FNB eBucks changes delayed — what to expect
FNB has delayed its annual eBucks Rewards adjustments by a month.
The bank typically implements changes for the popular rewards programme alongside its fee updates in July of each year.
However, this year the new eBucks rules will only come into effect from August 2023.
These changes will be announced on 30 June 2023, FNB eBucks CEO Johan Moolman has confirmed.
During a media call on Wednesday, Moolman said that minimal adjustments had been made to the programme and explained that the bank was busy finalising its agreements with eBucks partners for the coming year.
While little is known outside the few changes Moolman alluded to, FNB said the programme had been simplified to make it easier for more customers to qualify and progress through Reward Levels.
“Approximately 140,000 additional customers with FNB Easy Smart and FNB Aspire accounts will be eligible for eBucks Rewards, in addition to the about 3 million members who currently participate in the programme,” the bank stated.
With the changes it implemented last year, FNB said around 500,000 more customers could earn eBucks.
The only other confirmed change is that FNB Easy PAYU grocery vouchers will increase from R15 to R20.
The bank said about two million customers had benefited from these vouchers since they were first introduced.
Massive payouts increase with R2 extra fuel rewards
FNB also shared more details about how eBucks has grown and how its clients used their allocations.
“Since its inception, eBucks has paid out over R19.2 billion and has an average earn-to-spend ratio of 95%, with most customers spending their eBucks within 30 days,” the bank said.
From 2020, FNB allowed customers to use eBucks to pay their bank fees. R92 million’s worth of eBucks has been used for this purpose.
In 2022, FNB responded to substantial fuel price hikes by giving customers additional fuel and grocery rewards.
That included an extra R2 in eBucks for every litre of fuel refilled at an Engen station, regardless of their eBucks Reward Level.
This was in effect between July and December 2022.
The bank said this initiative saw it paying out roughly R26 million more in eBucks for fuel purchases over the six months the benefit was in effect. That was around 104% higher than usual.
Based on the R2 per litre reward, customers had bought roughly 13 million litres of fuel. That would be enough to fill up about 288,889 cars.
In addition, it increased the amount of eBucks customers could get when shopping from Checkers stores between October and December 2022.
That resulted in a 33% increase in eBucks payouts for grocery expenditure.
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