fbpx

Old Mutual rewards program review 2022

The Old Mutual rewards program is a rewards program that rewards members for managing their finances wisely. The rewards program is meant for everyone, even those that do not have Old Mutual products. Members of the rewards program can earn points on selected products and for making the right financial decisions. 

The points earned by members can be used at any Old Mutual partner store. Points earned will have to be used within 3 years. If not used within 3 years from the date of earning the points, the points will expire. The expiration of Old Mutual rewards points is applicable to all members of the program, even if they have an existing Old Mutual product. 

How members earn points in the Old Mutual rewards program will be determined by their tiering level. There are 5 tiers that one can move across, with the lowest tier being level 1 and the highest tier being level 5. Tier 1 earns the lowest rewards points, whilst tier 5 earns the highest points. 

The Old Mutual rewards program comes for free; therefore, there is no subscription fee. This is something that is lacking in many rewards programs in South Africa as many charge a membership fee. Since there is no commitment fee, one can join or cancel the membership at any time without charges. 

The Old Mutual rewards program is a unique product that provides many opportunities for members to get some of their money back when spending through Old Mutual. To understand how you can earn points and move to the highest tier level, continue reading for more information below. 

Old Mutual rewards program

The Old Mutual rewards program is a loyalty program that rewards those that make good financial decisions with points. Each point earned under the Old Mutual rewards program equates to R0.10, therefore, R1.00 equates to 10 reward points. The program doesn’t charge any fee and can be joined for free. 

The rewards program requires members to earn points by having insurance, investing, and savings accounts. Moving from 1 tier to another necessitates having more than 1 financial product that protects your future or saves you money. Members can earn up to 50% back in points on the highest tier for having an insurance product. 

Points can be earned before subscribing to any financial product. The following are some of the things that you can do to earn points as a member of the Old Mutual rewards program:

  • Completing a money personality assessment. Members can get up to 20 reward points when they do a money personality assessment on the Old Mutual app. 
  • Singing up to the 22seven mobile app. 22seven can be joined for free, and members of the Old Mutual rewards program can earn up to 1400 points. You can also apply online on their website.
  • Completing a financial stress assessment. By completing a financial stress assessment, members can earn up to 20 points. 
  • Competing short courses through Moneyversity. Members can earn up to 2000 points for completing courses. 

There are other assessments and calculations that when you use earn you points. Giving out points on these activities is to encourage members to understand their financial well-being and to get the products that suit them. The more learning that one does, the more they get to earn Old Mutual reward points. 

Knowing how to move from one tier to another is crucial for members of the Old Mutual rewards program. To get a great grasp of how the tiering system works read further below. 

Old Mutual reward tiers

The Old Mutual tiers are there to differentiate the level of earnings for each member. Members have the opportunity to climb from one tier to another so that they can earn maximum points. However, moving downward the tiering levels can also happen. Therefore, keeping your good financial behaviour is crucial. 

There are 5 tiers available, with the highest being 5, which provides the highest earnings back on premiums paid and more. The tiers are discussed below. 

Tier 1

Tier 1 1 is for those that have zero to 1 financial needs. These members can earn points for updating their current details, completing surveys, and referring friends. Moreover, points can be earned by using financial education tools, calculators, and checking credit reports. 

By subscribing to insurance products, those that are at tier one can earn cash back via points. Life insurance and funeral cover earn members 5% back in points. The products earn members 2.5% back in points. 

A subscription to a fitness program can earn members 25% of the premiums paid in points. Savings and investments also earn members points, and they can earn up to 0.50% back in points.

Tier 2

Tier 2 is for those that have 2 to 3 financial needs. When a member is on tier two, they get more cash back in terms of points. Life insurance subscriptions can get one 20% discount. paid back in points. A funeral cover earns one up to 15% back and a subscription to a short-term insurance product can earn one up to 5% back of the premiums paid in reward points. 

Savings, investments, and retirement income savings also provide rewards. One can get up to 1.5% back in rewards. There are also fitness bonus points to be earned. For a fitness subscription, one can get up to 50% back on premiums paid. 

Points on tier 2 can be earned without having to subscribe to a savings commitment, insurance product, or gym membership. Points can be earned for completing surveys, referring friends to join the program, or simply updating one’s details. 

More points can also be earned for using financial education that is provided by Old Mutual. By using the credit report information supplied for free by Old Mutual, points can also be earned. Lastly, members of tier 2 can earn points by using financial calculators supplied by Old Mutual. 

Tier 3

Tier 3 is for those with 4 financial needs, and in this category, they get to earn points for making their subscription on insurance products. The following are the earnings back in points for premiums made:

  • 20% back for life insurance, 
  • 25% back for funeral cover, 
  • 10% back on short-term insurance products. 

Gym membership under tier 3 can earn members up to 100% back of the premium amount. Savings, investments, and retirement savings can earn members up to 2.5% of the amount saved or invested. 

Tier 3 provides point earnings for non financing activities. These activities aim at providing financial education and can be accessed for free. Points can be earned for using financial education tools, using financial calculators and using advice on personalised credit reports. 

Other points can be earned for updating one’s details on the profile. Completing surveys on a regular basis can also earn members points, and other points can also be earned by referring friends to join the program. 

Tier 4

Tier 4 is for those with 5 financial needs. However, those with assets of over R25 million qualify for tier 4. Tier four has the following cash back benefits that come in rewards points:

  • 30% back for life insurance, 
  • 35% back for funeral cover, and
  • 10% back for short-term insurance products. 

Members who are under tier 4 can get up to 125% back in rewards points for their premiums spent on fitness. Savings, investments, and retirement savings can also earn members 3.5% back in reward points. 

Members under tier 4 can earn rewards points, with the highest points for a non-paying activity being 2000 points. Members can earn points by completing surveys, referring friends, and updating their details on the Old Mutual website.

 Other free points can be earned for using financial information that can be obtained for free. Using financial education tools, using calculators, and using advice from a credit report can earn members points. 

Tier 5

Tier 5 is the highest tier that one can have and it is for those with 6 or more financial needs. Those with assets of over R50 million also qualify for tier 5. With tier 5, members get to earn maximum rewards that are under the Old Mutual rewards program. 

Members on tier level 5 get the maximum insurance benefits. The cashback on premiums that are received as rewards points is as follows for insurance products:

  • 35% rewards for the premiums paid for a life cover
  • 50% rewards for the premiums paid for a funeral cover, and 
  • 20% rewards for the premiums paid for short-term insurance products 

Savings for one’s financial future also earns members points. Members of the Old Mutual rewards program can earn 5% back in reward points when they save, invest, or contribute to a retirement annuity. 

Subscription to a fitness club revives the highest returns. A subscription to a fitness club receives 250% back in rewards points. 

Members who are in the 5th tier can also get rewards even when they don’t spend. Members can get reward points for updating their details, completing surveys, and referring friends. Moreover, points can also be earned for completing financial education modules, using calculations, and using advice from a credit report issued for free by Old Mutual. 

Old Mutual rewards program partner stores 

The Old Mutual rewards program has 13 partner stores where points earned from the program can be used. These include:

  • Baskin Robbins, 
  • Burger King, 
  • Dischem, 
  • Dunkin Donuts, 
  • Kauai, 
  • KFC, 
  • Krispy Kreme, 
  • Nu, 
  • Outdoor Warehouse, 
  • Primi, 
  • Sportsmans Warehouse, 
  • Steers, and
  • Total

How the Old Mutual rewards program work

The Old Mutual rewards program is a digital rewards program and is only available online. So there is no need to have a physical membership card to use. This membership program can be entered by anyone over the age of 18. Therefore, you don’t need to have a product to be a member of the program. 

One can start earning points after joining the membership program by completing surveys or using calculators and tools that come for free. Points earned for non-product holders are fixed and do not depend on a premium. 

Earning points based on premiums can be done by taking out one or more products with Old Mutual. These include insurance products and other financial products. Furthermore, there are points that can be earned for keeping fit. 

One can earn points by having a product with Old Mutual, however, this is not enough. Members need to move to the highest tier to earn the maximum points available. Maximum points can be earned by those with 6 or more financial needs. 

Members need to have more than one product to move from tier one to tier 5. Members can get up to 50% of their premiums back as points. These points can be used at selected partner stores. 

Advantages of the Old Mutual rewards program 

  • There is a chance to earn maximum points by moving through the tiering system. 
  • Up to 50% of the premiums paid can be earned back in rewards points. 
  • The reward program is free and doesn’t have any monthly subscriptions. 
  • Points can be used at 13 store brands nationwide.
  • Points can be earned without having any product subscriptions. 
  • The reward program can also be joined by non-South African citizens. 
  • Members enjoy free services such as financial education tools and free access to TaxTim. 

Disadvantages of the Old Mutual rewards program 

  • Points cannot be transferred amongst members. 
  • Converted points can only be used for the voucher purchased and cannot be switched back into points. 
  • Points cannot be converted into cash. 
  • The vouchers have an expiration date. 

Requirements of the Old Mutual rewards program 

  • Must be over the age of 18 to become a member. 
  • Must have a valid South African ID book or have a valid passport. 
  • Provide your cell phone number. 

Conclusion 

The Old Mutual rewards program is easy to apply for and is available to South Africans and foreign nationals. The product is for free and best fits those that want to take out a product with Old Mutual or already have a product with Old Mutual. The rewards benefits are high and can be enjoyed at no additional premium to the member. 

Old Mutual rewards program review 2022

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

Scroll to top
%d bloggers like this: