New eBucks changes significantly

05 June 2018 | Innovation and technology

FNB has announced changes to its eBucks rewards programme, which includes making fuel rewards exclusive to Engen petrol stations, while also significantly reducing the maximum amount of eBucks ‘currency’ you are able to earn each month.

Announced last week (Friday 1 June), the new rewards structure will come into effect on 1 July 2018, when the bank’s new pricing structures kick in.

The eBucks Rewards programme celebrates a milestone of having paid out R10 billion to its members over the past 18-years.

FNB highlighted five main changes to eBucks rewards in 2017/18:

The amount of points required has been reduced per reward level for Premier, Private Clients, Private Wealth and RMB Private bank accounts which makes it easier for members to move up reward levels.

eBucks members can now earn up to R4 back in eBucks on every litre of fuel they buy at Engen petrol stations. Fuel earn is now exclusive to Engen and not other fuel stations.

Qualifying FNB Easy Account customers will earn R15 back in airtime across all networks if they spend on their Easy Debit Card at Checkers & Shoprite in a month (Bundled Pricing Option).

Gold Account members now earn eBucks on all cheque card purchases.

FNB Offers has been added to the programme to instantly reward customers for reaching banking milestones relevant to their banking profile.

However, members have also highlighted a few concerns – specifically how the qualifying spend caps have been significantly reduced – by more than half in some instances.

While FNB rewards customers for swiping their cards and purchasing fuel and airtime, the bank implements caps on various spending categories, meaning members can only earn a set amount of eBucks each month.

For the 2018/19 banking year, these caps have been reduced. Excluding forex transactions, the spending limits for Gold, Premier and Private banking have been reduced as follows:

Gold: from R31,000 in 2017, to R19,500 in 2018 (37% reduction);

Premier: from R47,500 in 2017 to R25,500 in 2018 (46% reduction);

Private: from R58,750 in 2017 to R35,000 in 2018 (40% reduction).

A more detailed breakdown on the changes is below.

Broadly, these are the spending categories for which FNB rewards eBucks:

In-store and online shopping
The amount on which you earn eBucks is limited to a total monthly rand spend (on qualifying swipes). After this limit, you only earn at a flat rate of 0.5% on your credit card.

Checkers and Shoprite
FNB customers can get eBucks from purchases made from Checkers and Shoprite (but not subsidiaries like MediRite Pharmacies or the Money Market), though the capped spend has been significantly reduced between 2017 and 2018 on all accounts.

Fuel and Uber
In 2017, qualifying FNB customers could have earned eBucks from filling up anywhere, and using Uber to get around. However, in 2018, FNB signed an exclusive agreement with Engen, making it the only fuel retailer where eBucks can be earned.

For Private clients, Gautrain purchases are included with the Uber cap.

FNB Connect
In 2017, FNB Connect customers could also be rewarded eBucks based on a maximum spend on contract or prepaid products. This remains unchanged in 2018. Premiums tied to smart contracts are not included.

FNB Life
Customers can earn eBucks based on the sum total of monthly premiums for all qualifying FNB Life policies (including Life Cover, Critical Illness Cover, Disability Cover, Debt-Linked Cover, Funeral Cover and Accidental Death Cover). Max caps have not changed between 2017 and 2018 on all accounts.

Forex
FNB customers also get eBucks for forex transactions through digital platforms. You only earn eBucks on transaction charges on FNB Forex inward and outward payments in a foreign currency (not South African rand).

You cannot earn eBucks on foreign notes, travellers’ cheques, foreign currency account (FCA) funding, customer foreign currency (CFC) account funding, cash passport, PayPal, MoneyGram or any other foreign exchange products.

FNB does not specify a maximum spend cap for this category, so it has been excluded in the tables below.

The tables below shows the changes to the limits and caps on Gold, Premier and Private accounts from 2017/18 and 2018/19.

Gold Account

Spending Category	2017/18 Cap	2018/19 Cap	Change
Purchases	R15 000 (CC only)	R7 500	-50%
Checkers and Shoprite	R4 000	R1 750	-56%
Fuel	R4 000*	R1 500
Uber		R750	-44%
FNB Connect	R1 000	R1 000	No change
FNB Life	R7 000	R7 000	No change
Total	R31 000	R19 500	-37%

Premier Banking

Spending Category	2017/18 Cap	2018/19 Cap	Change
In-store purchases	R20 000	R10 000	-50%
Online purchases	R5 000	R2 500	-50%
Checkers and Shoprite	R10 000	R2 000	-80%
Fuel	R4 500*	R2 000
Uber		R1 000	-33%
FNB Connect	R1 000	R1 000	No change
FNB Life	R7 000	R7 000	No change
Total	R47 500	R25 500	-46%

Private Clients

Spending Category	2017/18 Cap	2018/19 Cap	Change
In-store purchases	R25 000	R15 000	-40%
Online purchases	R7 500	R5 000	-33%
Checkers and Shoprite	R13 500	R3 000	-78%
Fuel	R4 750**	R2 500
Uber		R1 500**	-16%
FNB Connect	R1 000	R1 000	No change
FNB Life	R7 000	R7 000	No change
Total	R58 750	R35 000	-40%

Private Wealth

Spending Category	2017/18 Cap	2018/19 Cap	Change
In-store purchases	R30 000	R30 000	No change
Online purchases	R10 000	R7 500	-25%
Checkers and Shoprite	R15 000	R10 000	-33%
Grocery shopping	R15 000	–	-100%
Fuel	R5 000**	R3 000
Uber		R2 000**	No change
FNB Connect	R1 000	R1 000	No change
Smart Devices	R500	R500	No change
FNB Life	R7 000	R7 000	No change
Total	R83 500	R61 500	-28%