24 Dec

Royal Bank of Scotland Cashback Rewards Guide

Written By Dom Mia
December 24, 2023

Posted at 02:24h in Cashback, Home Blog 3 by Dom Mia

Welcome to the Royal Bank of Scotland (RBS) Cashback Rewards Guide. In this guide, I will provide you with all the information you need to know about the RBS Cashback program, including the offers and rewards available to RBS customers.

RBS has designed its Cashback program to help customers earn rewards effortlessly. By participating in the program, customers have the opportunity to earn cash back on their purchases and enjoy the benefits of a rewards account. Whether you’re looking to save money, treat yourself to a gift card, or make a charitable donation, the RBS Cashback program has options to suit your preferences.

Key Takeaways:

RBS offers a cashback rewards program for their customers
Customers can earn up to £5 a month back in rewards by setting up Direct Debits and logging into the mobile app
Earn up to 1% rewards when spending with a Royal Bank debit card at partner retailers
Rewards can be exchanged for cash back, gift cards, or donations to selected charities
The RBS Cashback program provides additional benefits, such as access to savings accounts and an overdraft facility

Earn Rewards with RBS Cashback Program

With the RBS Cashback program, customers have multiple ways to earn rewards. By setting up 2 or more Direct Debits from their Reward account, customers can earn £4 a month back in rewards. In addition, logging into the mobile banking app at least once a month can earn customers an extra £1 a month back in rewards. Customers can also earn rewards ranging from 1% to 15% when they use their Royal Bank debit card at partner retailers. These rewards can quickly accumulate and provide customers with the opportunity to earn cash back on their purchases.

Ways to Earn Rewards with RBS Cashback Program

There are three main ways that customers can earn rewards through the RBS Cashback program:

Set up Direct Debits: By setting up 2 or more Direct Debits from their Reward account, customers can earn £4 a month back in rewards. This ensures that ongoing payments, such as bills and subscriptions, are automatically deducted from their account.
Log into the mobile app: By logging into the RBS mobile banking app at least once a month, customers can earn an extra £1 a month back in rewards. This encourages customers to stay engaged with their finances and take advantage of the convenient features of the app.
Spend with the Royal Bank debit card: Customers can earn rewards ranging from 1% to 15% when they use their Royal Bank debit card at partner retailers. This provides an incentive to use the debit card for everyday purchases, knowing that they will earn cash back on their spending.

Earned rewards can be collected and exchanged for various benefits, including cash back, gift cards, or donations to selected charities. The RBS Cashback program offers a flexible and rewarding experience for customers, allowing them to make the most of their banking relationship with Royal Bank of Scotland.

Reward Activity	Reward Earned
Set up 2 or more Direct Debits	£4 per month
Log into the mobile banking app	£1 per month
Use Royal Bank debit card at partner retailers	1% to 15% cash back

Exchange Rewards with RBS Cashback Program

Once customers have earned at least £5 in rewards, they have the option to exchange their rewards for cash back, gift cards, or donations to selected charities. The rewards can be redeemed as money back into the customer’s current account, traded for eGift codes from partner retailers, or donated to one of the chosen charities.

The process of exchanging rewards is simple and convenient. Customers can easily manage their rewards through the Royal Bank app, where they can choose their preferred redemption option with just a touch of a button. Whether they prefer to receive cash back, enjoy shopping with gift cards, or support a cause through charitable donations, the RBS Cashback program offers flexibility and choice.

It’s important to note that if customers choose to bank their rewards, it will take 5 working days to clear. This allows the Royal Bank to process the reward redemption and ensure the funds are securely transferred to the customer’s current account.

Redemption Options:

Exchange Option	Description
Cash Back	Convert rewards into money back into the customer’s current account.
Gift Cards	Trade rewards for eGift codes from partner retailers and enjoy shopping with popular brands.
Donations	Donate rewards to selected charities and make a positive impact in the community.

With multiple options for reward redemption, customers can choose the option that best suits their preferences and needs. Whether they want to boost their savings, indulge in a shopping spree, or support a worthy cause, the RBS Cashback program allows them to do so with ease.

Benefits of RBS Cashback Program

The RBS Cashback program offers a range of benefits that can enhance customers’ banking experience. In addition to earning cash back on their purchases, customers can enjoy the advantages of having a rewards account, access to savings accounts, and the option to apply for an overdraft facility.

By participating in the RBS Cashback program, customers have the opportunity to earn cash back on their everyday spending. Whether it’s shopping for groceries, dining out, or purchasing online, customers can accumulate rewards that can be redeemed for various options such as cash back, gift cards, or charitable donations.

One of the key benefits of the program is the rewards account that comes with it. Opening a rewards account provides customers with additional features and benefits, including access to a range of savings accounts. With these savings accounts, customers can securely save their money and potentially earn interest, helping them work towards their financial goals.

The RBS Cashback program also offers customers the option to apply for an overdraft facility. This can be particularly useful for short-term borrowing needs or unexpected expenses. Customers can choose between arranged and unarranged overdrafts, allowing them to have flexibility in managing their finances.

Rewards Account Benefits:

Access to a range of savings accounts
Potential to earn interest on savings

Overdraft Facility Benefits:

Useful for short-term borrowing
Flexibility in managing finances

It is important for customers to understand the terms and conditions, as well as the costs and impact of overdrafts, before applying for the program. By leveraging the benefits of the RBS Cashback program, customers can make the most of their banking experience while enjoying the rewards and perks that come with it.

Applying for RBS Cashback Program

Applying for the RBS Cashback program is straightforward and convenient. To get started, you can easily apply online, eliminating the need for paper forms or visiting a branch. This streamlined process allows you to apply from the comfort of your own home at a time that suits you. By applying online, you can save valuable time and effort, enabling you to start earning cashback rewards sooner.

Furthermore, if you’re already with another bank and want to switch to RBS, you can take advantage of the Current Account Switch Service. This service seamlessly transfers everything from your old account to your new RBS account within 7 working days, making the transition smooth and hassle-free.

“Applying for the RBS Cashback program is fast and simple. Just a few steps and you’ll be ready to enjoy the benefits of cashback rewards!”

Before applying, it’s important to review the terms and conditions of the RBS Cashback program. Familiarize yourself with the eligibility criteria and ensure that the program aligns with your personal financial goals. To be eligible, you need to be 18 years or older and a UK resident. Additionally, you’ll need to pay in £1,250 each calendar month to any eligible personal current account you have with RBS.

In summary, applying for the RBS Cashback program is a convenient and straightforward process. By applying online and utilizing the Current Account Switch Service, you can easily join the program and start earning valuable cashback rewards on your everyday spending.

Applying for RBS Cashback Program: Overview

Application Process	Eligibility Criteria
Apply online	18+ years old
Switch to RBS with Current Account Switch Service	UK resident
	Pay in £1,250 each calendar month to any eligible personal current account with RBS

MyRewards Membership with RBS Cashback Program

The RBS Cashback program offers a membership scheme called MyRewards for current account and credit card customers. MyRewards allows customers to earn rewards in various ways, such as paying Direct Debits, spending with their debit or credit card, or logging into the mobile app. Customers can watch their rewards balance grow in the app and choose to convert them into money to bank, trade, or donate once they have accumulated at least £5 in rewards. The program also has a list of retailer partners where customers can earn extra rewards. FAQs are available for any additional information or inquiries customers may have.

With MyRewards membership, RBS Cashback program customers can enjoy a range of benefits:

Easy reward accumulation by paying Direct Debits, spending with their debit or credit card, or logging into the mobile app
Flexibility to convert rewards into money to bank, trade, or donate
Access to a list of retailer partners for additional rewards

Customers who join MyRewards can easily keep track of their rewards balance in the app, making it convenient to monitor and manage their rewards.

How to Earn Rewards with MyRewards:

MyRewards offers customers multiple ways to earn rewards:

Paying Direct Debits: By setting up and paying 2 or more Direct Debits from their Reward account, customers can earn £4 a month in rewards.
Card Spending: When customers spend money using their Royal Bank debit or credit card, they can earn rewards ranging from 1% to 15%, depending on the partner retailer.
Logging into the Mobile App: By simply logging into the Royal Bank mobile banking app at least once a month, customers can earn an extra £1 a month in rewards.

By utilizing these methods, customers can maximize their reward earnings and enjoy the benefits offered by the RBS Cashback program.

RBS Cashback program customers can convert their accumulated rewards into:

Cash back into their current account
eGift codes from partner retailers
Donations to selected charities

Once customers have accumulated at least £5 in rewards, they can easily exchange their rewards for the option that suits them best.

Customers can also benefit from the retailer partners affiliated with the RBS Cashback program. By making purchases with these partners, customers can earn extra rewards, further enhancing their cashback potential.

Retailer Partner	Rewards
SuperMart	5% cashback
TechZone	3% cashback
FashionHub	10% cashback
HomeGoods	2% cashback

The RBS Cashback program offers a range of retailer partners covering various categories, ensuring customers have ample opportunities to earn rewards on their purchases.

Frequently Asked Questions (FAQs)

“How do I join MyRewards with the RBS Cashback program?”
To join MyRewards, customers need to be current account or credit card customers of the Royal Bank of Scotland. They can enroll in the RBS Cashback program through the mobile app or online banking platform.
“How can I check my rewards balance?”
Customers can easily check their rewards balance in the Royal Bank mobile app. The balance is updated in real-time, providing customers with the most accurate information about their rewards.
“Are there any fees associated with MyRewards?”
The MyRewards membership is free for current account and credit card customers of the Royal Bank of Scotland. However, it’s important to review the terms and conditions for any potential fees associated with specific rewards accounts.

The FAQs section provides answers to common questions and addresses any additional inquiries customers may have about the MyRewards membership and the RBS Cashback program.

Pros and Cons of RBS Cashback Program

The RBS Cashback program offers a range of benefits and opportunities for customers to earn rewards on their purchases. However, it’s essential to consider both the advantages and disadvantages before deciding to participate in the program.

Pros:

Earn cash back on purchases: One of the main advantages of the RBS Cashback program is the ability to earn cash back on your everyday spending. This can provide a valuable means of saving money and getting a financial boost.
Flexibility in reward choices: The program offers flexibility in how you can use your rewards. You have the option to choose between cash back, gift cards, or donations to selected charities. This allows you to tailor your rewards to suit your personal preferences and needs.
Potential to increase rewards: Through the “trade up” feature, participants in the RBS Cashback program have the potential to increase their rewards. This means that the more you spend with your Royal Bank debit card at partner retailers, the more rewards you can earn.

Cons:

Annual fee for certain rewards accounts: Some of the rewards accounts offered by RBS may come with an annual fee. It’s important to consider if the benefits and rewards you would earn outweigh the cost of the annual fee.
Potential expiry dates on vouchers: In some cases, the rewards earned through the RBS Cashback program may come in the form of vouchers with expiration dates. It’s crucial to be mindful of these dates to ensure you can make full use of your rewards before they expire.

Before deciding to participate in the RBS Cashback program, evaluate the pros and cons based on your personal financial goals and spending habits. Consider whether the cash back, rewards, and associated benefits outweigh any potential costs or limitations. By carefully weighing these factors, you can make an informed decision that aligns with your financial needs and preferences.

Conclusion

The Royal Bank of Scotland Cashback program presents customers with a fantastic opportunity to earn rewards on their everyday spending. By participating in this program, customers can unlock the full potential of their purchases. Whether they choose to earn cash back, trade rewards for gift cards, or make charitable donations, the RBS Cashback program provides flexibility and value.

In addition to the rewards, customers also enjoy the benefits of saving accounts and an overdraft facility. This means they can maximize their savings through the program and have access to short-term borrowing options when needed.

However, it’s essential for customers to carefully consider the program’s benefits, requirements, and any associated fees before deciding to participate. By understanding the terms and conditions, they can make an informed choice that aligns with their financial goals and preferences.

In conclusion, the Royal Bank of Scotland Cashback program offers an excellent way for customers to earn rewards, enjoy savings benefits, and have access to additional financial solutions. It’s a valuable opportunity for customers to make the most of their everyday spending and enhance their overall banking experience.

FAQ

How can I earn rewards with the RBS Cashback program?

You can earn rewards by setting up 2 or more Direct Debits and logging into the RBS mobile app at least once a month. Additionally, you can earn rewards ranging from 1% to 15% when you use your Royal Bank debit card at partner retailers.

How can I exchange my rewards with the RBS Cashback program?

Once you have earned at least £5 in rewards, you can exchange them for cash back, gift cards, or donations. You can redeem your rewards as money back into your current account, trade them for eGift codes from partner retailers, or donate them to selected charities.

What benefits does the RBS Cashback program offer?

In addition to earning cash back on purchases, the RBS Cashback program offers benefits such as access to savings accounts and an overdraft facility.

How do I apply for the RBS Cashback program?

You can apply for the RBS Cashback program online. You can also switch to RBS using the Current Account Switch Service, which transfers everything from your old account to the new RBS account within 7 working days.

What is the MyRewards membership with the RBS Cashback program?

MyRewards is a membership scheme for RBS current account and credit card customers. It allows you to earn rewards by paying Direct Debits, spending with your debit or credit card, or logging into the mobile app.

What are the pros and cons of the RBS Cashback program?

The pros of the RBS Cashback program include the ability to earn cash back on purchases, the flexibility in reward options, and the potential to increase rewards. However, there may be annual fees for certain rewards accounts and potential expiry dates on vouchers.

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