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Working from home brings with it many perks, one of which is a drastic reduction in petrol usage.

Still, everybody loves getting cashback, and some folks have to travel for work, so we thought we’d have a quick look at the different fuel reward programmes on offer from South Africa’s banks and other institutions.

Moneyweb has put together a great comparison, which includes the two latest additions, Capitec and Nedbank.

It’s surprising it has taken both banks this long, with FNB having first launched its rewards based on fuel purchases as part of its eBucks rewards programme in 2010.

Pro tip for those with eBucks stashed away – use them to buy Lotto or PowerBall tickets on the FNB app, win millions, buy your ex a fridge and a washing machine, and retire early.

Alternatively, use them to buy something useful online that you actually need. In hindsight, that’s probably the prudent choice but one has to dream big.

Here’s a section of Moneyweb’s in-depth analysis:

Cash back at this level for Capitec’s partnership (20c per litre) is comparable to the levels offered by other banks on their debit cards. However, Nedbank Greenbacks’ flat-rate of 25c per litre is among the lowest when compared to other earn rates on credit cards of rival banks.

eBucks’s maximum rewards levels appear low when compared to those available for credit card use on Standard Bank uCount and Absa Rewards.

However, from July 2019, FNB has offered the potential to ‘Double Up’ on fuel earn, should a customer meet three qualifying requirements…

Discovery customers are strongly incentivised to use both Discovery Insure and Discovery Bank as they will earn cash back on both products.

Incentives are sometimes paid as a per purchase cashback option (Capitec users get 20 cents back per litre when swiping a V+ Rewards card and paying with a Capitec card at Engen, for example), as points (Clicks Clubcard users get 1 point per litre spent at Engen), or on a monthly spend basis (Discovery Insure members get up to 50% of fuel spend back per month when filling up at BP or Engen).

All of the programmes have monthly limits, with some capped at a R3 000 fuel spend, and others linked to how many litres used.

For a breakdown of each rewards partner and what they offer, you’ll find a full table here.

If you are somebody who commutes a great deal, it’s definitely worth crunching some numbers, although you’ll have to weigh any potential savings against the hassle of switching from one bank or rewards programme to another.

Also, who still uses Nedbank? I feel sorry for you. You deserve better.

[source:moneyweb]