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MIL OSI Translation. Region: Russian Federation –

Source: Mainfin Bank –

What will VTB change in its loyalty program?

VTB refuses cashback in virtual currency – instead of bonuses, points or miles, customers will receive real rubles that do not require exchange. Already at the beginning of May holders kart There are a few changes coming:

customers will be able to independently choose 3 cashback categories; the maximum amount of remuneration outside the affiliate network will be 25%; The cashback limit per month will increase, ranging from 3 to 100 thousand rubles. depending on the connected service package; The bank will offer special conditions for deposit holders; Cashback will be credited until the 10th day of the month following the reporting period.

Customers will be able to spend their accumulated bonuses until the end of the year: until August 31, they will be able to purchase goods from partners using points, and until December 30, they will be able to exchange them for rubles. The changes will affect over 15 million VTB card holders connected to the program.

How will other banks award cashback to customers in 2024?

Most Russian banks As part of loyalty programs, clients are awarded virtual points with the possibility of conversion, although direct cashback is most popular among holders kart. In 2024, the conditions of bonus programs for banks are as follows:

SberBank accrues only bonuses to clients, which can be written off from 75 thousand partners at a 1:1 rate;
Alfa Bank provided cashback in rubles or miles, the latter can be spent with partners;
Tinkoff returns cashback in rubles, although bonuses can also be awarded on old credit cards;
PSB awards bonus points that can be converted into rubles at any time; bank “Zenith» pays rewards in bonuses with the possibility of compensation through purchases.

“It is more profitable for banks to award bonuses instead of rubles – not all clients exchange or spend points, part of the reward is burned. If direct cashback is provided, the bank has to compensate part of the purchases unconditionally,” says the expert.

Every year banks spend billions of rubles on loyalty programs: in 2023 Post Bank paid clients over 1.6 billion bonuses, and Tinkoff – 83 billion rubles. The budget for cashback is formed from acquiring payments: the commission amount can reach 3%. Partners also bring in income – stores are willing to pay banks from 5 to 15% of the cost of purchased goods to attract customers.

08:50 04/09/2024


Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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