How many times have you ordered a McDonald’s McChicken meal, complete with your favorite burger, fries and a coke? There’s a reason they call it an ‘extra value meal’ – you get more value for your money. Now if your bank were to offer you a similar extra value package, with more than one banking product or service, would you choose that over the à la carte options too?
For example, many banks in the United States, bundle credit score reports or identity theft alerts with current/checking accounts. Or looking at examples closer to home, FGB’s Accelerator programme combines current accounts and credit cards with the potential to earn higher rewards on your spend or every time you take another FGB product. And the considerable rewards make it every bit worth it.
Product bundling in banking is not a new phenomenon. With customers getting more value for their money and banks getting an opportunity to retain existing customers and attract new ones, such product bundles offer a win-win solution to both parties.
The FGB Accelerator Programme – Earn up to 8% cashback
One of the most recent examples of banking product bundles in the UAE is the FGB Accelerator Programme. Customers can enroll in the programme by applying for an FGB current account. You can choose from the following options:
- FGB Current account – A convenient and hassle-free current account to meet all your day-to-day banking needs.
- FGB Power Up account – A current account which earns you a higher interest rate when your account balance increases.
- FGB Power Plus account – An account that combines the benefits of a fixed deposit and current account, earning you a higher interest rate when your account balance goes up or when you maintain the balance for longer tenures.
The next step is selecting an FGB credit card based on your lifestyle and requirements. You have the option to choose from FGB’s Du credit card, Ferrari credit card, FGB LIC (I) credit card, Abu Dhabi credit card, FGB Manchester City FC Card and FGB Platinum credit card.
The final step is selecting one of the three accelerator tiers available. Under each of these, you can choose how you earn your loyalty rewards – cashback, air miles or reward points. These are the tiers offered by FGB:
- Turbo Booster – Earn up to 8% cashback on your purchases, 3 miles per USD spent or 2 reward points per AED spent. You also get a welcome bonus of AED 1,500 cashback or 24,000 miles or 210,000 reward points.
- Booster Plus – Earn up to 5% cashback on your purchases, 2.5 miles per USD spent or 1.5 reward points per AED spent. You also get a welcome bonus of AED 1,000 cashback or 16,000 miles or 140,000 reward points.
- Booster – Earn up to 3% cashback on your purchases, 2 miles per USD spent or 1 reward points per AED spent. You also get a welcome bonus of AED 500 cashback or 8,000 miles or 70,000 reward points.
There is a nominal monthly fee applicable on these tiers based on your salary or balance transfer per month. The fee also varies with every additional product you take under the programme.
And what makes this programme even more attractive is that every additional FGB product taken under the programme, like a loan, investment or insurance plan, can earn you additional loyalty rewards of up to AED 1,000 cashback or 17,035 miles or 142,850 reward points. Free international remittances and ATM withdrawals, along with priority banking services are also part of the benefits under FGB Accelerator.
How’s this better than going à la carte?
From a customer’s point of view, it makes sense to opt for such a product bundle – you get more than one banking product at a directly lower cost and with additional rewards. So the more products you take under the FGB Accelerator programme, the lower your cost goes and the higher your rewards get.