Lifestyle Spending The Frugal Handbook

TFH #36: Save With Fave

I recently treated my family to a meal.

When we entered the restaurant, we walked past the cash register, and I noticed that they were partnered with Fave – a fintech platform that offers loyalty cashback.

I’m not an avid user of Fave – I know it exists and I know what it does, but for some reason, I never paid much attention to their platform.

However, I’m familiar enough with Fave to know that it allows me to double dip on rewards and earn both credit card rewards and loyalty cashback.

So, I decided to check out their app to see if there were any promotions for the restaurant we were dining at.

After a quick search, I saw that they offered eCards, which is a cash voucher for a specific merchant.

How it works is you buy a merchant’s eCard to receive loyalty cashback for their store, which will then be used to offset your next payment at that store.

The loyalty cashback you’ll receive from an eCard is more than what it costs to buy, so you’re earning bonus credits.

In my case, the restaurant offered an eCard with a value of $200 at the cost of only $170 – essentially allowing me to earn $30 for free.

When I went to foot the bill, the final amount exceeded $200.

I scanned the FavePay QR code to make payment, and the $200 cashback I received from purchasing the eCard was used to offset the bill as expected.

On the balance to be paid, I could still earn loyalty cashback at the regular rate offered for paying with FavePay – which was 10% for this particular restaurant.

This means that in total, I saved $30 by purchasing the eCard and earned 10% cashback on the balance, which can be used to offset a future payment again at this merchant.

Furthermore, I was able to earn 4 miles per dollar from my credit card linked to FavePay for both the purchase of the eCard and the payment of the balance.

If I didn’t choose to use Fave, I would’ve simply paid the bill with my credit card and missed out on the savings from the eCard and the loyalty cashback.

Overall, using Fave allowed me to take advantage of an excellent deal, and I’ll try to use it more often moving forward.

If you don’t use Fave, do consider checking it out next time – you might just be able to score yourself a good deal too!

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