Big-four bank FNB says March was the first month in the history of its eBucks programme in which customers redeemed more rewards than they earned.
This, as consumers increasingly turn to rewards programmes to stave off rising living costs.
Pieter Woodhatch, CEO of eBucks Rewards, said during an embargoed presentation of the bank’s latest fee structure last week that eBucks “burn outstripped earn” in that month. This, he said, indicates just how much clients have been struggling.
Annabel Bishop, chief economist at Investec, says consumers had already cut back 30% of their spending in April when the first fuel price increase took effect. “Because essential travel means fuel spend will still need to be accounted for, with an overall higher fuel bill, discretionary spend from other areas will need to be cut back to fit within a finite overall budget, where possible.”
The oversized use of eBucks “shows how important the rewards programme is for our clients. They are starting to use eBucks that were saved up in the past,” Woodhatch adds.
Hylton Kallner, CEO of Discovery Bank, notes that in a year marked by persistent cost-of-living pressures, “consumers – across income groups – are prioritising essentials, comparing prices more actively, selecting store brand alternatives, and using rewards and budgeting tools to stretch disposable income”.
Discovery Bank and Visa’s SpendTrend26 finds households are adapting under pressure by “using rewards, budgeting tools and value-seeking strategies to stretch their spending” rather than increasing discretionary expenditure.
Some 85% of South Africans are taking advantage of credit card rewards and benefits, while 59% are using cashback and rewards more actively to manage grocery and household costs. Both figures, captured in 2025, are up year-on-year, it finds.
Under pressure
This comes as salaries are shrinking and more people are battling to pay debt. According to the latest PayInc Net Salary Index, real income – which considers inflationary effects – declined 2.7% in April versus a year ago to “the lowest real salary level recorded in two years”.
“The combination of slowing salary growth and rising inflation is creating a difficult environment for salary earners,” says independent economist Elize Kruger. “Households are being squeezed from multiple directions at the same time, with higher fuel prices, rising living costs and the growing possibility of higher interest rates.”
Benay Sager, executive head of DebtBusters, notes that 96% of people who have applied for debt counselling for the first time carry a personal loan at the time of application, while 61% carry a one-month payday loan – both record figures.
Bishop adds that the cost of living accelerated in the second quarter of 2026, with consumer price inflation rising to 4.0% year-on-year from 3.1%, eroding real household incomes.
Smarter spending
Senzo Nsibande, CEO of FNB Core Banking, Retail and Business Banking, says: “Customers are under immense financial pressure, but they are also more active in how they earn, spend and move money.”
Woodhatch adds that the bank has increased discount budgets by 20% and made more than R2.7 billion in value returning to customers over the year, including reduced thresholds to reach the higher reward levels in “what we believe is our most significant investment in customer value to date”.
Under the new eBucks structure, ITWeb estimates that an Aspire customer would need to spend about R8 500 a month with participating partners for around 10 to 11 months to accumulate enough of the loyalty currency to pay for a R6 000 grocery trolley – roughly enough to feed a family of four for a month*.
The estimate is based on an Aspire customer who qualifies for reward level five and spends R2 000 a month on fuel, R500 at Clicks and R6 000 at Pick n Pay. On that basis, the customer could earn between 5 500 and 6 000 eBucks, equivalent to R550 to R600, a month.
The calculation excludes promotional offers, one-off bonuses and additional partner benefits, while most customers would also incur the Aspire account’s monthly fee of R125.
Woodhatch highlights that, combined with other promotional events, 10 eBucks wasn’t necessarily equivalent to R1, but closer to R1.30. “Not only do you earn with eBucks; you also get extra value when you burn them.”
The new battleground
“Loyalty programmes are becoming a defining lever for brands competing for value-seeking consumers who are more discerning about where they spend and what they receive in return,” Deloitte noted in January.
Its 2025 Consumer Loyalty Programme Survey found that 40% of Americans have become more deal-driven and cost-conscious, trading down across industries from groceries to travel.
“While price, value and quality remain the top drivers of brand loyalty across all age and income groups, loyalty programmes follow close behind,” it adds. “Even high-income households are reassessing what value means and are seeking brands that feel fair in price and generous in return.”
*The grocery basket value is based on estimates published by National Debt Advisors in August 2024 and adjusted for headline inflation.
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