Nedbank Greenbacks Rewards Program Review 2021

Posted on Jan 3, 2021 by Staff Writer

Rateweb | South Africa

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The Nedbank greenbacks reward program is a money management program that gives its members more than just points. It puts emphasis on money management by rewarding members for making better financial choices.

Members earn Greenbacks based on how they manage their money, it is that simple with Greenbacks. With Greenbacks not only do members get reward points but also get access to exclusive benefits.

Greenbacks allow members to take control of their spending and money management habits and turn them into achievable goals. By a virtue of being a Greenbacks member, you will be able to save, make investments and make sound financial decisions.

The Nedbank Greenbacks rewards program rewards members every time they spend on their Nedbank cheque or credit card. Members earn points on qualifying card expenses.

Rewards can be used on flight tickets, holiday trips, online shopping, in-store shopping, buying prepaid and many other ways. Members are also allowed to make donations with Greenbacks to charity.

Those members with American Express credit or cheque card earn Greenbacks in half a time. The American Express line is a special line of banking that Nedbank offers to special clients. That’s why AmEx clients get special offers since they pay more monthly fees than regular Nedbank clients.

Linking of cheque and credit cards to the Nedbank Greenbacks rewards is for free. Members can link up to 10 credit or cheque cards and can earn rewards on all cards. A monthly linkage charge of R17 is applicable if a card is in arrears.

How does the Nedbank Greenbacks work?

The Nedbank Greenbacks program is made up of different packages linked to specific Nedbank products or accounts. Nedbank products may include vehicle finance, home loan or personal loan. Accounts can include an account or multiple accounts from Nedbank.

By linking a product or account to Greenbacks, Nedbank wants to make sure that their clients use their services and products in a savvy manner. A single rewards programme for every Nedbank client wouldn’t have been the best solution.

Nedbank is making sure that for every product or account that a customer takes gets rewarded for using that product in the best way possible. Customers get rewards for better financial management in terms of Greenbacks with relation to an account or product they have with Nedbank.

To earn Greenbacks you need to understand that you can earn Greenbacks in three ways. These ways are more of a benefit to the user and make money management easier. The three ways to earn Greenbacks include money manager, responsible borrower and card swiper.

Let us look at each way of earning Greenbacks in detail.

Card Swiper

Card swiper is available to eligible Nedbank credit and cheque cardholders. With card swiper, you earn Greenbacks when you swipe using your eligible cheque or credit card.

Since paying with a card is the convenient way of transacting in physical content, Nedbank rewards you for taking this decision.

American Express cardholders earn double Greenbacks rewards with a swipe. The card swiper option comes at a price. It cost R23 a month to link your Nedbank card.

If you have an Optimum, savvy plus gold, savvy bundle and Nedbank professional banking accounts, linking any of these cards is free of charge.

Here are the benefits of card swiper:

  • Get to earn surprise Greenbacks when you swipe regularly.
  • By using your card to transact you pay in a more secure way than using cash as a means of transacting.
  • You get access to Greenbacks partner deals, coupons, discounts, vouchers and entries into competitions.
  • Support a worthy cause that you are passionate about with Nedbank Affinity at no cost

Card Swiper option is specifically for those who mainly transact using a card. If you are a frequent card swiper then you will definitely get your money and time’s worth

Money manager

Money manager rewards members for maximizing how they manage their everyday banking to save fees.

This is ideal if you are a tech-savvy individual, especially when it comes to Nedbank online platforms.

Nedbank charges a fortune for branch activities, however, those activities can be done online for free.

Money manager encourages individuals to start earning Greenbacks rewards points for using technology platforms such as the mobile app and internet banking platforms.

You can use the Nedbank digital channels every day for transactions like paying beneficiaries, making once-off payments, using send-imali or buying prepaid.

This is money-saving compared to in-branch fees. Also, it is convenient as you can transact from anywhere.

Here are the benefits of the money manager option:

  • Earn surprise Greenbacks when you make regular deposits into your account and use Nedbank’s digital channels to do your banking.
  • Get access to exclusive partner deals, coupons, discounts, vouchers and entries into competitions on the Greenbacks app.
  • Use your Greenbacks to pay your bank fees. which is up to R100 per transaction.
  • Support a worthy cause that you’re passionate about with Nedbank Affinity, at no cost to you.

Responsible borrower

Responsible borrower allows members to manage their debts and stay in control of their money. Members get guidance on how to manage their debt and stay in control of debt.

As a member, you will be able to keep a good credit score by taking advantage of the tips in offer. Also, you will get better interest rates over time if you are abiding and following the guidelines.

Here are the benefits of the responsible borrower:

  • Stand a chance to win a portion of your Nedbank personal, home or vehicle loan.
  • Get access to exclusive partner deals, coupons, discounts, vouchers and entries into competitions on the Greenbacks app.
  • Support a worthy cause that you’re passionate about with Nedbank Affinity, at no cost to you.

How to join the Nedbank Greenbacks Program

  • If you are a Nedbank client you can join the Greenbacks rewards program by clicking here. Then when you get on the Greenbacks website tap on ‘join Greenbacks’ which is under ‘rewards’.
  • If you are not a Nedbank client then you can visit your nearest Nedbank branch to open an account to start your membership registration.

Conclusion

The Nedbank Greenbacks rewards program is fairly a good rewards program with its own flaws.

The program targets 3 banking areas of borrowing, money management and card swipes. However, crucial parts of banking are not that much nor are they rewarded.

Parts such as investing and savings are particularly part of the program but are not a crucial part of the program.

Frequently Asked Questions

1 What is The Nedbank Greenbacks Rewards program?

The Nedbank Greenbacks Rewards program is a point-based rewarding system that rewards for better money management.

2. Does the Nedbank Greenbacks rewards program charge monthly fee?

If you are a Nedbank Greenbacks rewards program member you are supposed to pay a monthly fee of R23 but it is applicable to card swiper only. However, if you hold an Optimum, Savvy Plus Gold, Savvy Bundle and/or Nedbank professional banking accounts card swiper is for free. Money manager and responsible borrower are for free.

3. What is Card Swiper?

Card swiper is a Greenbacks program package that allows members to earn Greenbacks using their Nedbank card.

4. What should I do to earn Greenbacks?

To earn Nedbank’s Greenbacks, you need to have an account with Nedbank and link it with one of the three Greenbacks packages.

5. What is money management?

Money management is a package from Nedbank’s Greenbacks program that encourages members to maximize how they manage their everyday banking to save on fees.

6. Does Greenbacks have a card?

Yes, the Greenbacks rewards program does have a card of its own. To earn Greenbacks you need to have a Nedbank credit or debit card and link it with your favourable Greenbacks package.

7. Where can I shop using Greenbacks rewards points?

You can shop at a number of outlets with Greenbacks rewards points. You can shop for electronics, Healthcare, kitchen and home, gaming, prepaid, gift vouchers and more.

8. How do I apply for a Greenbacks shop card?

To apply for a Greenbacks shop card you can start your application here. Make sure to have your ID number, Greenbacks membership number and address.

9. What is Responsible Borrower?

Responsible Borrower is a package within the Greenbacks program that allows members to manage and stay in control of their debt.

10. Can I get Greenbacks reward points on an American Express card?

Yes, you get Greenbacks reward points on the American Express credit or cheque cards. In fact, on the card swiper package if you swipe with an American Express card you get double Greenbacks points.

11. How do I claim my Greenbacks reward program logins?

As a Nedbank cardholder and Greenbacks rewards member, you need to register for internet banking or mobile app. After registering you will get access to the Greenbacks rewards program.

12. Is it possible to join Greenbacks rewards program as a non Nedbank client?

Unfortunately, the Greenbacks rewards program is only limited to Nedbank account holders or product holders.

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4 thoughts on “Nedbank Greenbacks Rewards Program Review 2021

  1. Its a terrible program, have been earning greenbacks for years and redeeming has now become a nightmare. I have the shop card, fair enough I can use it at many places, however I would like to purchase from the greenbacks store. Nobody at Nedbank knows what they’re talking about ito support and I’ve been sent from pillar to post to try get one simple purchase done that has to be done through the app. If you have a “new” greenbacks account / have been transferred to the “new” account you can’t make purchases online. The greenbacks app won’t allow yo to log in with your nedbank details and, like I mentioned, there apparently is no technical support for greenbacks so you get loads of different suggestions from nedbank support staff that does not resolve simple issues at hand. Good luck nedbank, this one is surely flop!

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