Integrating seamlessly with existing Visa, Mastercard, or EFTPOS cards, the scheme encompasses over 400 retail brands, accessible both online and in-store. A statement from AMP highlights the potential long-term benefits, illustrating that a modest cashback of about five dollars a week can amass an additional $25,000 over a 30-year period. Amplifying monthly contributions to $20 weekly, members could see nearly $100,000 added to their retirement savings.
AMP's CEO, Alexis George, emphasises the program's role as a trailblazer in superannuation and retirement planning. Unlike traditional, convoluted point-based systems, AMP Rewards transforms routine spending into tangible super savings, further enriched by the power of compounding. Combining AMP's superannuation expertise with Citro's lifestyle and rewards services, the initiative offers members an innovative path to financial well-being.
In collaboration with Citro, AMP's research underscores a gap in financial literacy, particularly among Australians under 40. AMP Rewards addresses this by offering not just cashback but also financial education and lifestyle support, specifically servicing those over 40, who often demand more comprehensive resources for retirement planning. This additional content aims to empower members with knowledge and tools for financial and social planning as they approach later stages of life.
Ash Frenken, Citro’s Managing Director, assures that AMP Rewards is straightforward and that cashback dollars, distinguished from points, are deposited into member wallets within 30 days of purchase confirmation, pledging a compensatory $50 for any delay. This platform bridges daily retail interactions with meaningful super investments, presenting a new avenue for long-term financial growth.
