Bank Referral Programs: Rewards & Risks Explained

BBVA attacked me daily by entering their site with the referral program so that I would bother friends or family by inviting them to the bank.

I got tired of closing everything and saying I’M NOT INTERESTED. He didn’t care, he kept showing it to me. (today I received another email by chance…)

I think Galicia also breaks me but for SMEs. My brain makes me skip everything, always.

I don’t recommend anything here, least of all a bank. Whatever the referral program is and how nice it is.

I found out on Twitter that these days all those who participated are being made adjustments because supposedly the referrals did not meet any of the requirements.

But then they paid before checking that?

A horror…

Several readers asked me to write something, because many are seeing discounts or charges for reversals of what they had received.

Partly I didn’t feel like it because I never REFERRED anyone to this or any bank.

Banks, and people, should know that with these aggressive campaigns there will also be many people who will try to squeeze the benefits to earn all those points. It’s not natural. It’s not really a referral thing to get the products, it’s to get those benefits.

And if the bank does not set the conditions well and fundamentally does not have tools to clearly measure and give those prizes… now let them bank everything.

For me, the BBVA referral program ended up being this

And those customers who wanted cheap stuffed animals, do they buy the other things from the supermarket?

Those who come to a bank for those benefits for those who refer and for those who join… Do they use the bank later?

Banks have to learn to gain customers for their products and direct promotions for those customers. And also know that with promotions like these they will have HEAVY USERS of promotions, as there are in contests in general, who will squeeze every last condition of the fine print, so there can be no cracks because it turns against them, like what happened.

It’s like the LIKE contests on Instagram… many followers join who want SOMETHING and when they didn’t win they drop 95%… it should be the same with banks. Why do they run these campaigns if the results are not supported?

Why do people join a bank without seeing what is going to be their bottom line?

Last year I joined Supervielle because the welcome and regular consumer promotions helped me. In these months I cancel it because the benefits end. I joined as a referral from a friend, but because everything I had was useful to me, not because of the welcome itself. Will it have been useful to Supervielle? I think so, it worked for me, but I already have many benches on me and that’s why I don’t want more. And I didn’t see any differential that would compensate me for what they are going to charge me when the bonus ends.

I am more interested in a bank making it clear to me how I can subsidize the charges, which have to be tied to some system that compensates the bank for the use I make of it, which would be logical for both parties.

The saying “he who sleeps with children wakes up wet” means that it is unwise to get involved with people who are inexperienced, immature or untrustworthy, as this can lead to negative consequences and unnecessary problems.

What bank do you recommend?

None.

And here the inexperienced people are the ones who put together these referral programs without the respective validations and tools to avoid having these paperwork. Now that the bench knows how to dry the mattress…

Maybe he was thinking of paying for all this with the increase he puts into the safe deposit boxes… be careful.

I leave the post because readers asked me to, but know that I am against all referral programs done in this way. This is banking populism… Download here, as they asked me 😉

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