When the program goes live after the BETA launch, then you will be able to spend your Benjamins. Benjamins can only be spent at participating SBM merchants. You are able to redeem your Benjamins every time you make a purchase, at a ratio of 10% of the assigned discount (cash back amount) given by the participating SBM merchants. Benjamins cannot be withdrawn out of the SBM system.
Example:
Let’s say you have $100 Benjamins in your Cash Advance Rewards account. You want to make a $100 purchase at a participating SBM merchant, and the cash back discount being offered at that location is 1.25%.
Here is how the transaction will occur:
1 – Item Price = $100 – Benjamins Program (1.25% cash back x 10% Benjamins ratio = $0.12) = $99.88 is what you will pay initially. This will decrease you cash account balance by $99.88 and your Benjamins balance by $0.12.
2 - Then you will receive you cash back at the end of the month totaling $1.00 ($100 item price x 1.25% cash back = $1.25 - 20% SBM admin fee = $1.00).
3 – The total savings during that purchase was $1.12 dollars.
Example:
Let’s say you have $100 Benjamins in your Cash Advance Rewards account. You want to make a $100 purchase at a participating SBM merchant, and the cash back discount being offered at that location is 1.25%.
Here is how the transaction will occur:
1 – Item Price = $100 – Benjamins Program (1.25% cash back x 10% Benjamins ratio = $0.12) = $99.88 is what you will pay initially. This will decrease you cash account balance by $99.88 and your Benjamins balance by $0.12.
2 - Then you will receive you cash back at the end of the month totaling $1.00 ($100 item price x 1.25% cash back = $1.25 - 20% SBM admin fee = $1.00).
3 – The total savings during that purchase was $1.12 dollars.
