The Investec Rewards Program is a unique offering that provides tangible returns on your spending through rewards points. Exclusively available to holders of an Investec Private Bank Account or Private Business Account, this program allows you to accumulate points through various transactions with Investec’s partners in lifestyle, shopping, travel, and financial services. Whether you’re an individual or a business account holder, this guide will help you navigate the Investec Rewards Program in 2024, ensuring you maximize your benefits.
How Investec Rewards Work
To start earning points with Investec Rewards, you must use your Investec card when making purchases at partner stores. The program is flexible, allowing you to redeem your points at various locations, including several malls across South Africa. Unlike other programs that restrict you to specific stores, Investec Rewards offers the freedom to spend your points across multiple outlets within certain malls.
Eligibility for the Investec Rewards Program
Investec has designed its rewards program to reward loyal customers who maintain a healthy banking relationship. To qualify for the rewards program, you must hold an Investec Private Bank Account or Private Business Account (including Trusts) in good standing. Unfortunately, Investec Youth Accounts are excluded from participating in the program.
To be eligible for the Investec Rewards Program:
- Account Registration: Each account must be registered separately for the program unless otherwise advised.
- Valid Card: The account holder must possess a valid Investec card.
Ensuring that your account is open and in good standing is crucial to participate in and benefit from the Investec Rewards Program.
Earning Investec Rewards Points
Earning rewards points in the Investec Rewards Program is straightforward, but understanding how points are accumulated is key to maximizing your rewards.
1. Use Your Investec Card:
The primary way to earn points is by using your Investec Visa card at partner stores. For every R5 spent with your Investec Visa personal card, you earn 1 point. If you’re using a business card, you earn 1 point for every R10 spent.
2. Additional Points:
You can earn additional points by making specific purchases:
- Travel by Investec: Earn an extra 0.5 bonus points for every R5 spent on your personal card.
- Retail Partners: Earn 1 bonus point at selected retail partners.
- Vehicle Purchase through Bidvest McCarthy: Earn 1 additional point when financing through Investec.
The more you engage with Investec’s partners, the faster your rewards accumulate, making it easier to redeem them for valuable perks.
New for 2024: Partnership Levels
In 2024, Investec introduced a new feature to the rewards program: partnership levels. These levels determine your earn rate, which is influenced by your partnership score. The higher your partnership score, the better your earn rate.
1. Determining Your Partnership Level:
Your partnership score is calculated based on:
- The number of Investec products you hold.
- Your product balances.
- The minimum monthly deposit required for your account type.
2. Five Partnership Levels:
There are five partnership levels, each offering different earn rates. Your partnership level is calculated on your Rewards statement date, which coincides with your account statement date.
Example: If you maintain higher balances across multiple Investec products, your partnership score will increase, potentially elevating you to a higher partnership level with a better earn rate.
Qualifying Transactions and Balances
To optimize your rewards, focus on qualifying transactions and balances:
1. Qualifying Transactions:
- Investec Visa Card Purchases: Both in-store and online purchases are eligible, excluding those made with Investec Select cards.
- Investec Life Monthly Premiums: Paid by debit order from your account.
- Aon Pinion Insurance Premiums: Paid by debit order from your account.
2. Qualifying Balances:
- Investec Private Home Loan: Average monthly capital balances.
- Investec Instalment Sale: Average monthly capital balances.
Meeting the Minimum Monthly Deposit Requirement
Your ability to access higher partnership levels is contingent upon meeting a minimum monthly deposit requirement, which varies depending on your account type.
Private Bank Account:
- Standard: R35,000
- Young Professionals (under 30): R10,000
- Guaranteed Account: R10,000
Private Business Account (including Trusts):
- Standard: R35,000
Your monthly deposit is calculated using one of two methods:
- Total Deposits: Into your Private Bank Account during the prior Rewards statement period.
- Average Total Monthly Deposits: Over the prior twelve Rewards statement periods.
If you fail to meet these thresholds, Investec will consider the sum of qualifying transactions and debit orders from your account to determine eligibility.
Redeeming Investec Rewards Points
Investec Rewards points offer flexibility in redemption, allowing you to tailor the rewards to your needs.
1. Travel Rewards:
Investec’s in-house travel agency, Travel by Investec, offers competitive rates on flights, accommodations, car hires, and more. Using your Investec card to book through this service earns you 1.5 points for every R5 spent.
2. Financial Rewards:
Investec encourages sound financial habits by offering rewards for good decisions. These rewards can be used to:
- Invest in Unit Trusts: Grow your wealth over time.
- Pay Account Fees: Offset monthly service charges.
3. Shopping Rewards:
Points can be redeemed for purchases, with 7500 points equating to R250. Redeemable at various malls across South Africa, these points can be used for anything from luxury items to everyday essentials.
4. Lifestyle Rewards:
Use points for experiences such as spa visits. Earn additional points while enjoying these indulgences.
Conclusion: Why Invest in Investec Rewards?
The Investec Rewards Program in 2024 offers an enriched experience for loyal customers who maintain a healthy banking relationship. By understanding how to earn, maximize, and redeem points, you can enjoy substantial financial benefits while making everyday purchases. Whether you’re looking to save on travel, invest in your future, or enjoy luxurious shopping experiences, the Investec Rewards Program is designed to enhance your financial journey.