Understanding Old Mutual Rewards: A Practical Guide

Old Mutual Rewards is a no-cost loyalty program in South Africa designed to promote financial wellness for adults aged 18 and older. By earning points through Old Mutual products, OM Bank transactions, and educational activities, members can redeem rewards for cash, vouchers, or other benefits. This guide breaks down how the program works, how to earn and redeem points, and key details for maximizing value.

Old Mutual Rewards

Table of Contents

Overview of Old Mutual Rewards

Old Mutual Rewards encourages financial engagement by offering points for owning products like insurance or savings, using OM Bank services, and completing tasks like quizzes or referrals. With no fees and digital registration via the Old Mutual website, app, WhatsApp (0860 933 333), or USSD (*120*6672#), it’s accessible to anyone with a valid South African ID or passport. Points are non-transferable, expire after three years, and hold no external cash value outside the program.

  • Point Value: 10 points = R1 (e.g., 1,000 points = R100, 2,000 points = R200).
  • Tiers: 1 to 5, based on the number of product categories (up to 6+ or R50M+ assets).
  • Integration: Deep ties with OM Bank for seamless banking rewards.

How to Earn Points

Points are earned through three main channels:

  • Old Mutual Products: Earn 5-50% back on premiums for funeral cover, 5-35% for life insurance, or 0.5-5% for savings/investments, based on tier.
  • OM Bank: 2.5% back on debit card spend (up to R50,000/month) with R2,500 deposits and five transactions, or 5-10% on credit cards.
  • Activities: 20-100 points for tools (e.g., budget calculators), 50 for surveys, 100 for referrals, up to 900 for Moneyversity courses.

Promotions, like festive bonuses or partner offers (e.g., 20% extra at NetFlorist), can boost earnings. Points from activities reflect instantly, while product/banking points may take up to 90 days.

Converting Points to Cash and Checking Eligibility

To convert points to cash:

  1. Use the OM Bank app: Select “Redeem Rewards.”
  2. Choose an amount: Minimum 10 points = R1, in full Rand increments.
  3. Transfer instantly: To your OM Bank account’s savings portion (irreversible).

Eligibility requires no arrears and meeting criteria (e.g., deposits/transactions for banking rewards). Check your tier, balance, and status via the app or website. For funeral policies, a separate Cash Back Bonus add-on may refund 10-15% of premiums every 3-5 years if claim-free, paid directly not as points.

Where to Spend Points

Redeem at over 50 partners across categories:

Category Examples Voucher Expiry Usage Notes
Grocery/Retail Checkers, Pick n Pay, Woolworths, Dis-Chem 1 year (gift cards) Partial use OK; in-store/SA only
Dining KFC, Nando’s, Spur, Steers 2-4 weeks Max 1-5 codes per transaction
Entertainment Showmax, Spotify, Nu Metro 1 month to 3 years Online activation
Travel/Services Travelstart, Uber, NetFlorist 1-3 years Discounts on bookings
Other MTN/Vodacom airtime, Petshop Science 14 days to 1 year Prepaid only; no refunds

Points can also be used for airtime (11 points = R1), charity donations, competition entries, or reinvesting into Old Mutual products.

Funeral Policy Rewards

Funeral policies (e.g., Flexi Funeral Cover, Protect Family Funeral) earn 5-50% of premiums as points, based on tier, if claim-free. Convert these to cash via OM Bank. Additionally, optional Cash Back Bonus add-ons refund 10-15% of premiums every 3-5 years directly, not as points. Check eligibility via app, website, or by calling 0860 933 333.

Tier Structure

Tier Categories Covered Funeral Earn Rate (%) Savings/Invest Earn Rate (%) Banking Example (Debit) Extra Perks
1 0-1 5 0.5 2.5% if criteria met Basic points
2 2-3 15 1.5 2.5% if criteria met Enhanced value
3 4 25 2.5 2.5% if criteria met Gym discounts
4 5 35 3.5 2.5% if criteria met Legal aid
5 6+ or R50M+ assets 50 5 2.5% if criteria met Up to 25% bonus value (e.g., BabyClub)

Key Notes

  • Expiration: Points expire after 3 years; vouchers vary (14 days to 3 years).
  • Support: Contact [email protected] or 0860 700 800 for issues like missing points.
  • Terms: Always review official terms on the Old Mutual website for personalized details.