You can earn Netbank Greenbacks by swiping your linked card, buying fuel or even by paying your bills.
Although we all try to be conscientious with our spending habits, making sound financial decisions is often much more difficult practically than it sounds in theory.
And actions like paying your bills on time, setting money aside for savings, and keeping track of your cash transactions can turn out to be much more difficult than you expected.
Fortunately, Netbank’s new Greenbacks rewards programme is aiming to make the process of making good financial decisions much easier by rewarding those who take practical steps to spend their money well.
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How the Netbank Greenbacks work
The Netbank Greenback loyalty and rewards programme is available for free for all Netbank clients who have transactional accounts, like a Private Clients bundled account, MiGoals Plus or MiGoals Premium account.
It also offers exclusive rewards and special added bonuses for clients who reach their monthly goals.
Earning Greenbacks is a great way to train yourself for better money management in the future.
And since Greenbacks never expire, wrapping your head around the ins, outs, and best practices of this programme can be a great way to boost your finances in the long term.
How to earn Netbank Greenbacks
In the past, the Greenbacks programme worked more like a traditional banking reward system, where you were awarded every time you swiped your cheque or credit card for a purchase.
However, as time has progressed, the programme has evolved into a much more extensive system with which you are rewarded for completing specific actions.
Now, there are several different ways that you can earn Greenbacks, including:
| Method | Description |
| 1.Earn Greenbacks through your transactions | You can earn up to 2% back in Greenbacks when you use your Greenbacks-linked Visa, Mastercard or American Express Card in store and online at all leading retailers, including Checkers, Dis-Chem, Food Lover’s Market, and more. |
| 2. Earn Greenbacks by paying your bills | You can earn Greenbacks by paying your bills (including rates and taxes, DSTV and more) under the “Bill Payment” tab on the Money app. |
| 3. Earn Greenbacks by fuelling up | You can earn up to 25c cash back in Greenbacks when you fuel up a bp service stations. |
How to level-up your Greenbacks game
While simply swiping your card will already accumulate Greenbacks, if you truly want to make the best of this system and all of its rewards, you have to ensure that you progress through the Greenbacks levels as quickly as possible.
To do this, you will need to complete varying goals monthly. Some of the goals which you can endeavour to achieve include:
- Have your income paid into your Netbank transactional account, have at least two debit orders deducted from this account, and do at least three money-out transactions monthly from any Netbank digital platform.
- Spend R5,000 or more monthly, and swipe, tap or scan your card for at least three purchases per month.
- Pay your loan instalments on time and in full every month and do not exceed your overdraft limit.
- Increase your savings or investment balance by at least R3,000 over the course of three consecutive months and maintain a monthly balance of at least R100,000 across your Netbank investment portfolio.
How to calculate your Greenbacks earnings
Keeping track of not only your spending habits, but also of your Greenbacks earnings and level-progression can feel like a lot. But Netbank does have a handy Greenbacks calculator, which will help you estimate your Greenbacks earnings at any point.
And, if you want to check your Greenbacks balance, or if you simply manage your Greenbacks earnings and rewards, you can do it all through the Greenbacks app or the Nedbank Money app (where you can also do all of your regular banking activities like paying your bank fees or bills).
How to spend your Greenbacks
When you have figured out how to accumulate Greenbacks, the most important next step is figuring out how you will spend them. There is a variety of different ways to go about spending your Greenbacks rewards. This includes:
- Converting your Greenbacks on the Avo super app or the Legacy Lifestyle app.
- Donating your Greenbacks to one of many different verified charities.
- Investing in a unit trust or paying up to R100 towards your monthly bank charges.
You can also convert your Greenbacks back into cash by using your complementary Greenbacks Shop Card (which is available from any Netbank branch) to withdraw your Greenbacks from any Netbank ATM.
Registering for the Greenbacks programme will also get you a 50% discount on movie tickets at Nu Metro cinemas.
