Across South Africa, millions of consumers are quietly forfeiting money they’ve already earned.

From FNB eBucks to Discovery Miles, Vitality Active Rewards, and Checkers Xtra Savings, loyalty schemes promise cash-back value; but much of it simply expires.

FNB’s 2024 annual report shows that more than 1.5 billion eBucks were never redeemed, equal to roughly R150 million in unclaimed value. Multiply that across programmes, and the total could easily top R20 billion in idle consumer rewards.

The reason isn’t greed, it’s friction. Rewards sit across multiple apps with confusing expiry terms and uneven redemption systems. eBucks expire after 36 months, Discovery Miles after five years, and some retail vouchers vanish after 12 months of inactivity.

Without central tracking, users lose sight of what they’ve accumulated, so ensure you regularly check what rewards you have and when they expire.

The tax rules are surprisingly simple: loyalty points aren’t taxable when earned, but cash equivalents, such as banked eBucks or redeemed travel vouchers, can become taxable benefits if received through an employer scheme. Most private users, though, owe nothing.

The fix is behavioural, not technical. Treat rewards as money, not decoration. Use one digital wallet to store balances, set quarterly reminders to redeem, and convert points into grocery or fuel savings before they lapse.

In a cost-of-living crunch, loyalty isn’t sentimental – it’s financial discipline hiding in plain sight.