Sinbad
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Private wealth earn level 5 - 100% of smart device spend back, capped at R500pm
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Question of the Day: What is your non-negotiable item, device, or app for international travel?
Tips to Boost your eBucks
- Thread starter sdd
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Private wealth earn level 5 - 100% of smart device spend back, capped at R500pm
Don't quote me BUT I have been earning the online 5% rate on snapscan purchases.
Sideshow Bob
Honorary Master
Did you get 3396 ebucks as rewards for just fuel of one month? And does it mean approx 2200 rands of fuel then?
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biometrics
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Two cars?
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Sinbad
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Yes. That's only 2.2k of petrol.
Thanks, it looks like an online purchase on my statement. But I'm not inclined to do all the calculations to check.
then let me take it one step further
i basically gathered that i will earn that amount of ebucks as a minimum monthly, so i went ahead and maxed out my credit and overdraft and invested it.
Interest on the combined(135k) is +- R900 per month plus R200 account fee's plus the smart device for R149, and i still break even.
thus i am gaining interest at a nice healthy rate, and FNB is paying me for borrowing their cash
But what's your interest on the overdraft and credit card?
Neo_X
Expert Member
sorry i was out with my calculations (i'm expecting it to drop due to being moved to private clients with better interest rates on both loans)
January interest charged was 1267
February interest charged was 1135
It should vary a little due to salary and monthly transactions still happening on the accounts ,which fluctuates the balance.
Dropping the interest was about the only reason i agreed to the move over to Private clients - wanted to monitor the interest charged vs ebucks gained vs additional banking fee's for a month or two to see if a gain is noted
Earn on cheque card is half of earn on credit card
Tinuva
The Magician
Good luck earning ebucks without a credit card. There is a very good reason everyone tells you to use the credit card.
While on reward level 5 the earning is more on the credit card, it also helps to get you to level 5. Basically ebucks was changed in October 2014 to work on the 2 products combined, to help you get to the higher reward level, as well as making the earn rate higher on the credit card. It is one of those things, that if you actually want to make your time earning ebucks worth it, you just have to do it.
That said, your earn difference is 0%. Your earn is based on the product and reward level.
Have a look at this table: https://www.ebucks.com/web/eBucks/earn/earn-from-the-bank.jsp
The reason for using the credit card, is not because you earn more with it by directly using it, you earn more by getting points from using it, that helps you get to reward level 5.
I think you need to relook at how to make the best of ebucks 1st.
1. Make sure you get the right products from FNB.
That would be, based on your incoming 1st.
- If you get less than R32500 deposited into your account each month, don't look at private clients.
- If you get less than R21000 (I think) deposited into your account each more, don't look at platinum.
2. Make sure you get the same level for your cheque and credit card. Eg. both gold or both platinum. Don't mix it.
3. Next you need to make sure you can get to rewards level 5. This is done by various methods
- I have a R10 000 fixed deposit to get points for the investment
- I have a bond over R250 000 for more points
- Don't draw cash at an atm. I only use swipes. But if you on gold, you need to draw at least R100 a month from cash@till
- Get statements via email
- Have online banking
- Don't go in to a branch
- Use between 10% and 90% of you credit card limit, and pay it off each month.
ect.
4. Once you are at reward level 5, this is where you then have to maximise how much you earn.
- Buy groceries at Checkers instead of PnP/Woolworths/Makro/Spar/<insert grocery shop here>
- Use your card to pay for fuel
- If you have prepaid electricity, buy it via online/cellphone banking (but deduct from your cheque account to prevent interest)
- If you have prepaid cellphone, buy it via online/cellphone banking (but deduct from your cheque account to prevent interest)
- When you buy stuff, try to buy online instead of mortar shop (4% online earn vs 2% swiping earn on platinum)
- Pay your rates online, you in capetown so make use of www.paycity.co.za
- Try to put your budget in terms of:
-- 20% or less of spend on fuel
-- 30% or less of spend at checkers
-- 50% or more of spend online and swiping. Online better than swiping.
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SauRoNZA
Honorary Master
Firstly thanks for the details reply. I'm coming to this knowing absolutely nothing about eBucks which explains my ignorant questions.
I'll probably end up going for the Platinum option as Private banking is a little bit rich for my blood and I'm not leaving 100k in my account just to negate the charges.
I would assume this is a given? If you take a Platinum cheque account surely the credit card attached to it is the same?
Fixed Deposit I can do.
Bond is not an option right now, but will be in the next 4-5 years. I don't think it's economically viable to move it to FNB right now.
I draw a grand once a month which my wife and I share, so that will remain the same.
Statements via email is a given.
Going into a branch happens once in three years for me.
That should be easy enough to do, assuming that I set the limit?
Will read up on the levels now.
Neo_X
Expert Member
they have a point allocation for drawing more cash@ till than at ATM, thus drawing R600 at till and R400 at ATM should be ok.
drawing at till , especially big amounts, can be a slep sometimes + -5 minutes, but once a month wont hurt.
Tinuva
The Magician
I think that payment option is not available anymore, its legacy, so if you had it, you can keep it. New clients don't have that option anymore though I believe. You can double the pricing docs but fairly certain it was worked out last year's price review.SauRoNZA said:
You will be surprised how many got caught out by this. The thing is, the qualifications for Platinum CC and Platinum Cheque is slightly different, so its possible to end up with different coloured cards. Its a bigger hassle to fix this after the fact, than it is when signing up. Just keep on insisting at sign up time. I speak from experience with more than 1 acquaintance with this.SauRoNZA said:
Fair enough, each person have their own situation. I merely listed a few example of what I myself do, which works to keep my at level 5, because it is a month to month thing.SauRoNZA said:
As long as you do this with cash@till you will be fine to get these points.SauRoNZA said:
That is the idea yes. I know my usual monthly spend on my card, so the limit is 1.5x to 2x that. So imagine you spend 5000 each month, set the limit at 7500 or 10000. That way you leave room to spend less or more every month, and still easily stay within the 10-90% parameter. If you make it too close to your monthly spend, then you risk the chance of making a mistake and spend outside those parameters. Besides, you can change it online with online banking. If you increase they will do some checks before approving it, if you decrease it, it usually happens faster.SauRoNZA said:
I added some example in my previous post. For platinum you want to read this: https://www.ebucks.com/web/eBucks/earn/fnb-platinum-2014.jspSauRoNZA said:
There was an excel like sheet link back many pages in this thread to help you work out if you can get to level 5. Unfortunately even I don't know where to find that. Here is one on my google drive, make a copy of it or download it to edit:
https://docs.google.com/spreadsheets/d/1nuEG5dWRNCVg1SwyeyOUigPwsPEC3YFfzQJqLr7VpwM/edit?usp=sharing
With that you can work out what level you will be able to get to. I have since using that, somehow managed to get 20500 points every month on platinum.
SauRoNZA
Honorary Master
There was an excel like sheet link back many pages in this thread to help you work out if you can get to level 5. Unfortunately even I don't know where to find that. Here is one on my google drive, make a copy of it or download it to edit:
https://docs.google.com/spreadsheets/d/1nuEG5dWRNCVg1SwyeyOUigPwsPEC3YFfzQJqLr7VpwM/edit?usp=sharing
With that you can work out what level you will be able to get to. I have since using that, somehow managed to get 20500 points every month on platinum.
What a legend.
But according to that it seems much easier to just have a Gold account to get to Lv.5
Do they force you to upgrade if you get too much money into your accounts?
****
Oh but you get less back on a Gold account.
Tinuva
The Magician
It is definitely easier on gold.
They won't force you, they will merely say you qualify, and then it is up to you. You can say no.
You do get slightly less earning on swipes and online payments, but Checkers + Fuel + prepaid airtime + prepaid electricity is still the same. The only limitation on gold really is that you can't earn on a spend of more than R10000 a month I believe. With platinum that limit goes up to R20000 or something. If you spend more than R10000 a month on fuel + checkers + swipes + online payments ect then sure go for Platinum if you can get to reward level 5.
They won't force you, they will merely say you qualify, and then it is up to you. You can say no.
You do get slightly less earning on swipes and online payments, but Checkers + Fuel + prepaid airtime + prepaid electricity is still the same. The only limitation on gold really is that you can't earn on a spend of more than R10000 a month I believe. With platinum that limit goes up to R20000 or something. If you spend more than R10000 a month on fuel + checkers + swipes + online payments ect then sure go for Platinum if you can get to reward level 5.
then let me take it one step further
i basically gathered that i will earn that amount of ebucks as a minimum monthly, so i went ahead and maxed out my credit and overdraft and invested it.
Interest on the combined(135k) is +- R900 per month plus R200 account fee's plus the smart device for R149, and i still break even.
thus i am gaining interest at a nice healthy rate, and FNB is paying me for borrowing their cash
What do you mean with "max out my credit"? Don't you get charged interest from the date of the transaction if you transfer money out of your credit card?
Neo_X
Expert Member
yes - money was transferred to an investment. i figured, if the max interest paid is less than what i earn via ebucks, then its a win situation.
Eg if i invest the R1200 each month i pay on interest, versus the full capital amount of borrowing R100k, the investment growth is much more with the larger capital investment.
10 year examples - Satrix
R1200 per month = R391k
R100K once off = R569k
after tax it is 173k vs 328k, thus even repaying the 100k gives me a nice 55k profit. unless Zuma charges more tax :/
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RogueTr00per
Honorary Master
Gonna ask my banker to log my dispute for the R700 fuel paid at convenience store POS. eB1050 at stake here and I can see they shortchanged meBack on RL5 and looks like they sorted my petrol drama too already but i did get a mail back from "super service ebucks" telling me that would try sort it asap and seems like they did. Happy girl this month!!!
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