What’s the first thing that comes to mind when you hear the words “Rewards Programme”?
In our heads it goes something like this: “Yeah right, what’s in it for them? How much money do I need to spend to earn a few measly points?”
That’s simply not the case with the new Old Mutual Rewards Programme. The only thing you need to spend time on is your personal finances and to be fair, you know it’s something you are neglecting anyway.
When we heard via the grapevine that Old Mutual had launched a rewards programme, we had to have a look for ourselves.
We’ve picked 5 things we really like about Old Mutual Rewards:
1: It’s FREE even if you aren’t an Old Mutual policyholder
Ok, so a lot of “loyalty programmes” are FREE, but when you consider that Old Mutual rewards you with points for simply being ‘smart about money’ and every 10 points = R1, then you need to give them major props for the initiative.
Think about it for a second – most loyalty programmes are simply giving you a % of your own money back. ‘Buy your groceries with us and get a tiny % of that money back’. ‘Watch X-X-number of movies at our movie theatres and get a free movie on us’. These are all loyalty programmes and not true rewards programmes, wouldn’t you agree?
A true rewards programme should reward you (with tangible benefits) for participating in the programme, and that’s what we really like about how Old Mutual has put this together.
The bottom line is if you sign up for Old Mutual Rewards and take control of your personal finances, you will end up with more money in your back pocket.
2: The sign-up process is simple, and the online dashboard is slick
Who has time for any additional admin in their lives? Nobody!
Once you’ve popped onto the Old Mutual Rewards website, you register with the info that’s generally required when you sign up on any online platform (a few personal details). An OTP is pinged off to your cell phone, which you’ll use to authenticate your login details.
It’s a painless process that isn’t going to take you longer than a minute or two.
And when you’re on your Old Mutual Rewards dashboard, it’s easy to set your personal contact preferences.
We like the fact that Old Mutual doesn’t simply assume they can send you a slew of marketing material because you’ve signed up. You get to decide on the type of communication you want to receive and the way you’d like to receive it, either by email or SMS.
The dashboard itself is intuitive and easy to navigate. The points allocator tells you how many points you have racked up and how that translates into rewards, and it’s easy to work out how to kick off the process and how to earn more points along the way.
And the full programme is fully digital. No cards, no keys or tags. It’s all online or on the Old Mutual app.
3: The assessments, calculators, and courses are extremely useful
Now it’s time to earn points, and the quickest way you can do this is by getting stuck into the free assessments, calculators, and courses (there are loads of them). We’ve run through each of the assessments and calculators available in the rewards programme, and here’s a general overview of the material and tools we’ve have played around with.
- The questionnaires make you start thinking about your personal finances and see where you are falling short.
- The assessments give great pointers when your scores are calculated and provide you with real solutions to ease your financial anxiety.
- There are a bunch of great financial education courses you can sign up to which are FREE
- An Old Mutual financial advisor is available if you need one after doing the assessments.
- In the insurance assessment, you are provided with great pointers on how you should go about choosing the correct insurance solutions for your situation.
- The calculators help you plan out various scenarios.
- The retirement calculator puts your retirement planning picture in clear view – you will get to see if you are falling behind and how much you still need to put away to reach your retirement goals.
You are provided with great feedback once you complete each assessment, as seen below.
- The Debt Repayment calculator and assessments are a goodie and will allow you to work out how to square off your debt and create a positive personal cash flow scenario, which will, in turn, allow you to start saving.
- There is also a great budgeting tool so you can see what you should be spending, where and how much you should be putting into general savings and your retirement savings.
Here is a screenshot of some of the assessments and courses available to you when you sign up to the Old Mutual Rewards programme.
4: The points could translate into money
As we mentioned before, your points can be converted into cold hard cash that you can use. Every 10 points translates into R1, which can be redeemed at the following partners or better yet can be invested in an Old Mutual investment fund or transferred into an Old Mutual money account, and then has a cash value.
Where can you spend your Old Mutual Rewards?
Need to fill your tummy? You can spend your points at Steers, KFC, PRIMI, Nandos, Kauai & Krispy Kreme.
For clothing and personal stuff, use your points at Edgars, Jet, Red Square, Sorbet, Outdoor Warehouse, Sportsman’s Warehouse, Boardmans & C.N.A.
Need to fill up with fuel? Refuel at Total.
For entertainment, both Nu Metro and Ster-Kinekor are lined up.
Old Mutual Rewards also has regular special offers and promotions. Keep your eye on their website for those.
5: You can start earning points immediately
The cool thing about the Old Mutual Rewards Programme is that you can start earning points immediately by participating in online assessments.
There are a couple of ways you can work up your points.
- Engage with useful online financial courses and calculators
- Have a financial plan drawn up with an Old Mutual financial advisor
- Complete your personalised credit report
- Get rewarded for having your financial needs met with Old Mutual
There are five tiers on the Old Mutual Rewards programme, and as you move up the tiers, you start earning more points.
It’s no secret that Old Mutual would like more people to do more business with them (and by that we mean taking out insurance and investment products and banking with them), and if you do go all-in with Old Mutual and structure all your products with them, the rewards programme really kicks into gear.
The difference is that they aren’t simply incentivising people to buy products to earn points. They’re actually helping us to become more financially savvy and more educated about their finances, financial concepts and personal financial management. Out of everything the Old Mutual Rewards Programme offers up, we like this the most.
There is a ton of extremely useful information you can get access to when you sign up.
If you are interested in the financial needs that Old Mutual can cover, then have a look at the illustration below.
Old Mutual will reward you for taking the time to work on your financial literacy and making sensible money decisions. You earn points (which translates into real money) for every smart financial step you take. You’ve got everything you possibly need at your fingertips, so the question really is: