Standard Bank to launch something similar to Ebucks? 09 June

isie

isie

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So got an email yesterday saying:
On 9 June we will reveal a new innovation that will make banking with Standard Bank so much more rewarding.

Fortunately, you don't have to stand in line to get your hands on it, just keep your eyes peeled to see how we are making you count!
Click to expand...

I'm jumping to conclusions here but I'm guessing its a reward program like FNB's Ebucks.
 
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ghostbuster

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isie said:
So got an email yesterday saying:


I'm jumping to conclusions here but I'm guessing its a reward program like FNB's Ebucks.
Click to expand...

ITs the new rewards programme n it will hit the press tomorrow.

From what u see it looks v good without ebucks complexity
 
akescpt

akescpt

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They need to do something. I'm spending the money. Why not go somewhere where there are additional benefits!
 
ToxicBunny

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Parts of the program look good, but some of it definitely isn't.
 
Hamster

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Took em long enough. I've been hearing about this program for almost two years now and actually forgot about it.
 
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MKFrost

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Check the small print.....

The percentages they advertise are based on tier points which are calculated on a monthly basis. If you do not fall within the top tier you can forget about even getting close to the percentages advertised.

Take for example the claim of R1 per liter on petrol. Sounds pretty awesome... I use around 300 liters a month so I should be getting around R300 per month back.

If I'm on the bottom tier however I will only be getting back around R9 as you only get back 0.25%. Its only on the very top tier where you will see R1 per liter.

I have not looked at it in detail but guess its only the top 5 or so percent who will get into that tier. And the fact that it is calculated monthly means even fewer will ever get there.

In my opinion just another rewards program consisting of more smoke and mirrors than any real value. You can do far better yourself by just shopping wisely.
 
Other Pineapple Smurf

Other Pineapple Smurf

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akescpt said:
They need to do something. I'm spending the money. Why not go somewhere where there are additional benefits!
Click to expand...

After a decade I've given Standard Bank the fat middle finger. They could not offer me a good rate for my car, went Nedabnk, could not offer me a decent bond rate, went FNB. Don't offer me decent bank fees, went Capitec.

With the exception of an old credit card I'm still paying off but not using, I don't use Standard Bank and lately I've stopped hating banks.
 
Hamster

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ghostbuster said:
ITs the new rewards programme n it will hit the press tomorrow.

From what u see it looks v good without ebucks complexity
Click to expand...

eBucks is indeed complex but even for a g like me who doesn't understand it completely I still manage to get a lot of eBucks back every month.

It's not how complicated it is, it's how rewarding it is. A rewards program is hardly a reason to switch banks anyway - you take what that bank gives you.

Besides, if you REALLY want a VERY REWARDING easy to understand bank the go to Capitec. You can't really beat R5 pm (or whatever it is atm).
 
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MKFrost

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Hamster said:
e...Besides, if you REALLY want a VERY REWARDING easy to understand bank the go to Capitec. You can't really beat R5 pm (or whatever it is atm).
Click to expand...

Could not agree more. My monthly saving in service fees are about double what I ever earned in e-bucks at FNB. The switch to Capitec was one of the best 'banking' moves I ever made. Only now realise how FNB ripped me off on service fees.

That's why I say, if a bank is really honest about helping the consumer why don't they just drop their rates????

But that will never happen, you see, the banks are not paying anything for this rewards program. They are not rewarding you. The suppliers are paying all the way and indirectly you are paying your own rewards as the supplier have it all priced in. And the banks, well they are just taking more from you in another indirect way and making you feel good about it....

How do they do this??? By 'forcing' you to use more of their services in order to qualify for more rewards....

So in short - The supplier increases their prices to compensate for the rewards. You as the consumer pay the increased price. Part is passed to the bank (after they already took their normal service fees from the supplier) and they then give you a little of the increased income. So indirectly you are paying your own rewards and feeling GOOD about it.

Well done SB, you are now starting to think like a real bank...
 
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noxibox

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MKFrost said:
Check the small print.....

The percentages they advertise are based on tier points which are calculated on a monthly basis. If you do not fall within the top tier you can forget about even getting close to the percentages advertised.
Click to expand...
The same is basically true of FNB.

isie said:
being cheap here but 20 bucks a month , isn't ebucks free?
Click to expand...
No.
 
isie

isie

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So logged on now to check my 'Reward'

A whole R5.30 :D

considering the rewards for a week (8 -15 June) not sure exactly what to make of that since dont think i bought allot of stuff that week
 
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