Many Payback users do not know that they can have the points they have collected directly transferred to their bank account as cash. This function is a bit hidden, but much more practical than exchanging it for non-cash rewards. With just a few clicks, loyalty points become real money.
This is how the transfer of Payback points works
While most people redeem their Payback points for rewards or vouchers, the bonus program offers a much more flexible alternative: direct payment to the bank account. As can be seen from the article by the editorial network Germany, users can convert their points into euros at a fixed rate of one cent per point and have them transferred. This means: 1,000 points correspond to exactly ten euros in the account.
Payback points can only be paid out via the Payback website and are not available in the app. Users must first log in to the website and navigate to their personal area. There you will find the option “Redeem points for cash”, which can be used to start the process.
As stated in Chip’s post, a minimum of 200 points is required to withdraw. After entering the desired number of points and the IBAN, the transfer is initiated. It is important that transfers are only possible to checking accounts – depository or business accounts are excluded. According to Payback, the money will be credited within ten working days and there are no fees.
Special account restrictions when withdrawing
As Payback explains in their official FAQ, certain bank accounts are excluded from withdrawals. Accounts at banks such as Solaris Bank, which only accept deposited reference accounts as clients for transfers, are particularly affected. This is the case, for example, with Trade Republic Bank for the deposit clearing account.
Such accounts cannot therefore be used as recipients for the transfer of funds. Users should check whether their account is approved for Payback transfers before withdrawing to avoid delays.
When do Payback points expire and what alternatives are there?
An important aspect when collecting points is validity: Payback points expire automatically after 36 months. Users should therefore regularly check their points balance and decide in good time whether to redeem them. In addition to cash withdrawal, various other options are available.
The 1:1 conversion into Miles & More award miles, which can often achieve a higher value, is particularly interesting for frequent travelers. Alternatively, points can be redeemed directly at partner checkouts, exchanged for shopping vouchers at service terminals or donated to charity, as Payback finally reports.
D. Maier / editorial team finanzen.net