These Investec Rewards Programme terms and conditions ("Terms") form part of, and are deemed to be, incorporated in the Private Bank Account terms and conditions ("agreement") and constitute an agreement between Investec and the account holder. Words and expressions used in these Terms which are not defined, will have the meaning ascribed to it in the agreement. If there is any conflict between these Terms and the agreement, these Terms will apply.

By earning and/or redeeming Investec Rewards the account holder acknowledges that the Terms have been read, understood and agreed thereto.

  • 1. Definitions

    The headings in these Terms are for reference only. Words importing one gender include the other genders, words in the singular include the plural and vice versa and natural persons include created entities. The following expressions have the following meanings: 


    1.1 "account" means the main account and any guaranteed accounts, which Investec maintains for the main account holder and any guaranteed account holder


    1.2 "account holder" means the main account holder and/or a guaranteed account holder


    1.3 "card" means a card or any device which stores a digital version of the card, issued by Investec to the account holder, excluding the Investec Select card and debit cards


    1.4 "eligible transaction" for purposes of the Rewards Programme, means any purchase as that term is defined in the agreement, (excluding without limitation, and unless otherwise advised, any cash transaction, advance, a direct debit or stop order, travellers cheques, any account payment, or a refund or reversal of payment, electronic transfers, purchase using the Investec Select card, insurance premiums, any finance or administration charges, government levies, taxes or other fees and charges levied by Investec in respect of products and/or services provided from time to time) which renders the account holder eligible for Rewards points in terms of the Rewards Programme


    1.5 "good standing" means that an account holder is not in breach of the agreement, that accounts are not in arrears, dormant or in excess of any applicable credit limit and the accounts are compliant with all applicable laws and Investec internal policies


    1.6 "Investec" means Investec Bank Limited and/or any duly appointed agent of Investec


    1.7 "partners" means those merchants and/or suppliers and/or service providers approved and appointed by Investec, in its sole discretion from time to time, to participate in the Rewards Programme as earn and/or redeem Rewards points partners


    1.8 "redeem/redemption" means the action of exchanging accumulated Rewards points for reward in terms of the Rewards Programme


    1.9 "reward" means any bonus, goods, service or other incentive offered by partners and/or Investec for the redemption of Rewards points in terms of the Rewards Programme


    1.10 "Rewards points" means the Rewards Programme ‘currency’, being points earned and accumulated for eligible transactions


    1.11 "Rewards Programme" refers to Investec Rewards. It is the rewards programme offered by Investec to the account holder, which entitles the account holder to earn Rewards points for eligible transactions and to redeem those Rewards points for rewards offered by partners, in accordance with Investec’s rules and procedures applicable from time to time in respect of the Rewards Programme


    1.12 "voucher" means a reward certificate, whether generated electronically or otherwise, issued by Investec in terms of the Rewards Programme in favour of the account holder, to be presented to the relevant partner


    1.13 "website" means the Investec website being (including all its constituent web pages) on which Investec provides banking and financial services from time to time, including all pages over which Investec exercises control. 

  • 2. Rewards Programme

    As a benefit to being an account holder of Investec, an account holder will immediately be eligible to participate in the Rewards Programme.  To participate in the Rewards Programme, the following will apply:


    2.1 Participation in the Rewards Programme is only available to account holders of an Investec Private Bank Account.


    2.2 Investec will be entitled to determine eligibility for the Rewards Programme. To be eligible for the Rewards Programme, each account must be registered separately and unless otherwise advised, the account holder must be in possession of a valid card. 


    2.3 Only an account holder whose account is open and in good standing will be entitled to participate in the Rewards Programme. 


    2.4 Any extra cards issued in respect of an account may be used to earn Rewards points through eligible transactions. All Rewards points earned using such extra cards will accrue to the account holder and will be automatically deemed to have been earned by the account holder and allocated accordingly. 


    2.5 Investec may, in its sole discretion without affecting any rights it may have, cancel or suspend an account holder’s participation in the Rewards Programme if the relevant card and/or the credit facility and/or account is cancelled, suspended, closed and/or terminated by Investec, or if the account is in arrears or if the account holder is in breach of the provisions of the agreement. Any Rewards points accrued before the closure of the account and the credit facility will be forfeited in such instance. For the avoidance of doubt, if an account holder dies, participation in the Rewards Programme is automatically cancelled and any Rewards points accrued before the account holder’s death will be forfeited.


    2.6 Investec reserves the right to cancel the Rewards Programme in its entirety upon three months’ notice to the account holder. Investec will give the account holder notification of such cancellation by any means of communication, including mail, statement, facsimile, e-communication or through any other medium that Investec may deem fit. All Rewards points earned by the account holder up until the date of cancellation will be redeemable for a period of three years thereafter.


    2.7 Investec will not act nor will it be deemed to be acting as the account holder’s agent nor as the agent of any partner. 


    2.8 Copyright in all materials made available through the Rewards Programme is owned either by Investec and/or the partners and protected by both national and international intellectual property laws. Accordingly, any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation or exploitation of any such material will constitute an infringement of that copyright. The trademarks, logos and service marks displayed relating to the Rewards Programme are registered and unregistered trademarks of Investec and/or the partners. Nothing contained in the Rewards Programme should be construed as granting any license or right to use any trademark, logos or service marks without the written permission of Investec and/or the partners. 


    2.9 Otherwise than as required by applicable law, Investec will not be responsible for issuing or procuring any tax or other certification, clarification or directive to or on behalf of the account holder or a partner or any third party or be responsible for any tax liability of the account holder, a partner or any third party or other Government charge arising from the Rewards Programme.


    2.10 We recommend that account holders obtain independent professional tax advice regarding any tax implications which may arise from the receipt, accumulation, transfer or spend of any rewards as a result of his or her participation in the Rewards Programme.


    2.11 The account holder shall be fully responsible for any tax implications arising from or associated with any rewards accumulated, transferred or spent, as a result of his or her participation in the Rewards Programme.


    2.12 The account holder agrees that he / she will not hold Investec liable and agrees to fully indemnify Investec, and hold Investec harmless against all damages, claims and fines made against him or her or Investec, to the extent to which such damages, claims and fines arise out of or are connected to any taxation relating to the receipt, benefits, accumulation, transfer or spend of any rewards.


    2.13 The account holder waives any rights it may have against Investec arising directly or indirectly from any loss or damage of whatsoever nature, which may be suffered as a result of the Rewards Programme, the redemption of Rewards points, any reward or voucher or matter incidental thereto or the acts or omissions of any partner. The account holder agrees that Investec is not responsible for any death or injury or direct or consequential loss or damage (including loss of profits or data) arising from the Rewards Programme. 


    2.14 The account holder accepts that Investec may in its sole and absolute discretion from time to time amend, replace or substitute the Rewards Programme, or suspend or terminate any of the partners or any aspect thereof or the terms and conditions relating thereto despite such action affecting Rewards points already accumulated. Investec will give notification of such amendment by any means of communication, including mail, statement, facsimile, e-communication or through any other medium that Investec may deem fit. 


    2.15 The account holder agrees and consents thereto that by participating in the Rewards Programme, Investec may, in its sole discretion, send marketing and promotional information relating to the Rewards Programme to the account holder and such information will not be considered unsolicited. The account holder has the right to request that Investec not send any such information. 


    2.16 Any communication contained on the website will be deemed to be sufficient communication or notice relating to the Rewards Programme and will be binding on account holders. 


    2.17 If there is any conflict between these Terms and any other terms, rules, regulations or procedures applicable to the Rewards Programme, these Terms will prevail.

  • 3. Earning Rewards points

    3.1 Rewards points may only be earned and accumulated with effect from the date the provisions of the agreement apply to the account holder in respect of a particular account ("effective date"). Investec will not be obliged to award Rewards points for eligible transactions effected before the effective date. 


    3.2 The account holder will earn Rewards points for every eligible transaction, at a rate determined by Investec and notified to the account holder on the website, subject to 3.3 below.


    3.3 Investec reserves the right at its election to refuse to record or honour and to cancel or reverse any Rewards points earned or accumulated if: 


    3.3.1 the Rewards points were awarded in error and/or accumulated as a result of fraud or pursuant to any illegal, ineligible or unauthorised transaction;


    3.3.2 Investec is of the opinion that an account holder is abusing the Rewards Programme by using the card in an inappropriate manner;


    3.3.3 an eligible transaction has not been fully settled or if an eligible transaction has been reversed or refunded;


    3.3.4 the account is not in good standing as contemplated in 2.3 above;


    3.3.5 participation in the Rewards Programme is cancelled or suspended in terms of 2.5 above.


    3.4 If Rewards points are cancelled, reversed or for any reason become void, the account holder will not be compensated therefor and such Rewards points cannot be redeemed. 


    3.5 If Rewards points are reversed, and the account holder does not have enough Rewards points to effect the reversal, the account holder will go into a negative balance of Rewards points until such time that the account holder earns enough Rewards points to bring the balance of the Rewards points back to a positive balance. 


    3.6 Rewards points awarded for eligible transactions will be valid for a period of three years from the date that such Rewards points are awarded, subject to 2.6 above. 


    3.7 Rewards points earned will be reflected in the account holder’s statement within three months from the date upon which any eligible transaction is effected. In the event that Rewards points are not reflected within this period, the account holder is obliged to contact Investec to request that Rewards points are credited. If Investec receives no written objection concerning the allocation of Rewards points within 90 days of the date of a statement, any eligible transaction and allocation of Rewards points reflected in such statement will be deemed to have been approved and ratified by the account holder.

  • 4. Redeeming Rewards points

    4.1 Rewards points earned and accumulated in respect of eligible transactions may be redeemed for rewards, provided the account is in good standing at the time of redemption as contemplated in 2.3 above.


    4.2 The account holder will not be entitled to countermand, cancel or amend any redemption request once received and/or effected by Investec (whichever event is the earlier), without Investec’s prior written consent and assistance. 


    4.3 The account holder will not be entitled to reverse, exchange, barter or sell, a reward or voucher or claim a refund in respect thereof, nor will the account holder be entitled to convert any reward or voucher back into Rewards points for any reason whatsoever, regardless of whether the reward and/or voucher has not been used or has expired unless otherwise agreed to by Investec in writing. 


    4.4 The account holder will not be entitled to sell, issue, exchange or barter Rewards points for cash with any third party.


    4.5 The account holder will bear all risk and liability for any reward or voucher received in terms of the Rewards Programme and to the extent that there is any dispute regarding any reward or voucher, such dispute must be settled between the relevant partner and the account holder directly.


    4.6 Rewards are subject to availability and in accordance with such restrictions, limitations, rules, procedures, charges or exclusions as may be applicable in respect thereof from time to time. All reservations and/or other arrangements relating to the reward must be confirmed directly with the partner and the account holder will be obliged to comply with the partner’s reward terms and conditions with effect from the redemption date. The account holder will be solely responsible to ensure that he or she is familiar with the reward terms and conditions of all partners and for any cost, charge or expense incurred pursuant to the redemption of Rewards points in terms of the Rewards Programme. Partners' terms and conditions regarding earning and redeeming rewards may vary. Such partner’s terms and conditions are available on the website.


    4.7 The number of Rewards points required for a reward may be varied from time to time by Investec in its sole discretion by reasonable prior notice.


    4.8 The account holder accepts that Investec will not be obliged to redeem any Rewards points that have been earned or accumulated in respect of any eligible transaction, if the redemption request is made after suspension or cancellation of the card and suspension or termination of the credit facility or account.

  • 5. Transferring Rewards points

    5.1 The account holder may only transfer Rewards points to another account holder at Investec’s discretion. 


    5.2 An account holder may transfer a voucher which he/she redeemed to any third party.

  • 6. Fees

    6.1 Subject to the provisions of any applicable law, Investec will be entitled to charge and recover a fee from the account holder to participate in the Rewards Programme. In such event, the account holder hereby authorises Investec, at its discretion, to debit the account with the fee (including any value added tax) applicable from time to time. Investec will, after giving the account holder reasonable notice by letter, statement, publication on the website and/or advertisement in the media (except where legislation requires an immediate change in the fee), be entitled to vary the fee from time to time. If any such fee variation is published on the website it will be binding from the date of such publication. 


    6.2 The account holder may further be charged for individual services relating to the Rewards Programme, on an ad hoc basis per service. Investec will also be entitled to charge and recover an administration fee in relation to a particular service provided in relation to the Rewards Programme. Such service and administration fee will be communicated to the account holder before the relevant service being provided. In such event, Investec is hereby authorised, at its discretion, to debit the account with the relevant service fee and administration fee (including any value added tax) applicable from time to time.

  • 7. General

    7.1 An account holder may not cede, delegate or otherwise transfer any rights or obligations arising from these Terms without Investec's prior approval, which approval will be at Investec's sole discretion. 


    7.2 If any of the terms and conditions in these Terms are found to be invalid or unenforceable, such terms and conditions will be severable from the remaining terms and conditions, which will remain in full force and effect.


    7.3 Investec, on prior reasonable notice to the account holder, will be entitled to amend, update or terminate these Terms relating to the Rewards Programme and the account holder agrees to be bound by the amended Terms. 


    7.4 The existence of a link or reference from the website to any partner's website, web pages or other content or service does not constitute Investec’s recommendation or approval thereof. 


    7.5 These Terms will be governed by and construed in accordance with the laws of the Republic of South Africa.