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Bandit

FNB eBucks

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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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