More UCount Rewards Members Could Benefit From Double Fuel Rewards
UCount Rewards members now have more ways to earn tiering points after changes implemented by the Standard Bank rewards programme on 1 July. Members can now get tiering points for having streaming services and holding Liberty Lifestyle Protector policy. Completing Goals and Gains on the UCount Rewards tile on the Standard Bank App will also earn members new UCount tiering points.
“We anticipate that more customers will benefit from Double Fuel Rewards because we made the changes in line with consumer spending trends. We also constantly seek feedback from our clients on what works for them, and we’ve seen that customers who earn Double Fuel Rewards attach high value to it, says the Head of Loyalty and Rewards at Standard Bank, Fayelizabeth Foster.
UCount Rewards was rated the second highest rewards programme that economically active consumers surveyed by BrandMapp this year cannot live without. The programme has grown its members by an average of 6% year-on-year since its launch 11 years ago.
Customers who are members of the UCount Rewards programme have earned rewards totalling R7.6 billion since its launch. They redeemed a significant amount of their UCount Rewards Points at Caltex/Astron Energy, with fuel redemption making up 31% of value redeemed to date. Other popular rewards retailers where customers redeem their UCount Reward Points are Makro, KFC, Dis-Chem and Standard Bank’s Savings & Investments products.
“Post COVID-19, we’ve seen a notable shift in how customers spend their UCount Rewards Points from luxury goods to everyday basics, which speaks to the impact of our stagnant economy on consumers’ disposable income. That is why we’ve enabled more customers to earn Double Fuel Rewards, helping them offset the high cost of living,” says Foster.
UCount Rewards customers now spend around R2,035 on fuel a month, a 35% increase from their average spend in 2021 when a litre of petrol averaged R17.50 inland. After the spike in fuel prices in 2022, UCount decided to double its fuel rewards, giving its members an opportunity to earn up to R10* back per litre of fuel and oil purchased. Its fuel rewards programme has become the one to beat in the banking sector.
Foster says after analysing the customer data to see the proportion of customers with Standard Bank credit cards, it’s clear a lot more UCount members will benefit.
Even though there will be customers who don't have a Standard Bank credit card who won’t be able to earn Double Fuel Rewards, those customers will continue to earn normal fuel rewards when they pay with their debit or cheque cards.
“The previous rule for Double Fuel Rewards was more onerous because members had to do more than just buying fuel to qualify. So, we've made it a little easier because all that's required now is buying fuel at Caltex/Astron Energy with a Standard Bank credit card. Most of our members already hold Standard Bank credit cards and pay for fuel using credit cards,” concludes Foster.