Bounties instead of fuel surcharge waivers

Swagat Sarma

Sep 1, 2023 • 6 min read

Anq - India's most rewarding experience!

What are Bounties?

Bounties serve as a wealth accumulation tool for all of us, especially in times when inflation and excessive money printing threaten to erode your savings each year.

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Bounties are rewards in either BTC or Digital Gold. Assets that may appreciate in value.

Each one of us allocates our spending based on our income - whether it's for basic necessities, fulfilling our dreams, or making investments. Those with higher incomes often have the luxury to invest more, given their surplus cash. However, not everyone enjoys a high income, and for many, there's little left to invest after covering their expenses. Let's face it; we all love spending on those shiny new things.

But here's the catch: we are currently in the midst of an exceptionally long 75-year credit cycle, and economic downturns are becoming more severe. Government bailouts and incentives are eating up a significant portion of the GDP. In this challenging economic landscape, it's crucial to build wealth assets as quickly as possible. However, if you're left with just 5-10% of your income for investment (or even less), it can be an uphill battle.

That's where Anq comes in. With Anq, even if you have a subpar investment rate, say below 10%, you can still bolster your investments by an average of 3.5% by utilizing both Anq Shopping and the X Card. This can potentially elevate your overall investment level by 30% to 50%.

For the younger generation, every small contribution counts when it comes to growing your wealth over time. If you're after quick cashback, discounts, or waivers, Anq might not be your go-to platform. There are other platforms out there that offer instant gratification, providing momentary spikes in happiness. However, in the long run, we believe that cash rewards and discounts are just that - cash that will lose value in the future. We aim to help our customers break free from the never-ending financial rat race.

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We want our customers to win.

How do Bounties work?

Bounties are essentially designed to be uncapped, immediately allocated and flat in nature (1% of each Rs 150 spent using X card and using Anq Shopping you get up to 16% on various brands) for easier calculation on each transaction, and create reliability in our customer's mind. We have tried our best to make it happen.

Why uncapped - this is the moment of truth. Most debit cards today have rewards capped in disclaimers, which we don't. Our goal is to enrich our customers, so that they can build wealth.

Second, since Bounties are allocated the moment you spend, the moment you spend, you are investing into an asset for your future. If monthly SIPs were a good way to de-risk 'timing the market', daily Bounties can help you remove all thought of 'timing the market'. Just spend everyday, and your Bounties will compound.

Think about this, imagine you are using your debit card / credit card with a promise of cash rewards, and hopefully you can actually redeem that for full value, by the time you get your rewards, lets say 1 month after the spend happens, the cash that you get is already lower in value by 0.5% (assuming 6% annual inflation), isn't it?

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We want our customers to grow wealthier.

Why are Bounties locked?

Bounties start in a locked format as transactions often get refunded and reversed. To calculate Bounties correctly, so that only successful transactions get rewarded, we lock your Bounties.

What does 1% of each Rs 150 get calculated?

It is easier to explain with an illustration:

So, why no fuel waiver?

By now, you must have realized that your Bounties are actually paid for by merchants, and converted to wealth assets by Anq.

And merchants can only pay where there is margin. Categories like fuel typically don't have a high margin, and quick google search will reveal around 1-1.5% margin on fuel for the end merchant. And then you have the merchant bank, and networks (Rupay, Visa others) who also want a fees for processing the transaction.

If you have any card, a fuel surcharge looks like this -

If you look closely, the zeros are reward points - which are removed for all fuel transactions, and the waiver is less than 1% of the transaction. And often, surcharge reversals are capped to anywhere between Rs 100 - 150 with no waiver on less than Rs 400 worth of fuel or if you spend higher than Rs XX.

We believe, that this 1% of fuel transaction, which again could be a big part of overall spends of a customer, is being done on the X Card so that he / she can auto invest 1% of the transaction (if they didn't want, customers already have many other options in the market, UPI being the easiest one). Therefore, instead of choosing fuel waiver, we decided to give 1% bounties on that transaction. Net for a customer, it works to be same (1% fuel surcharge waiver or 1% Bounties) but instead of getting cash, he is getting Bounties, as our entire product is about building wealth, not discounts.

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We want our customers to grow wealthier.

In a nutshell

Whenever you use Anq, we will try our best to:

1) Build your wealth, power wealth creation. Every paisa counts.

2) Hopefully your wealth grows, you become rich. (Do remember us then).

3) You win.

For all the difficult issues that our customers are facing, we are trying our best to fix them, and our support team is always available for you to reach out at help@anq.finance.

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