Standard Bank recently launched its new UCount Rewards programme, offering up to 10% cash back on grocery purchases and 1.5% cash back on other transactions. The numbers sound very appealing compared to rewards programmes offered by other banks, but is this new programme really beneficial to credit card holders?
What makes the UCount programme unique?
Most banks have programmes that “reward” their customers for making purchases on their credit cards, either in the form of discounts at certain retailers, special offers and packages, or by giving the customer back a certain percentage of their monthly spend. Unfortunately, the amount that most credit card users get back each month is usually a tiny percentage of what they spend – that may be about to change with the UCount programme.
UCount offers customers cash back when they use their Standard Bank credit cards at retailers in South Africa. The programme offers up to 10% cash back on grocery purchases and with the current cost of food, that offer alone may be enough to attract customers from other banks. The 1.5% cash back offered on other purchases is also a good incentive, and will certainly sweeten the deal.
What other features does the programme offer?
The generous cash-back offer on groceries may be UCount’s main selling point, but the programme also offers discounts and benefits on non-grocery purchases. Here are some of the programme’s best features:
- The 10% cash-back reward can be accumulated at most major retailers, including PicknPay, Woolworths, Checkers, Spar, and Makro.
- UCount customers can collect up to R1 per litre of petrol they purchase at Caltex garages.
- Up to 5% cash-back rewards are offered when shopping at Clicks, Incredible Connection, or Tiger Wheel & Tyre.
- Rewards can be spent at the Ucount online mall or travel mall, which offer specials on goods, services, and holiday packages.
What’s the catch?
Every product comes with certain terms and conditions, and UCount is no exception. The programme calculates the actual percentage the customer receives based on a tier system, and the 10% cash back on groceries only applies to purchases which make up less than 20% of the customer’s monthly spend. Once this quota has been exceeded, any other grocery purchases will be rewarded with 1.5% cash back.
If you’re thinking of switching to UCount, take some time to visit the programme’s website and learn more about the rewards and limitations of this innovative new product.