AMP introduces cashback rewards scheme for super | Australian Markets

AMP has launched a rewards program for its super members that enables them to earn cashback from retail purchases, with the option of depositing it instantly into their super account to spice up their retirement financial savings.

The rewards scheme is the outcome of an current partnership between AMP and content material and rewards fintech platform, Citro, which was first established in 2023. Members can earn cashback by linking their current Visa, Mastercard or eftpos card to the scheme and making a buy at anyone of over 400 retail manufacturers in-store or online.

According to a assertion from AMP, incomes cashback of roughly 5 {dollars} a week or $260 a yr for 30 years may equate to round $25,000 more in retirement financial savings; this goes up to virtually $100,000 with cashback of $20 a week.

“AMP Rewards is another market-leading innovation in superannuation and retirement that gives real and practical benefits to AMP members,” AMP chief government, Alexis George, stated.

“Traditional rewards packages are fiddly and points-based. We’re turning spare change into super financial savings which might add up to vital retirement beneficial properties by a seamless expertise and the magic of compounding.

“We’re bringing collectively AMP’s strengths in super with Citro’s life-style and rewards platform to create one thing distinctive and genuinely useful – money back in our member’s pockets now and the power to construct their super.

“Our vision at AMP is to be the place Australians come to for their best possible retirement. Turning everyday spending into retirement savings is one more way we’re helping make that happen.”

In addition to Citro’s rewards program capabilities, its platform additionally presents academic content material tailor-made for the financial selections sometimes made by Australians over 40. This comes as AMP-commissioned analysis discovered more than half of respondents underneath the age of 40 lack an understanding of compounding as a idea, which elevated to two-thirds of girls underneath 40 years outdated in comparison with 40 per cent of males.

“We’ve designed AMP Rewards to be simple and transparent. Members earn real cashback dollars – not points – and we guarantee it to member wallets within 30 days of purchase confirmation, or we’ll pay members the advertised cashback and also give an additional $50,” Ash Frenken, Citro’s Managing Director, stated.

“Australians store throughout a vast combine of online and in-store manufacturers and that on a regular basis spend can now ship actual money for them to save lots of, spend or invest into their super.

“For members over 40, AMP Rewards also unlocks Citro’s tailored money, lifestyle and retirement content – bringing together the financial and social support people tell us they want as they plan the next stage of life.”