CashBack: how he (not) proved himself

Clients of SOB and Potovn spoitelny received a unique DrBack CashBack on the Czech market last year. How did this service work, did clients drink it on the fly, just like abroad?

The first deposit that CashBack offered to us in August last year was with our Datart store. With CashBack, as many credit card holders could know from abroad, it had little in common.

In June last year, SOB and Potovn spoitelna (according to only PS) tested CashBack in a pilot operation. On November 8, she made it available to her clients, resp. holder of debit and credit payment cards, in the whole of Ahold stores (Albert, Hypernova). When paying for a purchase, its value is 300 crowns, each SOB and PS cardholder can choose a maximum of 1500 K in multiple hundred crowns.

The entire transaction is not yet charged. This changes on August 1, 2007. After this day, the fee will be charged to the CashBack by credit card. The fee will reach “standard ve”, init 5 K will be + 1% of the selected amount. CashBack made by debit card as well as free of charge.

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SOB: CashBack u cadient uvaj kadodenn

“It turns out that SOB and PS clients have become accustomed to the new promise and have begun to use it every day,” said Pavel Prokop, the director of the SOB Card form. The bank recorded an increased interest in CashBack, especially in the first week, when clients made almost 1,500 vbr. This was nrst by 24% compared to the previous period, added according to Pavel Prokop.

The most significant day last year was the bird on December 22, when clients made 335 withdrawals, and at the Albert and Hypernov cash registers they withdrew more than 400 thousand K (the average of them withdrew about 1200 K cash).

How is reality

CashBack has given them the opportunity to withdraw free pensions here, unlike similar cash transactions at an ATM, as well as at the cash register at a bank. The holder of the SOB and PS credit cards must also have accepted the collection free of charge, or there is no choice, which would be made in SOB ATMs, charged 5 crowns and one percent of the selected amount. The joy of credit card holders will last only until the end of July, then CashBack will be charged the same fee.

An objective evaluation of the performance of the introduction of CashBack on the Czech market is not enough time, as the errors are in any way comparable. Currently only SOB and PS offer the service. In addition, it is possible to initiate tweaks from only a few banks published by the bank. However, if we mention that the service is available in almost 300 Albert supermarkets and Hypernova hypermarkets throughout the country, we can easily find out that not a single cash withdrawal is sent to a single store daily (this is a record record according to the SOB, ie 1500 vbr in calendar week). As you can see, the “sv” clients are just looking at the news.

It is definitely not possible that CashBack will be used by mass clients, at least in a few five months. It is necessary to consider this service more as a supplement to the “classic”, which is undoubtedly very popular with our ATMs. In addition, a number of clients using CashBack will sell after the introduction of a fee at the collection at the cash registers made by credit cards, as we stated in.

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Competition is still in sight

According to the official issue of banks at this time sweat with the introduction of services only one, but the biggest player in the banking retail market – esk spoitelna. Clients of esk spoitelna will see the news at the box office in the last quarter of 2007 at the earliest.

The bank that considered CashBack for its clients was Komern banka. However, at this time, the project to implement the CashBack service is not. Raiffeisenbank is also ready to launch CashBack. At the same time, I have a problem with my own terminals at retailers. Therefore, they have to reprimand and some merchants make the service and holders of payment cards from a number of their clients.

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