Can you believe Nedbank Greenbacks is almost 19 years old? Time flies when you’re having fun – although the word ‘fun’ might be understating the many joys that our unique rewards programme offers clients. We’ve given the programme a major update.

Greenbacks now gives you even more incentives to practise better money habits by introducing levels and offering increased rewards every time you reach a higher level. By adopting the right financial behaviours in your banking, spending, saving and debt use, you can progress to the next level and earn Greenbacks at a higher rate. Greenbacks membership is free for Nedbank clients who have MiGoals Plus, MiGoals Premium or Private Clients Bundle accounts.

Here’s everything you need to know about our enhanced Greenbacks programme.

Redeem your Greenbacks for exciting rewards

First things first – the ways in which you can redeem your Greenbacks have not changed. You can still use the Greenbacks in your account to make the same transactions and take advantage of the same perks.

The 5 most popular ways to redeem Greenbacks are:

• Transferring your Greenbacks into you MyPocket account
  
  
• Using your Greenbacks SHOP Card to withdraw Greenbacks as cash, pay for in-store or online purchases, or buy fuel.
  
  
• Spending Greenbacks on prepaid airtime, data and electricity.
  
  
• Investing by transferring Greenbacks into a notice deposit account (JustInvest, Platinum Invest, Money Trader or Unit Trust).
  
  
• Paying for bank charges and card fees.
   

Except for withdrawing cash or swiping to pay with your Greenbacks SHOP Card, all these transactions can be done via the Nedbank Money app or Online Banking. However, there are several more ways to redeem your Greenbacks through our digital channels. You can also:

• Pay for online shopping with Greenbacks at Avo SuperShop and get additional discounts offered exclusively to Greenbacks members.
  
  
• Donate to an affinity (WWF Nedbank Green Trust, Nelson Mandela Children’s Fund, the Sports Trust or the Art and Culture Trust).
  
  
• Donate to a community (visit your Money app to see the list of beneficiaries).

So, what’s changed? Understanding Greenbacks levels

The biggest change to Greenbacks is replacing packages with goals. Packages, and any competitions related to packages, no longer exist. Instead, Greenbacks offers a tiered rewards system linked to your Nedbank transactional accounts – 4 different reward levels (and a bonus booster level), with your level determined by the number of goals you achieve. Each level increases the rate at which you earn Greenbacks on qualifying transactions – you can earn up to 2% of your spending back in Greenbacks at the top level.

You can reach new levels by achieving more goals – 1 goal achieved puts you on Level 1, achieving 2 goals boosts you to Level 2, and so on. You will no longer need to opt in to Greenbacks packages, as your Greenbacks level will be determined by your financial behaviours and the goals you’ve achieved. Having a Nedbank transactional account is your gateway to Greenbacks.

Greenbacks levels: 4 goals and a bonus booster goal

The Greenbacks goals cover a range of better money choices:
 

Main-banked goal

If you switch your income payments to your Nedbank transactional account and keep at least 2 active monthly debit orders on that account, you achieve 1 goal for being what’s known as a ‘main-banked’ client. Of course, your Greenbacks rewards are just the cherry on top. The real benefit of being a main-banked Nedbank client is the saving on bank charges you can make by using our digital banking channels. Setting up debit orders means you never have to worry about making regular monthly payments on time.

In addition, if you also make at least 3 transactions a month that pay money out of your account using digital channels (excluding interaccount transfers), you achieve a bonus booster goal and go up a level.
 

Card swiper goal

The card swiper goal is available exclusively to clients with a Nedbank Visa, Mastercard or American Express credit or debit card account linked to Greenbacks. Swipe your card instead of paying with cash 3 or more times a month, or swipe the card to pay R5,000 or more in transactions over the month, and you achieve the card swiper goal.
 

Structured saver goal

You must have at least 1 Nedbank savings account before you can qualify for the structured saver goal. To qualify, you must also increase your savings or investment balance by at least R3,000 over 3 consecutive months, or else maintain a balance of at least R100,000 over your entire savings portfolio per month.
 

Responsible borrower goal

The responsible borrower goal rewards you for simply paying your debt instalments on time, in full, every month. To qualify, you must have 1 or more of the following: Nedbank personal loan, home loan, vehicle loan or overdraft. Make sure that all your payments are made in full, on time, and you achieve your responsible borrower goal.

Higher levels earn you more Greenbacks

If you achieve all 4 of these goals and the bonus booster goal, you’ll be at Level 5 on Greenbacks, with the rewards to match. For example, at Level 5, you can earn up to 2% cash back in Greenbacks for all spending on your eligible Nedbank card, compared to 0.3% at Level 1. In addition, there is no spending cap on rewards for paying with your Amex card – you keep earning Greenbacks no matter how much you spend. See the estimator tool on our Greenbacks page to learn more about reward levels.

And, of course, paying with any of your Greenbacks-linked Nedbank cards will score you great discounts from Nedbank partners:

• 50% off Nu Metro movie tickets and selected refreshments.
  
  
• Get 25c cashback in Greenbacks for every litre of fuel you buy at bp when you pay using your Greenbacks-linked debit or credit card.
  
  
• Greenbacks Exclusive deals on Avo SuperShop.
   

Apart from our always-on Greenbacks-exclusive deals on Avo, your Greenbacks-linked cards can also get you:

• Up to 30% discounts on flights bought via Greenbacks Travel on Avo.
  
  
• Up to 10% discounts on Apple and Samsung devices bought on Greenbacks Exclusive deals on Avo.

Terms and conditions apply.

Adopting better money choices brings rewards all on its own – like healthy financial management and peace of mind. They’re important, but also quite abstract. Sign up for Greenbacks, and you can add the solid, concrete rewards of earning Greenbacks to spend – on so many levels.