Old Mutual rewards program review 2024

In the world of personal finance, making informed decisions can lead to tangible rewards. One such avenue is the Old Mutual rewards program, a platform designed to incentivize and empower individuals to achieve their financial goals. In this comprehensive guide, we delve deep into the intricacies of this program, exploring its structure, benefits, earning opportunities, and much more.

Understanding the Old Mutual Rewards Program

How Do I Earn Points?

Earn points through good financial habits and by owning Old Mutual financial products. Utilize resources like videos, articles, quizzes, and calculators to enhance financial literacy. Points are also rewarded for referring friends, speaking to financial advisers, completing MoneyVersity courses, using financial tools, completing assessments, requesting credit reports, and participating in surveys.

What Can I Do With My Points?

Redeem points for various purposes:

1. Investment: Contribute points towards Old Mutual products you own.
2. In-store Spending: Use points at rewards partners, receiving a unique QR code for transactions.
3. Donation: Support charities by donating points.
4. Airtime & Data: Purchase airtime, data, and SMS bundles with points.
5. Travel: Book flights with discounts on domestic and international bookings.

Points Earning Table

Refer to this table for points earned through specific activities:

Advantages of the Old Mutual Rewards Program

1. Financial Empowerment: The program empowers members to take control of their finances and make informed financial decisions.
2. Rewarding Good Behavior: Members are rewarded for good financial behavior, such as saving, investing, and managing their finances wisely.
3. Flexibility in Redemption: The program offers flexibility in how members can redeem their points, catering to diverse preferences and needs.
4. Access to Exclusive Benefits: Members can access exclusive benefits such as discounts on travel bookings, cashback rewards, and more.
5. Charitable Contributions: The program allows members to contribute to charitable causes by donating their points.

Disadvantages of the Old Mutual Rewards Program

1. Limited Point Transferability: Points earned within the program cannot be transferred among members, limiting flexibility and sharing opportunities.
2. Conversion Limitations: Converted points can only be used for specific vouchers or redemption options and cannot be switched back into points, restricting versatility.
3. Inability to Convert Points to Cash: Points earned through the program cannot be converted into cash, limiting liquidity and cash flow management.
4. Voucher Expiry: Vouchers obtained through point redemption have expiration dates, necessitating timely utilization to avoid loss of value.
5. Membership Requirements: While accessible to individuals over 18 years old with valid identification, the program requires adherence to specific eligibility criteria, potentially excluding certain demographics.

Conclusion

The Old Mutual rewards program stands as a beacon of financial empowerment and rewards. By engaging in various financial activities and earning points, members can unlock a range of benefits tailored to their needs. From cashback rewards to charitable contributions and travel benefits, the program offers a comprehensive suite of rewards, encouraging members to take control of their financial well-being and achieve their goals.