As the surging petrol and diesel price continues to hit South African motorists hardest, with consumers reeling from the impact, Absa Rewards has increased the cap on earn rates for fuel.
Amid South Africans facing soaring fuel prices – from this month the price of petrol increased by more than R3 a litre and diesel by more than R7 a litre — household budgets and the cost of daily travel, have come under pressure.
Enabling people to get to work, run businesses and manage day-to-day life, fuel has become one of the largest monthly expense items for many households.
Absa Rewards executive Alicia Raynard said the bank had increased its fuel earn cap by R2 000 — “delivering practical relief to customers when it matters most”.
The increased cap is in effect from April to the end of May – “aligning with a period of heightened travel and increased cost pressure”.
“Fuel is one of the most immediate pressures on household budgets, with increases of this scale changing how people move, work and spend,” Raynard said. “Customers are looking for real ways to stretch their money further.
“Our focus is on delivering value that is simple, immediate and felt in everyday life. With this intervention, we are ensuring that our customers across Absa Rewards tiers, experience the benefit back into their wallets.”
She said Absa Rewards, offering free membership to bank customers opting in, had also introduced permanent improvements to fuel earn rates, significantly increasing the value customers could earn on everyday fuel spend.
Through its partnership with Sasol, customers could earn up to 30% real cashback on fuel, “offering immediate value at the pump, rather than points or delayed rewards”.
“Unlike many fuel rewards programmes that rely on points or complex structures, Absa Rewards is designed to deliver simple, immediate value that customers can see and use,” Raynard said.
“Customers earn the highest value when filling up at Sasol, reinforcing Absa’s partnership and encouraging more cost-efficient fuel behaviour, particularly during high travel periods such as Easter.”
At a time when many South Africans were having to make difficult financial decisions, Absa remained focused on supporting customers in practical ways, she said.
As petrol and diesel prices climb by more than R3 a litre, Absa has increased its fuel cashback cap and earn rates through its rewards programme, aiming to provide immediate financial relief to South African motorists facing rising transport costs
