In a previous article we discussed the details of Standard Bank’s new UCount programme – a credit card rewards system that pays up to 10% cash back on grocery purchases, among other benefits.
If you’re used to receiving the tiny rewards payments offered by many South African banks, the thought of 10% cash back may be enough to make you reach for your keyboard and sign up – but is this programme all that it claims to be? Lets find out.
Ucount in a nutshell
For those who missed the previous article, Ucount offers the following rewards to Standard Bank credit card users:
- 10% cash back on grocery purchases at major SA retailers
- 1.5% cash back on other purchases
- Up to R1 per litre cash back at Caltex garages
- 5% cash back at Clicks, Tiger Wheel&Tyre, and Incredible Connection
Are the benefits real?
Many South Africans stare at their grocery bills in disbelief each month, wondering how things have become so expensive. Food inflation is a reality in our country, and the promise of 10% cash back on groceries sounds like a blessing for most families – but there’s a catch.
The Ucount programme is true to its word – paying back up to 10% on grocery purchases – but the 10% figure only applies to grocery bills that make up 20% of your monthly credit card bill or less.
- For example, if you spend R20 000 on your card this month, only the first R2000 you spend on groceries will qualify for 10% cash back. Any groceries you purchase above this amount will be rewarded at 1.5% cash back.
The programme also has several terms and conditions that would-be customers should bear in mind. Most importantly, there are several payments that don’t qualify for cash-back rewards. These include:
- Fuel purchases except those made at a Caltex garage
- Toll fees (including eTolls)
- Casino purchases
- EFTs and inter-account transfers
Using UCount to your advantage
Like so many products, the key to getting the most out of the UCount rewards programme lies in reading the fine print. If you regularly spend more than R15 000 a month on your credit card, with R1500 or more in grocery bills, you’ll receive a minimum of R150 in cash back rewards from groceries alone.
Standard Bank allows credit and debit card holders to register for UCount, removing the temptation to spend money you don’t have – just leave your credit card at home and earn UCount rewards on your debit card.