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I was thinking about this a lot the last week. Currently I bank with Capitec because it’s the cheapest, however the more I read about ebucks the more I am wondering if it might be worth it to use it.

My biggest gripe with ebucks is that it appears you need an advance degree in statistical math in order to understand it.

#1 Does the bank account type make a difference?

  • Earn up to 15% back in eBucks when you shop at Shoprite & Checkers
  • Earn up to 1.5% back in eBucks on in-store swipes & online shopping

What is needed to get that 15% because the word "up to" makes me think it’s probably not the case for the vast majority of ebucks users.
Will the bank account I chose have an impact?

#2 FNB Fusion Gold VS FNB Fusion Premier – Which is best for ebucks?
Is it worth it going for the Fusion Premier FNB account over the Fusion Gold?

#3 Does your ebucks cover your monthly bank account fee?
Right now I am with Capitec which costs me R5 per month and then all my transactions comes to a total of R70 per month and the interest I earn in a month is around R150 – So on capitec right now I bank for free.

 

On FNB it seems I will be paying R155 to R209 just in account fees which means I will probably spend an additional R70 to R80 in transaction fees in a month, is this worth the switch from Capitec for the purpose of earning ebucks?

#4 Will ebucks benefit me?
I have the following expenses in a month:

  • Rent – I pay (EFT) that to Rawson each month.
  • Electricity - I pay (EFT) that to PEC Metering each month.
  • Medical – I  pay (EFT) that to Genesis each month.
  • Gym – That is a debit order on my account.
  • Telkom – That is a debit order on my account.
  • Petrol - I spend around R500 in month on petrol which I pay for with my card.
  • Airtime - My phone is prepaid so I buy airtime with my bank card or EFT depending where I buy airtime from.
  • I then pay (EFT) a person for a municipal account for a property I co-own.
  • I then pay (EFT) money to Nedbank for the investment club.
  • I have a paypal order each month for the forum which goes off my card (linked to paypal).
  • I do about R3000 in shopping at pick n pay, but can move to checkers for ebucks if needed.
  • The rest of my money I pay (EFT) to EasyEquities or leave in my bank account to earn interest.

Thank in advance for anyone willing to answer my questions, I am a Capitec user so understand anything other than EFT-ing money is very new to me.


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I can tell you this:

  • The more you spend the more eBucks you earn
  • I've cut my spending by quite a bit and my eBucks *just* barely covers my banking fees atm. Some guys really get into it and earn a ton of them every month.
  • Chasing eBucks reward levels can be a financial death trap, let me explain:

To earn enough points (not eBucks) a month to reach the higher levels you need to meet certain criteria. Some are good (have x amount in investments accounts), some are easy (make sure you update your contact details) and other are pure evil (make use of your overdraft... WTF?!).

 

So my "advice" would be this:

  1. Pick a bank that works for you. FNB is a great bank, everything is convenient, features like cardless cash withdrawals, nav >> Home/Vehicle etc. become essentials.
  2. Fees are important but put it into perspective: what is R100/R200 really? Investec is overkill but really, FNB gold/premier is great.
  3. NEVER CHASE LOYALTY POINTS. They're a nice extra.... just let it happen.

 

Besides, the only thing I really do with my eBucks is buy lotto tickets.


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On 11/13/2018 at 1:29 PM, Spreadsheet Ranger said:

I was thinking about this a lot the last week. Currently I bank with Capitec because it’s the cheapest, however the more I read about ebucks the more I am wondering if it might be worth it to use it.

My biggest gripe with ebucks is that it appears you need an advance degree in statistical math in order to understand it.

#1 Does the bank account type make a difference?

  • Earn up to 15% back in eBucks when you shop at Shoprite & Checkers
  • Earn up to 1.5% back in eBucks on in-store swipes & online shopping

What is needed to get that 15% because the word "up to" makes me think it’s probably not the case for the vast majority of ebucks users.
Will the bank account I chose have an impact?

#2 FNB Fusion Gold VS FNB Fusion Premier – Which is best for ebucks?
Is it worth it going for the Fusion Premier FNB account over the Fusion Gold?

#3 Does your ebucks cover your monthly bank account fee?
Right now I am with Capitec which costs me R5 per month and then all my transactions comes to a total of R70 per month and the interest I earn in a month is around R150 – So on capitec right now I bank for free.

 

On FNB it seems I will be paying R155 to R209 just in account fees which means I will probably spend an additional R70 to R80 in transaction fees in a month, is this worth the switch from Capitec for the purpose of earning ebucks?

#4 Will ebucks benefit me?
I have the following expenses in a month:

  • Rent – I pay (EFT) that to Rawson each month.
  • Electricity - I pay (EFT) that to PEC Metering each month.
  • Medical – I  pay (EFT) that to Genesis each month.
  • Gym – That is a debit order on my account.
  • Telkom – That is a debit order on my account.
  • Petrol - I spend around R500 in month on petrol which I pay for with my card.
  • Airtime - My phone is prepaid so I buy airtime with my bank card or EFT depending where I buy airtime from.
  • I then pay (EFT) a person for a municipal account for a property I co-own.
  • I then pay (EFT) money to Nedbank for the investment club.
  • I have a paypal order each month for the forum which goes off my card (linked to paypal).
  • I do about R3000 in shopping at pick n pay, but can move to checkers for ebucks if needed.
  • The rest of my money I pay (EFT) to EasyEquities or leave in my bank account to earn interest.

Thank in advance for anyone willing to answer my questions, I am a Capitec user so understand anything other than EFT-ing money is very new to me.

 

I'll bite, and answer the questions as my first post here.

 

First and foremost, all information is available on the ebucks website, its not a secret, just take some reading time.
https://www.ebucks.com/web/eBucks/earn/earn-from-the-bank-2019.jsp

 

#1 Does the bank account type make a difference?

It does.There are certain caps on the earning. 

 

Gold for example is capped on earning ebucks on a maximum spend of R7500 in-store and online. Earn rules @ https://www.ebucks.com/web/eBucks/earn/fnb-gold-2019.jsp
Premier for example is capped on earning ebucks on a maximum spend of R10000 in-store and R2500 online. Earn rules @ https://www.ebucks.com/web/eBucks/earn/fnb-gold-2019.jsp

 

For both, your checkers earn is capped at 20% of total monthly spend and R1750 for gold or R2000 for Checkers.

To get to that 15% earn for checkers, you need to be on ebucks reward level 5. To understand this, you need to look at "Maximise your points to reward level 5" on https://www.ebucks.com/web/eBucks/earn/fnb-gold-2019.jsp or https://www.ebucks.com/web/eBucks/earn/fnb-premier-2019.jsp

 

#2 FNB Fusion Gold VS FNB Fusion Premier – Which is best for ebucks?
The level account you go for, depends on both how big your income is and more importantly, how much you spend each month.
The spend caps for in-store spend is a good indicator. R10k a month or less spend, then go Gold. If your spend is closer to R15-20k a month then go Premier.
If your spend is less than R5k a month skip fnb/ebucks altogether.

 

#3 Does your ebucks cover your monthly bank account fee?For me, it far exceeds my monthly account fees!
I am on Private Clients which costs R390 a month (with no additional fees). I earn R2000 worth of ebucks a month, and spend it only on 40% discounted items/vouchers which means that R2000 become an effective R3334.
Then there are other benefits like  free lounge visits at airports, avis free point-2-point, R100 Kauai voucher each month, FNB on the wimpy voucher, 500MB data free on the FNB sim ect.
I use most of those benefits, its insane to turn it down...if you spend enough each month on your card.

 

#4 Will ebucks benefit me?
You will need to make changes to your payments to make ebucks benefit you.

EFTs count for 0 ebucks.

You need at least 3-4 debit orders on your account to help you gain reward levels, so I would keep those as is mostly.
Municipal account, instead of EFT, I would pay into the account using credit card. Even if you pay part of it, and let the co-owner pay the other part whichever way he want, or EFT to you and let you pay with card.
Fuel, keep as is on card.
Paypal, keep as is, its online spend.
Airtime, buy with card at a retailer or online. I do online.
Electricity is easy to buy online, even possible on snapscan app now, which is what I use, its conveniant.

That said, its difficult to say without actual values.

 

Anyways, you need to do some homework to really know. I do this once a year, takes me 30 minutes then I am done for the year. Thats quicker than my e-filing takes.

 

Read through the rules on: https://www.ebucks.com/web/eBucks/earn/fnb-gold-2019.jsp or https://www.ebucks.com/web/eBucks/earn/fnb-premier-2019.jsp

Then use the calculator to work out what you can do to get to level 5 and then what you can earn with your expenses:

https://www.ebucks.com/web/calculator/rewardsCalculatorAction.do

 

At a minimum, play with the calculator.

 

Hope that helps.

 

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Welcome to the forum @Tinuva I really appreciate the feedback.

 

I have one question left and it is regarding the EFT bit. You mentioned that EFTs count for 0 ebucks and that I should instead use my credit card.

Can you explain to me the Capitec user what that actually means. do you mean EFT from my credit card account or do you mean entering my credit card details into a payment gateway?

 

If it the case of entering the physical credit card, how would that work in the case of the municipality (They barely know how to use EFTs.) or is this simply a case of in some cases EFT will be the only way and to bad regarding ebucks.

Edited by Spreadsheet Ranger

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Use your credit card when shopping and paying for stuff and settle it at the end of the month.

 

If you are buying something online, for example, you often have the option of paying via EFT. If you do you'll get no eBucks for it. Use your credit card for everything.

 

You can maximise earnings even more by getting revolving loans and overdrafts. Don't fall for it - no debt trap is worth more eBucks.

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On 9/3/2019 at 9:11 AM, Spreadsheet Ranger said:

Welcome to the forum @Tinuva I really appreciate the feedback.

 

I have one question left and it is regarding the EFT bit. You mentioned that EFTs count for 0 ebucks and that I should instead use my credit card.

Can you explain to me the Capitec user what that actually means. do you mean EFT from my credit card account or do you mean entering my credit card details into a payment gateway?

 

If it the case of entering the physical credit card, how would that work in the case of the municipality (They barely know how to use EFTs.) or is this simply a case of in some cases EFT will be the only way and to bad regarding ebucks.

 

First and foremost, never EFT from your CC if it is in the negative, because then you miss out on the 55 days interest free period, as it will instantly  start to accumulate interest when doing EFT from CC or drawing money from the CC.

 

So what I meant was, that you need to change away from EFT and change to card payments. Either online or swiping the card.

When it comes to the municipality, you have options. The easiest is to use online payments. I prefer using https://www.walletdoc.com/ which automates the payments if you receive your bill via e-mail. 

Alternatively, most municipality bills support payments at Checkers/Woolworths/PnP ect, where you can then swipe the credit card.

 

So the idea is, to move the payments away from EFT to card swipe or card online payments. You will see, FNB uses eBucks to drive banking behavioral change. So they don't want people to draw money at ATMs, but instead use tills within shops like Checkers/PnP ect. Use card payments instead of EFT (The bank makes nice amount of money on credit card swipes from the shops).

 

 

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