- The price of petrol in South Africa has increased by 40% over the past year, with more pain at the pumps on the horizon.
- Banks and businesses with reward programmes are looking to soften the blow for members of their reward programmes.
- Members of Old Mutual's rewards programme will receive 25% off fuel when they top up with points at TotalEnergies garages.
- These points can be earned by completing financial education courses, referring friends, and drawing up a budget.
- Members already using Old Mutual products will earn more points, quicker, just by paying premiums and instalments, saving, and investing.
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Members of Old Mutual's rewards programme will receive 25% off fuel when they top up using their hard-earned points at TotalEnergies petrol stations from Friday.
South Africans are in for more pain at the pumps as oil prices remain high and the rand weakens. A litre of unleaded petrol inland already costs 40% more than it did a year ago, and although government has softened the blow by pausing the general fuel levy, that reprieve is unlikely to continue at its current rate.
This, added to rising inflation, puts further pressure on South African consumers. Banks and businesses with reward programmes are trying to ease some of this pressure through strategic partnerships with petrol companies.
Old Mutual is the latest to introduce savings at petrol pumps for members of its reward programme.
Old Mutual Rewards enables registered members to earn points for participating in certain activities. Members can earn points by taking educational courses on financial wellbeing and drawing up budgets.
Where 10 points equal R1.00, members who don't use Old Mutual products can earn 50 points by completing a survey or a MoneyVersity course. These same members can earn 200 points for referring a friend and 250 points for speaking to an Old Mutual adviser.
Although it's free to join the programme and earn points, those using Old Mutual financial products will earn more, quicker, just by paying premiums and instalments, saving, and investing.
These points can be spent at supermarkets, fast food eateries, and with mobile providers. They can also be spent at TotalEnergies petrol stations across South Africa.
On average, the typical South African spends R300 each time they top up on fuel, according to Old Mutual Rewards.
"For 3,000 points – which they can earn by completing MoneyVersity financial education courses, using the 22Seven budgeting app, or simply paying their premiums on Old Mutual policies, for example – motorists can get R300 worth of fuel," said Nceba Hene, marketing manager at Old Mutual Rewards.
"Now, the same 3,000 points would get R375, with the 25% additional value. This effectively puts R75 back into the pocket of the member, which could be spent on data or groceries at Checkers, Shoprite, Makro or any other partner of their choice."
This added value for members at the pump will only be offered for a limited time, available until the end of October.