The expert commented on new trends: banks are increasingly returning money in rubles, rather than in bonuses
Cashback is a pleasant reward to which we are already accustomed. It appeared thanks to the strategy developed by banks, when, on the one hand, the credit institution benefits from the fact that you more often choose its cards for daily payments, and on the other hand, you receive bonuses for your purchases. To increase customer loyalty, Russian banks are actively developing their own cashback programs. They are introducing new approaches to “paying out” bonuses, additional cashback categories and other tools. And we, as consumers, have the opportunity to make good profits from our daily spending. Let's figure out how to do this and what to pay attention to.
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According to a VTB survey and Otkritie Bank, the majority of Russians — 68% — prefer minimal cashback in rubles than increased cashback, but with bonuses. According to 65% of survey participants, the optimal amount of remuneration should be in the range of 5-15% of expenses. At the same time, 17% of respondents consider charges of 3-5% fair.
The most popular categories for receiving cashback are supermarkets, housing and communal services and pharmacies. Almost a third of Russians would like to receive rewards for all spending on the card, even if the percentage is minimal.
The ability to convert rewards into rubles is a priority criterion for choosing a loyalty program, according to 54% of survey respondents. A wide range of goods and services on which the reward can be spent was noted by 20%. 14% will primarily pay attention to the duration of bonuses, the value of bonuses is a priority for 12%.
The fact is that when choosing a banking product with cashback in rubles, you can spend the returned money on anything, and even withdraw it in cash. As for bonuses, the bank itself offers a list of partners who accept payment from them. Moreover, some companies, although they are ready to receive bonuses instead of “real” money, limit their number. For example, you will only be able to pay off 50% of the purchase. This is not very convenient, since the list may simply not contain the brand you need.
In addition, ruble cashback can serve as a kind of “piggy bank” when you don’t spend it for several months and then buy something big. For example, on average, in Russian banks, clients of the mass segment have access to up to three thousand rubles of cashback monthly, that is, in a year you can put more than 30 thousand rubles into the piggy bank.
Debit cards with cashback in rubles are now offered by many large banks in the country. This includes Tinkoff, Alfa-Bank, Gazprombank. In May, VTB joined them, which updated its loyalty program and switched to returning cashback in real money. “The cashback system is increasingly becoming a key criterion for choosing a bank. Therefore, from May 1, 2024, we completely relaunched the loyalty program and switched to cashback in rubles. From the 26th of each month, our clients can independently determine the categories for accrual of remuneration; their list is updated monthly. Thanks to the restart of the program, the bank will be able to offer clients personal cashback and a maximum reward of up to 25% in certain categories,” said Rostislav Yanykin, head of the transactional retail business department at VTB.
He added that in the conditions of the “cashback struggle” there is an advantage has a flexible program that adapts to the client’s preferences and gives additional privileges to those who choose the bank as their main one — for example, they receive a salary or pension from the bank, keep funds in accounts and deposits, and make daily transactions.