Archives For Nedbank

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The Christmas season is always filled with the hustle and bustle of running around, trying to figure out if you’ve bought enough presents for everyone, if  you’ve budgeted enough for your spends and if the grocery cupboards are stocked up for all your visitors. I now understand why this time of the year has also been dubbed, “the silly season”, because it seems that the amount of spending – even sometimes without realising it – can become quite silly and overwhelming.

Various banks. including FNB eBucks, Nedbank Greenbacks, Standard Bank UCount Rewards and Investec’s Dividents Rewards Programme, have introduced their very own rewards programmes for times just like these. Simply by swiping your card, depending on who you bank with, you can instantly gain rewards which can be saved and used when you need that extra cash to spend.

Because I bank with Absa, I was able to reap the benefits of the Absa Rewards programme where I pay only R21 a month to gain rewards everytime I swipe my debit card. Rewards redemptions vary in amounts, depending on where I swipe my card, offering me highter redemptions if I swipe at any of Absa’s redemption partners.

You can imagine my surprise this week when I realised I could spend a little bit more without the added expense, all thanks to my Absa Rewards and my Pick n Pay Smart Shopper account.

My family have decided to visit me in Johannesburg for Christmas this year. Being Christmas time, I want to be able to spoil them with yummy treats and sweet goodies, especially for my younger little cousins, making their Christmas away from home that much more memorable.

My Absa Rewards, which I had gained from swiping my Absa debit card at various outlets, allows me the option of choosing to redeem my rewards either as cash, airtime, shopping vouchers, giving back to charity or redeeming through their Redemption Partners (Pick n Pay Smart Shopper points or Dischem Benefit Programme points). This came in really handy to get those extra grocery goods for the family and redeeming my Absa Rewards as Pick n Pay Smart Shopper points was such an easy process.

All I had to do was to call the Absa Rewards customer care line on 0861 788 888. Once I was on the line, I prompted to press number “1” on my phone which gave me the option of redeeming my rewards. I was then put through to an operator who was very helpful in converting my rewards to my Smart Shopper points, now redeemable at any Pick n Pay. All I had to do was to provide him with my South African ID number, he confirmed my details, asked how much of my rewards I wanted redeemed as Smart Shopper points and just like that, it was done.

To make things even better, because of this kind of redemption of my Absa Rewards, I gained an extra 15% on the amount redeemed, giving me even more to spend.

For security purposes and to keep me, as the customer, in the know about my transactions, I received two SMSes, one alerting me of my redemption transaction and another letting me know what my remaining rewards balance was.

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You can redeem your Absa Rewards online too if you are registered with their online or cellphone banking. If not, visit their website to sign up.

As easy as that, I was able to go to my nearest Pick n Pay and spend using my Smart Shopper points, without any extra expense to me. Now I can spoil my family, with no extra costs incurred. I’ve rewarded myself this Christmas, why don’t you?

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Investec

Banking with the extra perk of gaining rewards is trending around the country. After viewing the perks of Standard Bank’s UCount Rewards, FNB’s eBucks, ABSA Rewards Programme and Nedbank’s Greenbacks, this week, Weview Wednesday takes a look at Investec’s Dividends and Rewards Programme.

Investec Dividends is a rewards programme exclusively for Investec Private Bank Account clients. By simply using your Investec Private Bank Account Visa Platinum card, you earn points towards your reward of choice.

How it works?

  • Find out more about the Investec Dividends and Rewards as well as fees by calling the Investec Client Support Centre on 0860 110 161 or +27 11 286 9663 or visit their Dividents and Rewards section on their website at http://www.investec.co.za and request a call back
  • Earn points each time you use your Investec Private Bank Account Visa Platinum card
  • The card holder will receive one point for every R5 (five Rand) point of sale purchase effected
  • Earn double and bonus points through select partners, such as Nashua Mobile and others, catering to everyone and any lifestyle
  • Earn additional points through the use of exclusive Investec services, such as Investec Private Banking and Foreign Exchange
  • Check exactly how much you can earn here
  • Once you’ve earned enough points, it’s up to you to decide how you want to redeem

Pro’s:

  • Joining Investec Dividends and Rewards is quick and easy
  • Investec has a dedicated contact centre. If you are having a problem or require assistance, contact the Investec Client Support Centre on 0860 110 161 or +27 11 286 9663
  • Earn points every time you use your Investec Private Bank Account Visa Platinum card

Con’s:

  • Dividends points can only be used for a certain amount of time and are valid for three calendar years (for example, all points earned during 2009 will be valid until 2012
  • Benefits, earnings ratios and partners are subject to change without prior notice

nedbank

As part and parcel of our weekly bank rewards programme reviews, this week’s Weview Wednesday looks at the Nedbank Greenbacks Rewards Programme. With the festive season rapidly making its way to our pockets, what better way to spend than to be rewarded for your spending? We’ve already looked at the Standard Bank U-Count Rewards; the Absa Rewards Programme, FNB eBucks and now let’s see what the Nedbank Greenbacks Programme has to offer its clients.

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How it works?

Pro’s:

  • Joining Nedbank Greenbacks Rewards is quick, easy and free
  • You can link up to 10 credit or cheque cards to this account at no additional fee and gain Nedbank Greenbacks on your accumulated spend on all cards
  • Nedbank Greenbacks never expire allowing you to save your points towards those rewards you’ve always wanted
  • The balance on your Nedbank Greenbacks account is updated on a daily basis and you will receive quarterly statements to inform you of your balance
  • Spend your Nedbank Greenbacks either on their online shop or by calling 086- 555 111 or 0860 555 222 for Nedbank Personal Relationship Banking clients or 0860 111 263 for Nedbank Private Wealth Clients and provide them with all the relevant details

Con’s:

  • If you do not spend on your Nedbank card for five months or more, your Nedbank Greenbacks account is considered dormant and you will lose those points
  • You can only apply to reopen your Nedbank Greenbacks account three months thereafter, and your forfeited Greenbacks will be reinstated in full
  • Nedbank Greenbacks are only earned on eligible card spend which excludes cash withdrawals, casino chip purchases, fuel purchases, finance and other card charges, fees or taxes levied by Nedbank or the government, the purchase of travellers cheques or other negotiable instruments, garage card transactions, budget account installments and interest, insurance premiums and internet transfers or payments

smsYou will often hear people tell you that a gift card is an easy solution to a simple birthday present, or for any special occasion. It has been the norm for many years, from the days of paper vouchers to the evolution of cards being processed – Almost everything is going electronic.

Electronic vouchers (or Evouchers) are an easy way of being rewarded in our current technological era. The likes of Nedbank, Investec, FNB, ABSA and American Express have gone the route of rewarding their customers with the luxury of the choice of a gift voucher in an electronic format. Vouchers are either by email, or sms, these vouchers make life much easier for the consumer. You get rewarded for having a bank account or being part of a loyalty program and you get to choose how you are rewarded and where you want to spend your reward. How awesome is that?

Consumers have the option to select these Evouchers for their local shopping mall or selected retailers. These Evouchers are redeemable at retailers, or at shopping malls for conversion to the respective shopping mall’s own branded gift card. These retailers and shopping malls have this capability due to their integration into Tutuka’s Evoucher platform.
These innovations in voucher software are changing the dynamics of prepaid in a positive way for South Africa. In the year 2012, R37 787 713 was spent in electronic vouchers alone via Tutuka’s platform. This figure surprised some when released, but it is one that shows enormous growth in the prepaid industry. Where to from here?

Now that ABSA has launched their banking app all the major consumer banks in South Africa have applications for all the major platforms including Blackberry, Android, iPhone and Windows Mobile. However, are all these apps equal or do some provide better service or convenience?

Despite the fact that FNB has a 21 month lead in banking apps there has been a large amount of improvement with various apps from all the banks. We’re going to look at a few factors and see how everyone compares:

Platforms:

ABSA is unfortunately worst off in this arena with apps only available for iOS and Android. Considering the high level of Blackberry penetration in South Africa we can see that missing out on a platform such as this is potentially very limiting. FNB is the only bank with an app for all versions of Blackberry and Nokia phones however Standard Bank is the only one to support the fairly small user base of Windows Phone.

Functionality:

All the apps can perform the basics such as making payments, viewing balances and transfer however both the FNB and ABSA apps fall down compared to the Nedbank app that can perform certain niche payment options such as future and recurring payments as well as multiple transactions at one. As mentioned, these are fairly niche so the benefit is relatively negligible. It’s all pretty much the same here.

Prepaid:

An important use of the apps is the ability to buy the likes of prepaid airtime, electricity and data bundles. ABSA only offers prepaid airtime while FNB offers all three and Nedbank doesn’t allow for prepaid. We feel that prepaid electricity is the most useful of all these features (without airtime you can’t use the app anyway) so the FNB app wins here.

Wallets:

The FNB app allows for geo payments which is massively useful when making a payment. All in all these services can use payment services such as Nedbank’s M-PESA for sending money.

In conclusion these are all useful services but don’t expect anything more beyond basic banking. That said, simplified access to basic banking is worth it and we’re big fans of the banks approach to mobile apps.

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We’ve spoken before about the rise of mobile credit/debit/prepaid card readers such as Square and locally both ABSA and Nedbank are releasing the mobile readers in 2013. The question is, what are the benefits of these mobile readers and how are they changing the way we both sell and buy?

A perfect example is a case study done by Square in the United States. They gave a Square card reader to Josh Lattimer who routinely lost more than a few outside sales at his Car Care Now detailing business because he only took cash or checks for payment.

But since going to the Square, a small credit card reader that attaches to either his smartphone or his wife’s iPad, his outside sales — where he goes to customers rather than them coming to him — have risen. There’s more money in his bank account and fewer missed opportunities, he said.

“I’d say 90 percent of our outside customers pay with debit cards,” he said. “It definitely has kept us a lot busier for sure. Before, I would have to tell them either cash or check, and that caused me to miss out on some business.”

Whether you’re a college kid looking to make it easy for your friends to pay you back after buying lunch or a round of beers, an artist selling your work at a fair or out of your car, or a major retailer with multiple staff members, mobile applications and card readers offer new point-of-sale options.

Larger merchants also love the idea as having someone who can walk around with what’s essentially a cash register can improve sales, too. When the cash register comes to the customer, impulse buying tends to rise.

Not only are these services convenient they also offer great analytics about payments and information such as what products sell best and when can be worked out.

In the future the clunky cash register and fixed card reader may be a thing of the past.