Absa Rewards, which is exclusive to Absa clients, is a relaunch of an old Absa loyalty programme. “The membership fee is higher than previously and it makes this one of the more expensive rewards programmes offered by the big four banks in terms of linkage or membership fees,” Habberton says.
He says the inability to earn Rewards for normal expenditure on your bank card seems inconsistent with the fact that this product is offered by a bank.
“The actual ability to earn Rewards could be considered limited, because the earn partners in the programme may not cover all retailers that the general public regularly uses,” he says.
Habberton says the programme’s use of the words “cash back” could be misleading, as your Rewards go into a non-interest-bearing Rewards account, and this money can be paid out only once you have accrued Rewards worth R50.
Rand value: One Absa Reward = R1
How to earn rewards: You earn cash back in the form of Absa Rewards when you use your Absa credit card at selected retail partners. Each partner has a different earn rate. The partners include kulula.com, Protea, Mugg & Bean, Coricraft, Run/Walk for Life, Camelot Spa, Galaxy, Video Town, Intec, Damelin and Touchline Media.
What you can use it for: You receive discounts or special deals on selected items from partners, including Checkers, Ramsay Media, Global Wrapps, British Airways and Mangwanani Spa. You can use your Rewards for travel, shopping vouchers, airtime or charity donations, or you can receive a cash payout in your cheque or savings account.
Annual cost: R234, excluding credit card fees.
Spend required to earn points worth R100: R1 750