SA’s largest retail bank, Capitec, on Wednesday joined its rivals in bringing some relief to consumers hit by rising the cost of living.
Capitec said its clients had saved R639m in its cashback and savings rewards programme, which it launched 16 months ago and was on track to crack the R1bn mark by the end of 2022.
Rising petrol is a concern for South Africans as it feeds into other living costs such as food and transport, said Francois Viviers, group executive of marketing and communications at Capitec.
“Regarding fuel, clients get 20c cash back per litre at any Shell garage, and 40c back on Live Better Day — the 10th of every month. Small savings add up, especially with our double cashback benefit,” he said in a statement.
“Our goal with Live Better is to grow a strong savings culture in SA, while combating the rising cost of living.”
Capitec clients also get cash back and discounts every time they spend at Dis-Chem, Baby City, Educate24 and GetSmarter, among other outlets.
Consumers are buffeted by record high fuel prices, which have pushed consumer inflation to a five-year high and raised the odds of further increases in interest rates by the Reserve Bank.
Food prices have been rising after Russia’s invasion of Ukraine sparked a surge in grain prices such as wheat amid worries over potential supply shortfall.
Higher inflation erodes the purchasing power of consumers’ disposable income.
Late in June, FNB announced fuel hike relief for its nearly 3.4-million customers.
FNB is giving its qualifying retail and commercial customers an additional R2/l back in eBucks for fuel purchases made at Engen from July 2022 until the end of September. This benefit is available to customers irrespective of their reward level and is in addition to what they would have ordinarily earned.
To qualify for the additional benefit, customers have to pay with their FNB and RMB Private Bank virtual cards when paying for fuel at Engen, and also complete at least one online virtual card transaction per month at any merchant.
Absa bank says its customers can earn up to 30% cash back depending on their rewards tier every time they fill up at Sasol, according to TimesLIVE. Standard Bank clients can get up to R5 in rewards points per litre of fuel and oil purchased at Caltex stations, the sister publication reported.
Nedbank says by filling up at BP you get 25c cash back in Greenbacks on every litre of fuel.
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