Capitec now has a fully-fledged rewards programme – here’s how it works

Capitec says it will expand its Live Better behavioural savings account into a full rewards programme, including a push to offer R1 billion in cashbacks and savings to clients by the end of the year.

The bank first dipped its toes into rewards in early 2021 through a partnership with Shell, piggy-backing off the petrol giant’s V+ rewards programme.

Capitec customers who swipe their Shell V+ card and pay with a Capitec account get 20 cents per litre back on fuel purchases (versus the standard 15 cents per litre) and 0.5% in cash back on selected items in-store at Shell Select.

The finance group launched the Live Better savings account in the middle of 2021, which was pegged as a ‘behavioural banking solution‘.

The account offers purchase round-up and interest sweep functionality, that allows customers to automatically transfer their change from purchases and interest gains on the Global One transactional into the savings account.

In August 2021, the first signs of direct reward functionality appeared through a partnership with Dis-Chem and Baby City, which allows customers to get up to 2% in cash back on purchases at those stores. Other partners were soon added, including Educate24, GetSmarter, Hello Doctor, JOOX, Rentalcars.com, and Travelstart.

The bank is now expanding the direct rewards aspect of the account even further.

From 1 March, all clients can qualify for 0.5% in cash back on all their monthly debit card spend – which gets paid into the free Live Better savings account on the 10th of each month, it said.

“We’ve introduced the Live Better behavioural banking reward because our research shows that people are tired of traditional tiered rewards programmes,” said Francois Viviers, executive of marketing and communications at Capitec.

“Our programme doesn’t discriminate based on income or status, has no points, no tiers, no subscription fee and no complicated hoops to jump through. We offer real cash back just for banking better with Capitec. By the end of the first year of Live Better, we intend to reach R1 billion in cashbacks and savings for our clients.”

How it works

Viviers said the goal is for clients to be rewarded by doing their everyday banking, at no extra cost.

To access the scheme, clients need to activate a free Live Better savings account by signing into the Capitec banking app. Users then receive rewards for all of the following:

  • Have one credit product, funeral plan or fixed savings account;
  • Have three debit orders;
  • Do five ‘money out’ transactions on the app like payments, scan to pay, or buying prepaid airtime and data.

All card purchases will earn 0.5% in cash back on the full value of purchases for the month. Users who spend on their credit card, regardless of having reached these goals, can earn an additional 1% in cash back adding up to 1.5% in total.

“In simple terms, if you spend R10,000 per month you can get R50 back on a debit card or R150 back on your credit card,” Capitec said.

“The cashback you earn gets paid into your account on the tenth day of each month, while other benefit partners will give you upfront discounts at the time of purchase.”

Viviers added that the scheme has no ‘smoke and mirrors’ and that clients will not be required to pay additional fees to access the scheme.

“Our data shows that you can easily pay around R80 a month in fees because cash is expensive and does not qualify for Live Better rewards. But if you use the app instead of cash, have a credit, savings or insurance product and three debit orders you can earn R26 after fees, and with a credit card you can earn R81 per month after fees.”


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Capitec now has a fully-fledged rewards programme – here’s how it works