Best banking fuel rewards in South Africa: Absa vs Capitec vs FNB vs Nedbank vs Standard Bank

South Africans are currently paying astronomical prices for fuel, but the nation’s largest banks are offering some relief to customers through their rewards programmes.

Amid heightened international oil prices and the weak rand, the price of petrol (93 and 95) increased by 37 cents at the start of May to R25.15 and R25.49 inland, respectively.

To fill a 50-litre engine with 95 petrol inland, consumers must fork out R1,275.

Although the latest data from the Central Energy Fund points to a 61.45 cent decrease in 95 petrol prices in June, South Africans will still have to well over R1,000 to fill up a 50-litre tank.

For several years, South Africa’s biggest banks have been offering rewards for customers who fill up at specific fuel stations, offering some respite to cash-strapped South Africans.

Across all the possible savings that customers can make, Standard Bank UCount offers the most possible savings, with South Africans able to save R500 for a 50-litre tank.

Below is a breakdown of the various fuel rewards offered by the “Big Five banks” in South Africa by customer numbers according to their websites:

Absa Rewards

Absa’s fuel rewards apply to customers who fill up at Sasol. Customers can receive up to 30% back on fuel purchases, depending on their rewards score and what card they’re using.

Debit card users earn between 0.15% and 4.5% back, while credit card users start at 0.20% and can earn up to 30% if they reach tier 5 of the rewards scheme.

That said, a transaction is capped at R3,000 per month or 30% of total spend, whichever happens first.

The rewards also apply to in-store purchases at Sasol, excluding bill payments, pre-paid airtime, and electricity and lotto purchases.

Overall, customers are able to claim back between R1.91 and R382.5 when they buy 50 litres of inland 95 petrol.

Capitec Live Better

Capitec clinets get 20c per litre cash back on fuel and 0.5% cash back on selected items in-store at Shell.

Customers will need to swipe their V+ card and pay with their Capitec card. However, all cash-back is loaded onto the V+ wallet.

In-store cash bank also excludes tobacco, phone cards, lubricants, car wash and municipal services.

To fill a 5-litre tank, customers would get R10 loaded on their V+ card.

FNB eBucks

FNB’s internationally recognised rewards programme, eBucks, also allows for fuel rewards at Engen fuel stations, but there are plenty of Terms and Conditions.

Customers will be able to earn up to R8/litre back in eBucks for their fuel spend every month using their FNB Premier, FNB Private Clients, FNB Private Wealth and/or RMB Private Bank card, depending on their reward level.

Customers will earn:

• Up to R4/litre back each month when you pay for your monthly Engen fuel with your FNB or RMB Private Bank Virtual Card

• Up to R2/litre back when you have an active vehicle finance agreement with WesBank or Toyota Financial Services and load that vehicle on nav»Car

• Up to R2/litre back when you have an FNB Short Term Car* Insurance policy with paid-up premiums and load your car on nav»Car

That said, the amount one can get with eBucks is limited to 20% of their qualifying card spend or a total rand amount of R2,000, R2,500 and R3,000 per month, depending on the card, or whichever comes first.

Aspire (Gold) clients, on the other hand, will earn up to R1.20 litres back in eBucks every month when they swipe their qualifying FNB Aspire (Gold) card at Engen.

They’ll earn up to:

• R0.60/litre back when you pay for your monthly Engen fuel using your FNB Aspire Card

• R0.30/litre back when you have an active vehicle finance agreement with WesBank or Toyota Financial Services and load that vehicle on nav»Car

• R0.30/litre back when you have an FNB Short Term Car* Insurance policy with paid-up premiums and load your car on nav»Car

Premier and private customers will thus be able to save up to R400 when filling up should they meet all the T&Cs.

Nedbank Greenbacks

Nedbank also allows eligible credit and cheque cardholders to earn Greenbacks when they swipe their cards.

Customers with Greenbacks will earn 25c cash back for every litre of fuel when they fill up at BP.

Greenbacks is free to all clients with MiGoals Plus, MiGoals Premium, and Private Clients accounts, while clients with a MiGoals account can also join for R30 per month

When spending R1,275, Nedbank customers could get between R12.50 back.

Standard Bank UCount

Standard Bank offers fuel rewards tied to its UCount rewards programme, with five tiers linked to debit and credit cards like Absa.

Following the fuel price hikes of 2022 due to Russia’s invasion of Ukraine, the bank started offering a double-reward route for customers.

Spending R1,275 to fill a 50-litre tank at Caltex or Astron Energy would earn you between R5.00 and R500.00, depending on your card and reward tier.

Read: How much you would have if you invested R1,000 in Capitec, FirstRand, Nedbank, and more in January