Absa rewards good payers with over R50 million

Absa customers reap results of great savings over the life of their loans with a cashback incentive that has paid out in excess of R50 million since launch.

Absa customers who have been responsible in the management of their personal loans have received over R50 million in cashback through the Absa Personal Loan cashback incentive programme – launched last year.

The bank says over 200 000 of these customers have received cashback through this programme to date, putting millions back into customers' pockets every month.

Arrie Rautenbach, Absa’s Head of Retail Markets, says the bank’s repayment incentive programme rewards customers for good payment behaviour and for staying longer with Absa. “For this reason we have seen Absa’s strategy, aligned to a focus on the customer, come to fruition.”

“In an economy with near record highs of household debt and low savings rates, we are proud that the Absa Personal Loan Cash Back benefit is assisting consumers to save money and reduce debt. This is crucial to empower South Africans to maintain healthy credit records and paves the way for aid that could help lift the country out of its deep economic crisis.”

As a leading South African bank, Absa remains committed to offering a range of incentives to its customers. Through Absa Rewards the bank rewards customers for doing nothing more than shopping using their Absa debit, cheque or credit card to earn up to 1% of total purchases back in cash rewards. Absa also offers customers cash-backs on their home loans, vehicle finance, credit card, personal and micro loan deals through a recently launched transactional account, Absa Value Bundles.

“Customers are appreciating the value for money our incentive programs bring and most of all the fact that they are being rewarded for their loyalty. This and reaching over R50 million in cashback through the Personal Loan incentive programme underscores the importance of the work Absa is doing in making our customers lives easier,” says Rautenbach.

Introduced by Absa as a promotion that would run for a calendar year, the Absa Personal Loan Cash Back benefit gives borrowers an added incentive to be responsible in their attitude towards repayment, thereby reducing their overall cost of borrowing. It rewards customers who maintain good payment records an automatic 1% refund of the original loan value every year. The incentive programme is a first in South African banking.

The programme will run until the end of 30 April 2013. All customers who have taken out a loan with Absa will continue to receive the 1% benefit for the life of their loan. Customers who wish to take advantage of the Absa Personal Loan Cash Back benefit can visit any Absa branch, visit www.absa.co.za or call the Absa Customer Care Centre on 0860 100 372 for details.