Reviews

Nedbank Greenbacks Rewards Program Review 2022

Published by
Lethabo Ntsoane

Nedbank Greenbacks is a money management program that offers more than simply points to its subscribers. It emphasizes financial management by rewarding members who make wiser financial decisions. Greenbacks are earned by members based on how they handle their money; it’s that simple. Members of Greenbacks receive not only reward points but also access to special advantages. Members can use Greenbacks to gain control over their spending and money management habits, and transform them into attainable objectives. You will be able to save, invest, and make wise financial decisions because you are a Greenbacks member.

Every time a member uses their Nedbank check or credit card, they are rewarded with Nedbank Greenbacks. Members receive points when they use their cards for certain purchases. Rewards can be used for airplane tickets, vacations, online shopping, in-store shopping, prepaid purchases, and a variety of other things. Greenbacks can also be used to donate to charity by members. Greenbacks are earned in half the time for members who have an American Express credit or check card.

Nedbank’s American Express line is a specialized banking service that caters to a select group of customers. Because AmEx customers pay higher monthly costs than typical Nedbank customers, they receive unique offers. It is free to link your cheque and credit cards to your Nedbank Greenbacks rewards. Members can link up to ten credit or debit cards to their account and earn points on all of them. If a card is in arrears, a monthly linkage charge of R17 is applied.

How does the Nedbank Greenbacks work?

The Nedbank Greenbacks program is divided into several packages, each of which is linked to a specific Nedbank product or account. Vehicle finance, housing loans, and personal loans are examples of Nedbank offerings. Accounts might be a single Nedbank account or several Nedbank accounts. Nedbank wants to ensure that its clients use their services and products wisely by tying a product or account to Greenbacks. It would not have been the ideal answer to have a single rewards program for all Nedbank customers.

Nedbank ensures that every product or account that a customer opens is rewarded for the greatest possible use of that product. Customers are rewarded in terms of Greenbacks for better financial management in respect to a Nedbank account or product. To earn Greenbacks, you must first realize that there are three ways to do it. These methods are more beneficial to the user and facilitate money management. Money manager, prudent borrower, and card swiper are the three ways to earn Greenbacks.

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

Members who maximize how they manage their everyday banking to save costs are rewarded through Money Manager. If you’re tech-savvy, especially when it comes to Nedbank’s internet platforms, this is great. Nedbank charges a lot of money for branch activities, although you can do them for free online. Individuals should start collecting Greenbacks rewards points by using technological platforms such as the mobile app and internet banking platforms, according to Money Manager. You can utilize the Nedbank digital channels to pay beneficiaries, make one-time payments, use send-imali, and buy prepaid cards on a daily basis. When compared to in-branch fees, this is a cost-effective option. It’s also convenient because you can conduct business from anyplace.

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

Members who are responsible borrowers are able to manage their loans and keep control of their finances. Members are given advice on how to manage their debt and keep it under control. As a member, you will be able to maintain a good credit score by utilizing the resources available. Additionally, if you adhere to and follow the recommendations, you will receive better interest rates over time.

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 a nice one, although it does have some faults. Borrowing, money management, and card swipes are the three banking areas targeted by the campaign. Crucial aspects of banking, on the other hand, are undervalued and underpaid. Parts of the program such as investing and saving are very important, although they are not required.

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.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
Tags: Nedbank