Johannesburg – eBucks today announced that it has received over 10 000 online bids in less than two months since launching eBucks auctions - the only highest unique bid auction paid for with a rewards currency.

Launched in mid-August 2006, eBucks auctions offer members an exciting additional avenue through which to spend their eBucks and enjoy great rewards.

eBucks chief executive officer, Lezanne Human, says the high volume of bids placed in the short space of time clearly indicates that members perceive real value in the offering.

A global industry-first for loyalty and rewards programmes, the eBucks offering allows members to use their free eBucks to place bids on aspirational items, which are available at a fraction of the normal retail price.

The initiative was launched with a once-in-a-lifetime 'Italy in a Ferrari' experience, valued at over R350 000. For a fraction of the total package value, eBucks members could bid for a luxury trip to Italy ending with VIP entrance to the 2007 Monaco Formula One Grand Prix.

A large number of bids were placed on the Italian experience package, with Ian Robinson from Hillcrest in KwaZulu-Natal successfully placing the highest unique bid in the auction. The ceiling bid amount was eB14 800, and Mr Robinson's highest unique bid was eB14 676, which is worth R1 467.60.

"Italy is a land filled with passion and my wife Athena and I put just as much passion into bidding for this fantastic opportunity. To say we are ecstatic would be a complete understatement," says Ian Robinson.

A total of 28 auctions have closed to date ranging from ipods and home theatre systems to spa packages, retail vouchers and top of the range Weber braais.

"During the last financial year, eBucks allocated R193 million worth of eBucks to members and enjoyed a 36% growth in the amount of eBucks spent," says Human. "This is a key measure of success for us. The more members spend their eBucks, the greater value they perceive in the programme."

"With this goal in mind, we continuously evaluate the programme and develop new channels to ensure all members are enjoying the benefits regardless of their eBucks balances."

To take part in an auction a small non-refundable administration fee (payable in free eBucks) is charged on each bid placed. All auctions have a ceiling price and only bids below this price are accepted.

"The concept is ideal for bargain hunters, as the successful bidder in the eBucks auction will pay as little as 5% to 10% of the recommended retail price of the product in question," says Human.

The highest unique bid auction differs from the typical auction in that it is not the highest bidder who is successful but the bidder who makes the highest unique bid closest to the ceiling price.

About eBucks:

eBucks, the rewards programme offered by First National Bank (FNB) and RMB Private Bank, is acknowledged as one of South Africa's leading rewards programmes with highly active members spending in excess of 80% of the eBucks earned in any given month.