Greenbacks into cash (there is a cash/debit Shop card you get). This allows me to splash out on Xmas food and extra pressies :)
Click to expand...

What possessed you to bank with Nedbank?
 
Mike Hoxbig said:
Maybe start with some basic Q&A in your OP (also in the ABSA and uCount threads if there is one). This will help making the comparison to eB easier.

How many greenbacks = R1?
What's the easiest way to earn them?
Where's the best places to spend them to get the most value?
What's the best things to spend them on to get the most value?
Etc.
Click to expand...
I couldn't seem to find one hence the thread lol
 
In Greenbacks: 36GB = R1

Any Amex card: R10 earns 4GB
Thus, Amex gives you 40% back in GB, which roughly equals to 1.111% back in ZAR
Unlimited eligible spend, per month.

Non-Amex credit card: R10 earns 2GB
So, that means 20% back in GB, which equals to roughly 0.555% back in ZAR
R10000 eligible spend, per month.

Using your non-Amex cheque card: R10 earns 1GB
So, 10% back in GB, which is roughly 0.277% back in ZAR
R5000 eligible spend, per month.

Allocation happens within a couple of days. However, it does seem they only allocate Greenbacks PER R5, so your ZAR value must be rounded down to the closest R5. You can spend your GB at any shop that accepts Amex, or you can withdraw it cash (at a fee).
 
hawker said:
What possessed you to bank with Nedbank?
Click to expand...

They gave me the best homeloan rate at the time, I was with FNB before. This was 20 years ago, never had a problem with them since.
And I forgot, the greenbacks are now paid automatically into the Shop card now, as you earn them. My wife has the card hence I didn't remember :)
 
So I eventually signed up for GB after years of being with Nedbank and while it is not the best program I have seen it is better than nothing. I swipe the amex card wherever it is accepted and where not the normal cheque card. We typically get about R100 to R150 per month back. Keep in mind to join greenbacks you pay R20 per month.

Hence it mostly is worth it although it kinda just covers my bank fees for the most part. Not the main reason I am with Nedbank (my bond is) but getting any money back is not bad. I am just saving them up for now and then will probably stick them in the unit trust as you effectively get a 20% discount on the cost of unit trust units bought so its the best way to spend them. You can also just use it as cash via their card but I have not bothered to get the card. The few times I checked the items on their shop the prices where OK if not great and hence not worth it as for most purchases you can shop around for a special and get it a fair bit cheaper than on the GB shop.
 
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