Standard Bank’s says that its UCount Rewards programme will undergo a series of changes from March 2022, which includes incentivising members to use digital channels and make smart money moves.
Both business and personal members are set to benefit from the changes, which are scheduled to come into effect as of 1 February 2022 and 1 March 2022 respectively, the bank said.
“As part of our ongoing efforts to provide additional value to our members, many of whom are looking for ways to save due to various economic pressures, we have updated our UCount Rewards programme so that our members can take advantage of more ways to earn more rewards points for conducting their everyday banking with Standard Bank,” it said.
The UCount Rewards programme is based on tiered levels. The more Standard Bank products and services you use, the higher your tier level will be, and the more rewards points you will earn from your qualifying purchases.
Standard Bank said it has now introduced changes to the existing tier rules, which it says will give personal members more ways to progress and move up a tier level. The detailed changes have not yet been published, with the bank saying the updates will be known in March.
Among the known changes, however, rewards members will be able to earn up to 400 rewards points with a new category called ‘Tier Rewards’ – based on their tier level – by accessing Goals & Gains in the UCount Rewards in-app platform of the Standard Bank Banking App.
Tier Rewards will be available on the first Wednesday of every month and members have until the last day of the month to claim them.
The bank has also removed the total qualifying credit card spend of R20,000, making it easier for members to reach Tier 5, it said.
New ways to earn uCount Rewards for Business members
Standard Bank said the UCount Rewards for Business programme has been simplified so that businesses can progress to higher tier levels and earn more Rewards Points, easier and faster.
From 1 February 2022, Business members can expect to see a new tiering structure that will see tier levels reduced from five to three.
Standard Bank has removed the qualifying tiering points for tier levels, which means that Business members will be able to progress to tier levels based on a combination of product rules and behaviours.
Based on the reduced tier levels, the following earn rates (rewards points) will apply for Tier Rewards:
- Tier Level 1: 100
- Tier Level 2: 300
- Tier Level 3: 500
Members can also expect new earn rates of 0.5%, 0.8% and 1% on Credit Cards and 0.2%, 0.5% and 0.65% on Debit and Cheque cards.
The earn rates for fuel rewards will be 35 cents per litre, R1.50 per litre and R5 per litre depending on your tier level. Members can still earn Dual Membership Rewards as well as Social Rewards.