Nedbank Greenbacks Rewards Program Review 2024

The Nedbank Greenbacks Rewards program offers Nedbank Credit Card holders up to 2% cash back on purchases, with a monthly […]

Nedbank Greenbacks rewards

The Nedbank Greenbacks Rewards program offers Nedbank Credit Card holders up to 2% cash back on purchases, with a monthly membership fee of R27.00.

Understanding the Nedbank Greenbacks Rewards Program

The Nedbank Greenbacks Rewards program is designed to reward customers for responsible financial behavior. It incentivizes members for managing their money well, offering them cash back on purchases, exclusive discounts from partners, and an uncapped earn rate on their Greenbacks-linked American Express Debit or Credit Card.

Key Benefits of Being a Greenbacks Member

  • Earn up to 2% cash back on purchases.
  • Get 25c cash back per litre of fuel at bp stations.
  • Access discounted items and exclusive deals on Avo SuperShop.
  • Enjoy up to 10% off on Apple and Samsung devices through Avo SuperShop.
  • Avail up to 30% off on flights via Greenbacks Travel on Avo SuperShop.
  • Receive 50% off on Nu Metro movie tickets and combo deals.

How Greenbacks Rewards Work

Members earn Greenbacks points for every qualifying transaction made with their Nedbank cards. These points can then be redeemed for a variety of rewards, including prepaid purchases, bank fees, charity donations, and investments.

Earning Greenbacks Points

The table below illustrates how members can earn Greenbacks points through various activities:

ActivityPoints Earned
Qualifying purchasesVariable points
Fuel purchases at bp25c cash back per litre
Exclusive deals on Avo SuperShopDiscounted items
Flights via Greenbacks TravelUp to 30% off
Movie tickets at Nu Metro50% off

Advancing Through Greenbacks Levels

Greenbacks members can advance through different reward levels by achieving specific goals related to their banking behavior and account management. Each level offers better earning rates and benefits, motivating members to engage more actively with the program.

Level Advancement Goals

The following goals help members move up the reward levels and earn maximum Greenbacks:

  1. Maintain a Transactional Account: Have income paid in, conduct regular transactions, and utilize digital platforms for banking activities.
  2. Earn a Booster Level: Meet additional criteria for enhanced rewards.
  3. Transact with Your Card: Use Greenbacks-linked cards for transactions.
  4. Maintain Loans and Overdrafts: Fulfill loan repayments and avoid exceeding overdraft limits.
  5. Savings and Investments: Increase savings or investment balances over time.


Pros of the Nedbank Greenbacks Rewards Program:

  • Cash Back on Purchases: Members can earn up to 2% cash back on their purchases, providing tangible savings on everyday expenses.
  • Exclusive Discounts: The program offers exclusive discounts from partner stores, allowing members to save money on a wide range of products and services.
  • Fuel Cash Back: With 25c cash back per litre of fuel at bp stations, members can enjoy savings every time they fill up their tanks.
  • Travel Discounts: Greenbacks members receive discounts of up to 30% on flights through Greenbacks Travel, making travel more affordable.
  • Entertainment Benefits: Enjoy 50% off on Nu Metro movie tickets and combo deals, adding value to leisure activities.
  • Flexible Redemption Options: Points earned can be redeemed for various rewards, including prepaid purchases, bank fees, charity donations, and investments.
  • Level Advancement: Members can advance through different reward levels by meeting specific goals, unlocking higher earning rates and exclusive benefits.
  • Financial Management Tools: The program encourages responsible financial behaviour through goal-setting and monitoring, promoting financial literacy among members.

Cons of the Nedbank Greenbacks Rewards Program:

  • Monthly Fee: While certain aspects of the program are free, such as Money Manager and Responsible Borrower packages, there is a monthly fee of R27 for the Card Swiper package (applicable to non-Optimum, Savvy Plus Gold, Savvy Bundle, and/or Nedbank professional banking account holders).
  • Conditions for Earning Points: Earning points and advancing through reward levels require consistent and active participation in the program, which may not suit all members’ financial habits.
  • Redemption Limitations: While points can be redeemed for a variety of rewards, there may be limitations or restrictions on certain redemption options, affecting the flexibility of rewards.
  • Limited Availability: The Greenbacks rewards program is exclusive to Nedbank customers, limiting access for individuals who bank with other institutions.
  • Potential Overspending: To maximize rewards, members may be tempted to spend more than necessary, leading to potential financial strain if not managed responsibly.
  • Complexity for Some Users: The program’s tiered structure and various packages may be confusing for some users, requiring a thorough understanding of the program’s terms and conditions.

How to Redeem The Nedbank Greenbacks Rewards

  • You can still redeem your Greenbacks for various purposes, such as:
    • Transferring them to your MyPocket account.
    • Using the Greenbacks SHOP Card for cash withdrawals, in-store or online purchases, or fuel.
    • Spending them on prepaid airtimedata, and electricity.
    • Investing by transferring Greenbacks into a notice deposit account.
    • Paying for bank charges and card fees.
    • Exploring additional redemption options through digital channels.

2 thoughts on “Nedbank Greenbacks Rewards Program Review 2024”

  1. I have Two Questions
    Should I not be earning Greenback points for the purchase of Petrol with Nedbank Garage Card.
    Can you earn green back points with the purchase of petrol on a Credit Card ?
    I have a personal Banker who has taken more than three weeks to answer this question and I am still waiting. Clearly Nedbank do not train their staff on there own products and there is a very low work ethic at Nedbank .and the staff are not working well from home. I will forward emails to assist you with performance reviews.

  2. 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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