Nedbank Greenbacks not in favour of the consumer

This article was updated on 10 September, 2021

I consider myself a diligent swiper – of my cheque card that is. I always ensure I pay with my card and, where possible, my American Express card. This is not because I’m fussy or flashy, but it enables me to earn maximum “Greenbacks”.

These are the points you can earn by swiping select Nedbank cards at certain establishments. The key with any rewards programme is to determine whether it offers value for money. This often requires the extra admin of having to produce certain cards at pay points, or shop at participating outlets.

But what if you’re ticking all the boxes and you don’t feel as though it’s worth it?

How to earn Greenbacks

This rewards programme allows individuals and businesses to earn points through any of their linked accounts every time they swipe. These accounts include credit, cheque, and American Express.

However, the earnings are tiered, explains a Nedbank in-branch consultant. “Greenbacks are accumulated for every R10 spent through card swipes. Cheque accounts earn one Greenback per card swipe, while credit card accounts earn two. American Express cards earn the most, at four Greenbacks per card swipe.”

Rewards are capped at R10,000 for individual credit accounts and R50,000 for businesses, while cheque accounts are capped at R5,000 for individuals and R10,000 for businesses. American Express, on the other hand, which has become my preferred payment method, is considered the Rolls Royce of earning potential as there is no limit.

When it comes to exchanging Greenbacks into rand value, 36 Greenbacks are equal to R1. But again, this is product dependent.

To cash in your Greenbacks, you have to apply for a SHOP card. This enables you to either draw your points in cash at Nedbank ATM’s, or swipe your card at select providers.

The programme boasts a network of 100,000 providers, including AVIS, Hirsch’s, Makro, Tsogo Sun, Netflorist, and Baby City. It can also be used at certain fuel stations, such as Caltex. Another advantage is that the card can be used online and even abroad.

“In order to keep track of how many points you have, you can do a balance enquiry at any Nedbank ATM. Alternatively you should receive a monthly Greenbacks update via SMS,” says an in-branch Nedbank consultant.

While Greenbacks is a built-in facility and programme available to all Nedbank customers, there are a few basic fees involved.

Here is a breakdown of the associated fees:

*For more information, visit Nedbank’s page or speak to a Nedbank service consultant.

Did I save through Greenbacks?

Having been a member of Greenbacks for the past four years, I’ve made it my mission to utilise every facility of the product, from purchasing via the online Greenbacks product catalogue, which allows you to exchange your Greenbacks for appliances, accessories, and other prepaid services, to -most commonly - using it for fuel.

In the past, when having to commute to work in Cape Town, whether driving in or driving to the nearest train station, I mostly found myself cashing in my Greenbacks to purchase fuel. This has not changed, despite having worked from home for the past year.

But with the fluctuating cost of fuel, I’m often unable to get anything more than R100 worth of petrol monthly due to the programme's earning potential.

I also found that I was limited to Caltex fuel stations, which made the exercise of having to cash in my Greenbacks that much harder, as I’d have to drive a distance to access one.

I did not score as much as I would have expected or have liked. Instead, the programme felt like more work than it was worth.

Similarly, when it came to purchasing products, I found that, because of the Greenbacks earning potential and conversion rate, most of the products and special offers available would, on average, take me from six to ten months of point accumulation to afford.

The drawbacks

A few of the vendors I’ve purchased from include Caltex, MTN, and Netflorist. In my experience, using the online catalogue was challenging. The user navigation is difficult, and most products aren’t easy to find because they aren’t included in the product display.

This means that you need to actively search for the product via the provider display. There are also little to no resources explaining the user journey on the website.

“Users have complained about the user journey and it is something we are constantly striving to improve. We ask that customers contact us should they experience any issues or have any suggestions,” says the Nedbank in-branch consultant.

Another drawback is that, when applying for a Nedbank account, consultants often neglect to explain to customers how the programme works, and that they can only access and use their Greenbacks if they have a Greenbacks SHOP card. This means that customers often earn points unawares, and don’t know how to access or utilise them.

Overall, the Greenbacks rewards programme offers little to no value for money. Due to the structure of the programme, there’s greater scope for businesses to benefit than individuals.